Analysis of Risk Retention Groups - Third Quarter 2012

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Analysis of Risk Retention GroupsThird Quarter 2012

Demotech, Inc.

January 2013

www.demotech.com Volume 3 Issue 1

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ISSN 2168-7013 (online) Published January 22, 2013 COPYRIGHT©

2013 Demotech, Inc.

The following articles and columns compliment the quarterly financial data found in this issue of Analysis of Risk Retention Groups:

Contents

5Special thank you to the following people for their

contributions, comments and commitment:

RRGs Report Increase to Surplus and Underwriting Profit as of 3rd Quarter

Company Information and Financial Results of RRGs.

Analysis of Risk Retention Groups January 2013 Volume 3 Issue 1

32 Analysis by Individual RRG62 Analysis by State71 Analysis by Line of Business

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

INDUSTRY PERSPECTIVE

FEATURED ARTICLE

Ken Barrett | Managing Director, Besso Re

Christine Brown | Assistant Chief Examiner, Captive Insurance,

Vermont Department of Financial Regulation.

Sanford Elsass | Chairman, 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

Dan Petterson | Director of Financial Examinations,

Captive Insurance, Vermont Department of Financial Regulation

David Provost | Deputy Commissioner,

Captive Insurance, Vermont Department of Financial Regulation.

10 Some Risk Retention Groups Are at a Crossroads and Need Capital By Sanford Elsass, Chairman, National Risk Retention Association

8 On the Spot with Ken Barrett Q&A with Ken Barrett, Managing Director, Besso Re, on topics and current events affecting RRGs.

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3 Opening Remarks

INDUSTRY PERSPECTIVE

REGULATORY PERSPECTIVE

A Purpose Driven Portfolio By Josh Magden, Vice President of Insurance and Institutional Marketing, Sage Advisory Services

Examinations of Risk Retention Groups By David Provost, Deputy Commissioner, Captive Insurance, Vermont Department of Financial Regualtion

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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.

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Analysis of Risk Retention Groups – Third Quarter 2012

Welcome to the first issue of 2013. While there may never seem to be enough time away from the office, I hope you had a wonderful holiday season spending time with your family and friends.

Analysis of Risk Retention Groups – Third Quarter 2012 contains expert analysis from Demotech, Inc. as well as perspective on other topics pertaining to Risk Retention Groups (RRGs).

This issue marks the premier articles from David Provost, Deputy Commissioner, Captive Insurance, Vermont Department of Financial Regulation, and Josh Magden, Vice President of Insurance and Institutional Marketing, Sage Advisory Services. Mr. Provost provides his insight on the financial examination process that an RRG would be subjected to in Vermont. Mr. Magden provides his insight on how insurance investment management pertains to RRGs.

This issue includes an article by Sandy Elsass, Chairman, National Risk Retention Association (NRRA) regarding the need some RRGs have for capital as well as potential sources.

Also, in this issue’s On the Spot, Ken Barrett, Managing Director, Besso Re, discusses topics and current events impacting RRGs. Besso Re is a specialist reinsurance broker operating primarily in the London markets but also has access to the global reinsurance market, including Bermuda and USA.

As a reminder, company profile pages are available for RRGs that Demotech reviews and rates. These company profile pages are provided by SNL Financial and give an in-depth look at these RRGs.

Please keep in mind that neither the NAIC or its authorized vendor, SNL, endorse any analysis or conclusion based upon the use of the NAIC’s data.

Looking for Contributing ColumnistsWould you like to be a contributing columnist for a future issue of Analysis of Risk Retention Groups? Contact me with the nature of your proposed article as well as how many words you would like to contribute.

FSR Process and BenefitsPlease contact me if you would like to discuss the process of being assigned a Financial Stability Rating® (FSR) or the benefits of having a qualified FSR.

As always, I hope you find this information applicable and informative. If you have any questions, comments or suggestions, contact me.

Thank you and here’s to a prosperous 2013!

nk you,

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

Opening Remarks

Zap this to discover the benefits of being assigned a Financial Stability Rating®.

Follow on Twitter @powdoug

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National Foundation Advisory Board In the effort to strengthen the collective philanthropic voice of the industry, the Foundation has developed the National Advisory Board comprised of insurance foundation leaders from across the Industry.

Who We Serve and How Through collaborative efforts of insurance companies, reinsurance companies, employees, agents and brokers, and strategic partners of the industry, the Foundation supports programs that focus on education, health, and safety. Within such areas, special focus is placed on organizations serving children.

Grants The Foundation exists to provide and generate support for designated charitable organizations that help to meet critical community needs and to reinvest funds in the communities from which they are raised.

To date, the Industry Foundation has awarded over $18 million in community grants.

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Over 155,000 hours of volunteer service have been completed for community nonprofits.

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Women in Insurance Global Conference

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With your support and involvement we can unite industry resources, talents and leadership to strengthen communities and enrich lives by raising funds and

responding to the critical needs in our local communities. We hope you will join us!

McKinsey and Company Collaboration The Foundation and the National Advisory Board have proudly collaborated with McKinsey and Company to quantify the insurance industry’s philanthropic efforts. With advisement from the IICF, McKinsey produced the report “Charitable Giving in The Property-Casualty Insurance Industry” . This report provides the first comprehensive review of the industry’s charitable contributions.

In partnership with the National Advisory Board, the Foundation is in the process of evaluating proposals for an industry-wide national initiative and platform. Together, the Foundation and the National Advisory Board will work to rally the industry to raise national awareness and provide financial support for the selected initiative.

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Overall RRG Performance - Third Quarter 2012Based on third quarter 2012 reported financial information, risk retention groups continue to exhibit financial stability. In comparing the last five years of results through third quarter, short-term assets, total admitted assets and policyholders surplus have continuned to increase at a quicker rate than total liabilities (figure 1). Since third quarter 2008, short-term assets have increased 39.5 percent and total admitted assets have increased 31.1 percent. More importantly, policyholders surplus has increased 73.4 percent during this time, while total liabilities have increased only 10.7 percent.

The level of policyholders surplus becomes increasingly important in difficult economic conditions, as it determines whether or not an insurer can remain solvent while facing changing economic conditions and greater losses.

Liquidity, as measured by liabilities to cash and invested assets, for third quarter 2012 was approximately 68.4 percent. A value less than 100 percent is considered favorable as it indicates that there was more than $1 of net liquid assets for each $1 of total liabilities. This also indicates an improvement for RRGs collectively over third quarter 2011 as liquidity was reported at 74.6 percent.

Demotech prefers companies to report leverage of less than 300 percent. Leverage for all RRGs, as measured by total liabilities to policyholders surplus, for third quarter 2012 was 132.4 percent. This indicates an improvement for RRGs collectively over third quarter 2011, as leverage was reported at 155.2 percent.

The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, for third quarter 2012 was approximately 63.6 percent. This is an improvement over third quarter 2011, as the loss ratio was 67.7 percent.

RRGs Report Increase to Surplus and Underwriting Profit as of 3rd Quarter Financial analysis of Risk Retention Groups based on reported historical results through the third quarter 2012.

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

The expense ratio, as measured by other underwriting expenses incurred to net premiums written, for third quarter 2012 was approximately 26.9 percent. This indicates a decline for RRGs collectively over third quarter 2011, as the expense ratio was reported at 25.2 percent.

The combined ratio, loss ratio plus expense ratio, for third quarter 2012 was 90.5 percent. This indicates an improvement for RRGs collectively over third quarter 2011, as the combined ratio was reported at 92.9 percent (figure 2).

A nearly $43.9 million net underwriting profit was reported by RRGs collectively as of third quarter 2012. Also, RRGs collectively reported a $185.2 million net income as of third quarter 2012.

Performance by Line of Business - Third Quarter 2012RRGs reported direct premium written in nine lines of business, but 99.9 percent of this premium was contained in five lines — commercial auto liability, medical professional liability (claims-made), medical professional liability (occurrence), other liability (claims-made) and other liability (occurrence).

Commerical Auto Liability

RRGs whose primary line of business is commercial auto liability accounted for 5.1 percent of the total RRG direct premium written. This line of business consists of 18 RRGs.

Liquidity for commercial auto liability RRGs was approximately 93.1 percent at third quarter 2012. Compared to third quarter 2011, this indicates a decline for commercial auto liability RRGs collectively, as liquidity was reported at 91.3 percent.

Featured Article

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Combined Ratio Loss Ratio Expense Ratio

Figure 2 - RRG Ratios - Total

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Figure 1 - RRG Balance Sheet Metrics (In Billions)

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The expense ratio for commercial auto liability RRGs was approximately 26.5 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for commercial auto liability RRGs collectively, as the expense ratio was reported at 29.9 percent.

The combined ratio for commercial auto liability RRGs was 95.5 percent at third quarter 2012. Compared to the third quarter 2011, this indicates an improvement for commercial auto liability RRGs collectively, as the combined ratio was reported at 101 percent.

Commercial auto liability RRGs collectively reported a $1.4 million net underwriting gain and approximately a $3.6 million net income as of third quarter 2012.

Medical Professional Liability (Claims-made)RRGs whose primary line of business is medical professional liability (claims-made) accounted for 55.9 percent of the total RRG direct premium written. This line of business consists of 129 RRGs.

Liquidity for medical professional liability (claims-made) RRGs was approximately 72.5 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for medical professional liability (claims-made) collectively, as liquidity was reported at 77.6 percent.

Leverage for medical professional liability (claims-made) RRGs was approximately 150 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for medical professional liability (claims-made) RRGs collectively, as leverage was reported at 173.2 percent.

The loss ratio for medical professional liability (claims-made) RRGs was approximately 62.3 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for medical professional liability (claims-made) RRGs collectively, as the loss ratio was reported at 69.3 percent.

The expense ratio for medical professional liability (claims-made) RRGs was approximately 25.5 percent at third quarter 2012. Compared to third quarter 2011, this indicates a decline for medical professional liability (claims-made) RRGs collectively, as the expense ratio was reported at 24.1 percent.

Liquidity Leverage Loss Ratio

Expense Ratio

Combined Ratio

Commercial Auto liability 93.1% 180.6% 69.0% 26.5% 95.5%

Medical Professional Liability (Claims-made)

72.5% 150.0% 62.3% 25.5% 87.8%

Medical Professional Liability (Occurrence)

86.2% 154.8% 90.4% 10.0% 100.4%

Other Liability (Claims-made) 48.5% 77.0% 63.5% 33.0% 96.5%

Other Liability (Occurrence) 76.2% 178.3% 57.5% 34.4% 91.9%

Figure 3 - RRGs by Lines of Business

9/30/12

The combined ratio for medical professional liability (claims-made) RRGs was 87.8 percent at third quarter 2012. Compared to the third quarter 2011, this indicates an improvement for medical professional liability (claims-made) RRGs collectively, as the combined ratio was reported at 93.4 percent.

Medical professional liability (claims-made) RRGs collectively reported approximately a $49.7 million net underwriting gain and approximately a $120.3 million net income as of third quarter 2012.

Medical Professional Liability (Occurrence)RRGs whose primary line of business is medical professional liability (occurrence) accounted for 5.2 percent of the total RRG direct premium written. This line of business consists of 10 RRGs.

Liquidity for medical professional liability (occurrence) RRGs was approximately 86.2 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for medical professional liability (occurrence) RRGs collectively, as liquidity was reported at 138.7 percent.

Leverage for medical professional liability (occurrence) RRGs was approximately 154.8 percent at third quarter 2012.

Compared to third quarter 2011, this indicates an improvement for medical professional liability (occurrence) RRGs collectively, as leverage was reported at 253.1 percent.

The loss ratio for medical professional liability (occurrence) RRGs was approximately 90.4 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for medical professional liability (occurrence) RRGs collectively, as the loss ratio was reported at 95.3 percent.

The expense ratio for medical professional liability (occurrence) RRGs was approximately 10 percent at third

quarter 2012. Compared to third quarter 2011, this indicates an improvement for medical professional liability (occurrence) RRGs collectively, as the expense ratio was reported at 12.2 percent.

The combined ratio for medical professional liability (occurrence) RRGs was 100.4 percent at third quarter 2012. Compared to the third quarter 2011, this indicates an improvement for medical professional liability (occurrence) RRGs collectively, as the combined ratio was reported at 107.5 percent.

Leverage for commercial auto liability RRGs was approximately 180.6 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for commercial auto liability RRGs collectively, as leverage was reported at 181.9 percent.

The loss ratio for commercial auto liability RRGs was 69 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for commercial auto liability RRGs collectively, as the loss ratio was reported at 71.1 percent.

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

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Medical professional liability (occurrence) RRGs collectively reported approximately a $2.3 million net underwriting loss and approximately a $9.7 net income as of third quarter 2012.

Other Liability (Claims-made)RRGs whose primary line of business is other liability (claims-made) accounted for 22.4 percent of the total RRG direct premium written. This line of business consists of 45 RRGs.

Liquidity for other liability (claims-made) RRGs was approximately 48.5 percent at third quarter 2012. This ratio did not change when compared to third quarter 2011 for other liability (claims-made) RRGs collectively, as liquidity was reported at 48.5 percent.

Leverage for other liability (claims-made) RRGs was approximately 77 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for other liability (claims-made) RRGs collectively, as leverage was reported at 89.9 percent.

The loss ratio for other liability (claims-made) RRGs was approximately 63.5 percent at third quarter 2012. Compared to third quarter 2011, this indicates a decline for other liability (claims-made) RRGs collectively, as the loss ratio was reported at 52.5 percent.

The expense ratio for other liability (claims-made) RRGs was approximately 33 percent at third quarter 2012. Compared to third quarter 2011, this indicates a decline for commercial auto liability RRGs collectively, as the expense ratio was reported at 30.8 percent.

The combined ratio for other liability (claims-made) RRGs was 96.5 percent at third quarter 2012. Compared to the third quarter 2011, this indicates a decline for other liability (claims-made) RRGs collectively, as the combined ratio was reported at 83.3 percent.

Other liability (claims-made) RRGs collectively reported approximately a $880,000 net underwriting gain and approximately a $32.6 million net income as of third quarter 2012.

Other Liability (Occurrence)RRGs whose primary line of business is other liability (occurrence) accounted for 11.3 percent of the total quarter RRG direct premium written. This line of business consists of 42 RRGs.

Liquidity for other liability (occurrence) RRGs was approximately 76.2 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for other liability (occurrence) RRGs collectively, as liquidity was reported at 85.8 percent.

Leverage for other liability (occurrence) RRGs was approximately 178.3 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for other liability (occurrence) RRGs collectively, as leverage was reported at 193.4 percent.

The loss ratio for other liability (occurrence) RRGs was approximately 57.5 percent at third quarter 2012. Compared to third quarter 2011, this indicates an improvement for other liability (occurrence) RRGs collectively, as the loss ratio was reported at 68.9 percent.

The expense ratio for other liability (occurrence) RRGs was approximately 34.4 percent at third quarter 2012. Compared to third quarter 2011, this indicates a decline for other liability (occurrence) RRGs collectively, as the expense ratio was reported at 26.9 percent.

The combined ratio for other liability (occurrence) RRGs was 91.9 percent at third quarter 2012. Compared to the third quarter 2011, this indicates an improvement for other liability (occurrence) RRGs collectively, as the combined ratio was reported at 95.8 percent.

Other liability (occurrence) RRGs collectively reported a $5.3 million net underwriting loss and approximately an $18.6 million net income as of third quarter 2012.

Conclusions Based on Third Quarter Results

Even in light of political and economic uncertainty, RRGs remain financially stable and continue to provide specialized coverage to their insureds. The financial ratios calculated based on the third quarter results of the various lines of business of RRGs appear to be reasonable.

It is typical for insurers’ financial ratios to increase and decrease period over period. Moreover, the reported underwiting losses are not indicative of a continuing trend. In looking further, RRGs have collectively reported an underwriting gain since 2004. Equally as important, RRGs have collectively reported a net income at year-end since 1996.

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

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.

Follow ~ @powdoug

Email ~ [email protected]

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

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InterviewBesso Re

What factors did you see impacting the 2012 market?

The most significant outcome of 2012 was of course Superstorm Sandy, which had no significant impact on the RRG industry. While Sandy was a very large storm, the outcome has not been life changing to anyone other than the insurance companies directly impacted by the storm. These insurance companies will see significant increases in their reinsurance costs. What has been noticeable through 2012 though is that rate improvements for casualty lines have been few and far between. It would seem that the reinsurance community is going back to its roots and looking for underwriting profit. Over the past five years or so, we have seen many insurers and reinsurers releasing reserves in an effort to improve their bottomlines. It would seem that the well is drying up, so to speak, and in order to get a 100 percent combined ratio or better they need to make an underwriting profit.

Do you believe that RRGs get credit for their unique structure and purpose when approaching reinsurers?

They most certainly do. As I said before, reinsurers like the ownership structure of RRGs and typically their mono-line approach.

Is the experience of the RRG a factor for most reinsurers in considering their business?

Loss experience is always the first thing a reinsurer will ask for. Of course, if it is a start-up, then there is no experience. If that is the case, the reinsurer will review the business plan and see how it fits with other clients they have in similar lines of business as well as in similar jurisdictions. They will then make an assumption as to how they expect the start-up to perform and will price the reinsurance accordingly.

Have you seen any change in the perception of RRGs in the past several years?

The perception of RRGs by reinsurers has strengthened over the past several years, with a few exceptions of course. Most are living up to what they said they would do. They have “stuck to their knitting” and kept to their submitted business plans. They regard their reinsurers as true partners, whose capital is used to run their own business. In my experience, London and European reinsurers do not tell their RRG clients how to run their business. They review and accept the business plan and then expect the RRG to get on and do it.

In your opinion, how does the reinsurance community view RRGs?

I can only speak for the London and European reinsurers. Having been a reinsurer myself in the past, I have to say that the markets we use have a preference for dealing with RRGs over the larger property/casualty companies. This is based on a couple of facts pertaining to RRGs. One, RRGs are owned by their policyholders. Two, RRGs tend to be mono-line writers. Three, RRGs usually do not want to operate in every state of the union. Finally, RRGs need reinsurance and that makes for a much preferred client base.

What specific challenges do RRGs currently face in the reinsurance market?

RRGs only face challenges in their initial formative years. Reinsurers are always skeptical over the RRG’s business plans and pro-forma financial statements. I would emphasize that any new RRG coming to market must have a solid, well-written business plan as well as solid financial forecasts. Moreover, any RRG coming to market suggesting it is going to grow in multiples over its formative years will be regarded with much more skepticism. The best approach, from a reinsurer’s perspective, is slow and steady growth.

Does the intrinsic inability of RRGs to access guaranty funds impact a reinsurer’s perspective?

Reinsurers are very interested in the overall financial stability of RRGs. Obviously, a reinsurer has no interest in reinsuring a company that could potentially go bust. Typically a reinsurance contract for any North American client will contain an insolvency clause that responds to the eventuality of an insolvent client, but ensures that the liability is several not joint.

Do reinsurers implicitly or explicitly evaluate the vendors utilized by an RRG?

In my experience reinsurers have an explicit interest in the vendors. In order of importance, I would list them as:

1) Claims TPA2) Captive manager3) Actuary4) Auditor5) Reinsurance intermediary.

How do you believe the overall reinsurance market specific to RRGs performed in 2012?

I would not call 2012 a banner year but the experience with the RRGs we represent has been very good. Of course there have been claims, but nothing that has caused the reinsurers or the RRGs any reason for concern.

On the Spot with Ken Barrett Q&A with Ken Barrett, Managing Director, Besso Re, on topics and current events affecting RRGs, as interviewed by Douglas A Powell

On the Spot is a featured column in Analysis of Risk Retention Groups and utilizes a format of an informative and interactive discussion. The discussion is between Douglas A. Powell, Demotech, Inc., and a member of the risk retention group community. During the discussion, the member is asked a series of questions pertaining to the economic, jurisdictional, political or competitive factors influencing RRGs as well as other current issues. The purpose of the column is to present the expertise and point of view of the RRG community member.

About On the Spot

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Company Profile - Besso ReFormed in late 2003, Besso Re is a specialty Reinsurance Broker operating primarily in the London markets, and with access to the global reinsurance market including Bermuda and the US.Besso Re is a member of the Besso Insurance Group of Companies, a long established Lloyd’s broker. Since its formation, Besso Re has built up a strong group of very senior market professionals, and has successfully arranged programs for physician insurers, hospitals, captives, lawyers, long-term care facilities, commercial auto liability and physical damage (including a hazardous cargo contract on a multi-year basis) and specialty workers’ compensation writers.In the US, Besso Re is committed to working with intermediaries and strongly believe in the necessity of having the knowledge and expertise of the US intermediaries.

Ken Barrett | Managing Director, Besso Mr. Barrett has over 40 years experience in insurance, starting in 1971 as a broker. In 1972, Mr. Barrett moved to the Merrett Group at Lloyd’s as a trainee underwriter and in 1976 was given responsibility for underwriting certain property reinsurance business. This led to underwriting responsibility in other lines of business, specifically medical malpractice and other professional liability. Mr. Barrett was then appointed Treaty Underwriter of the Merrett non-marine syndicate in 1984 and then

in 1986 was appointed deputy underwriter of the syndicate. In 1989, Mr. Barrett was appointed Active Underwriter of syndicate 1066, which was a specialist in North American Casualty Reinsurance, specifically medical malpractice for physician and hospital insurers, commercial auto and workers’ compensation. In 1993, Mr. Barret joined Zurich Financial Services London Reinsurance Company as Chief Underwriting Officer and a member of the company’s Executive Committee. In 1999, Mr. Barrett started his own underwriting agency, underwriting on behalf of a number of Lloyd’s syndicates, which ceased operation in 2001 following the merger of a number of syndicates the agency was representing. In 2001, Mr. Barrett joined the Willis Group as an Executive Director with responsibility for production and marketing of North American casualty business. Mr. Barrett joined the Besso Group in September 2003 as Chief Executive Officer of Besso Re.

Email Mr. Barret for more information [email protected].

List of RRGs currently assigned a Financial Stability Rating® (FSR) that Besso Re serves:Allied Professionals Insurance Company, RRGCharitable Service Providers Reciprocal RRGChattahoochee RRG Captive Insurance CompanyJoliet Area RRG Captive Insurance CompanyLancet Indemnity RRG, Inc.Red Clay RRG, Inc.

Besso Re is staffed with a group of very experienced Executives who are familiar with worldwide property and casualty reinsurance.

Besso Re is staffed as follows:Ken Barrett, Managing Director Garry Bright, Director Tony Wates, Divisional Director Martin Cook, Divisional Director Jonathon Hummerson, Senior Technician Kristin Banks, Claims Tom Regan, Broker Georgina Bright, Junior Technician.

Financial Stability Ratings® look beyond the size of an insurer to evaluate stability based on insurance fundamentals.

Demotech Levels the Playing Field for Regional and Specialty Insurers

Financial Stability Ratings® offer:

• Acceptance by Fannie Mae, Freddie Mac and HUD• Elimination of Reinsurance Cut-Throughs• Access to Stand-Alone Umbrella Insurance• Premium Financing• Errors and Omissions Insolvency Gap Coverage

Visit www.demotech.com/FSRBenefits for more information.

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A number of Risk Retention Groups are at a crossroads. They can continue along a path of slow growth or they can chart a new course by reaching out to external investors to explain the growing demand for liability insurance that is not met by traditional insurance companies.

Enabled by Congress in 1986 to write all lines of liability insurance free of most state regulation outside the state of domicile, RRGs have grown into a major industry sector with over 250 companies collectively writing more than $2.5 billion of premium. It’s a great story. A new industry was born 25 years ago with a few fledgling companies and grew rapidly, especially in healthcare, where the old-line companies withdrew from of professional liability lines.

However, some critics worry that the industry has stalled, or at the very least reached a plateau. In 2012, 18 RRGs were formed while 13 closed. Healthcare represented the biggest increase with 11 new RRGs. However, nine healthcare RRGs were retired during the year, leaving a net gain of only two.

While RRGs face tough price competition in the long-running soft market, they have survived soft markets before because their members know they will be around when the inevitable hard market returns. In my opinion, the soft market is not the critical reason for the slowdown in RRG growth. The real culprit is lack of capital to support expansion.

RRGs are severely limited in their ability to raise capital. Unlike publicly traded insurance companies, they don’t have access to the equity markets. Many depend primarily on capital contributions from individual members. Most RRGs, including a large number in healthcare, write less than $10 million a year. Under risk-based capital standards, they cannot take on new business despite escalating demand.

Under the Affordable Care Act, healthcare services will increase dramatically. Along with the expansion will come vastly growing liability exposures that could be covered responsibly by RRGs. There is no doubt that expanding demand could spark major growth in the RRG market.

What are the potential sources for new money? Capital contributions from individual members are primary, but in most cases they don’t generate enough to support major growth. Bank financing with some profit participation has been used in some cases. Risk retention groups are especially attractive investments for banks that own insurance brokers. If banks have money languishing in Treasuries at less than two percent interest, they can substantially increase their return with an RRG domiciled in a state that allows RRGs to pay the prime rate plus two percent.

Industry Perspective National Risk Retention Association

In Florida, the state legislature helped get an RRG that insures nursing homes off the ground with a $6 million loan. Traditional companies had stopped writing liability insurance for long-term care facilities. The financing was made available because state law required nursing homes to have liability insurance. However, due to the soft market in Florida today with traditional companies competing for business, there’s no need for public financing.

The question is them raised, where can the industry look for new investors to grow RRGs in a period of escalating demand for liability insurance? In my opinion, reinsurance companies could benefit from providing capital. Many RRGs depend on reinsurance to write new business, and reinsurers have profited significantly.

Three years ago at the annual conference of the National Risk Retention Association, a proposal was made for reinsurers to create a pool of capital that would be available to fund RRG growth. As proposed, the pool would be a win-win for investors. The reinsurers would generate an attractive return and would gain access to more reinsurance business from growing RRGs. Unfortunately, in the weak economy of the time, the proposal did not get off the ground. I believe leaders in the reinsurance industry and the RRG sector should join together now and examine once again the potential for a profitable reinsurance pool.

With an estimated 30 million presently uninsured persons eligible for coverage under the Affordable Care Act in 2014, the demand for professional liability insurance will grow sharply. Risk retention groups are ideally suited to serve this market. Over the past 25 years, RRGs have proved their ability to provide stable, affordable malpractice insurance in hard and soft markets. Given the dramatic growth in demand, surely there is a major profit opportunity for entrepreneurial investors to put venture capital into the RRG sector. I believe hedge funds that invest in healthcare also should take a look at risk retention groups.

Some RRGs are examining exit strategies as founders seek to retire. This can provide opportunities to strengthen balance sheets through consolidation with other RRGs in the same field. In some cases, traditional carriers may want to expand their penetration of the professional liability market by purchasing RRGs, if so this is a move that would improve the RRG capital base.

I am sure that keen investors with experience in raising capital for growing enterprises can come up with more creative strategies. One thing is clear; without new sources of capital, many RRGs will not be able to exploit the opportunities presented by dramatic growth in demand for liability insurance. It’s time to chart a new course.

Some Risk Retention Groups Are at a Crossroads and Need CaptialBy Sanford Elsass | Chairman, National Risk Retention Association

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About the National Risk Retention Association (NRRA)

The National Risk Retention Association (NRRA) was formed in September 1987 as a 501 (c)(6) non-profit trade association and is the only national association dedicated to the successful development, education and promotion of U.S. domiciled alternatives to traditional liability insurance. NRRA provides a forum where the country’s most knowledgeable individuals in risk retention insurance may exchange valuable and timely information. NRRA has a long history of successful legal and regulatory representation of the interests of risk retention and purchasing group liability insurance programs. NRRA has 25 years of advocacy.Mission StatementThe NRRA’s central purpose is to promote Risk Retention Act authorized group insurance programs as a practical, economical, efficient, sustainable, and financially sound option for distributing the liability risks of member insureds. NRRA fulfills its mission through education, communication, networking, government relations and judicial advocacy. NRRA’s Purpose and Goals � Establish high performance standards and the monitoring of industry

practices to promote sound self-insurance management.

� Provide a forum for rigorous dialogue about industry issues, sharing of experiences and solutions, and cooperation among members.

� Educate and consult members about all aspects of self-insurance.

� Encourage public acceptance through timely promotional and educational programs.

� Serve as the country’s most informed resource of up to the minute risk retention information, including interpretation and clarification of the law, legal issues, legislative and regulatory practices, and compliance procedures.

� Communicate the NRRA membership’s viewpoint to government leaders, including participation in legal action and lobbying.

� Translate the risk retention concept into practical, workable applications.

� Articulate, protect and help execute members’ risk retention interests.

Visit www.nrra-usa.org for more information.

Sanford Elsass Chairman, National Risk Retention Association

Mr. Elsass, is Chairman of the National Risk Retention Association, which recently celebrated its 25th anniversary as the voice of the risk retention sector of the insurance industry. Mr. Elsass formerly served as President/CEO of Uni-Ter Underwriting Management Corporation, builder and manager of RRGs in the healthcare field. Over the past 30 years, he has held senior management positions in insurance, reinsurance and investment banking.

Email Mr. Elsass for more information [email protected].

For more information regarding the philosophy and methodology Demotech, Inc. utilizes in assessing the financial stability of RRGs, visit http://tinyurl.com/86flzzb.

Financial Stability Ratings® offer the following benefits:

• Acceptance by Fannie Mae, Freddie Mac and HUD

• Elimination of Reinsurance Cut-Throughs

• Access to Stand-Alone Umbrella Insurance

• Availability of Premium Financing• Access to Errors and Omissions

Insolvency Gap Coverage

Regional and Specialty insurers are often mistakenly thought of as financially unstable due to their size.

Financial Stability Ratings® look beyond the size of an insurer and evaluate solvency using a quantitative model based on insurance fundamentals.

Innovative thinking, strategic analysis, commitment, insight and on-going involvement with the insurance industry allow us to provide solutions as unique as your company.

Financial stability can be independent of size.

®

Insurance organizations are a unique breed of fixed income investors, leveraged investors who essentially borrow from policyholders today, invest those funds and make a promise to pay at some (usually) indeterminate time in the future. The spread that the insurance entity can make on those borrowed funds over time – and not pay out on claims – contributes to its profit margin and helps augment surplus. This return cushion can help enable an insurer to absorb larger-than-expected losses due to events such as unforeseen liability claims, natural catastrophes, inflation of medical costs over time, a mispriced block of policies or the still-fresh example of financial market turmoil and the impact it had on many insurer portfolios.

Along the way, during the time from policy inception to eventual payout on a claim, the insurer must abide by a number of regulatory requirements and maintain certain risk-based capital (RBC) standards in its investment portfolio. These parameters effectively place guardrails on how an insurer can invest policyholder funds and are intended to safeguard an insurer’s capital base. Since the investment portfolio is the ultimate backstop to an insurer’s promise to pay, capital stability is critical. As evidenced from time to time when regulators take control of an insurance entity, it is still possible to get oneself in trouble despite these guidelines.

In this inaugural column on managing insurance portfolios, we thought it would be best to begin from the beginning, as the saying goes. In laying out these “first principles” of insurance investment management, we will in later discussions delve into deeper issues affecting insurers, such as duration targeting, risk budgeting, optimizing investment risk/return on policyholder surplus, managing portfolios by book yield versus total return, investing collateral trusts, etc., while keeping in mind the bedrock of these foundational concepts.

In our view, two primary tenets drive insurance asset allocation – purpose and risk. An insurance portfolio has a specific purpose, a liability-oriented one wherein an expected timeframe and cost applies to the need for the money. All potential future claims are essentially promises to pay a specific amount at some later point in time. Income requirements from the insurer’s portfolio will depend on the frequency and severity of liability cashflow needs and will typically be projected by current underwriting profitability, actual claims history and actuarial forecasts.

The nature of this liability-oriented contractual agreement intuitively leads to the primary use of fixed income securities in an insurer’s portfolio. Investment parameters are further framed out by the NAIC and state insurance regulators in a fairly conservative fashion and largely dictate the use of highly rated bonds. For risk retention groups (RRGs), discussion around application of NAIC RBC Model Act #312 is evidence of efforts to align these RBC parameters across regulatory authorities.

Industry Perspective Sage Advisory Services

With the purpose of the portfolio being clear (paying claims at an approximate time in the future) and the management of the portfolio being bounded by the RBC framework, the quintessence of insurance investment management comes to the forefront. How can an insurer manage its portfolio in order to have the appropriate amount of cashflow at the right time? If we know that an insurance organization’s portfolio must go from Point A (the starting point, i.e. its current value) to Point B (approximate distance and time in the future, or future expected cashflow needs), what is the best risk-managed strategy to cover that distance and which are the best risk-adjusted fixed income assets to move the portfolio in that direction? Both income requirements and capital appreciation factor into the discussion, and yet within RBC framework there is significant latitude for an insurer to try to cross that span using various and substantially different portfolio strategies.

Our view is that tightly managing the gap between an insurance client’s assets and liabilities is a daily and unending discipline. This is why it is incumbent on us to act as an extension of our insurance client’s CFO/CIO office. We seek first to fully understand an insurer’s business model, claims history, expected cashflow requirements and future business development goals, and then build a portfolio sensitive to each of these particular risk concerns that fits smoothly into a company’s overall business and capital management framework.

A Purpose Driven PortfolioBy Josh Magden | Vice President of Insurance and Institutional Marketing, Sage Advisory Services

Josh Magden | Vice President of Insurance and Institutional Marketing, Sage Advisory ServicesMr. Magden serves as Vice President of Insurance & Institutional Marketing at Sage and works with clients including insurance entities, public agencies and nonprofits on mission and liability-driven portfolio solutions. Prior to joining Sage, Mr. Magden was a First Vice President

with George K. Baum & Company where he spent a year on the firm’s trading desk and seven years as a banker structuring bond issues for public agencies and advising on a wide range of public policy issues related to capital projects. Prior to his professional career with George K. Baum & Company, Mr. Magden was employed by Principal Financial Group where he dealt with institutional client retirement plans. He leverages his municipal finance and retirement plan expertise on behalf of Sage’s private and public sector clients as he works with them to tailor asset management decisions. Mr. Magden received BA’s in Economics and Spanish from Grinnell College and an MBA in International Management from the Thunderbird School of Global Management.

Email Mr. Magden for more information jmagden@sageadvisory.

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Every year or so, I do the responsible thing and get a physical. So far, the doctor has pretty much the same report each time: “You’re fine, you’ll live.” Comforting enough, but not all that useful. In contrast, we have a wellness nurse visit our office a few times a year. With a lot less poking and prodding, she will give me a report: “You’re fine, you’ll live. But… here are your risk factors, here’s how they’ve been trending, you’ve had an increase in your overall risk of keeling over prematurely, so let’s work on a plan.” That is a helpful report, and parallels changes in the way states are conducting exams of insurance companies.

RRGs are subject to a periodic examination by their state of domicile. To paraphrase section 3902(a)(1)(E) of the Liability Risk Retention Act (I promise - no more statutory references), if the chartering state of an RRG does not conduct an examination of the company, other states where the RRG is registered can. Since RRGs are considered multi-state companies under the NAIC regulatory scheme, the exam must be conducted in accordance with the accepted processes and procedures adopted by the states. An exam conducted any other way is not an exam, and there have been significant changes made to the way we examine insurance companies in the US. The Risk Focused Examination (RFE) became an NAIC Accreditation Standard for state examinations of RRGs in 2011.

The good news is that the process is flexible enough to apply to all company types and designed to be more effective and efficient than prior exam approaches. The approach is scalable to large public insurers, small county mutuals, and RRGs alike. The RFE is geared toward financial, enterprise and prospective areas of greater risk; therefore those companies with the strongest corporate governance structures and best risk management practices should experience the greatest benefits from this approach. However, even less sophisticated companies should see some value with the new approach.

There are many similarities and differences between the RFE and the now-outdated Specific Risk Analysis method. From their titles, it’s clear that risk assessment has always been incorporated into our exams. How we assess risks, however, has changed.

Another similarity is the objective of our regulatory exams. We conduct examinations to assess current financial solvency and compliance with state laws and regulations. We want to detect, as early as possible, those insurers with potential financial trouble. We also want to identify non-compliance with state statutes and regulations in a timely manner.

Many standard exam procedures, such as compliance tests, have not changed. Additionally, the substantive procedures we perform to test balances, transactions and disclosures haven’t changed. These procedures are timeless and are used by examiners and auditors alike. What has changed is the scope of our testing – what we choose to test. Also, during the RFE, we are able to utilize and rely on the work of the auditor more frequently, when our objectives are the same, in order to reduce duplication of efforts.

The RFE follows a seven phase methodology.

Regulatory Perspective Vermont Department of Financial Regulation

Phase 1 follows multiple stages to develop an understanding of the company. It is the first phase in planning and is an integral part of the risk focused exam for RRGs. The knowledge and understanding gained during this phase determines the general direction of the exam. A significant amount of time is spent gathering information, interviewing management, performing analytical and operational reviews, and considering the IT environment. In Phase 1, the examiners develop an understanding of the corporate governance structure, assess the adequacy of the audit function, identify key functional activities and consider prospective risks.

In Phase 2, the examiners identify and assess inherent risk in the company activities, and determine the type of risk (i.e. credit, market, underwriting, reserving, liquidity, operational, legal, strategic, reputational, etc.). Next, the assertions that apply to the identified risks are identified and considered. As they relate to financial reporting, those assertions include accuracy, completeness, compliance, cutoff, existence, obligations and ownership, valuation and presentation and disclosure. Last, the exam will assess inherent risk, which is the risk of economic loss or inaccurate financial reporting, before considering internal controls. The inherent risk is assessed based on the likelihood of occurrence and the magnitude of impact to reach an overall inherent risk of high, moderate or low.

High inherent risk is defined as activity that is significant and/or transactions that are large in relation to the company’s financial strength. The number of transactions and/or the complexity or volatility of the business activity (such as underwriting for insurers) appears higher than normally encountered or requires competent management expertise. In this context, the activity could result in a significant and harmful loss to the organization. An activity is assessed as low inherent risk if the nature, volume, volatility or complexity of the business is such that a loss would either be remote or have an insignificant negative impact on the insurer’s financial strength. Moderate inherent risk fills the large range in between.

In Phase 3, the examination team identifies and evaluates the company’s risk mitigation strategies. Risk mitigation strategies and controls are generally based on five principles which are applicable to all key activities: • an active board and senior management oversight• adequate risk management, monitoring and information

systems• clear policies, authorization limits and procedures• comprehensive internal controls• processes to ensure compliance with applicable laws and

regulations.

The examiners can use external audit workpapers, internal audit reports and discussions with management to identify key risk mitigation strategies. If the risk mitigation strategies and internal controls are designed appropriately, the examiners may test the operating effectiveness. The examiners will still perform substantive testing, but the nature and extent of those tests can by significantly reduced if they have gained comfort from control testing, resulting in a more efficient exam.

Examinations of Risk Retention Groups By David F. Provost | Deputy Commissioner, Captive Insurance, Vermont Department of Financial Regualtion

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The purpose of Phase 4 is to determine the residual risk. This is a calculation (inherent risk reduced by the effectiveness of the risk mitigation strategies) tempered with examiner judgment. For example, a moderate inherent risk can be reduced to a low residual risk by strong risk mitigation strategies.

In Phase 5, the examiners will determine what substantive exam procedures to conduct, based on the residual risk. Key activities with high residual risk require more in-depth substantive procedures, while those with moderate or low residual risk may be addressed with reduced substantive testing of transactions, balances, or disclosures, and may be limited to analytical procedures. Just as the examiners could in Phase 3, they have the potential for reliance on the work already performed by others, primarily the auditor’s workpapers. The examiners can substitute or supplement their own work with that of the auditor’s. The examiners already determined the degree of reliance they can place on their work in Phase 1. In Phase 5, the examiners evaluate their substantive work to determine whether the procedures satisfy the exam objectives. If it does, the examiners can use professional judgment to determine how much retesting or additional work is necessary. This reliance can result in significant time savings that can be applied to more forward-looking analysis.

Phase 6 involves updating the examiners’ prioritization and supervisory plan for the insurer. Companies are ranked low, medium or high priority, and the examiners’ approach to monitoring and examining the company is based in large part on that priority rating. Higher priority companies will be examined more frequently and are likely to have a continuing dialogue to keep their regulator up to date on the company’s condition.

Phase 7 is the issuance of the examination report.

In the report, the examiners might state something like, “You’re fine, you’ll live. But… here are your risk factors, here’s how they’ve been trending. You’ve had an increase in your overall risk of keeling over prematurely, so let’s work on a plan.”

David F. Provost Deputy Commissioner, Captive Insurance, Vermont Department of Financial RegulationMr. Provost is Deputy Commissioner of the Captive Insurance Division of the Vermont Department of Financial Regulation; responsible for the administration and regulation of captive insurance companies

and risk retention groups. He has been with the Division since 2001, and was appointed Deputy effective June 1, 2008.

Mr. Provost has over 20 years in the captive insurance field in both the private and regulatory arenas. A lifelong Vermonter, Mr. Provost is a Certified Financial Examiner, and a graduate of Champlain College and the University of Vermont.

Email Mr. Provost for more information [email protected].

A special thank you to Christine Brown, Assistant Chief Examiner, and Dan Petterson, Director of Financial Examinations, for their contributions toward this article.

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

Today, more than at any time in recent history, insureds, agents and constituents need to have independent verification of financial stability. Since Demotech’s rating methodology is based upon a review and analysis of insurance fundamentals, focused specialists, such as RRGs, are not penalized for operating under restrictions or constraints that limit product line diversification.Financial Stability Rating® PhilosophyFinancial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty insurers and Title underwriters. Demotech’s rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet and income statement. FSRs are based upon a series of quantitative ratios and considerations which together comprise our Financial Stability Analysis Model.

An FSR summarizes Demotech’s opinion as to an insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes Demotech’s opinion as to the relative ability of an insurer to honor meritorious claims during a downturn in general economic conditions as well as a downturn in the underwriting cycle.

Our Financial Stability Analysis Model is the major component of Demotech’s FSR assignment process. The Financial Stability Analysis Model can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP).

Demotech’s focus is somewhat unique. While Demotech acknowledges and recognizes the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity, including a review of the quality and quantity of reinsurance protection.

FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent.

FSRs present Demotech’s opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment and interpretation of financial information.

Please contact Douglas Powell, Senior Financial Analyst, at [email protected] if you would like to discuss the process of being assigned a Financial Stability Rating® (FSR) or the benefits of having a qualified FSR.

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Listing of RRGsRisk Retention Groups

Company NameNAIC Address

Risk Retention Groups - Listing by Company Name

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 1250 BROADWAY, SUITE 3401, NEW YORK, NY 10001-3713

CLAIRE VERONICA OYELAJA (646) 808-0596 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

ACBG RISK RETENTION GROUP, LLC12557 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

LINDA B. ELLIOTT (802) 864-2750 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

BARBARA LABUSKES 410-339-7263-1 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 1100 W. TOWN & COUNTRY RD., STE. 1400, ORANGE, CA 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 27 NORTH 27TH STREET, SUITE 1900, CROWNE PLAZA, BILLINGS, MT 59101

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

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

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

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

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

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

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

The most current FSRs must be verified by visiting www.demotech.com. Third Quarter 2012 - RRG Analysis



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

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

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

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

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

SCOTT C. STONE (802) 371-2231 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 2555 E. CAMELBACK RD., PHOENIX, AZ 85016

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

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

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

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

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

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 1700 EASTPOINT PARKWAY LOUISVILLE, KY 40223-4140

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

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC

14005 ORG CORPORATION, P.O. BOX 510, BIGFORK, MT 59911-0510

JOHN S. MALONEY (718) 937-2010 MTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) 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

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 200 INVERNESS PARKWAY BIRMINGHAM, AL 35242-4813

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

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

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

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

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

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

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

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

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

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

TROY WINCH (800) 373-1105 NVPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) 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

JEREMIAH MAHANEY (802) 264-4715 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 1605 MAIN STREET, EIGHTH FLOOR, SARASOTA, FL 34236-5840

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

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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

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

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

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

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

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

BRYAN ALAN JONES (303) 388-5688 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

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 85004-1229

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

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

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

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 14382 HIGHWAY 19 SOUTH, THOMASVILLE, GA 31757

CORY E BROWN 229-226-1937-1 GAPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




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

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

CHEROKEE GUARANTEE COMPANY INC., RRG14388 5450 E. HIGH STREET, SUITE 300, PHOENIX, AZ 85054

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

CIMARRON INSURANCE EXCHANGE RRG12308 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427

PAULA A. FRENCH (802) 371-2321 VTPhoneStatement 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 17742 IRVINE BOULEVARD, SUITE 102, TUSTIN, CA 92780-3255

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

CLARIAN HLTH RRG INC11992 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238

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

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

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

CMIC RISK RETENTION GROUP13756 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427

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

COASTAL INS RRG INC11668 509 OLIVER ROAD MONTGOMERY, AL 36117-2207

JOHN MARK KILLINGSWORTH (334) 271-5515 ALPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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





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

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

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 2386 AIRPORT ROAD-BERLIN BARRE, VT 05641-8629

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

CONTINUING CARE RRG, INC.11798 223-B HEATLEY STREET, MONCKS CORNER, SC 29461

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

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

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

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


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

12042 333 SOUTH HOPE STREET, EIGHTH FLOOR, LOS ANGELES, CA 90071-3001

ANDREW MARSON (480) 682-4983 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

CPA MUTUAL INS CO OF AMERICA RRG10164 11801 RESEARCH DRIVE, SUITE C, ALACHUA, FL 32615-6818

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

CROSSFIT RISK RETENTION GROUP, INC.13720 111 NORTH SEPULVEDA BOULEVARD, SUITE 243, 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 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427

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

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

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

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

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

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

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

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

EASTERN DENTISTS INS CO RRG10115 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476

STEPHEN M. BROWN (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

MELISSA ANNE HANCOCK 802-881-7142- DEPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 5430 W. SAHARA, LAS VEGAS, NV 89146

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

LINDA B. ELLIOTT (802) 864-2750 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

JAMES SHOOK (802) 371-2273 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

GLOBAL HAWK INSURANCE COMPANY RRG11948 84 PINE STREET SUITE 450, BURLINGTON, VT 5401

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

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

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




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

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

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

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

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

HOME CONSTRUCTION INS CO RRG11950 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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




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

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

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

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

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

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

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

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

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

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

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

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

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

DONNA K. DALTON 678-781-2444 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

JEFFRY M. DELMAS (802) 371-2252 SCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 14382 HIGHWAY 19 SOUTH, THOMASVILLE, GA 31757

CORY E BROWN 229-226-1937-1 GAPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 5430 W. SAHARA AVENUE, LAS VEGAS, NV 89146

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

RONALD LEE WHEELER (402) 399-3325 NEPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

LEWIS & CLARK LTC RRG, INC11947 3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022-1429

DONNA K. DALTON (678) 781-2400 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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




LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 11201 NORTH TATUM BOULEVARD, SUITE 300, PHOENIX, AZ 85028-6039

JASON L. PALMER (808) 521-0730 AZPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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




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 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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

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

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

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

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

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

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

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

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

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

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

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

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

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

STEPHEN M. BROWN (802) 861-2930 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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

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

BJORN K. HUBBARD (941) 373-1129 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 AVE., N.W., SUITE 400 SOUTH, WASHINGTON, DC 20004

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

NJ CAR RISK RETENTION GROUP12581 1200 G STREET, NW, SUITE 800, WASHINGTON, DC 20005-6705

ROBERT MYERS (609) 883-5056 DCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

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




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

MILES J. HOPKINS (843) 573-4834 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 27 NORTH 27TH STREET, SUITE 1900, BILLINGS, MT

BJORN K. HUBBARD (941) 373-1129 MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PARATRANSIT INSURANCE COMPANY, RRG44130 1000 RIDGEWAY LOOP ROAD, MEMPHIS, TN 38120

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

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

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

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

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

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

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




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

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

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

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

PHP RISK RETENTION GROUP, LIMITED12995 40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

SUSAN MUSCAT (802) 658-9466 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150

JAMES SHOOK (802) 371-2273 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307


PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 832 WILLOW STREET RENO, NV 89502-1304

MAURICIO FERNANDEZ (305) 662-7839 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 BUILDING G, 7890 PETERS ROAD, SUITE 106, PLANTATION, FL 33324-4028

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

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

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

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

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

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

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

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

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

PHYSICIANS RISK RETENTION GROUP LLC13046 27 GAGE TERRACE BIGFORK, MT 59911-3544


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 GROUP

14108 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, HONOLULU, HI 96813-6400


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

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




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

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

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

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

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

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

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

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

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

DONNA K. DALTON 678-781-2444 FLPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

BRUCE WILLIAM ANDERSON (913) 262-2585 MOPhoneStatement 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

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

PROAIR RISK RETENTION GROUP, INC.13179 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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

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

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

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

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

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

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

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

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


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

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

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

CORY E BROWN 229-226-1937-1 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

REGIONAL HEALTH INS CO RRG12010 1333 H STREET, NW, SUITE 820, WASHINGTON, DC 20005-4707

DEBORAH ANN CANECO (802) 861-6802 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) 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

RESIDENTIAL INS CO INC A RRG10691 1123 11TH AVENUE, SUITE 403A, HONOLULU, HI 96816-2433

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

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

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

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

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

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

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

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


SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.12524 1620 PROVIDENCE ROAD TOWSON, MD 21286-1525

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

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

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

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

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

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

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

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


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

SHAMUS ROFF (802) 371-2253 DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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




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

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

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

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

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

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

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

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

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

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

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

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

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

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

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

LAURA LEE DURKIN (800) 872-7475 DEPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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 29407-5384

SHAMUS ROFF (802) 371-2253 SCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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

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

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

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

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

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

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




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

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

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307


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

CHRISTINA KAMAKA (808) 540-4305 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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


VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 201 S. MAIN STREET, SUITE 200, ANN ARBOR, MI 48104

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

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

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

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

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

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

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

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

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

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

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

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

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

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 30 MAIN STREET, SUITE 450, BURLINGTON, VT 05401-8427

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


®

Analysis by CompanyRisk Retention Groups

COMPANYNAIC Cash and Invested Assets

Net Reinsurance

Risk Retention Groups - AssetsOther Assets Total Assets


12934 $3,608,285 $0 $4,376,726$768,441

ACBG RISK RETENTION GROUP, LLC12557 $1,361,638 $0 $1,634,662$273,024

ADVANCED PHYSICIANS INS RRG INC12166 $1,393,074 $0 $1,598,871$205,797

AEGIS HEALTHCARE RRG, INC.12252 $2,276,841 $46,715 $3,652,478$1,328,922

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $3,601,075 $0 $4,723,279$1,122,204

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $1,399,714 $0 $1,925,223$525,509

AGRI INSURANCE EXCHANGE RRG28380 $13,947,587 $0 $14,048,187$100,600

ALLEGIANT INS CO INC A RRG11965 $9,806,374 $1,963,933 $12,149,693$379,386

ALLIANCE OF NONPROFITS FOR INS RRG10023 $47,912,632 $0 $58,318,318$10,405,686

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $26,447,415 $200,816 $29,214,162$2,565,931

ALLIED SERVICES RISK RETENTION GROUP12013 $6,627,798 $0 $6,659,273$31,475

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $33,957,973 $0 $37,041,380$3,083,407

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $1,100,271 $31,468 $1,143,848$12,109

AMERICAN CONTRACTORS INS CO RRG12300 $7,269,327 $0 $23,583,338$16,314,011

AMERICAN EXCESS INS EXCHANGE RRG10903 $406,705,786 $0 $409,356,033$2,650,247

AMERICAN FOREST CASUALTY COMPANY RRG11590 $8,290,019 $0 $8,942,401$652,382

AMERICAN SAFETY RRG INC25448 $13,474,098 $0 $22,364,260$8,890,162

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $13,237,002 $0 $13,504,822$267,820

AMERIGUARD RRG INC12171 $11,538,897 $0 $12,017,403$478,506

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $74,372,512 $0 $96,459,249$22,086,737

ARCHITECTS & ENGINEERS INS CO RRG44148 $11,932,689 $0 $19,680,281$7,747,592

ARCOA RISK RETENTION GROUP, INC.13177 $10,677,187 $0 $12,306,470$1,629,283

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $1,325,105 $0 $2,497,168$1,172,063

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,989,889 $0 $2,023,224$33,335

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 $15,178,606 $0 $15,780,298$601,692

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $15,391,615 $0 $16,142,489$750,874

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $83,334,455 $0 $145,582,808$62,248,353

ATTORNEYS LIAB PROTECTION SOC RRG32450 $90,072,988 $0 $99,648,659$9,575,671

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,414,345 $0 $1,498,988$84,643

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 $20,327,640 $0 $21,574,001$1,246,361

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $1,322,317 $0 $2,431,818$1,109,501

BAR VERMONT RISK RETENTION GROUP INC10174 $18,168,407 $0 $20,181,369$2,012,962

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $22,743,109 $0 $31,639,829$8,896,720

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 $521,032 $0 $529,988$8,956

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $1,949,143 $0 $2,299,911$350,768

BROADLINE RISK RETENTION GROUP, INC.13788 $65,310,461 $0 $95,407,789$30,097,328

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $95,393,216 $0 $114,226,308$18,833,092

CALIFORNIA MEDICAL GRP INS CO RRG12180 $11,145,075 $0 $13,945,493$2,800,418

CARE RRG, INC.11825 $11,391,795 $0 $12,890,145$1,498,350

CAREGIVERS UNITED LIAB INS CO RRG11544 $33,470,045 $93,258 $35,938,995$2,375,692

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $43,078,278 $0 $79,601,854$36,523,576

CASSATT RISK RETENTION GROUP INC10808 $6,572,997 $0 $8,249,150$1,676,153

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $1,066,313 $0 $1,153,212$86,899

CENTRAL PA PHYSICIANS RRG INC11694 $58,470,484 $0 $61,148,084$2,677,600

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $12,844,467 $0 $15,706,861$2,862,394

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $3,618,178 $181,332 $3,909,714$110,204

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 $6,059,417 $0 $6,396,373$336,956

CHC CAS RRG11531 $38,308,742 $0 $41,145,061$2,836,319

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $1,750,127 $0 $6,663,688$4,913,561

CIRCLE STAR INS CO RRG11839 $2,286,620 $0 $8,740,938$6,454,318

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $1,951,008 $0 $3,163,669$1,212,661

CLARIAN HLTH RRG INC11992 $1,740,620 $0 $6,088,632$4,348,012

CLINIC MUTUAL INSURANCE CO RRG43770 $5,372,074 $0 $5,530,307$158,233

CMIC RISK RETENTION GROUP13756 $3,367,834 $0 $3,614,870$247,036

COASTAL INS RRG INC11668 $41,789,666 $0 $53,347,609$11,557,943

COLLEGE LIABILITY INS CO A RECIP RRG44598 $12,482,178 $0 $14,548,320$2,066,142

COLLEGE RISK RETENTION GROUP, INC.13613 $10,499,711 $0 $17,102,297$6,602,586

COLUMBIA NATIONAL RRG INC10803 $1,715,254 $0 $1,756,204$40,950

COMCARE PRO INS RECIPROCAL RRG11864 $3,573,574 $0 $4,451,988$878,414

COMMUNITIES OF FAITH RRG INC11807 $14,004,867 $0 $14,370,280$365,413

COMMUNITY BLOOD CENTERS EXCH RRG13893 $19,638,571 $0 $21,266,743$1,628,172

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $112,029,724 $0 $116,293,192$4,263,468

COMMUNITY HOSPITAL RRG11259 $202,558,328 $0 $213,430,192$10,871,864



Net Reinsurance


CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,777,726 $0 $5,613,962$836,236

CONTINUING CARE RRG, INC.11798 $932,561 $0 $4,418,780$3,486,219

CONTRACTORS INS CO OF NORTH AMER RRG11603 $34,230,518 $0 $40,836,672$6,606,154

CONTROLLED RISK INS CO OF VT RRG10341 $57,943,317 $0 $59,413,796$1,470,479

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG12042 $34,384,210 $0 $36,000,505$1,616,295

CPA MUTUAL INS CO OF AMERICA RRG10164 $17,309,756 $78,443 $24,159,493$6,771,294

CROSSFIT RISK RETENTION GROUP, INC.13720 $1,457,960 $0 $1,780,459$322,499

CRUDEN BAY RRG INC11676 $12,929,576 $0 $13,811,651$882,075

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $7,021,825 $0 $9,905,750$2,883,925

DELAWARE PROFESSIONAL INSURANCE CO43125 $9,168,477 $0 $9,260,089$91,612

DOCTORS & SURGEONS NATIONAL RRG13018 $7,613,498 $0 $9,182,782$1,569,284

DUBOIS MEDICAL RRG11842 $7,727,060 $0 $8,705,543$978,483

EASTERN DENTISTS INS CO RRG10115 $41,967,457 $0 $47,152,731$5,185,274

ELITE TRANSPORTATION RRG INC10125 $12,227,624 $0 $15,217,646$2,990,022

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,688,031 $0 $3,785,974$97,943

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $13,522,469 $254,268 $22,929,989$9,153,252

EMERGENCY MEDICINE RRG INC12015 $7,819,527 $0 $9,363,726$1,544,199

EMERGENCY PHYSICIANS INS CO RRG11714 $36,812,045 $812,373 $41,085,778$3,461,360

EVERGREEN USA RRG INC38466 $11,198,514 $0 $15,112,159$3,913,645

FAIRWAY PHYSICIANS INS CO RRG11840 $18,825,872 $5,199,096 $28,734,481$4,709,513

FAITH AFFILIATED RRG INC11698 $7,877,768 $0 $8,314,774$437,006

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $8,100,151 $0 $16,061,461$7,961,310

FIRST MEDICAL INS CO RRG11278 $115,496,725 $0 $128,538,393$13,041,668

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $4,326,541 $0 $4,631,124$304,583

FRANKLIN CASUALTY INS CO RRG10842 $3,270,036 $0 $43,477,669$40,207,633

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $14,121,995 $0 $20,344,396$6,222,401

GABLES RISK RETENTION GROUP, INC.14032 $1,019,267 $0 $3,275,253$2,255,986

GEISINGER INS CORP RRG12000 $3,069,542 $0 $21,559,064$18,489,522

GENERAL EASTERN SKI INS RRG INC10163 $810,800 $0 $1,496,129$685,329

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,024,388 $0 $2,029,084$4,696

GLOBAL HAWK INSURANCE COMPANY RRG11948 $9,584,224 $725,859 $12,674,698$2,364,615

GLOBAL INTL INS CO INC A RRG10991 $18,950,957 $0 $20,099,707$1,148,750

GOLDEN INS CO RRG11145 $3,632,675 $0 $5,143,175$1,510,500

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $3,611,257 $0 $3,978,415$367,158


13973 $687,773 $0 $816,325$128,552

GRACO RRG INC11581 $733,597 $0 $1,089,105$355,508

GREEN HILLS INS CO RRG11941 $21,191,178 $0 $24,972,566$3,781,388

GUARDIAN RRG INC11696 $5,483,045 $0 $5,844,296$361,251

GUTHRIE RRG12014 $40,278,240 $0 $46,647,919$6,369,679

HAMDEN ASSURANCE RRG, INC.13057 $3,098,211 $0 $90,867,559$87,769,348

HEALTH CARE CAS RRG INC12236 $16,391,946 $0 $17,973,413$1,581,467

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,912,741 $0 $7,767,423$854,682

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $74,926,013 $0 $80,216,668$5,290,655


11832 $19,218,433 $195,522 $34,887,656$15,473,701

HEALTHCARE PROVIDERS INS CO RRG11683 $64,867,965 $0 $67,102,318$2,234,353

HEARTLAND HEALTHCARE RECIP RRG11998 $15,027,765 $0 $15,244,568$216,803

HERITAGE WARRANTY INS RRG INC11097 $992,737 $0 $992,737$0

HOME CONSTRUCTION INS CO RRG11950 $6,209,263 $0 $6,266,198$56,935

HOUSING AUTHORITY RRG INC26797 $297,718,108 $0 $307,805,250$10,087,142

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $121,452,325 $0 $123,261,239$1,808,914

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $291,082,712 $2,979,322 $306,017,820$11,955,786

INDEMNITY INSURANCE CORPORATION, RRG12018 $17,200,139 $618,961 $52,421,731$34,602,631

INDIANA HEALTHCARE RECIP RRG11692 $27,528,331 $0 $27,927,691$399,360

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $4,444,147 $0 $5,539,692$1,095,545

J.M. WOODWORTH RRG, INC.12594 $13,721,313 $1,532,754 $19,598,308$4,344,241

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 $7,771,359 $0 $8,503,063$731,704

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $48,856,818 $0 $53,166,366$4,309,548

KENTUCKY HOSPITAL INS CO RRG11939 $15,590,330 $0 $19,737,315$4,146,985

LAKE STREET RRG INC11803 $2,062,230 $0 $2,143,856$81,626

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $9,894,821 $0 $14,282,592$4,387,771

LENDERS PROTECTION ASSUR CO RRG11500 $2,393,849 $0 $2,471,575$77,726

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $6,509,831 $0 $8,292,547$1,782,716



Net Reinsurance


LIFE SERVICES NETWORK RECIP INS RRG11958 $7,300,228 $0 $7,653,552$353,324

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $503,547 $0 $505,765$2,218

LVHN RRG11684 $35,878,553 $0 $48,680,711$12,802,158

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,858,061 $0 $3,318,345$1,460,284

MARATHON FIN INS CO INC RRG11117 $3,039,577 $0 $13,184,238$10,144,661

MCIC VERMONT INC RRG10697 $36,115,008 $0 $129,743,423$93,628,415

MD RISK RETENTION GROUP, INC.12355 $14,583,270 $251,352 $15,367,381$532,759

MEDAMERICA MUTUAL RRG INC26257 $69,179,315 $0 $74,307,709$5,128,394

MEDPRO RRG RISK RETENTION GROUP13589 $6,195,371 $0 $15,753,129$9,557,758

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $3,586,693 $0 $3,998,422$411,729

MENTAL HEALTH RISK RETENTION GROUP44237 $25,335,033 $0 $26,601,934$1,266,901

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,542,263 $0 $8,828,676$4,286,413

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 $6,881,591 $0 $8,931,085$2,049,494

MMIC RRG, INC.14062 $169,209 $0 $591,489$422,280

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $668,738 $0 $2,087,454$1,418,716

MOUNTAIN LAUREL RRG INC11547 $15,850,743 $0 $21,714,413$5,863,670

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $103,484,751 $0 $104,858,467$1,373,716

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $26,286,515 $0 $28,413,492$2,126,977

NATIONAL ASSISTED LIVING RRG, INC.11806 $7,301,225 $0 $7,671,371$370,146

NATIONAL BUILDERS & CONTRACTORS INS12235 $4,148,626 $0 $4,919,171$770,545

NATIONAL CATHOLIC RRG10083 $64,489,577 $0 $69,194,237$4,704,660

NATIONAL CONTRACTORS INS CO INC RRG12293 $6,452,373 $3,275,479 $11,833,199$2,105,347

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $11,029,335 $761,590 $17,145,824$5,354,899

NATIONAL HOME INSURANCE CO RRG44016 $44,974,803 $0 $47,589,185$2,614,382

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $4,559,790 $329,725 $8,601,364$3,711,849

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $5,206,280 $0 $6,670,705$1,464,425

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $11,973,563 $87,741 $12,441,993$380,689

NCMIC RISK RETENTION GROUP, INC.14130 $1,838,743 $0 $1,838,743$0

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $3,366,610 $0 $3,508,761$142,151

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $10,040,035 $0 $11,572,468$1,532,433

NEW STAR RISK RETENTION GROUP, INC.12532 $6,781,189 $0 $8,693,800$1,912,611

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $12,446,969 $0 $19,187,029$6,740,060

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $9,471,223 $0 $9,819,264$348,041

NOVUS INS CO RRG10752 $4,669,876 $0 $5,637,960$968,084

OASIS RECIPROCAL RISK RETENTION GROUP13644 $6,459,633 $0 $10,621,048$4,161,415

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 $2,233,343 $0 $3,230,776$997,433

OCEAN RRG INC10158 $3,239,453 $0 $8,457,481$5,218,028

OCEANUS INS CO A RRG12189 $63,739,099 $0 $73,502,250$9,763,151

OLYMPIA RISK RETENTION GROUP, INC.13062 $308,835 $0 $1,232,292$923,457

OMS NATL INS CO RRG44121 $329,883,666 $135,498 $391,246,827$61,227,663

OOIDA RISK RETENTION GROUP INC10353 $40,312,357 $0 $62,615,117$22,302,760

OPHTHALMIC MUTUAL INS CO RRG44105 $231,390,841 $0 $243,574,132$12,183,291

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $4,895,691 $0 $5,925,423$1,029,732

ORDINARY MUTUAL A RRG CORP10171 $20,206,032 $0 $20,744,613$538,581

PACE RRG INC11575 $9,040,691 $5,135,583 $22,398,201$8,221,927

PARATRANSIT INSURANCE COMPANY, RRG44130 $20,609,012 $276,228 $22,892,127$2,006,887

PCH MUTUAL INSURANCE COMPANY, RRG11973 $7,378,469 $0 $8,153,478$775,009

PEACE CHURCH RRG INC11846 $21,155,896 $0 $22,187,908$1,032,012

PEDIATRICANS INS RRG OF AMER11772 $601,996 $0 $725,300$123,304

PELICAN INS RRG11587 $17,265,529 $0 $17,475,075$209,546

PHOEBE RECIPROCAL RRG12004 $4,996,932 $0 $5,030,196$33,264

PHP RISK RETENTION GROUP, LIMITED12995 $15,769,240 $0 $19,152,141$3,382,901

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 $641,084 $0 $862,479$221,395

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $1,391,732 $0 $2,562,525$1,170,793

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $5,306,651 $0 $7,460,130$2,153,479

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $4,424,491 $0 $5,597,289$1,172,798

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $45,116,625 $0 $58,909,508$13,792,883

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $39,408,613 $0 $42,747,114$3,338,501

PHYSICIANS REIMBURSEMENT RRG10934 $25,988,979 $0 $27,158,378$1,169,399

PHYSICIANS SPECIALTY LTD RRG11513 $11,040,969 $0 $13,917,945$2,876,976

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $1,061,364 $0 $1,695,539$634,175

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $8,667,165 $0 $8,692,868$25,703

PINE TREE INS RECIPROCAL RRG12348 $14,398,695 $0 $15,303,308$904,613

PINELANDS INS CO RRG INC12198 $564,728 $0 $5,248,206$4,683,478



Net Reinsurance


PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $6,679,117 $0 $6,886,038$206,921

PINNACLE RRG INC11858 $2,489,691 $0 $2,489,691$0

PLICO RISK RETENTION GROUP, INC.14205 $1,597,579 $0 $1,597,579$0

PONCE DE LEON LTC RRG, INC.11809 $13,706,716 $239,457 $14,958,673$1,012,500

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $26,352,920 $16,563,387 $54,096,883$11,180,576

PREFERRED PHYSICIANS MEDICAL RRG44083 $193,187,019 $0 $197,942,982$4,755,963

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $9,845,091 $638,068 $12,532,649$2,049,490

PROAIR RISK RETENTION GROUP, INC.13179 $78,159 $0 $676,273$598,114

PROBUILDERS SPECIALTY INS CO RRG11671 $14,438,255 $0 $51,578,496$37,140,241

PROFESSIONAL MEDICAL INS RRG INC10840 $318,820 $0 $330,612$11,792


12608 $2,723,437 $117,000 $2,963,531$123,094

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,142,359 $0 $3,728,350$1,585,991

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $5,324,591 $0 $5,432,762$108,171

RED CLAY RISK RETENTION GROUP, INC.13078 $3,439,861 $0 $5,146,859$1,706,998

RED ROCK RISK RETENTION GROUP, INC.13736 $11,052,448 $0 $11,764,126$711,678

RESIDENTIAL INS CO INC A RRG10691 $1,620,060 $0 $2,256,772$636,712

RESTORATION RISK RETENTION GROUP, INC.12209 $45,670,647 $0 $50,404,111$4,733,464

RPX RRG14135 $3,968,297 $0 $4,241,053$272,756

SAINT LUKE'S HLTH SYSTEM RRG11712 $20,485,743 $0 $24,042,585$3,556,842

SAMARITAN RISK RETENTION GROUP, INC.12511 $17,453,042 $0 $21,509,563$4,056,521

SCHUYKILL CROSSING RECIPROCAL RRG11808 $26,609,072 $0 $27,876,708$1,267,636

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $9,270,090 $0 $10,045,668$775,578

SECURITY AMERICA RRG INC11267 $3,477,872 $0 $3,984,537$506,665

SELECT MD RRG14136 $1,462,443 $0 $1,815,953$353,510

SENTINEL ASSUR RRG INC12005 $16,163,494 $0 $20,926,121$4,762,627

SIGMA RRG, INC.13557 $10,171,672 $0 $10,853,807$682,135

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $53,794,803 $0 $61,284,047$7,489,244

SPIRIT MOUNTAIN INS CO RRG INC10754 $5,328,185 $0 $6,119,248$791,063

ST CHARLES INS CO RRG11114 $10,549,910 $0 $11,084,740$534,830

ST LUKES HEALTH NETWORK INS CO RRG11688 $40,680,392 $0 $43,023,394$2,343,002

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $249,127 $0 $726,958$477,831

STATES SELF-INSURERS RRG44075 $23,589,350 $0 $25,048,627$1,459,277

STICO MUT INS CO RRG10476 $18,507,512 $285,084 $21,241,190$2,448,594

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $660,274 $0 $724,141$63,867

SUNLAND RISK RETENTION GROUP, INC.14026 $210,925 $0 $2,894,873$2,683,948

SUPERIOR INS CO RRG11669 $12,282,550 $0 $24,129,152$11,846,602

TERRA INS CO RRG10113 $24,473,071 $0 $30,278,721$5,805,650

THE HEALTHCARE UNDERWRITING CO RRG10152 $21,832,208 $0 $82,113,744$60,281,536

TITAN INS CO INC RRG11153 $33,556,817 $0 $34,910,968$1,354,151

TITLE INDUSTRY ASSURANCE CO RRG10084 $4,460,972 $0 $6,691,793$2,230,821

UNITED CENTRAL PA RRG11548 $20,872,514 $0 $22,087,937$1,215,423

UNITED CONTRACTORS INS CO INC RRG12280 $15,729,358 $53,876 $22,660,838$6,877,604

UNITED EDUCATORS INS RRG INC10020 $689,313,909 $0 $728,577,507$39,263,598

UNITED HOME INSURANCE CO A RRG10712 $2,296,277 $0 $3,500,450$1,204,173

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $2,588,891 $0 $2,810,438$221,547

UV INSURANCE RISK RETENTION GROUP, INC.13988 $125,508 $0 $831,158$705,650

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $2,623,528 $0 $2,630,292$6,764

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,530,761 $0 $1,755,788$225,027

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $2,726,783 $0 $2,760,920$34,137

WARREN RRG INC11802 $7,946,859 $0 $7,991,071$44,212

WELLSPAN RRG11682 $16,604,600 $0 $24,439,701$7,835,101

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $2,547,467 $0 $4,821,121$2,273,654

WESTERN INS RRG INC11978 $518,097 $0 $524,895$6,798

WESTERN PACIFIC MUT INS CO RRG40940 $132,668,089 $0 $136,016,516$3,348,427

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,652,407 $0 $2,796,855$144,448

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $16,497,808 $0 $19,600,352$3,102,544

$6,630,719,979 $43,064,188 $7,960,916,229TOTAL - ALL RRGs $1,287,132,062


Company NameNAIC UnearnedPremiumReserves

TotalLiabilities

Policyholders'Surplus

Loss and LAEReserve Position(000's omitted)

1-YearLoss and LAEDevelopment

(000's omitted)


(000's omitted)

Losses and LAE Reserves

OtherLiabilities

Risk Retention Groups - Liabilities


12934 $288,539 $2,850,487 $1,526,239 ($176) $213 $0$312,713 $2,249,235

ACBG RISK RETENTION GROUP, LLC12557 $0 $34,522 $1,600,140 ($13) ($8) ($202)$0 $34,522

ADVANCED PHYSICIANS INS RRG INC12166 $104,829 $112,407 $1,486,464 $0 $0 $0$0 $7,578

AEGIS HEALTHCARE RRG, INC.12252 $342,001 $2,523,990 $1,128,488 $1 ($97) ($563)$1,772,441 $409,548

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

13677 $93,607 $1,734,783 $2,988,496 $0 $1 $0$610,572 $1,030,604

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

13606 $128,750 $1,156,767 $768,456 ($849) $0 ($300)$1,026,261 $1,756

AGRI INSURANCE EXCHANGE RRG28380 $181,637 $2,284,783 $11,763,404 ($131) ($242) ($336)$1,808,900 $294,246

ALLEGIANT INS CO INC A RRG11965 $0 $9,191,537 $2,958,156 $0 $1,543 $1,490$6,286,157 $2,905,380

ALLIANCE OF NONPROFITS FOR INS RRG10023 $8,031,086 $30,741,031 $27,577,287 $74 ($301) ($1,745)$20,893,075 $1,816,870

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $8,171,090 $16,677,238 $12,536,924 ($276) ($895) ($964)$6,824,929 $1,681,219

ALLIED SERVICES RISK RETENTION GROUP12013 $759,165 $3,862,207 $2,797,066 $24 $189 $870$2,809,330 $293,712

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $3,988,691 $26,146,706 $10,894,674 $0 ($4,633) ($5,798)$20,594,264 $1,563,751

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $8 $411,717 $732,131 $3 ($1) ($50)$114,696 $297,013

AMERICAN CONTRACTORS INS CO RRG12300 $0 $16,456,742 $7,126,598 $0 $0 $0$0 $16,456,742

AMERICAN EXCESS INS EXCHANGE RRG10903 $15,497,262 $175,721,159 $233,634,874 ($18,581) ($16,983) ($47,752)$148,135,203 $12,088,694

AMERICAN FEED INDUSTRY INS CO RRG44202 $0 $0 $0 $0 ($889) ($1,719)$0 $0

AMERICAN FOREST CASUALTY COMPANY RRG11590 $827,394 $4,954,333 $3,988,067 ($1,037) ($410) ($1,907)$3,898,952 $227,987

AMERICAN SAFETY RRG INC25448 $4,768,581 $13,838,018 $8,526,243 ($46,119) ($2,424) ($444)$5,354,929 $3,714,508

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $393,307 $8,944,791 $4,560,031 $557 $355 $73$5,546,627 $3,004,857

AMERIGUARD RRG INC12171 $16,000 $4,592,156 $7,425,247 ($398) ($1,896) ($3,115)$3,485,794 $1,090,362

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $18,526,864 $69,338,205 $27,121,044 $0 ($1,038) ($2,579)$49,480,728 $1,330,613

ARCHITECTS & ENGINEERS INS CO RRG44148 $2,701,895 $10,322,785 $9,357,496 ($750) ($136) $53$2,904,735 $4,716,155

ARCOA RISK RETENTION GROUP, INC.13177 $0 $9,361,177 $2,945,293 $2,146 $1,108 $2,540$9,071,731 $289,446

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $326,250 $529,902 $1,967,266 $0 ($75) ($25)$143,750 $59,902


14005 $0 $0 $0 $0 $0 $0$0 $0

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $1,021,425 $1,001,800 $10 $127 $717$613,438 $407,987

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 $1,181,802 $7,443,612 $8,336,686 ($1,814) ($1,881) ($3,230)$4,835,016 $1,426,794



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities


ATTORNEYS INSURANCE MUTUAL RRG INC22670 $2,474,376 $7,843,307 $8,299,182 $1,135 $1,662 $1,087$5,227,809 $141,122

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $5,901,769 $84,218,961 $61,363,847 $298 ($1,017) ($1,464)$54,099,761 $24,217,431

ATTORNEYS LIAB PROTECTION SOC RRG32450 $13,668,921 $65,477,034 $34,171,625 ($2,543) ($1,543) ($7,956)$45,825,324 $5,982,789

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $3,359 $79,142 $1,419,846 $0 $0 $0$3,498 $72,285

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 $11,588,193 $12,812,656 $8,761,345 $0 $0 $0$0 $1,224,463

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.

13791 $995,511 $1,416,131 $1,015,687 $0 $71 $0$308,001 $112,619

BAR VERMONT RISK RETENTION GROUP INC10174 $0 $6,581,767 $13,599,602 ($277) ($845) ($1,459)$4,972,929 $1,608,838

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $1,484,160 $27,883,835 $3,755,994 $75 ($1,096) ($815)$17,305,688 $9,093,987

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.

14169 $8,018 $22,034 $507,954 $0 $0 $0$0 $14,016

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

13010 $939,538 $1,182,055 $1,117,856 $3 $0 $0$46,128 $196,389

BROADLINE RISK RETENTION GROUP, INC.13788 $14,624,647 $70,069,945 $25,337,844 ($829) ($3,839) $0$55,192,503 $252,795

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $7,018,026 $69,501,343 $44,724,965 ($689) ($6,639) ($15,472)$53,388,286 $9,095,031

CALIFORNIA MEDICAL GRP INS CO RRG12180 $1,571,904 $9,230,335 $4,715,158 $566 ($2,278) ($4,077)$7,918,384 ($259,953)

CARE RRG, INC.11825 $2,382,681 $8,237,719 $4,652,426 $0 ($787) ($1,286)$5,090,125 $764,913

CAREGIVERS UNITED LIAB INS CO RRG11544 $2,350,385 $13,534,465 $22,404,530 ($3,006) ($2,361) ($4,384)$10,223,369 $960,711

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP

12373 $1,624,279 $45,636,964 $33,964,890 ($2) ($238) ($781)$9,783,968 $34,228,717

CASSATT RISK RETENTION GROUP INC10808 $75,000 $4,579,420 $3,669,730 ($66) ($1) ($436)$470,401 $4,034,019

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

13784 $7,000 $94,533 $1,058,679 ($56) ($6) $0$22,039 $65,494

CENTRAL PA PHYSICIANS RRG INC11694 $7,054,871 $40,489,644 $20,658,445 $568 $5,749 ($1,256)$31,883,772 $1,551,001

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $1,675,485 $9,348,737 $6,358,124 $56 ($632) ($1,738)$7,333,995 $339,257

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $222,230 $579,375 $3,330,339 ($104) ($27) ($82)$261,488 $95,657

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 $357,816 $3,392,542 $3,003,830 ($132) ($225) ($541)$2,835,433 $199,293

CHC CAS RRG11531 $2,312,317 $29,217,787 $11,927,274 ($749) ($2,096) ($1,709)$26,656,212 $249,258

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $3,612,368 $5,186,775 $1,476,913 $0 $0 $0$162,500 $1,411,907

CIMARRON INSURANCE EXCHANGE RRG12308 $0 $0 $0 $0 $387 $526$0 $0

CIRCLE STAR INS CO RRG11839 $300,368 $7,295,110 $1,445,828 ($1) $0 $0$412,833 $6,581,909

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $248,752 $1,661,625 $1,502,044 $53 ($86) ($73)$773,483 $639,390



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities


CLARIAN HLTH RRG INC11992 $0 $3,640,026 $2,448,606 $410 $0 $0$0 $3,640,026

CLINIC MUTUAL INSURANCE CO RRG43770 $25,610 $198,693 $5,331,614 $41 ($187) ($336)$158,340 $14,743

CMIC RISK RETENTION GROUP13756 $115,751 $592,126 $3,022,744 $0 $0 $0$31,107 $445,268

COASTAL INS RRG INC11668 $2,025,532 $31,053,122 $22,294,487 $303 ($3,319) ($5,336)$20,942,003 $8,085,587

COLLEGE LIABILITY INS CO A RECIP RRG44598 $1,690,562 $4,900,560 $9,647,760 $689 ($886) ($535)$3,160,593 $49,405

COLLEGE RISK RETENTION GROUP, INC.13613 $4,449,041 $12,728,178 $4,374,119 ($100) ($518) ($335)$6,401,548 $1,877,589

COLUMBIA NATIONAL RRG INC10803 $330,445 $595,917 $1,160,287 $0 $0 $0$0 $265,472

COMCARE PRO INS RECIPROCAL RRG11864 $894,625 $1,682,061 $2,769,927 $313 $306 ($99)$587,536 $199,900

COMMUNITIES OF FAITH RRG INC11807 $342,482 $1,706,684 $12,663,596 ($70) ($482) ($297)$1,232,920 $131,282

COMMUNITY BLOOD CENTERS EXCH RRG13893 $1,501,023 $8,754,197 $12,512,546 ($2,350) ($2,002) ($3,403)$4,916,905 $2,336,269

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $2,850,143 $97,959,195 $18,333,997 $1,251 ($332) $8,655$49,956,073 $45,152,979

COMMUNITY HOSPITAL RRG11259 $9,109,129 $140,330,685 $73,099,507 $1,663 ($8,363) ($12,245)$117,571,542 $13,650,014

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $166,829 $2,287,815 $3,326,147 $173 ($428) ($692)$1,804,741 $316,245

CONTINUING CARE RRG, INC.11798 $411,930 $1,491,595 $2,927,185 ($143) $88 $0$811,947 $267,718

CONTRACTORS INS CO OF NORTH AMER RRG11603 $489,707 $23,748,533 $17,088,139 ($520) $10,900 $5,033$22,563,091 $695,735

CONTROLLED RISK INS CO OF VT RRG10341 $4,056,508 $28,681,516 $30,732,280 $0 ($1,103) ($2,414)$21,109,505 $3,515,503


12042 $1,633,632 $15,135,687 $20,864,818 $51 $0 $0$10,906,175 $2,595,880

CPA MUTUAL INS CO OF AMERICA RRG10164 $1,383,634 $13,910,918 $10,248,575 $2,472 ($1,204) ($2,213)$9,487,063 $3,040,221

CROSSFIT RISK RETENTION GROUP, INC.13720 $414,068 $692,174 $1,088,285 ($6) $0 $0$228,424 $49,682

CRUDEN BAY RRG INC11676 $772,877 $10,181,906 $3,629,745 $959 ($3,044) ($1,637)$9,176,283 $232,746

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $1,668,043 $6,814,723 $3,091,027 $1 $734 $0$2,219,798 $2,926,882

DELAWARE PROFESSIONAL INSURANCE CO43125 $255,786 $5,205,161 $4,054,928 ($77) ($1,641) ($3,305)$4,824,000 $125,375

DOCTORS & SURGEONS NATIONAL RRG13018 $2,437,072 $6,586,792 $2,595,990 ($142) $2 $257$3,346,277 $803,443

DUBOIS MEDICAL RRG11842 $1,009,802 $3,467,700 $5,237,843 $26 ($45) $26$2,441,033 $16,865

EASTERN DENTISTS INS CO RRG10115 $5,624,990 $28,076,590 $19,076,141 ($3,314) ($3,877) ($6,457)$20,130,000 $2,321,600

ELITE TRANSPORTATION RRG INC10125 $1,781,746 $12,635,239 $2,582,407 ($16) ($167) $34$4,996,651 $5,856,842

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $169,080 $2,033,631 $1,752,343 $0 $0 $0$367,367 $1,497,184

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $2,376,602 $16,638,559 $6,291,430 ($1,407) $6,668 $6,142$8,117,407 $6,144,550



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities


EMERGENCY MEDICINE RRG INC12015 $7,397 $4,515,197 $4,848,529 $1,038 $18 ($19,909)$3,775,588 $732,212

EMERGENCY PHYSICIANS INS CO RRG11714 $4,393,134 $32,305,783 $8,779,995 $424 $1,701 $1,924$26,068,762 $1,843,887

EVERGREEN USA RRG INC38466 $1,931,193 $9,064,488 $6,047,671 $115 ($1,089) $637$6,398,409 $734,886

FAIRWAY PHYSICIANS INS CO RRG11840 $5,841,978 $23,629,390 $5,105,091 $294 $7,038 $4,366$16,903,985 $883,427

FAITH AFFILIATED RRG INC11698 $778,151 $3,682,863 $4,631,911 $3 $721 $1,043$2,767,171 $137,541

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $4,351,446 $13,500,016 $2,561,445 $1,083 $1,654 $3,725$8,188,179 $960,391

FIRST MEDICAL INS CO RRG11278 $9,131,663 $55,118,121 $73,420,272 $341 ($7,563) ($14,742)$44,735,582 $1,250,876

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $837,539 $2,388,418 $2,242,706 ($113) $196 ($196)$1,340,050 $210,829

FRANKLIN CASUALTY INS CO RRG10842 $2,583,639 $41,275,537 $2,202,132 ($459) $323 ($208)$6,994,984 $31,696,914

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $525,468 $8,595,442 $11,748,954 $101 ($641) ($1,632)$7,967,052 $102,922

GABLES RISK RETENTION GROUP, INC.14032 $656,669 $1,583,575 $1,691,678 $0 $0 $0$845,576 $81,330

GEISINGER INS CORP RRG12000 $789,266 $10,399,678 $11,159,386 $0 $0 $0$985,000 $8,625,412

GENERAL EASTERN SKI INS RRG INC10163 $0 $435,459 $1,060,670 $119 ($158) ($116)$264,618 $170,841

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $26,630 $28,171 $2,000,913 $0 $0 $0$1,541 $0

GLOBAL HAWK INSURANCE COMPANY RRG11948 $4,495,306 $8,099,861 $4,574,837 ($307) $268 $33$3,366,606 $237,949

GLOBAL INTL INS CO INC A RRG10991 $0 $1,043,555 $19,056,152 $0 $0 $0$0 $1,043,555

GOLDEN INS CO RRG11145 $1,685,798 $2,664,014 $2,479,161 $286 $69 $728$624,396 $353,820

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $282,377 $2,555,071 $1,423,347 $1,451 $1,169 $443$2,158,924 $113,770


13973 $90,646 $291,002 $525,323 $0 $0 $0$0 $200,356

GRACO RRG INC11581 $80,218 $545,225 $543,880 $0 $0 $0$0 $465,007

GREEN HILLS INS CO RRG11941 $3,356,030 $12,452,801 $12,519,765 $814 ($1,438) ($3,354)$8,129,451 $967,320

GUARDIAN RRG INC11696 $267,366 $2,633,112 $3,211,184 $134 ($676) ($756)$2,285,479 $80,267

GUTHRIE RRG12014 $5,825,871 $31,304,183 $15,343,737 $1,331 ($6,770) ($7,573)$25,220,477 $257,835

HAMDEN ASSURANCE RRG, INC.13057 $0 $89,333,932 $1,533,627 $0 $0 $0$0 $89,333,932

HEALTH CARE CAS RRG INC12236 $1,140,957 $16,201,666 $1,771,747 ($846) ($454) ($801)$5,716,775 $9,343,934

HEALTH NETWORK PROVIDERS MUT INS CO11813 $633,936 $5,077,408 $2,690,015 ($198) ($896) ($1,394)$3,116,124 $1,327,348

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $4,626,799 $33,348,723 $46,867,945 $0 ($3,676) ($10,100)$27,997,085 $724,839


11832 $1,641,423 $25,651,340 $9,236,316 $592 $298 $170$8,927,397 $15,082,520



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities


HEALTHCARE PROVIDERS INS CO RRG11683 $3,997,453 $30,617,946 $36,484,372 $7 ($1,514) ($5,846)$22,024,353 $4,596,140

HEARTLAND HEALTHCARE RECIP RRG11998 $679,798 $7,842,567 $7,402,001 ($38) ($730) ($1,438)$6,834,678 $328,091

HERITAGE WARRANTY INS RRG INC11097 $323,400 $435,733 $557,004 ($72) ($161) ($67)$5,000 $107,333

HOME CONSTRUCTION INS CO RRG11950 $3,949 $4,110,251 $2,155,947 $0 ($297) ($476)$3,109,419 $996,883

HOUSING AUTHORITY RRG INC26797 $13,684,472 $128,950,431 $178,854,819 ($1,660) ($31,903) ($51,087)$104,198,619 $11,067,340

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $0 $12,925,980 $110,335,258 $54 $23,459 $44,592$1,371,485 $11,554,495

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $11,245,523 $78,377,702 $227,640,118 ($6,610) ($9,333) ($28,577)$53,892,158 $13,240,021

INDEMNITY INSURANCE CORPORATION, RRG12018 $16,558,581 $34,362,345 $18,059,386 ($696) ($1,235) $96$12,908,882 $4,894,882

INDIANA HEALTHCARE RECIP RRG11692 $1,255,679 $14,218,035 $13,709,656 ($61) ($2,446) ($2,708)$12,309,687 $652,669

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $911,411 $3,039,690 $2,500,002 $344 ($650) ($488)$2,099,995 $28,284

J.M. WOODWORTH RRG, INC.12594 $5,214,794 $15,303,728 $4,294,580 $0 $2,478 $3,491$9,894,546 $194,388

JAMESTOWN INS CO RRG11589 $0 $0 $0 $0 ($819) ($1,110)$0 $0

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 $490,959 $6,054,497 $2,448,566 $826 ($471) ($754)$4,684,443 $879,095

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $1,114,216 $27,646,680 $25,519,686 $242 ($5,486) ($8,737)$26,384,319 $148,145

KENTUCKY HOSPITAL INS CO RRG11939 $916,261 $10,359,832 $9,377,483 $160 ($1,544) ($1,366)$8,145,086 $1,298,485

LAKE STREET RRG INC11803 $78,495 $758,796 $1,385,060 $1 ($77) ($828)$623,304 $56,997

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $4,260,694 $10,916,039 $3,366,553 $988 $186 $76$6,412,986 $242,359

LENDERS PROTECTION ASSUR CO RRG11500 $0 $72,454 $2,399,121 $0 $0 $0$0 $72,454

LEWIS & CLARK LTC RRG, INC11947 $0 $0 $0 $0 $6,905 $4,945$0 $0

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 $1,466,667 $6,674,066 $1,618,481 ($194) $870 $386$4,489,291 $718,108

LIFE SERVICES NETWORK RECIP INS RRG11958 $282,511 $2,724,086 $4,929,466 $173 $33 ($195)$2,359,612 $81,963

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 $10 $1,126 $504,639 $0 $0 $0$0 $1,116

LVHN RRG11684 $0 $43,680,711 $5,000,000 $3,683 $0 $0$0 $43,680,711

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

12554 $542,733 $1,877,387 $1,440,958 ($1) ($287) ($117)$990,253 $344,401

MARATHON FIN INS CO INC RRG11117 $206,453 $10,750,708 $2,433,530 $151 ($265) ($175)$50,000 $10,494,255

MCIC VERMONT INC RRG10697 $11,605,000 $118,269,988 $11,473,435 $278 $4 $3$21,406,695 $85,258,293

MD RISK RETENTION GROUP, INC.12355 $0 $8,401,505 $6,965,875 $1 ($2,321) ($312)$7,898,404 $503,101

MEDAMERICA MUTUAL RRG INC26257 $4,226,776 $40,210,630 $34,097,079 $0 ($6,333) ($7,359)$27,795,787 $8,188,067



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities


MEDPRO RRG RISK RETENTION GROUP13589 $566,369 $12,896,607 $2,856,522 ($23) ($5) ($1)$985,365 $11,344,873

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $255,229 $3,011,092 $987,330 ($1,782) ($310) ($716)$2,387,566 $368,297

MENTAL HEALTH RISK RETENTION GROUP44237 $2,315,713 $14,917,286 $11,684,648 $129 ($5,057) ($6,286)$10,031,249 $2,570,324

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $745,334 $7,094,803 $1,733,873 ($38) ($11) ($1,476)$3,629,515 $2,719,954

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 $625,778 $7,779,181 $1,151,903 $350 $8 $399$1,294,716 $5,858,687

MMIC RRG, INC.14062 $513 $17,595 $573,894 $0 $0 $0$0 $17,082

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $229,166 $882,234 $1,205,220 $215 $0 $0$486,639 $166,429

MOUNTAIN LAUREL RRG INC11547 $4,021,032 $17,138,420 $4,575,993 $1,825 ($166) ($1,015)$11,597,505 $1,519,883

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $4,894,399 $56,103,163 $48,755,304 ($8,162) ($9,179) ($14,278)$45,290,353 $5,918,411

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $1,616,549 $15,048,431 $13,365,063 ($591) ($2,505) ($3,719)$12,637,051 $794,831

NATIONAL ASSISTED LIVING RRG, INC.11806 $686,340 $4,289,767 $3,381,604 ($187) ($458) ($775)$3,124,469 $478,958

NATIONAL BUILDERS & CONTRACTORS INS12235 $138,815 $3,240,302 $1,678,869 $1 ($314) $1,332$2,692,474 $409,013

NATIONAL CATHOLIC RRG10083 $6,407,304 $53,694,354 $15,499,883 $1,757 $2,946 $2,835$43,167,238 $4,119,812

NATIONAL CONTRACTORS INS CO INC RRG12293 $1,622,568 $7,960,718 $3,872,481 ($1,339) $221 ($193)$5,726,543 $611,607

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $706,104 $11,622,836 $5,522,988 $22 ($1,200) ($2,590)$9,226,443 $1,690,289

NATIONAL HOME INSURANCE CO RRG44016 $17,549,356 $31,558,919 $16,030,266 $563 ($425) $0$5,552,161 $8,457,402

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $835,404 $3,318,861 $5,282,503 $74 ($160) ($498)$1,839,928 $643,529

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

12529 $0 $3,856,594 $2,814,110 $0 $0 $0$0 $3,856,594

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $1,574,725 $1,834,776 $10,607,217 $0 ($5) ($320)$20,000 $240,051

NCMIC RISK RETENTION GROUP, INC.14130 $0 $955 $1,837,788 $0 $0 $0$0 $955

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $331,455 $2,515,190 $993,571 ($71) ($454) ($605)$2,109,481 $74,254

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $4,436,418 $6,521,739 $5,050,729 ($5) ($11) $0$187,235 $1,898,086

NEW STAR RISK RETENTION GROUP, INC.12532 $1,532,599 $4,566,734 $4,127,066 $264 $292 $1,595$1,339,480 $1,694,655

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $4,074,963 $14,223,415 $4,963,614 $1,464 $935 $888$11,206,766 ($1,058,314)

NJ CAR RISK RETENTION GROUP12581 $0 $0 $0 $0 $41,029 $41,029$0 $0


13059 $1,125,645 $8,050,491 $1,768,773 ($2) ($536) $122$4,799,181 $2,125,665

NOVUS INS CO RRG10752 $974,855 $3,254,153 $2,383,807 $80 $6,802 $8,445$14,276,894 ($11,997,596)

OASIS RECIPROCAL RISK RETENTION GROUP13644 $2,160,127 $7,461,986 $3,159,062 ($953) ($531) ($224)$3,084,936 $2,216,923



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities



12845 $612,911 $2,345,509 $885,267 ($625) $323 $519$1,601,169 $131,429

OCEAN RRG INC10158 $1,397,580 $7,535,096 $922,385 $1,707 $1,050 $2,985$6,017,193 $120,323

OCEANUS INS CO A RRG12189 $15,131,140 $56,721,539 $16,780,711 $13 ($771) ($1,869)$34,360,455 $7,229,944

OLYMPIA RISK RETENTION GROUP, INC.13062 $0 $1,105,876 $126,416 ($130) $28 $13$997,631 $108,245

OMS NATL INS CO RRG44121 $54,653,057 $236,115,714 $155,131,113 $70 $0 $0$168,626,351 $12,836,306

OOIDA RISK RETENTION GROUP INC10353 $5,620,052 $41,044,282 $21,570,835 ($1,421) ($1,290) ($8,045)$14,872,024 $20,552,206

OPHTHALMIC MUTUAL INS CO RRG44105 $24,859,993 $91,354,433 $152,219,699 $0 ($3,797) ($8,036)$51,620,733 $14,873,707

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $258,500 $2,300,827 $3,624,596 ($249) ($455) ($869)$1,896,369 $145,958

ORDINARY MUTUAL A RRG CORP10171 $0 $11,809,310 $8,935,303 ($561) $1,061 ($1,473)$11,466,767 $342,543

PACE RRG INC11575 $161,266 $19,507,607 $2,890,594 $20 ($4) $1,943$6,530,893 $12,815,448

PARATRANSIT INSURANCE COMPANY, RRG44130 $1,389,347 $12,849,914 $10,042,213 $1 ($1,842) ($3,183)$10,790,453 $670,114

PCH MUTUAL INSURANCE COMPANY, RRG11973 $1,414,562 $4,621,946 $3,531,532 ($752) ($171) ($913)$3,409,193 ($201,809)

PEACE CHURCH RRG INC11846 $735,164 $8,848,991 $13,338,915 $6 ($1,712) ($3,206)$7,589,642 $524,185

PEDIATRICANS INS RRG OF AMER11772 $0 $192,460 $532,840 ($37) ($246) $97$204,443 ($11,983)

PELICAN INS RRG11587 $1,065,084 $4,328,893 $13,146,181 $418 ($1,072) ($2,310)$3,151,780 $112,029

PHOEBE RECIPROCAL RRG12004 $103,484 $1,655,267 $3,374,927 ($3) ($118) ($423)$1,511,444 $40,339

PHP RISK RETENTION GROUP, LIMITED12995 $0 $15,553,837 $3,598,304 $1,295 $1,929 $1,314$15,058,871 $494,966

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 $60,730 $256,876 $605,603 $0 $0 $0$28,617 $167,529

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $494,435 $2,025,213 $537,312 $0 $0 $0$594,172 $936,606

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG

12350 $0 $0 $0 $0 $41,029 $41,029$0 $0

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $1,496,307 $5,686,737 $1,773,393 ($543) ($315) ($593)$3,633,045 $557,385

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $1,057,793 $4,189,827 $1,407,462 $102 ($636) ($601)$2,977,424 $154,610

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

12507 $5,811,107 $43,818,372 $15,091,136 ($1,074) ($822) ($2,787)$18,560,612 $19,446,653

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $7,358,272 $24,737,696 $18,009,416 ($190) ($3,595) ($8,163)$17,099,141 $280,283

PHYSICIANS REIMBURSEMENT RRG10934 $763,209 $16,192,190 $10,966,188 ($1,709) ($1,901) ($5,310)$15,021,794 $407,187

PHYSICIANS RISK RETENTION GROUP LLC13046 $0 $0 $0 $0 $41,029 $41,029$0 $0

PHYSICIANS SPECIALTY LTD RRG11513 $0 $9,856,121 $4,061,824 ($586) ($627) ($696)$4,927,448 $4,928,673



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities



14108 $82,774 $192,528 $1,503,011 $0 $0 $0$53,148 $56,606

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

13582 $744,567 $3,386,022 $5,306,846 $11 ($1,173) ($616)$2,501,401 $140,054

PINE TREE INS RECIPROCAL RRG12348 $615,805 $8,610,421 $6,692,887 $84 ($1,656) ($512)$5,930,140 $2,064,476

PINELANDS INS CO RRG INC12198 $554,462 $4,191,177 $1,057,029 $185 $137 $1,121$1,293,877 $2,342,838

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $720,585 $2,909,416 $3,976,622 ($52) ($24) $93$2,043,229 $145,602

PINNACLE RRG INC11858 $0 $144,988 $2,344,703 ($37) ($122) ($395)$57,330 $87,658

PLICO RISK RETENTION GROUP, INC.14205 $0 $7,760 $1,589,819 $0 $0 $0$0 $7,760

PONCE DE LEON LTC RRG, INC.11809 $1,684,557 $6,905,631 $8,053,042 ($1) $204 $1,573$4,923,175 $297,899

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $9,345,030 $45,234,810 $8,862,073 $1,005 ($322) $494$18,471,447 $17,418,333

PREFERRED PHYSICIANS MEDICAL RRG44083 $6,424,908 $94,702,279 $103,240,703 ($8,684) ($6,147) ($14,360)$66,816,496 $21,460,875

PREMIER INSURANCE EXCHANGE RRG10101 $0 $0 $0 $0 ($178) ($692)$0 $0

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

12613 $2,901,731 $9,321,351 $3,211,298 ($324) ($468) ($1,441)$4,273,535 $2,146,085

PROAIR RISK RETENTION GROUP, INC.13179 $50,507 $152,297 $523,976 ($33) ($49) ($36)$37,165 $64,625

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $37,270,086 $14,308,410 $1 ($10) $687$35,213,934 $2,056,152

PROFESSIONAL MEDICAL INS RRG INC10840 $0 $5,323 $325,289 $0 $0 $0$0 $5,323


12608 $23,356 $764,212 $2,199,319 $7 $48 ($8)$126,504 $614,352

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $804,732 $2,673,676 $1,054,674 $343 ($219) ($211)$1,006,178 $862,766

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $242,168 $1,433,674 $3,999,088 $1 ($437) ($236)$1,140,256 $51,250

RED CLAY RISK RETENTION GROUP, INC.13078 $437,648 $1,856,546 $3,290,313 ($513) ($167) ($336)$1,296,673 $122,225

RED ROCK RISK RETENTION GROUP, INC.13736 $394,648 $6,690,262 $5,073,864 ($170) $572 $0$6,123,848 $171,766

REGIONAL HEALTH INS CO RRG12010 $0 $0 $0 $0 $176 $222$0 $0

REPUBLIC RRG12019 $0 $0 $0 $0 $0 ($18)$0 $0

RESIDENTIAL INS CO INC A RRG10691 $730,890 $1,387,719 $869,053 ($88) $50 $50$264,434 $392,395

RESTORATION RISK RETENTION GROUP, INC.12209 $5,260,326 $32,465,474 $17,938,637 ($1) ($2,937) ($4,147)$22,647,203 $4,557,945

RPX RRG14135 $128,071 $416,171 $3,824,882 $0 $0 $0$4,317 $283,783

SAINT LUKE'S HLTH SYSTEM RRG11712 $1,658,097 $8,392,976 $15,649,609 $0 $31 ($1,311)$5,076,720 $1,658,159

SAMARITAN RISK RETENTION GROUP, INC.12511 $4,814,103 $7,901,269 $13,608,296 ($466) ($1,771) ($2,045)$2,475,543 $611,623



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities


SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.

12524 $0 $0 $0 $0 ($84) ($193)$0 $0

SCHUYKILL CROSSING RECIPROCAL RRG11808 $659,163 $19,689,717 $8,186,991 ($1,152) ($2,209) ($1,441)$17,089,764 $1,940,790

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

12988 $1,599,527 $6,512,428 $3,533,240 $111 $96 ($103)$4,908,502 $4,399

SECURITY AMERICA RRG INC11267 $763,351 $1,465,585 $2,518,953 $175 $247 $277$907,564 ($205,330)

SELECT MD RRG14136 $444,130 $801,199 $1,014,754 $0 $0 $0$114,614 $242,455

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG

13571 $0 $0 $0 $0 ($547) ($111)$0 $0

SENTINEL ASSUR RRG INC12005 $2,225,143 $10,040,948 $10,885,173 $631 ($1,737) ($3,839)$7,401,623 $414,182

SIGMA RRG, INC.13557 $436,519 $5,829,324 $5,024,483 ($30) ($820) ($123)$5,306,844 $85,961

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $3,718,794 $50,322,281 $10,961,766 ($987) $2,468 $3,823$38,384,661 $8,218,826

SPIRIT MOUNTAIN INS CO RRG INC10754 $893,943 $3,489,401 $2,629,847 ($892) ($1,229) ($1,650)$1,743,823 $851,635

ST CHARLES INS CO RRG11114 $12,779 $5,066,018 $6,018,722 $0 ($6,792) ($6,792)$4,792,153 $261,086

ST LUKES HEALTH NETWORK INS CO RRG11688 $1,822,897 $30,689,784 $12,333,610 $1,053 $2,748 ($1,119)$28,770,879 $96,008

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $29,058 $76,220 $650,738 $0 $0 $0$0 $47,162

STATES SELF-INSURERS RRG44075 $938,963 $15,687,858 $9,360,770 $0 $300 $217$10,282,936 $4,465,959

STICO MUT INS CO RRG10476 $5,581,671 $10,418,049 $10,823,139 ($683) ($1,128) ($948)$4,389,543 $446,835

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

13135 $0 $132,270 $591,871 $0 $0 $0$0 $132,270

SUNLAND RISK RETENTION GROUP, INC.14026 $109,528 $1,830,146 $1,064,727 $62 $0 $0$247,373 $1,473,245

SUPERIOR INS CO RRG11669 $3,746,839 $18,868,152 $5,261,000 $1,332 $208 $1,941$13,181,470 $1,939,843

TERRA INS CO RRG10113 $1,537,877 $14,207,470 $16,071,251 ($1) ($220) $358$2,449,194 $10,220,399

THE HEALTHCARE UNDERWRITING CO RRG10152 $17,492,833 $55,245,784 $26,867,960 $786 $1,985 $964$35,057,645 $2,695,306

TITAN INS CO INC RRG11153 $6,212,212 $8,041,906 $26,869,062 $0 $0 $0$0 $1,829,694

TITLE INDUSTRY ASSURANCE CO RRG10084 $346,826 $4,557,574 $2,134,219 $297 ($310) $52$3,278,613 $932,135

UNITED CENTRAL PA RRG11548 $938,755 $7,525,586 $14,562,351 $1,355 $553 ($529)$6,466,437 $120,394

UNITED CONTRACTORS INS CO INC RRG12280 $3,451,964 $13,739,424 $8,921,414 $3,828 $5,535 $11,977$10,227,563 $59,897

UNITED EDUCATORS INS RRG INC10020 $65,050,343 $478,609,722 $249,967,785 $820 ($6,003) ($23,170)$354,813,226 $58,746,153

UNITED HOME INSURANCE CO A RRG10712 $1,775,287 $1,935,108 $1,565,342 $0 $0 $0$0 $159,821

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP

12915 $877,886 $1,447,424 $1,363,014 $15 $3 ($332)$653,762 ($84,224)



TotalLiabilities




(000's omitted)


(000's omitted)


OtherLiabilities


UV INSURANCE RISK RETENTION GROUP, INC.13988 $91,162 $286,304 $544,854 ($59) $0 $0$141,875 $53,267

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

11063 $202,041 $254,519 $2,375,773 $0 ($250) $0$0 $52,478

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $458,900 $920,988 $834,800 ($1) $0 $0$184,486 $277,602

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $0 $788,231 $1,972,688 $0 $0 $0$776,971 $11,260

WARREN RRG INC11802 $441,828 $4,616,799 $3,374,272 $361 ($1,772) ($2,371)$3,741,058 $433,913

WELLSPAN RRG11682 $1,644,750 $18,239,966 $6,199,735 $0 ($2,808) ($3,164)$16,541,121 $54,095

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $1,689,120 $3,635,712 $1,185,410 $725 $0 $0$1,191,991 $754,601

WESTERN INS RRG INC11978 $0 $15,723 $509,172 $0 $0 $0$0 $15,723

WESTERN PACIFIC MUT INS CO RRG40940 $21,660,370 $45,855,114 $90,161,402 ($2,600) ($5,855) ($8,814)$22,984,582 $1,210,162

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $182,834 $539,295 $2,257,560 $14 $0 $0$299,698 $56,763

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

11796 $964,225 $15,019,468 $4,580,884 $62 ($1,086) ($2,030)$6,902,127 $7,153,116

$2,903,128,215 $701,355,352 $4,544,795,348 $3,416,120,885 ($83,210) ($30,153) ($226,668)TOTAL - ALL RRGs $940,311,781


Company NameNAIC Cash and Invested Assets /

Loss and LAEReserves

Loss and LAEReserves /


Liabilities /Policyholders

Surplus

Net Premium Written /


Risk Retention Groups - Ratios


12934 11.54 0.20 1.87 0.31

ACBG RISK RETENTION GROUP, LLC12557 0.00 0.00 0.02 0.00

ADVANCED PHYSICIANS INS RRG INC12166 0.00 0.00 0.08 0.26

AEGIS HEALTHCARE RRG, INC.12252 1.28 1.57 2.24 0.83

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 5.90 0.20 0.58 0.12

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 1.36 1.34 1.51 0.63

AGRI INSURANCE EXCHANGE RRG28380 7.71 0.15 0.19 0.06

ALLEGIANT INS CO INC A RRG11965 1.56 2.13 3.11 0.41

ALLIANCE OF NONPROFITS FOR INS RRG10023 2.29 0.76 1.11 0.44

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 3.88 0.54 1.33 0.94

ALLIED SERVICES RISK RETENTION GROUP12013 2.36 1.00 1.38 0.36

AMERICAN ASSOC OF OTHODONTISTS RRG10232 1.65 1.89 2.40 0.50

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 9.59 0.16 0.56 -0.01

AMERICAN CONTRACTORS INS CO RRG12300 0.00 0.00 2.31 0.00

AMERICAN EXCESS INS EXCHANGE RRG10903 2.75 0.63 0.75 0.10

AMERICAN FEED INDUSTRY INS CO RRG44202 0.00 0.00 0.00 0.00

AMERICAN FOREST CASUALTY COMPANY RRG11590 2.13 0.98 1.24 0.31

AMERICAN SAFETY RRG INC25448 2.52 0.63 1.62 -4.71

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 2.39 1.22 1.96 -0.11

AMERIGUARD RRG INC12171 3.31 0.47 0.62 0.15

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 1.50 1.82 2.56 0.97

ARCHITECTS & ENGINEERS INS CO RRG44148 4.11 0.31 1.10 -0.03

ARCOA RISK RETENTION GROUP, INC.13177 1.18 3.08 3.18 1.34

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 9.22 0.07 0.27 0.27

ARTISAN CONTRACTORS INSURANCE COMPANY RISK RETENTION GROUP, LLC14005 0.00 0.00 0.00 0.00

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 3.24 0.61 1.02 0.00

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 3.14 0.58 0.89 0.25

ATTORNEYS INSURANCE MUTUAL RRG INC22670 2.94 0.63 0.95 0.58

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 1.54 0.88 1.37 0.38

ATTORNEYS LIAB PROTECTION SOC RRG32450 1.97 1.34 1.92 0.65

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 404.33 0.00 0.06 0.00

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 0.00 0.00 1.46 0.33

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 4.29 0.30 1.39 0.30

BAR VERMONT RISK RETENTION GROUP INC10174 3.65 0.37 0.48 0.00

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 1.31 4.61 7.42 1.33

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 0.00 0.00 0.04 0.02

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 42.26 0.04 1.06 0.39

BROADLINE RISK RETENTION GROUP, INC.13788 1.18 2.18 2.77 0.77

CALIFORNIA HEALTHCARE INS CO INC RRG44504 1.79 1.19 1.55 0.28

CALIFORNIA MEDICAL GRP INS CO RRG12180 1.41 1.68 1.96 0.52

CARE RRG, INC.11825 2.24 1.09 1.77 0.81

CAREGIVERS UNITED LIAB INS CO RRG11544 3.27 0.46 0.60 0.23

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 4.40 0.29 1.34 0.19

CASSATT RISK RETENTION GROUP INC10808 13.97 0.13 1.25 0.03







Surplus




CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 48.38 0.02 0.09 0.23

CENTRAL PA PHYSICIANS RRG INC11694 1.83 1.54 1.96 0.61

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 1.75 1.15 1.47 0.47

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 13.84 0.08 0.17 0.27

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 2.14 0.94 1.13 0.43

CHC CAS RRG11531 1.44 2.23 2.45 0.80

CHEROKEE GUARANTEE COMPANY INC., RRG14388 10.77 0.11 3.51 1.90

CIMARRON INSURANCE EXCHANGE RRG12308 0.00 0.00 0.00 0.00

CIRCLE STAR INS CO RRG11839 5.54 0.29 5.05 0.41

CLAIM PROFESSIONALS LIAB INS CO RRG12172 2.52 0.51 1.11 0.29

CLARIAN HLTH RRG INC11992 0.00 0.00 1.49 0.00

CLINIC MUTUAL INSURANCE CO RRG43770 33.93 0.03 0.04 0.01

CMIC RISK RETENTION GROUP13756 108.27 0.01 0.20 0.00

COASTAL INS RRG INC11668 2.00 0.94 1.39 0.26

COLLEGE LIABILITY INS CO A RECIP RRG44598 3.95 0.33 0.51 0.23

COLLEGE RISK RETENTION GROUP, INC.13613 1.64 1.46 2.91 1.11

COLUMBIA NATIONAL RRG INC10803 0.00 0.00 0.51 0.09

COMCARE PRO INS RECIPROCAL RRG11864 6.08 0.21 0.61 0.52

COMMUNITIES OF FAITH RRG INC11807 11.36 0.10 0.13 0.11

COMMUNITY BLOOD CENTERS EXCH RRG13893 3.99 0.39 0.70 0.20

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 2.24 2.72 5.34 0.62

COMMUNITY HOSPITAL RRG11259 1.72 1.61 1.92 0.50

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 2.65 0.54 0.69 0.07

CONTINUING CARE RRG, INC.11798 1.15 0.28 0.51 0.94

CONTRACTORS INS CO OF NORTH AMER RRG11603 1.52 1.32 1.39 0.07

CONTROLLED RISK INS CO OF VT RRG10341 2.74 0.69 0.93 0.53

COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG12042 3.15 0.52 0.73 0.31

CPA MUTUAL INS CO OF AMERICA RRG10164 1.82 0.93 1.36 0.35

CROSSFIT RISK RETENTION GROUP, INC.13720 6.38 0.21 0.64 0.69

CRUDEN BAY RRG INC11676 1.41 2.53 2.81 0.85

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 3.16 0.72 2.20 1.12

DELAWARE PROFESSIONAL INSURANCE CO43125 1.90 1.19 1.28 0.00

DOCTORS & SURGEONS NATIONAL RRG13018 2.28 1.29 2.54 1.27

DUBOIS MEDICAL RRG11842 3.17 0.47 0.66 0.21

EASTERN DENTISTS INS CO RRG10115 2.08 1.06 1.47 0.33

ELITE TRANSPORTATION RRG INC10125 2.45 1.93 4.89 1.45

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 10.04 0.21 1.16 0.38

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 1.67 1.29 2.64 0.57

EMERGENCY MEDICINE RRG INC12015 2.07 0.78 0.93 0.02

EMERGENCY PHYSICIANS INS CO RRG11714 1.41 2.97 3.68 0.79

EVERGREEN USA RRG INC38466 1.75 1.06 1.50 0.49

FAIRWAY PHYSICIANS INS CO RRG11840 1.11 3.31 4.63 1.65

FAITH AFFILIATED RRG INC11698 2.85 0.60 0.80 0.23

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 0.99 3.20 5.27 2.53







Surplus




FIRST MEDICAL INS CO RRG11278 2.58 0.61 0.75 0.17

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 3.23 0.60 1.06 0.57

FRANKLIN CASUALTY INS CO RRG10842 0.47 3.18 18.74 1.57

FREDERICKSBURG PROFESSIONAL RISK EXC12016 1.77 0.68 0.73 0.18

GABLES RISK RETENTION GROUP, INC.14032 1.21 0.50 0.94 1.00

GEISINGER INS CORP RRG12000 3.12 0.09 0.93 0.10

GENERAL EASTERN SKI INS RRG INC10163 3.06 0.25 0.41 0.00

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 1,313.68 0.00 0.01 0.02

GLOBAL HAWK INSURANCE COMPANY RRG11948 2.85 0.74 1.77 1.24

GLOBAL INTL INS CO INC A RRG10991 0.00 0.00 0.05 0.02

GOLDEN INS CO RRG11145 5.82 0.25 1.07 0.50

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 1.67 1.52 1.80 0.79

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 0.00 0.00 0.55 0.10

GRACO RRG INC11581 0.00 0.00 1.00 0.41

GREEN HILLS INS CO RRG11941 2.61 0.65 0.99 0.36

GUARDIAN RRG INC11696 2.40 0.71 0.82 0.33

GUTHRIE RRG12014 1.60 1.64 2.04 0.51

HAMDEN ASSURANCE RRG, INC.13057 0.00 0.00 58.25 0.00

HEALTH CARE CAS RRG INC12236 2.87 3.23 9.14 1.25

HEALTH NETWORK PROVIDERS MUT INS CO11813 2.22 1.16 1.89 0.43

HEALTH PROVIDERS INS RECIPROCAL RRG10080 2.68 0.60 0.71 0.19


11832 2.15 0.97 2.78 0.26

HEALTHCARE PROVIDERS INS CO RRG11683 2.95 0.60 0.84 0.12

HEARTLAND HEALTHCARE RECIP RRG11998 2.20 0.92 1.06 0.54

HERITAGE WARRANTY INS RRG INC11097 198.55 0.01 0.78 0.00

HOME CONSTRUCTION INS CO RRG11950 2.00 1.44 1.91 0.03

HOUSING AUTHORITY RRG INC26797 2.86 0.58 0.72 0.13

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 88.56 0.01 0.12 0.00

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 5.40 0.24 0.34 0.09

INDEMNITY INSURANCE CORPORATION, RRG12018 1.33 0.71 1.90 1.36

INDIANA HEALTHCARE RECIP RRG11692 2.24 0.90 1.04 0.37

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 2.12 0.84 1.22 0.49

J.M. WOODWORTH RRG, INC.12594 1.39 2.30 3.56 1.51

JAMESTOWN INS CO RRG11589 0.00 0.00 0.00 0.00

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 1.66 1.91 2.47 0.56

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 1.85 1.03 1.08 0.19

KENTUCKY HOSPITAL INS CO RRG11939 1.91 0.87 1.10 0.30

LAKE STREET RRG INC11803 3.31 0.45 0.55 0.24

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 1.54 1.90 3.24 1.88

LENDERS PROTECTION ASSUR CO RRG11500 0.00 0.00 0.03 0.00

LEWIS & CLARK LTC RRG, INC11947 0.00 0.00 0.00 0.00

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 1.45 2.77 4.12 1.38

LIFE SERVICES NETWORK RECIP INS RRG11958 3.09 0.48 0.55 0.25

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 0.00 0.00 0.00 0.00







Surplus




LVHN RRG11684 0.00 0.00 8.74 0.00

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 1.88 0.69 1.30 0.53

MARATHON FIN INS CO INC RRG11117 60.79 0.02 4.42 4.79

MCIC VERMONT INC RRG10697 1.69 1.87 10.31 4.20

MD RISK RETENTION GROUP, INC.12355 1.85 1.13 1.21 0.44

MEDAMERICA MUTUAL RRG INC26257 2.49 0.82 1.18 0.49

MEDPRO RRG RISK RETENTION GROUP13589 6.29 0.34 4.51 0.23

MEDSTAR LIABILITY LTD INS CO INC RRG10124 1.50 2.42 3.05 0.63

MENTAL HEALTH RISK RETENTION GROUP44237 2.53 0.86 1.28 0.34

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 1.25 2.09 4.09 0.88

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 5.32 1.12 6.75 1.47

MMIC RRG, INC.14062 0.00 0.00 0.03 0.00

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 1.37 0.40 0.73 0.41

MOUNTAIN LAUREL RRG INC11547 1.37 2.53 3.75 1.18

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 2.28 0.93 1.15 0.49

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 2.08 0.95 1.13 0.48

NATIONAL ASSISTED LIVING RRG, INC.11806 2.34 0.92 1.27 0.32

NATIONAL BUILDERS & CONTRACTORS INS12235 1.54 1.60 1.93 0.17

NATIONAL CATHOLIC RRG10083 1.49 2.79 3.46 0.57

NATIONAL CONTRACTORS INS CO INC RRG12293 1.13 1.48 2.06 0.21

NATIONAL GUARDIAN RISK RETENTION GROUP36072 1.20 1.67 2.10 0.46

NATIONAL HOME INSURANCE CO RRG44016 8.10 0.35 1.97 0.00

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 2.48 0.35 0.63 0.24

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 0.00 0.00 1.37 0.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 598.68 0.00 0.17 0.06

NCMIC RISK RETENTION GROUP, INC.14130 0.00 0.00 0.00 0.00

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 1.60 2.12 2.53 0.58

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 53.62 0.04 1.29 0.30

NEW STAR RISK RETENTION GROUP, INC.12532 5.06 0.32 1.11 0.52

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 1.11 2.26 2.87 1.32

NJ CAR RISK RETENTION GROUP12581 0.00 0.00 0.00 0.00

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 1.97 2.71 4.55 1.65

NOVUS INS CO RRG10752 0.33 5.99 1.37 0.12

OASIS RECIPROCAL RISK RETENTION GROUP13644 2.09 0.98 2.36 0.53

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 1.39 1.81 2.65 0.91

OCEAN RRG INC10158 0.54 6.52 8.17 2.13

OCEANUS INS CO A RRG12189 1.86 2.05 3.38 1.16

OLYMPIA RISK RETENTION GROUP, INC.13062 0.31 7.89 8.75 0.00

OMS NATL INS CO RRG44121 1.96 1.09 1.52 0.43

OOIDA RISK RETENTION GROUP INC10353 2.71 0.69 1.90 0.36

OPHTHALMIC MUTUAL INS CO RRG44105 4.48 0.34 0.60 0.19

ORANGE COUNTY MEDICAL RECIP INS RRG12183 2.58 0.52 0.63 0.31

ORDINARY MUTUAL A RRG CORP10171 1.76 1.28 1.32 0.00

PACE RRG INC11575 1.38 2.26 6.75 0.12







Surplus




PARATRANSIT INSURANCE COMPANY, RRG44130 1.91 1.07 1.28 0.21

PCH MUTUAL INSURANCE COMPANY, RRG11973 2.16 0.97 1.31 0.74

PEACE CHURCH RRG INC11846 2.79 0.57 0.66 0.22

PEDIATRICANS INS RRG OF AMER11772 2.94 0.38 0.36 0.01

PELICAN INS RRG11587 5.48 0.24 0.33 0.21

PHOEBE RECIPROCAL RRG12004 3.31 0.45 0.49 0.12

PHP RISK RETENTION GROUP, LIMITED12995 1.05 4.18 4.32 0.18

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 22.40 0.05 0.42 -0.06

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 2.34 1.11 3.77 1.28

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 0.00 0.00 0.00 0.00

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 1.46 2.05 3.21 1.21

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 1.49 2.12 2.98 0.89

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 2.43 1.23 2.90 0.58

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 2.30 0.95 1.37 0.26

PHYSICIANS REIMBURSEMENT RRG10934 1.73 1.37 1.48 0.28

PHYSICIANS RISK RETENTION GROUP LLC13046 0.00 0.00 0.00 0.00

PHYSICIANS SPECIALTY LTD RRG11513 2.24 1.21 2.43 0.30

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 19.97 0.04 0.13 0.09

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 3.46 0.47 0.64 0.76

PINE TREE INS RECIPROCAL RRG12348 2.43 0.89 1.29 0.37

PINELANDS INS CO RRG INC12198 0.44 1.22 3.97 0.74

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 3.27 0.51 0.73 0.24

PINNACLE RRG INC11858 43.43 0.02 0.06 0.01

PLICO RISK RETENTION GROUP, INC.14205 0.00 0.00 0.00 0.00

PONCE DE LEON LTC RRG, INC.11809 2.78 0.61 0.86 0.24

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 1.43 2.08 5.10 0.25

PREFERRED PHYSICIANS MEDICAL RRG44083 2.89 0.65 0.92 0.19

PREMIER INSURANCE EXCHANGE RRG10101 0.00 0.00 0.00 0.00

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 2.30 1.33 2.90 1.34

PROAIR RISK RETENTION GROUP, INC.13179 2.10 0.07 0.29 0.22

PROBUILDERS SPECIALTY INS CO RRG11671 0.41 2.46 2.60 0.00

PROFESSIONAL MEDICAL INS RRG INC10840 0.00 0.00 0.02 0.00


12608 21.53 0.06 0.35 0.01

PROFESSIONALS RISK RETENTION GROUP, INC.13067 2.13 0.95 2.54 0.37

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 4.67 0.29 0.36 0.24

RED CLAY RISK RETENTION GROUP, INC.13078 2.65 0.39 0.56 0.37

RED ROCK RISK RETENTION GROUP, INC.13736 1.80 1.21 1.32 0.21

REGIONAL HEALTH INS CO RRG12010 0.00 0.00 0.00 0.00

REPUBLIC RRG12019 0.00 0.00 0.00 0.00

RESIDENTIAL INS CO INC A RRG10691 6.13 0.30 1.60 0.00

RESTORATION RISK RETENTION GROUP, INC.12209 2.02 1.26 1.81 0.52

RPX RRG14135 919.23 0.00 0.11 0.04

SAINT LUKE'S HLTH SYSTEM RRG11712 4.04 0.32 0.54 0.14

SAMARITAN RISK RETENTION GROUP, INC.12511 7.05 0.18 0.58 0.43







Surplus




SCAFFOLD INDUSTRY INSURANCE COMPANY RISK RETENTION GROUP, INC.12524 0.00 0.00 0.00 0.00

SCHUYKILL CROSSING RECIPROCAL RRG11808 1.56 2.09 2.41 0.05

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 1.89 1.39 1.84 1.06

SECURITY AMERICA RRG INC11267 3.83 0.36 0.58 0.47

SELECT MD RRG14136 12.76 0.11 0.79 0.29

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 0.00 0.00 0.00 0.00

SENTINEL ASSUR RRG INC12005 2.18 0.68 0.92 0.35

SIGMA RRG, INC.13557 1.92 1.06 1.16 0.00

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 1.40 3.50 4.59 1.36

SPIRIT MOUNTAIN INS CO RRG INC10754 3.06 0.66 1.33 0.64

ST CHARLES INS CO RRG11114 2.20 0.80 0.84 0.11

ST LUKES HEALTH NETWORK INS CO RRG11688 1.41 2.33 2.49 0.14

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 0.00 0.00 0.12 0.03

STATES SELF-INSURERS RRG44075 2.29 1.10 1.68 0.15

STICO MUT INS CO RRG10476 4.22 0.41 0.96 0.25

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 0.00 0.00 0.22 0.00

SUNLAND RISK RETENTION GROUP, INC.14026 0.85 0.23 1.72 0.40

SUPERIOR INS CO RRG11669 0.93 2.51 3.59 0.99

TERRA INS CO RRG10113 9.99 0.15 0.88 0.38

THE HEALTHCARE UNDERWRITING CO RRG10152 0.62 1.30 2.06 1.00

TITAN INS CO INC RRG11153 0.00 0.00 0.30 0.10

TITLE INDUSTRY ASSURANCE CO RRG10084 1.36 1.54 2.14 0.26

UNITED CENTRAL PA RRG11548 3.23 0.44 0.52 0.26

UNITED CONTRACTORS INS CO INC RRG12280 1.54 1.15 1.54 0.59

UNITED EDUCATORS INS RRG INC10020 1.94 1.42 1.91 0.35

UNITED HOME INSURANCE CO A RRG10712 0.00 0.00 1.24 0.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 3.96 0.48 1.06 0.58

UV INSURANCE RISK RETENTION GROUP, INC.13988 0.88 0.26 0.53 0.67

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 0.00 0.00 0.11 0.03

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 8.30 0.22 1.10 0.44

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 3.51 0.39 0.40 0.00

WARREN RRG INC11802 2.12 1.11 1.37 0.32

WELLSPAN RRG11682 1.00 2.67 2.94 1.06

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 2.14 1.01 3.07 1.90

WESTERN INS RRG INC11978 0.00 0.00 0.03 0.02

WESTERN PACIFIC MUT INS CO RRG40940 5.77 0.25 0.51 0.02

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 8.85 0.13 0.24 0.13

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 2.39 1.51 3.28 0.82


®

Analysis by StateRisk Retention Groups

Alabama 22,995 22,569 24,710 25,314 25,955

Alaska 4,461 4,403 4,791 4,939 5,328

Arizona 36,211 36,784 42,619 38,091 40,315

A k 19 327 18 237 17 545 14 927 10 328

RRG Direct Premium Written ‐ Through Third Quarter

Based on Schedule T (000s Omitted)

State

DPW

9/30/12

DPW

9/30/08

DPW

9/30/11

DPW

9/30/10

DPW

9/30/09

Arkansas 19,327 18,237 17,545 14,927 10,328

California 181,793 173,539 179,438 188,085 190,063

Colorado 32,055 27,163 26,231 25,498 25,543

Connecticut 78,209 79,135 82,978 83,150 80,645

Delaware 17,851 15,788 8,381 7,066 6,669

District of Columbia 41,219 41,339 43,424 45,436 50,367

Florida 109,587 88,437 84,823 85,136 85,206

Georgia 33,005 32,193 32,707 33,178 34,080

Hawaii 5,230 4,905 4,455 3,900 4,297, , , , ,

Idaho 6,462 6,565 6,408 8,800 8,121

Illinois 75,528 75,569 76,214 79,303 76,917

Indiana 44,708 44,456 40,841 41,011 38,566

Iowa 6,385 6,682 6,424 6,036 5,686

Kansas 10,609 10,893 10,141 10,695 8,837

Kentucky 24,563 25,596 24,490 28,784 30,228

Louisiana 14,061 12,873 12,504 12,725 11,478

Maine 7,604 7,406 8,656 8,376 8,311

M l d 101 377 95 698 98 062 94 354 80 384Maryland 101,377 95,698 98,062 94,354 80,384

Massachusetts 163,403 165,805 162,773 162,741 150,144

Michigan 29,160 29,418 26,195 25,084 25,870

Minnesota 13,517 12,969 14,155 12,756 12,025

Mississippi 18,206 18,304 19,434 20,679 19,864

Missouri 33,847 36,500 35,546 37,015 36,206

Montana 15,559 16,631 15,819 13,248 15,621

Nebraska 10,132 9,855 8,396 7,263 6,348

Nevada 18,664 18,859 20,242 20,051 23,138

New Hampshire 5,152 4,955 4,433 4,617 4,693

New Jersey 59,423 56,970 59,810 59,991 53,264

New Mexico 12,652 12,896 12,490 11,592 11,979

New York 357,458 337,476 336,204 306,343 284,837

North Carolina 25,093 23,837 25,608 22,462 20,289

North Dakota 1,622 1,458 1,303 1,266 1,245

Ohio 37,933 37,341 40,036 42,250 46,026

Oklahoma 14,012 13,645 13,791 13,289 13,095

Oregon 19 774 19 134 16 965 14 355 17 187Oregon 19,774 19,134 16,965 14,355 17,187

Pennsylvania 350,786 338,694 339,872 333,654 312,748

Rhode Island 5,500 5,318 5,453 5,912 6,666

South Carolina 10,212 9,457 21,298 34,527 10,287

South Dakota 1,928 1,835 1,654 1,664 1,719

Tennessee 17,835 16,814 20,358 16,509 15,078

Texas 83,559 80,181 78,365 84,734 92,005

Utah 11,657 13,711 10,130 8,898 8,892

Vermont 5,657 10,840 5,682 5,325 5,079

Virginia 36,657 35,293 38,408 37,904 37,354

Washington 36,978 36,106 35,839 36,143 45,358

West Virginia 23,869 22,133 21,554 19,089 16,932

Wisconsin 10,935 10,589 10,549 11,183 11,251

Wyoming 7,639 7,548 6,832 5,751 6,040

American Samoa 0 0 0 0 0

Guam 55 51 54 56 48

Puerto Rico 229 133 142 176 161

U S Virgin Islands 797 803 793 755 797U.S. Virgin Islands 797 803 793 755 797

Northern Mariana Islands 53 48 47 46 55

Canada 242 263 152 131 119

Aggregate Other Alien 13,101 12,241 12,903 13,761 13,870

Total 2,326,539 2,248,341 2,259,126 2,236,026 2,153,614

The most current Financial Stability Ratings® must be verified by visiting www.demotech.com. Third Quarter 2012 ‐ RRG Analysis

Company NameNAIC

Risk Retention Groups - Listing by StatePrimary Line of Business

ALABAMACOASTAL INS RRG INC11668 Medical Professional Liability (Claims-made)

ARIZONAADVANCED PHYSICIANS INS RRG INC12166 Other Liability (Occurrence)

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 Medical Professional Liability (Claims-made)

AMERICAN ASSOC OF OTHODONTISTS RRG10232 Medical Professional Liability (Claims-made)

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 Medical Professional Liability (Claims-made)

CALIFORNIA MEDICAL GRP INS CO RRG12180 Medical Professional Liability (Claims-made)

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 Medical Professional Liability (Claims-made)

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 Medical Professional Liability (Claims-made)

CHEROKEE GUARANTEE COMPANY INC., RRG14388 Medical Professional Liability (Claims-made)

ELITE TRANSPORTATION RRG INC10125 Commercial Auto Liability

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 Medical Professional Liability (Claims-made)

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 Medical Professional Liability (Claims-made)

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 Other Liability (Claims-made)

OLYMPIA RISK RETENTION GROUP, INC.13062 Medical Professional Liability (Claims-made)

ORANGE COUNTY MEDICAL RECIP INS RRG12183 Medical Professional Liability (Claims-made)

PHP RISK RETENTION GROUP, LIMITED12995 Medical Professional Liability (Claims-made)

RED ROCK RISK RETENTION GROUP, INC.13736 Other Liability (Occurrence)

WESTERN INS RRG INC11978 Other Liability (Claims-made)

COLORADONATIONAL HOME INSURANCE CO RRG44016 Other Liability (Claims-made)

WESTERN PACIFIC MUT INS CO RRG40940 Other Liability (Claims-made)

DISTRICT OF COLUMBIAAEGIS HEALTHCARE RRG, INC.12252 Other Liability (Claims-made)

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 Other Liability (Claims-made)

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 Other Liability (Claims-made)

CARE RRG, INC.11825 Medical Professional Liability (Claims-made)

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 Medical Professional Liability (Claims-made)

CMIC RISK RETENTION GROUP13756 Medical Professional Liability (Claims-made)

DUBOIS MEDICAL RRG11842 Medical Professional Liability (Claims-made)

FAIRWAY PHYSICIANS INS CO RRG11840 Medical Professional Liability (Claims-made)

GLOBAL INTL INS CO INC A RRG10991 Other Liability (Claims-made)

HEALTH CARE CAS RRG INC12236 Medical Professional Liability (Claims-made)

HEALTH NETWORK PROVIDERS MUT INS CO11813 Medical Professional Liability (Claims-made)


11832 Medical Professional Liability (Occurrence)

LIFE SERVICES NETWORK RECIP INS RRG11958 Medical Professional Liability (Claims-made)

MEDPRO RRG RISK RETENTION GROUP13589 Medical Professional Liability (Claims-made)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 Medical Professional Liability (Claims-made)

MMIC RRG, INC.14062 Medical Professional Liability (Claims-made)

NATIONAL ASSISTED LIVING RRG, INC.11806 Other Liability (Claims-made)


Company NameNAIC


NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 Other Liability (Occurrence)


13792 Other Liability (Claims-made)

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 Medical Professional Liability (Claims-made)

NJ CAR RISK RETENTION GROUP12581 Other Liability (Occurrence)

OCEAN RRG INC10158 Commercial Auto Liability

PCH MUTUAL INSURANCE COMPANY, RRG11973 Other Liability (Claims-made)

PEDIATRICANS INS RRG OF AMER11772 Medical Professional Liability (Claims-made)

PINELANDS INS CO RRG INC12198 Commercial Auto Liability

PINNACLE RRG INC11858 Other Liability (Occurrence)

PROBUILDERS SPECIALTY INS CO RRG11671 Other Liability (Occurrence)

REGIONAL HEALTH INS CO RRG12010 Medical Professional Liability (Claims-made)


12524 Other Liability (Occurrence)

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 Other Liability (Claims-made)

SIGMA RRG, INC.13557 Other Liability (Claims-made)

SPIRIT MOUNTAIN INS CO RRG INC10754 Other Liability (Claims-made)

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 Medical Professional Liability (Claims-made)

DELAWAREARCHITECTS & ENGINEERS INS CO RRG44148 Other Liability (Claims-made)

DELAWARE PROFESSIONAL INSURANCE CO43125 Medical Professional Liability (Claims-made)

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 Medical Professional Liability (Claims-made)

INDEMNITY INSURANCE CORPORATION, RRG12018 Other Liability (Occurrence)

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 Commercial Auto Liability

MARATHON FIN INS CO INC RRG11117 Other Liability (Occurrence)

SUNLAND RISK RETENTION GROUP, INC.14026 Medical Professional Liability (Claims-made)

UNITED CONTRACTORS INS CO INC RRG12280 Other Liability (Occurrence)

FLORIDAPONCE DE LEON LTC RRG, INC.11809 Medical Professional Liability (Claims-made)

GEORGIACHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 Medical Professional Liability (Claims-made)

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 Medical Professional Liability (Claims-made)

HAWAIIALLEGIANT INS CO INC A RRG11965 Other Liability (Occurrence)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 Other Liability (Claims-made)

CALIFORNIA HEALTHCARE INS CO INC RRG44504 Medical Professional Liability (Claims-made)

CLINIC MUTUAL INSURANCE CO RRG43770 Medical Professional Liability (Claims-made)

COLLEGE LIABILITY INS CO A RECIP RRG44598 Other Liability (Claims-made)

CONTRACTORS INS CO OF NORTH AMER RRG11603 Other Liability (Occurrence)



GERIC INSURANCE RISK RETENTION GROUP, INC.13782 Other Liability (Claims-made)

HEALTH PROVIDERS INS RECIPROCAL RRG10080 Medical Professional Liability (Claims-made)


Company NameNAIC


MEDAMERICA MUTUAL RRG INC26257 Medical Professional Liability (Claims-made)

NATIONAL GUARDIAN RISK RETENTION GROUP36072 Medical Professional Liability (Occurrence)

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 Medical Professional Liability (Claims-made)

PROFESSIONAL MEDICAL INS RRG INC10840 Medical Professional Liability (Occurrence)

RESIDENTIAL INS CO INC A RRG10691 Other Liability (Claims-made)

RPX RRG14135 Product Liability (Occurrence)

SENTINEL ASSUR RRG INC12005 Medical Professional Liability (Claims-made)

UV INSURANCE RISK RETENTION GROUP, INC.13988 Other Liability (Claims-made)

IOWAAMERICAN FEED INDUSTRY INS CO RRG44202 Other Liability (Occurrence)

ILLINOISOMS NATL INS CO RRG44121 Medical Professional Liability (Claims-made)

INDIANAAGRI INSURANCE EXCHANGE RRG28380 Other Liability (Claims-made)

COMMUNITY BLOOD CENTERS EXCH RRG13893 Medical Professional Liability (Claims-made)

KENTUCKYARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 Boiler and Machinery

DOCTORS & SURGEONS NATIONAL RRG13018 Medical Professional Liability (Claims-made)

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 Medical Professional Liability (Claims-made)

KENTUCKY HOSPITAL INS CO RRG11939 Medical Professional Liability (Claims-made)

MISSOURIPREFERRED PHYSICIANS MEDICAL RRG44083 Medical Professional Liability (Claims-made)

MONTANAAMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 Other Liability (Occurrence)


11534 Commercial Auto Liability


14005 Other Liability (Occurrence)

ATTORNEYS LIAB PROTECTION SOC RRG32450 Other Liability (Claims-made)

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 Product Liability (Occurrence)

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 Other Liability (Occurrence)

CROSSFIT RISK RETENTION GROUP, INC.13720 Other Liability (Claims-made)

GUARDIAN RRG INC11696 Medical Professional Liability (Claims-made)

MD RISK RETENTION GROUP, INC.12355 Medical Professional Liability (Claims-made)

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 Medical Professional Liability (Claims-made)

NATIONAL CONTRACTORS INS CO INC RRG12293 Other Liability (Occurrence)


12845 Medical Professional Liability (Claims-made)

PHYSICIANS RISK RETENTION GROUP LLC13046 Medical Professional Liability (Claims-made)


14108 Reinsurance - Nonproportional Assumed Liability

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 Other Liability (Occurrence)

PROFESSIONALS RISK RETENTION GROUP, INC.13067 Medical Professional Liability (Claims-made)


Company NameNAIC


SELECT MD RRG14136 Medical Professional Liability (Claims-made)

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 Medical Professional Liability (Claims-made)

NEBRASKALENDERS PROTECTION ASSUR CO RRG11500 Other Liability (Occurrence)

NEVADAAGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 Other Liability (Occurrence)

ARCOA RISK RETENTION GROUP, INC.13177 Commercial Auto Liability

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 Other Liability (Occurrence)

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 Medical Professional Liability (Claims-made)

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 Other Liability (Occurrence)



EMERGENCY PHYSICIANS INS CO RRG11714 Medical Professional Liability (Claims-made)

GOLDEN INS CO RRG11145 Other Liability (Claims-made)



HOME CONSTRUCTION INS CO RRG11950 Other Liability (Occurrence)

J.M. WOODWORTH RRG, INC.12594 Medical Professional Liability (Claims-made)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 Medical Professional Liability (Claims-made)

LEWIS & CLARK LTC RRG, INC11947 Medical Professional Liability (Claims-made)

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 Other Liability (Claims-made)

NATIONAL BUILDERS & CONTRACTORS INS12235 Other Liability (Occurrence)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 Medical Professional Liability (Claims-made)

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 Medical Professional Liability (Claims-made)

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 Medical Professional Liability (Claims-made)

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 Medical Professional Liability (Claims-made)

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 Medical Professional Liability (Claims-made)

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 Medical Professional Liability (Claims-made)

PROAIR RISK RETENTION GROUP, INC.13179 Other Liability (Occurrence)

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 Medical Professional Liability (Claims-made)

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 Other Liability (Claims-made)

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 Medical Professional Liability (Claims-made)

OKLAHOMAPLICO RISK RETENTION GROUP, INC.14205 Medical Professional Liability (Claims-made)

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 Other Liability (Occurrence)

SOUTH CAROLINAALLIED SERVICES RISK RETENTION GROUP12013 Medical Professional Liability (Claims-made)

AMERICAN FOREST CASUALTY COMPANY RRG11590 Commercial Auto Liability

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 Other Liability (Occurrence)

CAREGIVERS UNITED LIAB INS CO RRG11544 Medical Professional Liability (Claims-made)

CENTRAL PA PHYSICIANS RRG INC11694 Medical Professional Liability (Claims-made)

CLARIAN HLTH RRG INC11992 Medical Professional Liability (Occurrence)

COMMUNITIES OF FAITH RRG INC11807 Medical Professional Liability (Claims-made)


Company NameNAIC


CONTINUING CARE RRG, INC.11798 Medical Professional Liability (Claims-made)

EMERGENCY MEDICINE RRG INC12015 Medical Professional Liability (Claims-made)

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 Commercial Auto Liability

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 Medical Professional Liability (Claims-made)

GRACO RRG INC11581 Medical Professional Liability (Claims-made)

GUTHRIE RRG12014 Medical Professional Liability (Claims-made)

HEALTHCARE PROVIDERS INS CO RRG11683 Medical Professional Liability (Claims-made)

HERITAGE WARRANTY INS RRG INC11097 Other Liability (Claims-made)

JAMESTOWN INS CO RRG11589 Other Liability (Occurrence)

LVHN RRG11684 Medical Professional Liability (Claims-made)

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 Commercial Auto Liability

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 Medical Professional Liability (Claims-made)

NEW STAR RISK RETENTION GROUP, INC.12532 Medical Professional Liability (Claims-made)

NOVUS INS CO RRG10752 Medical Professional Liability (Claims-made)

OCEANUS INS CO A RRG12189 Medical Professional Liability (Claims-made)

PHOEBE RECIPROCAL RRG12004 Other Liability (Claims-made)

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 Medical Professional Liability (Claims-made)

PHYSICIANS SPECIALTY LTD RRG11513 Medical Professional Liability (Claims-made)

RED CLAY RISK RETENTION GROUP, INC.13078 Medical Professional Liability (Claims-made)

REPUBLIC RRG12019 Other Liability (Occurrence)

SAINT LUKE'S HLTH SYSTEM RRG11712 Medical Professional Liability (Claims-made)

SAMARITAN RISK RETENTION GROUP, INC.12511 Medical Professional Liability (Claims-made)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 Medical Professional Liability (Occurrence)

ST CHARLES INS CO RRG11114 Other Liability (Claims-made)

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 Medical Professional Liability (Claims-made)

SUPERIOR INS CO RRG11669 Medical Professional Liability (Claims-made)

TITAN INS CO INC RRG11153 Other Liability (Occurrence)

TENNESSEEPARATRANSIT INSURANCE COMPANY, RRG44130 Commercial Auto Liability

TEXASAMERICAN CONTRACTORS INS CO RRG12300 Commercial Auto Liability

UTAHLIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 Commercial Auto Liability

VIRGINIAHOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 Product Liability (Occurrence)

VERMONTACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP


ACBG RISK RETENTION GROUP, LLC12557 Other Liability (Claims-made)

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 Medical Professional Liability (Claims-made)

ALLIANCE OF NONPROFITS FOR INS RRG10023 Commercial Auto Liability

AMERICAN EXCESS INS EXCHANGE RRG10903 Medical Professional Liability (Claims-made)


Company NameNAIC


AMERICAN SAFETY RRG INC25448 Other Liability (Occurrence)

AMERIGUARD RRG INC12171 Commercial Auto Liability

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 Other Liability (Claims-made)

BAR VERMONT RISK RETENTION GROUP INC10174 Other Liability (Claims-made)

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 Medical Professional Liability (Claims-made)

BROADLINE RISK RETENTION GROUP, INC.13788 Medical Professional Liability (Claims-made)

CASSATT RISK RETENTION GROUP INC10808 Medical Professional Liability (Claims-made)

CHC CAS RRG11531 Other Liability (Claims-made)

CIMARRON INSURANCE EXCHANGE RRG12308 Medical Professional Liability (Claims-made)

CIRCLE STAR INS CO RRG11839 Commercial Auto Liability

CLAIM PROFESSIONALS LIAB INS CO RRG12172 Other Liability (Claims-made)

COLLEGE RISK RETENTION GROUP, INC.13613 Other Liability (Occurrence)

COLUMBIA NATIONAL RRG INC10803 Warranty

COMCARE PRO INS RECIPROCAL RRG11864 Other Liability (Claims-made)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 Medical Professional Liability (Claims-made)

COMMUNITY HOSPITAL RRG11259 Medical Professional Liability (Claims-made)

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 Other Liability (Occurrence)

CONTROLLED RISK INS CO OF VT RRG10341 Medical Professional Liability (Claims-made)

CPA MUTUAL INS CO OF AMERICA RRG10164 Other Liability (Claims-made)

CRUDEN BAY RRG INC11676 Medical Professional Liability (Claims-made)

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 Medical Professional Liability (Claims-made)

EASTERN DENTISTS INS CO RRG10115 Medical Professional Liability (Claims-made)

EVERGREEN USA RRG INC38466 Other Liability (Occurrence)

FAITH AFFILIATED RRG INC11698 Medical Professional Liability (Occurrence)

FIRST MEDICAL INS CO RRG11278 Medical Professional Liability (Occurrence)

FRANKLIN CASUALTY INS CO RRG10842 Medical Professional Liability (Claims-made)

FREDERICKSBURG PROFESSIONAL RISK EXC12016 Medical Professional Liability (Claims-made)

GABLES RISK RETENTION GROUP, INC.14032 Medical Professional Liability (Claims-made)

GEISINGER INS CORP RRG12000 Medical Professional Liability (Claims-made)

GENERAL EASTERN SKI INS RRG INC10163 Other Liability (Occurrence)

GLOBAL HAWK INSURANCE COMPANY RRG11948 Commercial Auto Liability

GREEN HILLS INS CO RRG11941 Medical Professional Liability (Claims-made)

HAMDEN ASSURANCE RRG, INC.13057 Medical Professional Liability (Claims-made)

HEARTLAND HEALTHCARE RECIP RRG11998 Medical Professional Liability (Claims-made)

HOUSING AUTHORITY RRG INC26797 Other Liability (Claims-made)

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 Other Liability (Claims-made)

INDIANA HEALTHCARE RECIP RRG11692 Medical Professional Liability (Claims-made)

LAKE STREET RRG INC11803 Medical Professional Liability (Claims-made)

MCIC VERMONT INC RRG10697 Medical Professional Liability (Claims-made)

MENTAL HEALTH RISK RETENTION GROUP44237 Other Liability (Claims-made)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 Other Liability (Claims-made)

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 Commercial Auto Liability


Company NameNAIC


MOUNTAIN LAUREL RRG INC11547 Medical Professional Liability (Claims-made)

NATIONAL CATHOLIC RRG10083 Other Liability (Occurrence)

NCMIC RISK RETENTION GROUP, INC.14130 Medical Professional Liability (Claims-made)



OASIS RECIPROCAL RISK RETENTION GROUP13644 Medical Professional Liability (Claims-made)

OOIDA RISK RETENTION GROUP INC10353 Commercial Auto Liability

OPHTHALMIC MUTUAL INS CO RRG44105 Medical Professional Liability (Claims-made)

ORDINARY MUTUAL A RRG CORP10171 Other Liability (Claims-made)

PACE RRG INC11575 Medical Professional Liability (Claims-made)

PEACE CHURCH RRG INC11846 Medical Professional Liability (Claims-made)

PELICAN INS RRG11587 Medical Professional Liability (Claims-made)


12918 Medical Professional Liability (Occurrence)

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 Medical Professional Liability (Claims-made)

PHYSICIANS REIMBURSEMENT RRG10934 Medical Professional Liability (Occurrence)

PINE TREE INS RECIPROCAL RRG12348 Medical Professional Liability (Claims-made)

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 Other Liability (Occurrence)

PREMIER INSURANCE EXCHANGE RRG10101 Other Liability (Claims-made)



PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 Other Liability (Claims-made)

RESTORATION RISK RETENTION GROUP, INC.12209 Other Liability (Occurrence)

SCHUYKILL CROSSING RECIPROCAL RRG11808 Medical Professional Liability (Claims-made)

SECURITY AMERICA RRG INC11267 Other Liability (Occurrence)

ST LUKES HEALTH NETWORK INS CO RRG11688 Medical Professional Liability (Claims-made)

STATES SELF-INSURERS RRG44075 Other Liability (Occurrence)

STICO MUT INS CO RRG10476 Other Liability (Occurrence)

TERRA INS CO RRG10113 Other Liability (Claims-made)

THE HEALTHCARE UNDERWRITING CO RRG10152 Medical Professional Liability (Occurrence)

TITLE INDUSTRY ASSURANCE CO RRG10084 Other Liability (Claims-made)

UNITED CENTRAL PA RRG11548 Medical Professional Liability (Claims-made)

UNITED EDUCATORS INS RRG INC10020 Other Liability (Occurrence)

UNITED HOME INSURANCE CO A RRG10712 Warranty

WARREN RRG INC11802 Medical Professional Liability (Claims-made)

WELLSPAN RRG11682 Medical Professional Liability (Claims-made)

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 Other Liability (Occurrence)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 Medical Professional Liability (Claims-made)

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 Medical Professional Liability (Claims-made)

WEST VIRGINIAMOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 Medical Professional Liability (Claims-made)


®

Analysis By Line of BusinessRisk Retention Groups

Aircraft 0 0 0 0 0

Allied Lines 0 0 0 0 0

Auto Phys 2,712 0 0 0 0

RRG Direct Premium Written ‐ Through Third Quarter

Based on Line of Business (000s Omitted)

DPW

9/30/09

DPW

9/30/08Line of Business

DPW

9/30/12

DPW

9/30/11

DPW

9/30/10

y ,

Boiler & Machinery 574 574 478 25 0

Burglary & Theft 0 0 0 0 0

Comm'l Auto Liab 89,039 78,137 81,995 72,411 66,802

Comm'l Multi Prl 0 0 0 0 0

Crdt A&H (Grp, Ind) 0 0 0 0 0

Credit 0 0 0 0 0

Earthquake 0 0 0 0 0

Excess Workers Comp 0 0 0 0 0p

Farmowners MP 0 0 0 0 0

Fidelity 7,341 7,119 7,229 7,345 0

Financial Guaranty 0 0 0 0 0

Fire 0 0 0 0 0

Grp A&H 0 0 0 0 0

Homeowners MP 0 0 0 0 0

Inland Marine 0 0 0 0 0

International 0 0 0 0 0

Med Prof Liab (Claims Made) 1,268,364 1,217,940 1,204,849 1,090,386 1,088,829

Med Prof Liab (Occurrence) 107,785 120,177 113,726 159,303 123,562

Mrtg Guaranty 0 0 0 0 0

Ocean Marine 0 0 0 0 0

Oth A&H 0 0 0 0 0

Oth Liab (Claims) 569,894 568,839 598,012 645,484 618,859

Oth Liab (Occurrence) 273,936 247,306 243,752 255,872 253,363

Other P&C 1,335 885 698 454 665

Product Liab (Claims) 3,988 6,366 8,233 1,361 1,535

Product Liab (Occ) 1,472 921 0 2,792 0

Pvt Pass Auto Liab 0 0 0 0 0

Reins (NP Assmd Finl) 0 0 0 0 0

Reins (NP Assmd Liab) 0 0 0 0 0

Reins (NP Assmd Prop) 0 0 0 0 0

Surety 0 0 0 0 0

Warranty 0 0 0 0 0

Workers' Comp 0 0 0 0 0

Total 2,326,440 2,248,263 2,258,971 2,235,433 2,153,614

The most current Financial Stability Ratings® must be verified by visiting www.demotech.com. Third Quarter 2012 ‐ RRG Analysis

Company NameNAIC

Risk Retention Groups - Listing by Primary Line of BusinessState of Domicile

Boiler and MachineryARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 KENTUCKY

Commercial Auto LiabilityALLIANCE OF NONPROFITS FOR INS RRG10023 VERMONT

AMERICAN CONTRACTORS INS CO RRG12300 TEXAS

AMERICAN FOREST CASUALTY COMPANY RRG11590 SOUTH CAROLINA


11534 MONTANA

AMERIGUARD RRG INC12171 VERMONT

ARCOA RISK RETENTION GROUP, INC.13177 NEVADA

CIRCLE STAR INS CO RRG11839 VERMONT

ELITE TRANSPORTATION RRG INC10125 ARIZONA

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 SOUTH CAROLINA

GLOBAL HAWK INSURANCE COMPANY RRG11948 VERMONT

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY12627 UTAH

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 DELAWARE

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 VERMONT

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 SOUTH CAROLINA

OCEAN RRG INC10158 DISTRICT OF COLUMBIA

OOIDA RISK RETENTION GROUP INC10353 VERMONT

PARATRANSIT INSURANCE COMPANY, RRG44130 TENNESSEE

PINELANDS INS CO RRG INC12198 DISTRICT OF COLUMBIA

Medical Professional Liability (Claims-made)ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

12934 VERMONT

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 VERMONT

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 ARIZONA

ALLIED SERVICES RISK RETENTION GROUP12013 SOUTH CAROLINA

AMERICAN ASSOC OF OTHODONTISTS RRG10232 ARIZONA

AMERICAN EXCESS INS EXCHANGE RRG10903 VERMONT

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 ARIZONA

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 VERMONT

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.14169 NEVADA

BROADLINE RISK RETENTION GROUP, INC.13788 VERMONT

CALIFORNIA HEALTHCARE INS CO INC RRG44504 HAWAII

CALIFORNIA MEDICAL GRP INS CO RRG12180 ARIZONA

CARE RRG, INC.11825 DISTRICT OF COLUMBIA

CAREGIVERS UNITED LIAB INS CO RRG11544 SOUTH CAROLINA

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 DISTRICT OF COLUMBIA

CASSATT RISK RETENTION GROUP INC10808 VERMONT

CENTRAL PA PHYSICIANS RRG INC11694 SOUTH CAROLINA

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 ARIZONA


Company NameNAIC


CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 ARIZONA

CHATTAHOOCHEE RRG CAPTIVE INSURANCE COMPANY11065 GEORGIA

CHEROKEE GUARANTEE COMPANY INC., RRG14388 ARIZONA

CIMARRON INSURANCE EXCHANGE RRG12308 VERMONT

CLINIC MUTUAL INSURANCE CO RRG43770 HAWAII

CMIC RISK RETENTION GROUP13756 DISTRICT OF COLUMBIA

COASTAL INS RRG INC11668 ALABAMA

COMMUNITIES OF FAITH RRG INC11807 SOUTH CAROLINA

COMMUNITY BLOOD CENTERS EXCH RRG13893 INDIANA

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 VERMONT

COMMUNITY HOSPITAL RRG11259 VERMONT

CONTINUING CARE RRG, INC.11798 SOUTH CAROLINA

CONTROLLED RISK INS CO OF VT RRG10341 VERMONT

CRUDEN BAY RRG INC11676 VERMONT

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 VERMONT

DELAWARE PROFESSIONAL INSURANCE CO43125 DELAWARE

DOCTORS & SURGEONS NATIONAL RRG13018 KENTUCKY

DUBOIS MEDICAL RRG11842 DISTRICT OF COLUMBIA

EASTERN DENTISTS INS CO RRG10115 VERMONT

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 DELAWARE


12003 NEVADA

EMERGENCY MEDICINE RRG INC12015 SOUTH CAROLINA

EMERGENCY PHYSICIANS INS CO RRG11714 NEVADA

FAIRWAY PHYSICIANS INS CO RRG11840 DISTRICT OF COLUMBIA

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 ARIZONA

FRANKLIN CASUALTY INS CO RRG10842 VERMONT

FREDERICKSBURG PROFESSIONAL RISK EXC12016 VERMONT

GABLES RISK RETENTION GROUP, INC.14032 VERMONT

GEISINGER INS CORP RRG12000 VERMONT

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 SOUTH CAROLINA

GRACO RRG INC11581 SOUTH CAROLINA

GREEN HILLS INS CO RRG11941 VERMONT

GUARDIAN RRG INC11696 MONTANA

GUTHRIE RRG12014 SOUTH CAROLINA

HAMDEN ASSURANCE RRG, INC.13057 VERMONT

HEALTH CARE CAS RRG INC12236 DISTRICT OF COLUMBIA

HEALTH NETWORK PROVIDERS MUT INS CO11813 DISTRICT OF COLUMBIA

HEALTH PROVIDERS INS RECIPROCAL RRG10080 HAWAII

HEALTHCARE PROVIDERS INS CO RRG11683 SOUTH CAROLINA

HEARTLAND HEALTHCARE RECIP RRG11998 VERMONT

INDIANA HEALTHCARE RECIP RRG11692 VERMONT


Company NameNAIC


INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 ARIZONA

J.M. WOODWORTH RRG, INC.12594 NEVADA

JOLIET AREA RRG CAPTIVE INSURANCE COMPANY12159 GEORGIA

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 KENTUCKY

KENTUCKY HOSPITAL INS CO RRG11939 KENTUCKY

LAKE STREET RRG INC11803 VERMONT

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 NEVADA

LEWIS & CLARK LTC RRG, INC11947 NEVADA

LIFE SERVICES NETWORK RECIP INS RRG11958 DISTRICT OF COLUMBIA

LVHN RRG11684 SOUTH CAROLINA

MCIC VERMONT INC RRG10697 VERMONT

MD RISK RETENTION GROUP, INC.12355 MONTANA

MEDAMERICA MUTUAL RRG INC26257 HAWAII

MEDPRO RRG RISK RETENTION GROUP13589 DISTRICT OF COLUMBIA

MEDSTAR LIABILITY LTD INS CO INC RRG10124 DISTRICT OF COLUMBIA

MMIC RRG, INC.14062 DISTRICT OF COLUMBIA

MOUNTAIN LAUREL RRG INC11547 VERMONT

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 MONTANA

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 WEST VIRGINIA

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 SOUTH CAROLINA

NCMIC RISK RETENTION GROUP, INC.14130 VERMONT

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 NEVADA

NEW STAR RISK RETENTION GROUP, INC.12532 SOUTH CAROLINA

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 DISTRICT OF COLUMBIA


13059 VERMONT

NOVUS INS CO RRG10752 SOUTH CAROLINA

OASIS RECIPROCAL RISK RETENTION GROUP13644 VERMONT


12845 MONTANA

OCEANUS INS CO A RRG12189 SOUTH CAROLINA

OLYMPIA RISK RETENTION GROUP, INC.13062 ARIZONA

OMS NATL INS CO RRG44121 ILLINOIS

OPHTHALMIC MUTUAL INS CO RRG44105 VERMONT

ORANGE COUNTY MEDICAL RECIP INS RRG12183 ARIZONA

PACE RRG INC11575 VERMONT

PEACE CHURCH RRG INC11846 VERMONT

PEDIATRICANS INS RRG OF AMER11772 DISTRICT OF COLUMBIA

PELICAN INS RRG11587 VERMONT

PHP RISK RETENTION GROUP, LIMITED12995 ARIZONA

PHYSICIANS BENEFIT RESOURCES RISK RETENTION GROUP, INC.13810 NEVADA

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 NEVADA


Company NameNAIC


PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 NEVADA

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 NEVADA

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 SOUTH CAROLINA

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 VERMONT

PHYSICIANS RISK RETENTION GROUP LLC13046 MONTANA

PHYSICIANS SPECIALTY LTD RRG11513 SOUTH CAROLINA

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 HAWAII

PINE TREE INS RECIPROCAL RRG12348 VERMONT

PLICO RISK RETENTION GROUP, INC.14205 OKLAHOMA

PONCE DE LEON LTC RRG, INC.11809 FLORIDA

PREFERRED PHYSICIANS MEDICAL RRG44083 MISSOURI

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 NEVADA


12608 VERMONT

PROFESSIONALS RISK RETENTION GROUP, INC.13067 MONTANA

RED CLAY RISK RETENTION GROUP, INC.13078 SOUTH CAROLINA

REGIONAL HEALTH INS CO RRG12010 DISTRICT OF COLUMBIA

SAINT LUKE'S HLTH SYSTEM RRG11712 SOUTH CAROLINA

SAMARITAN RISK RETENTION GROUP, INC.12511 SOUTH CAROLINA

SCHUYKILL CROSSING RECIPROCAL RRG11808 VERMONT

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 NEVADA

SELECT MD RRG14136 MONTANA

SENTINEL ASSUR RRG INC12005 HAWAII

ST LUKES HEALTH NETWORK INS CO RRG11688 VERMONT

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 SOUTH CAROLINA

SUNLAND RISK RETENTION GROUP, INC.14026 DELAWARE

SUPERIOR INS CO RRG11669 SOUTH CAROLINA

UNITED CENTRAL PA RRG11548 VERMONT

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 NEVADA

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 MONTANA

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 DISTRICT OF COLUMBIA

WARREN RRG INC11802 VERMONT

WELLSPAN RRG11682 VERMONT

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 VERMONT

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 VERMONT

Medical Professional Liability (Occurrence)CLARIAN HLTH RRG INC11992 SOUTH CAROLINA

FAITH AFFILIATED RRG INC11698 VERMONT

FIRST MEDICAL INS CO RRG11278 VERMONT


11832 DISTRICT OF COLUMBIA

NATIONAL GUARDIAN RISK RETENTION GROUP36072 HAWAII


Company NameNAIC



12918 VERMONT

PHYSICIANS REIMBURSEMENT RRG10934 VERMONT

PROFESSIONAL MEDICAL INS RRG INC10840 HAWAII

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 SOUTH CAROLINA

THE HEALTHCARE UNDERWRITING CO RRG10152 VERMONT

Other Liability (Claims-made)ACBG RISK RETENTION GROUP, LLC12557 VERMONT

AEGIS HEALTHCARE RRG, INC.12252 DISTRICT OF COLUMBIA

AGRI INSURANCE EXCHANGE RRG28380 INDIANA

ARCHITECTS & ENGINEERS INS CO RRG44148 DELAWARE

ATTORNEYS INS MUTUAL OF ALABAMA INC33677 DISTRICT OF COLUMBIA

ATTORNEYS INSURANCE MUTUAL RRG INC22670 HAWAII

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 VERMONT

ATTORNEYS LIAB PROTECTION SOC RRG32450 MONTANA

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 DISTRICT OF COLUMBIA

BAR VERMONT RISK RETENTION GROUP INC10174 VERMONT

CHC CAS RRG11531 VERMONT

CLAIM PROFESSIONALS LIAB INS CO RRG12172 VERMONT

COLLEGE LIABILITY INS CO A RECIP RRG44598 HAWAII

COMCARE PRO INS RECIPROCAL RRG11864 VERMONT


12042 HAWAII

CPA MUTUAL INS CO OF AMERICA RRG10164 VERMONT

CROSSFIT RISK RETENTION GROUP, INC.13720 MONTANA

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 HAWAII

GLOBAL INTL INS CO INC A RRG10991 DISTRICT OF COLUMBIA

GOLDEN INS CO RRG11145 NEVADA


13973 NEVADA

HERITAGE WARRANTY INS RRG INC11097 SOUTH CAROLINA

HOUSING AUTHORITY RRG INC26797 VERMONT

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 VERMONT

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP14084 NEVADA

MENTAL HEALTH RISK RETENTION GROUP44237 VERMONT

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 VERMONT

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 ARIZONA

NATIONAL ASSISTED LIVING RRG, INC.11806 DISTRICT OF COLUMBIA

NATIONAL HOME INSURANCE CO RRG44016 COLORADO



ORDINARY MUTUAL A RRG CORP10171 VERMONT

PCH MUTUAL INSURANCE COMPANY, RRG11973 DISTRICT OF COLUMBIA


Company NameNAIC


PHOEBE RECIPROCAL RRG12004 SOUTH CAROLINA

PREMIER INSURANCE EXCHANGE RRG10101 VERMONT

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 VERMONT

RESIDENTIAL INS CO INC A RRG10691 HAWAII

SELECT PROVIDERS INSURANCE RECIPROCAL EXCHANGE A RRG13571 DISTRICT OF COLUMBIA

SIGMA RRG, INC.13557 DISTRICT OF COLUMBIA

SPIRIT MOUNTAIN INS CO RRG INC10754 DISTRICT OF COLUMBIA

ST CHARLES INS CO RRG11114 SOUTH CAROLINA

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 NEVADA

TERRA INS CO RRG10113 VERMONT

TITLE INDUSTRY ASSURANCE CO RRG10084 VERMONT

UV INSURANCE RISK RETENTION GROUP, INC.13988 HAWAII

WESTERN INS RRG INC11978 ARIZONA

WESTERN PACIFIC MUT INS CO RRG40940 COLORADO

Other Liability (Occurrence)ADVANCED PHYSICIANS INS RRG INC12166 ARIZONA

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 NEVADA

ALLEGIANT INS CO INC A RRG11965 HAWAII

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 MONTANA

AMERICAN FEED INDUSTRY INS CO RRG44202 IOWA

AMERICAN SAFETY RRG INC25448 VERMONT


14005 MONTANA

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 SOUTH CAROLINA

AUTOMOTIVE UNDERWRITERS INS CO A RRG11033 NEVADA

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 NEVADA

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 MONTANA

COLLEGE RISK RETENTION GROUP, INC.13613 VERMONT

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 VERMONT

CONTRACTORS INS CO OF NORTH AMER RRG11603 HAWAII

EVERGREEN USA RRG INC38466 VERMONT

GENERAL EASTERN SKI INS RRG INC10163 VERMONT

HOME CONSTRUCTION INS CO RRG11950 NEVADA

INDEMNITY INSURANCE CORPORATION, RRG12018 DELAWARE

JAMESTOWN INS CO RRG11589 SOUTH CAROLINA

LENDERS PROTECTION ASSUR CO RRG11500 NEBRASKA

MARATHON FIN INS CO INC RRG11117 DELAWARE

NATIONAL BUILDERS & CONTRACTORS INS12235 NEVADA

NATIONAL CATHOLIC RRG10083 VERMONT

NATIONAL CONTRACTORS INS CO INC RRG12293 MONTANA

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 DISTRICT OF COLUMBIA

NJ CAR RISK RETENTION GROUP12581 DISTRICT OF COLUMBIA


Company NameNAIC


PINNACLE CONSORTIUM OF HIGHER ED RRG11980 VERMONT

PINNACLE RRG INC11858 DISTRICT OF COLUMBIA

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 MONTANA

PROAIR RISK RETENTION GROUP, INC.13179 NEVADA

PROBUILDERS SPECIALTY INS CO RRG11671 DISTRICT OF COLUMBIA

RED ROCK RISK RETENTION GROUP, INC.13736 ARIZONA

REPUBLIC RRG12019 SOUTH CAROLINA

RESTORATION RISK RETENTION GROUP, INC.12209 VERMONT



SECURITY AMERICA RRG INC11267 VERMONT

STATES SELF-INSURERS RRG44075 VERMONT

STICO MUT INS CO RRG10476 VERMONT

TITAN INS CO INC RRG11153 SOUTH CAROLINA

UNITED CONTRACTORS INS CO INC RRG12280 DELAWARE

UNITED EDUCATORS INS RRG INC10020 VERMONT

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 OKLAHOMA

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 VERMONT

Product Liability (Occurrence)AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 MONTANA

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 VIRGINIA

RPX RRG14135 HAWAII

Reinsurance - Nonproportional Assumed LiabilityPIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 MONTANA

WarrantyCOLUMBIA NATIONAL RRG INC10803 VERMONT

UNITED HOME INSURANCE CO A RRG10712 VERMONT


®

Additional Analysis of RRGs Assigned a Financial Stability Rating®

Risk Retention Groups

®

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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 2,535 2,472 2,860 3,329 3,652Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,024 1,222 1,371 1,148 1,128

Geographic Focus: Geography Minimum NPW Total Liabilities 1,511 1,250 1,489 2,181 2,524NAIC Ownership Structure: Risk Retention Group Net Income 105 164 183 -224 -254Tax Identification Number : 20-1516551 Total Revenue 1,124 1,056 1,070 652 638

Direct Premiums Written 757 1,694 1,624 1,561 1,587Net Premiums Written 345 988 978 615 634

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,063 988 978 615 603

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,373 1,097 1,385 1,785 1,772Demotech Financial Strength Rating A 11/13/12 Affirm Loss & LAE Reserves/ NPE (%) 127.66 135.19 136.76 239.78 279.44S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 10.82 22.43 20.42 -26.06 -32.89Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.34 0.81 0.71 0.54 0.56Fitch Financial Strength Rating -- -- -- --

STATUTORY CONTACT INFORMATION OFFICERS & ADVISORS

Name : Barbara Labuskes Auditor Johnson Lambert & Co. LLPPhone : (410) 339-7263x1203 Actuary Towers Watson & Co.Fax : -- CEO --Email : -- CFO --

President Isabella M. Firth

PROFITABILITY RATIOS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Net Yield on Invested Assets 4.23 4.18 5.82 2.14 1.74Net Investment Income/Earned Premiums 17.73 7.39 9.42 6.05 5.45Return on Average Equity (C&S) 10.61 15.70 14.88 -17.36 -22.06Return on Avg Assets 3.38 5.06 5.43 -6.29 -6.70Loss and LAE Ratio 57.99 41.70 53.42 95.23 98.42Expense Ratio 116.18 41.41 30.35 65.55 66.77Loss Ratio 52.34 35.63 34.49 83.83 87.44Combined Ratio 174.17 83.10 83.77 160.78 165.20Operating Ratio 168.42 75.71 74.36 154.73 159.47Investment ratio 5.75 7.39 9.42 6.05 5.72

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Cash, Short-Term Investments / Liabilities 18.88 20.76 35.71 23.11 38.96Cash, Common & Liquid Bonds / Liabilities 93.30 122.99 114.16 78.45 90.21Cash & Short-Term Investments / C&S 27.86 21.24 38.77 43.91 87.14Liabilities / Liquid Assets (IRIS Ratio) 107.00 81.00 88.00 127.00 111.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 102.69 140.15 122.77 95.89 107.68Cash From Underwriting ($000) -446 -69 500 43 76Net Cash From Operations ($000) -336 71 339 80 243Underwriting Cash Flow Ratio 47.91 93.69 192.45 105.08 106.99Operating Cash Flow Ratio 47.91 94.45 239.17 105.08 94.75Unassigned Funds / Total Assets 9.39 18.44 21.17 11.48 9.42

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2009Y 2010Y 2011Y

GPW to Policyholders' Surplus3 900 --- 139 118 136NPW to Policyholders' Surplus 300 --- 81 71 54Change in Net Premiums Written 33 -33 187* -1 -37*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 105* 75 105*

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 5 1 5 9 2 2*

MSA: Baltimore-Towson, MD (Metro)

Distribution Channel: Direct Response

107.0

81.088.0

127.0

111.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2008Y 2009Y 2010Y 2011Y 2012L3

Liquidity ($000)Total Assets Total Liabilities Liabilities / Liquid Assets (IRIS Ratio)

174.2

83.1 83.8

160.8 165.2

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

2008Y 2009Y 2010Y 2011Y 2012L3

Profitability Ratios (%)

Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 5.1 5.9 2.2*

Loss Adjustment Expense Ratio 5.65 6.07 18.94 11.39 10.99 Gross Change in Policyholders' Surplus 50 -10 19 12 -16*Net Commission Ratio 44.19 16.01 15.33 23.89 NA Net Change in Adj Policyholders' Surplus 25 -10 21 12 -16*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 81 88 127*Tax, License & Fees Ratio 11.43 4.08 4.86 7.52 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 60.56 21.31 10.16 34.15 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -16 -22 -7Gross Premiums Written ($000)3 757 1,694 1,624 1,561 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 3 -36 -46Loss & Loss Adj Expense ($000) 616 412 522 585 594 Est Curr Resv Defi/Policyholders' Surplus 25 --- 4 -38 -106Other Underwriting Exp Incurred ($000) 400 409 297 403 423 *Indicates an unusual value.Net Underwriting Gains ($000) 46 167 159 -374 -414 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 45.54 58.34 60.20 39.39 NA complements of each ratio.Effective Tax Rate 12.66 29.93 33.57 NM NM

Pre-Tax Operating Margin 9.54 22.19 23.44 -51.60 -59.47 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth -26.98 -2.51 15.72 16.40 8.67

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -39.33 -17.28 19.11 46.49 20.57

Reinsurance Recoverable ex US Aff 0 0 0 1 NA Net Premiums Written Growth -65.60 186.88 -1.09 -37.11 -34.10Retention Ratio (NPW/GPW) (%)3 45.54 58.34 60.20 39.39 NA Pre-Tax Operating Income Growth 5.39 118.50 7.00 NM NMUnauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 NA Net Income Growth 39.08 55.98 11.39 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 20.06 -20.10 26.22 28.95 14.47Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -57.00 123.93 -4.16 -3.88 1.69Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 16.25 8.60 3.25 -2.69 3.16

Capital & Surplus Five-year CAGR 20.67 20.39 10.81 5.14 3.38Admitted Assets Five-year CAGR 17.94 13.53 6.48 -0.38 3.23

ASBESTOS/ENVIRONMENTAL RESV 2008Y 2009Y 2010Y 2011Y 2012L3

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) 2008Y 2009Y 2010Y 2011Y 2012L3

Asbestos NA NA NA NA NA Capital and Surplus 1,024 1,222 1,371 1,148 1,128 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA NA NA

RESERVE ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA NA NA

Change in Loss & LAE Resv / Reserves 20.06 -20.10 26.22 28.95 14.47 Realized Capital Gains (Losses) 13 0 24 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -1.83 -16.30 -22.36 -7.10 NA Net Unrealized Capital Gains (Losses) -13 54 -17 1 472 Yr Loss Reserve Dev / 2Y Prior C&S -35.43 2.96 -36.46 -46.11 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 127.66 135.19 136.76 239.78 279.44 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -1.69 -16.89 -27.93 -15.85 NA Net Premiums Written / Avg C&S (%) 34.75 94.61 79.61 47.61 54.97IBNR/ Total Reserves 63.16 86.62 53.19 36.44 NA Liabilities / Capital & Surplus (%) 147.57 102.33 108.58 189.97 223.66Reserves/ Equity 134.07 89.80 100.97 155.51 157.06 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.09 NA

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)

0200400600800

1,0001,2001,4001,600

2007Y 2008Y 2009Y 2010Y 2011Y

Capital ($000) & Capital Ratios (%)ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))

45.5

58.3 60.2

39.4

0200400600800

1,0001,2001,4001,6001,800

2008Y 2009Y 2010Y 2011Y 2012L3

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) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

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 757 1,694 1,624 1,561 1,587Common Stocks 1,125 1,278 1,168 1,207 1,293 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 757 1,694 1,624 1,561 1,587Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -412 -706 -646 -946 -953Occupied Properties 0 0 0 0 0 Net Premiums Written 345 988 978 615 634Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -718 0 0 0 31Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,063 988 978 615 603

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 285 259 532 504 983 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,410 1,537 1,700 1,711 2,277 Net Losses Paid - Commercial 329 629 53 406 NAPremiums & Considerations Due 0 0 0 0 291 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 128 63 0 276 47 Net Losses Paid 329 629 53 406 NAAll Other Admitted Assets 998 871 1,160 1,343 1,038 Net LAE Paid 58 59 181 54 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,535 2,472 2,860 3,329 3,652 Change in Loss Reserves - Commercial 227 -277 284 110 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 2 1 4 16 NA

Unpaid Losses 1,283 1,006 1,290 1,675 1,662 Net Change in Loss and LAE Reserves 229 -276 288 125 NAUnpaid Loss Adj Expenses 90 91 95 111 111 Losses and LAE Incurred 616 412 522 585 594

Loss & Loss Adj Exp Reserves 1,373 1,097 1,385 1,785 1,772 Other Underwriting Expense Incurred 400 409 297 403 423Unearned Premiums 0 0 0 0 342 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 275 275 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 107 114 104 121 135 Net Underwriting Gain (Loss) 46 167 159 -374 -414Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 31 40 0 0 0 Total underwriting deductions 1,017 821 819 989 1,017

Total Liabilities 1,511 1,250 1,489 2,181 2,524

Income ($000)Total Capital and Surplus Net Investment Income 61 73 92 37 35

Common Capital Stock 154 154 154 146 151 Net Realized Capital Gains (Losses) 13 0 24 0 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 -6 0 0 0Unassigned Surplus 238 456 605 382 344 Income after cap gains (loss) before tax 120 234 275 -336 -379Other Including Gross Contributed 632 612 612 620 634 Federal Income Tax 15 70 92 -112 -125

Capital & Surplus 1,024 1,222 1,371 1,148 1,128 Net Income 105 164 183 -224 -254

Total Liabilities and C&S 2,535 2,472 2,860 3,329 3,652 Pre-tax Operating Income 107 234 251 -336 -379

Memo: Total Revenue 1,137 1,056 1,094 652 638Memo: Affiliated Investments ($000) Memo: Paid Expenses 528 462 488 450 NA

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62007Y 2008Y 2009Y 2010Y 2011Y

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

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 0Class 4 0 0 0 0 0

INVESTMENT ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Class 5 0 0 0 0 0

Net Investment Income 61 73 92 37 35 Class 6 0 0 0 0 0R li d C it l G i 13 0 24 0 0Realized Capital Gains 13 0 24 0 0Unrealized Capital Gains -13 54 -17 1 47Total Cash & Investments 1,410 1,537 1,700 1,711 2,277Affiliated 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) 1,125 1,278 1,168 1,207 1,293Total 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

Top 5 States by DPW - 2011Y Top Lines of Business by DPW - 2011Y SECURITIES ($000) - Annual Only62007Y 2008Y 2009Y 2010Y 2011Y

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 0 0 0 0 0Common Stock 1,207 1,207 1,151 -- 3,564Preferred Stock 0 0 0 -- 0Total 1,207 1,207 1,151 0 --

ASSET QUALITY (%) 2008Y 2009Y 2010Y 2011Y 2012L3

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 109.81 104.62 85.19 105.12 114.62Unaff common stock/Invested Assets 79.76 83.12 68.72 70.54 56.81

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 1,561 Cash/Invested Assets 20.24 16.88 31.28 29.46 43.192. 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 7.96

MARKET POSITION ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Reinsurance recoverable/Total Assets 5.03 2.54 0.00 8.27 1.28

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 14.68 1.90 -3.79 All other admitted assets/Total Assets 39.35 35.25 40.57 40.33 28.43National DPW ($000) 1,760 757 1,694 1,624 1,561 Invested Assets/Total Assets 55.61 62.21 59.43 51.39 62.34Adjusted Loss Ratio 21.12 30.98 20.78 20.76 33.02 Investment Income/Total Assets 2.41 2.95 3.22 1.12 0.95

5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 6 - The Securities and Bond section are held at carrying valueh i t li t i t

Investment Portfolio (%) - 2011

Bonds - 0.0% Preferred Stocks - 0.0%

Common Stocks - 70.5% Mortgage Loans - 0.0%

Other Invstmts - 29.5% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3

Bond Rated 3-6/Total Bond (%)

Maryland - 100.0% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0%

Arizona - 0.0% All other - 0.0%


Allied Professionals Ins Co. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 16,256 18,918 22,115 24,157 29,214Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 7,117 8,367 9,043 11,350 12,537Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 9,139 10,551 13,072 12,808 16,677

NAIC Ownership Structure: Risk Retention Group Net Income 1,243 1,196 940 2,235 1,674Tax Identification Number : 86-1070645 Total Revenue 6,996 8,355 8,043 9,443 11,705

Direct Premiums Written 9,815 10,561 12,639 13,553 18,789Net Premiums Written 7,084 8,512 8,363 9,614 14,086

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 6,602 7,986 7,699 9,088 11,331

AM Best Financial Strength Rating A- 10/04/10 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,283 4,898 6,431 6,275 6,825Demotech Financial Strength Rating A' 11/21/12 Affirm Loss & LAE Reserves/ NPE (%) 60.92 56.51 74.64 73.02 56.77S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 29.22 21.64 16.21 31.77 23.33Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.00 1.02 0.92 0.85 1.12Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Warfield & CompanyPhone : (714) 571-1864 Actuary Perr & KnightFax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 2.93 2.29 1.80 1.67 1.55Net Investment Income/Earned Premiums 5.56 4.33 4.11 3.69 2.66Return on Average Equity (C&S) 20.13 14.88 11.06 21.71 14.34Return on Avg Assets 8.40 6.79 4.40 9.55 6.32Loss and LAE Ratio 30.52 23.13 37.93 20.93 25.77Expense Ratio 44.85 56.01 44.79 44.42 43.04Loss Ratio 12.99 11.96 14.29 8.37 8.83Combined Ratio 75.37 79.14 82.71 65.34 68.81Operating Ratio 69.41 74.52 78.24 61.44 65.50Investment ratio 5.96 4.62 4.47 3.90 3.31


Cash, Short-Term Investments / Liabilities 31.14 23.31 13.62 19.06 20.26Cash, Common & Liquid Bonds / Liabilities 163.88 164.12 155.39 173.70 158.58Cash & Short-Term Investments / C&S 39.98 29.39 19.69 21.51 26.95Liabilities / Liquid Assets (IRIS Ratio) 61.00 61.00 64.00 57.00 62.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 199.72 199.91 197.29 209.45 176.36Cash From Underwriting ($000) 2,787 2,506 3,351 3,428 5,863Net Cash From Operations ($000) 2,427 2,406 3,760 2,958 5,828Underwriting Cash Flow Ratio 164.94 143.44 166.82 154.01 168.44Operating Cash Flow Ratio 183.35 155.14 171.31 173.71 179.52Unassigned Funds / Total Assets 37.94 39.21 36.59 43.05 39.66


GPW to Policyholders' Surplus3 900 --- 126 140 119NPW to Policyholders' Surplus 300 --- 102 92 85Change in Net Premiums Written 33 -33 20 -2 15Surplus Aid to Policyholders' Surplus 15 --- 3 3 3Two-Year Overall Operating Ratio 100 --- 72 76 69

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 2 3* 1 8* 1 7*

MSA: Los Angeles-Long Beach-Santa Ana, CA (Metro)

Distribution Channel: Broker

61.0 61.0

64.0

57.0

62.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2008Y 2009Y 2010Y 2011Y 2012L3


75.479.1 82.7

65.3 68.8

0.00

5.00

10.00

15.00

20.00

25.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 2.3* 1.8* 1.7*

Loss Adjustment Expense Ratio 17.52 11.17 23.64 12.56 16.94 Gross Change in Policyholders' Surplus 50 -10 18 8 26Net Commission Ratio 14.88 28.32 19.00 19.19 NA Net Change in Adj Policyholders' Surplus 25 -10 18 8 26*Salaries & Benefits Ratio 0.00 0.00 0.00 0.03 NA Liabilities to Liquid Assets 100 --- 61 64 57Tax, License & Fees Ratio 3.71 3.81 3.92 4.07 NA Agents' Bal to Policyholders' Surplus 40 --- 11 10 8Admin & Other Expense Ratio 26.26 23.88 21.86 21.12 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -2 -10Gross Premiums Written ($000)3 9,815 10,561 12,639 13,553 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -12 -12Loss & Loss Adj Expense ($000) 2,015 1,847 2,920 1,902 2,920 Est Curr Resv Defi/Policyholders' Surplus 25 --- -13 -24 -7Other Underwriting Exp Incurred ($000) 3,177 4,767 3,745 4,270 6,062 *Indicates an unusual value.Net Underwriting Gains ($000) 1,410 1,372 1,034 2,916 2,349 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 72.18 80.60 66.17 70.94 NA complements of each ratio.Effective Tax Rate 31.12 31.62 31.85 31.71 38.45

Pre-Tax Operating Margin 25.78 20.83 17.13 34.64 23.27 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth 19.71 16.37 16.90 9.24 23.91

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 17.93 15.45 23.89 -2.02 31.82

Reinsurance Recoverable ex US Aff 1,235 1,289 2,185 2,412 NA Net Premiums Written Growth 6.84 20.15 -1.75 14.96 48.60Retention Ratio (NPW/GPW) (%)3 72.18 80.60 66.17 70.94 NA Pre-Tax Operating Income Growth -35.59 -3.48 -20.83 137.35 -14.20Unauthorized Net Recov. (ex US Aff) (%) 1.21 11.48 20.32 27.07 NA Net Income Growth -35.39 -3.71 -21.40 137.66 -23.87Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 23.34 14.35 31.30 -2.42 5.18Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 7.15 7.60 19.68 7.23 41.91Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 154.79 36.53 20.21 14.38 15.00

Capital & Surplus Five-year CAGR 52.55 47.41 28.60 23.75 22.44Admitted Assets Five-year CAGR 76.59 40.74 23.24 18.24 17.86




Asbestos NA NA NA NA NA Capital and Surplus 7,117 8,367 9,043 11,350 12,537 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 7,117 8,367 9,043 11,350 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,206 1,976 1,588 1,780 NA

Risk Based Capital Ratio (TAC/ACL RBC) 590.14 423.45 569.34 637.62 NA

RESERVE ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 295.07 211.72 284.67 318.81 NA

Change in Loss & LAE Resv / Reserves 23.34 14.35 31.30 -2.42 5.18 Realized Capital Gains (Losses) 1 9 2 2 -31 Yr Loss Reserve Dev / 1Y Prior C&S -8.04 -9.58 -2.01 -9.90 NA Net Unrealized Capital Gains (Losses) 0 0 0 15 862 Yr Loss Reserve Dev / 2Y Prior C&S -14.88 -12.90 -11.93 -11.51 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 60.92 56.51 74.64 73.02 56.77 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -7.10 -8.54 -2.18 -9.85 NA Net Premiums Written / Avg C&S (%) 114.78 105.82 98.35 93.38 120.67IBNR/ Total Reserves 28.74 29.49 19.97 26.09 NA Liabilities / Capital & Surplus (%) 128.40 126.10 144.55 112.85 133.02Reserves/ Equity 60.18 58.54 71.11 55.29 54.44 Total Reins Recov Excl US Aff / C&S (%) 17.35 15.41 24.16 21.25 NA


288.3 295.1

211.7

284.7318.8

0

2,000

4,000

6,000

8,000

10,000

12,000

2007Y 2008Y 2009Y 2010Y 2011Y



72.280.6

66.270.9

02,0004,0006,0008,000

10,00012,00014,00016,000

2008Y 2009Y 2010Y 2011Y 2012L3




Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 12,031 14,657 18,532 19,046 22,234 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 9,815 10,561 12,639 13,553 18,789Common Stocks 0 0 0 760 835 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 9,815 10,561 12,639 13,553 18,789Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,731 -2,049 -4,276 -3,939 -4,704Occupied Properties 0 0 0 0 0 Net Premiums Written 7,084 8,512 8,363 9,614 14,086Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 482 525 663 526 2,755Properties for Sale 0 0 0 0 0 Net Premiums Earned 6,602 7,986 7,699 9,088 11,331

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,845 2,459 1,781 2,441 3,379 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,876 17,116 20,313 22,247 26,447 Net Losses Paid - Commercial 554 537 493 728 NAPremiums & Considerations Due 664 910 877 899 1,590 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 63 51 41 15 201 Net Losses Paid 554 537 493 728 NAAll Other Admitted Assets 652 839 883 996 976 Net LAE Paid 650 695 894 1,329 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 16,256 18,918 22,115 24,157 29,214 Change in Loss Reserves - Commercial 304 418 607 32 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 507 197 926 -187 NA

Unpaid Losses 2,659 3,077 3,684 3,716 3,940 Net Change in Loss and LAE Reserves 811 615 1,533 -155 NAUnpaid Loss Adj Expenses 1,624 1,821 2,747 2,559 2,885 Losses and LAE Incurred 2,015 1,847 2,920 1,902 2,920

Loss & Loss Adj Exp Reserves 4,283 4,898 6,431 6,275 6,825 Other Underwriting Expense Incurred 3,177 4,767 3,745 4,270 6,062Unearned Premiums 3,784 4,309 4,972 5,498 8,171 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 403 396 688 194 761 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 69 295 327 282 157 Net Underwriting Gain (Loss) 1,410 1,372 1,034 2,916 2,349Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 601 653 653 559 763 Total underwriting deductions 5,192 6,614 6,665 6,172 8,982



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) 1 9 2 2 -3Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 6,167 7,417 8,093 10,400 11,587 Income after cap gains (loss) before tax 1,804 1,750 1,380 3,273 2,721Other Including Gross Contributed 350 350 350 350 350 Federal Income Tax 562 553 440 1,038 1,046

Capital & Surplus 7,117 8,367 9,043 11,350 12,537 Net Income 1,243 1,196 940 2,235 1,674

Total Liabilities and C&S 16,256 18,918 22,115 24,157 29,214 Pre-tax Operating Income 1,803 1,741 1,378 3,271 2,723

Memo: Total Revenue 6,996 8,364 8,045 9,445 11,702Memo: Affiliated Investments ($000) Memo: Paid Expenses 3,833 5,463 4,640 5,601 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 11,459 12,131 13,736 17,855 17,704Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 1,120 677 1,343All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 394 369 344 354 374 Class 6 0 0 0 0 0R li d C it l G i 1 9 2 2 3Realized Capital Gains 1 9 2 2 -3Unrealized Capital Gains 0 0 0 15 86Total Cash & Investments 14,876 17,116 20,313 22,247 26,447Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 12,131 14,857 18,532 19,046 22,234Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 760 835Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.00 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) 10,910 12,031 1,045 1,370 2,179Issued Political Subdivisions ($000) 0 0 3,685 7,194 7,094Issued State Rev Obligations ($000) 0 0 9,926 9,968 9,773Issued Industrial Development ($000) 550 0 0 0 0


LT Bond 19,046 19,179 19,748 18,160 76,133Common Stock 760 760 745 -- 2,264Preferred Stock 0 0 0 -- 0Total 19,806 19,938 20,494 18,160 --


Bond Avg Asset Quality (1-6) (Actual) 1.00 1.08 1.04 1.07 1.05Bonds 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 80.87 85.63 91.23 85.61 84.07Common Stocks / C&S 0.00 0.00 0.00 6.69 6.66Unaff common stock/Invested Assets 0.00 0.00 0.00 3.41 3.16

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 3,032 1. Med Prof Liab 13,553 Cash/Invested Assets 19.13 14.37 8.77 10.97 12.782. New York 2,308 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,263 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 590 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Washington 556 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 5,805 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 4.09 4.81 3.97 3.72 5.44


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.01 0.00 0.00 0.00DPW 5 Yr CAGR NA 79.19 13.27 12.08 9.40 All other admitted assets/Total Assets 4.01 4.43 3.99 4.12 3.34National DPW ($000) 9,160 9,815 10,561 12,639 13,553 Invested Assets/Total Assets 91.51 90.47 91.85 92.09 90.53Adjusted Loss Ratio 12.33 14.55 10.03 21.88 9.27 Investment Income/Total Assets 2.42 1.95 1.56 1.47 1.28





Other Invstmts - 11.0% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


California - 22.4% New York - 17.0%

Florida - 9.3% Texas - 4.4%

Washington - 4.1% All other - 42.8%

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) 2008Y 2009Y 2010Y 2011Y 2012L3

111 North Higgins Avenue NAIC Company Code : 11534 Total Assets 11,680 12,964 13,854 14,354 13,505Fourth Floor Business Focus : Commercial Property Focus Policyholder Surplus 2,660 3,239 4,217 3,914 4,560Missoula, MT 59802-4437 Geographic Focus: Regional - Western Quadrant Total Liabilities 9,020 9,725 9,637 10,440 8,945

NAIC Ownership Structure: Risk Retention Group Net Income 651 257 607 -41 1,062Tax Identification Number : 33-1019877 Total Revenue 4,296 2,814 3,403 2,842 3,281



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,750 6,400 6,088 5,702 5,547Demotech Financial Strength Rating A 11/08/12 Affirm Loss & LAE Reserves/ NPE (%) 154.82 274.39 225.01 256.58 207.44S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 36.19 16.10 25.72 -8.25 29.96Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.44 0.61 0.79 0.67 0.64Fitch 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 4.28 3.57 3.56 3.01 2.68Net Investment Income/Earned Premiums 8.87 15.97 12.16 13.80 12.28Return on Average Equity (C&S) 22.73 9.20 17.15 -1.03 25.94Return on Avg Assets 6.11 2.23 4.72 -0.32 7.50Loss and LAE Ratio 70.15 74.35 59.05 97.69 47.80Expense Ratio 15.56 32.06 22.92 30.42 23.53Loss Ratio 32.45 28.99 10.57 51.02 -5.32Combined Ratio 85.70 106.41 81.98 128.11 71.33Operating Ratio 76.73 92.75 68.03 113.15 58.89Investment ratio 8.97 13.66 13.95 14.96 12.43


Cash, Short-Term Investments / Liabilities 20.20 6.36 24.45 22.12 13.37Cash, Common & Liquid Bonds / Liabilities 86.54 102.17 133.58 126.25 137.51Cash & Short-Term Investments / C&S 68.47 19.09 55.87 59.00 26.23Liabilities / Liquid Assets (IRIS Ratio) 127.00 100.00 74.00 78.00 67.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 199.82 295.39 258.99 289.41 222.85Cash From Underwriting ($000) 216 1,226 3,494 335 1,192Net Cash From Operations ($000) 482 1,334 3,800 525 1,871Underwriting Cash Flow Ratio 108.08 162.28 219.65 109.52 139.70Operating Cash Flow Ratio 116.11 180.53 224.52 116.58 130.27Unassigned Funds / Total Assets 5.69 9.59 13.83 11.77 17.30


GPW to Policyholders' Surplus3 900 --- 150 158 152NPW to Policyholders' Surplus 300 --- 61 79 67Change in Net Premiums Written 33 -33 -48* 69* -21Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 76 74 86

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 3 8 3 6 2 8*

MSA: Missoula, MT (Metro)


127.0

100.0

74.0 78.067.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2008Y 2009Y 2010Y 2011Y 2012L3


85.7

106.4

82.0

128.1

71.3

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 3.8 3.6 2.8*

Loss Adjustment Expense Ratio 37.70 45.36 48.48 46.67 53.12 Gross Change in Policyholders' Surplus 50 -10 22 30 -7Net Commission Ratio 1.85 3.91 1.45 -0.57 NA Net Change in Adj Policyholders' Surplus 25 -10 22 28* -4Salaries & Benefits Ratio 5.15 10.84 7.41 10.26 NA Liabilities to Liquid Assets 100 --- 100* 74 78Tax, License & Fees Ratio 5.04 6.65 7.18 6.45 NA Agents' Bal to Policyholders' Surplus 40 --- 85* 4 0Admin & Other Expense Ratio 3.53 10.67 6.88 14.28 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 11 8Gross Premiums Written ($000)3 6,376 4,846 6,644 5,967 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 24* -3 2Loss & Loss Adj Expense ($000) 2,662 1,727 1,725 2,373 1,371 Est Curr Resv Defi/Policyholders' Surplus 25 --- -76 8 9Other Underwriting Exp Incurred ($000) 597 637 768 801 683 *Indicates an unusual value.Net Underwriting Gains ($000) 536 -41 428 -745 814 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 60.17 41.00 50.41 44.11 NA complements of each ratio.Effective Tax Rate 35.23 36.88 31.92 NM 24.69

Pre-Tax Operating Margin 24.15 15.97 26.75 -11.66 37.39 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3


REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 3.39 7.82 -0.91 8.34 0.84

Reinsurance Recoverable ex US Aff 9,600 15,875 9,727 11,467 NA Net Premiums Written Growth 2.41 -48.21 68.55 -21.41 25.08Retention Ratio (NPW/GPW) (%)3 60.17 41.00 50.41 44.11 NA Pre-Tax Operating Income Growth 176.71 -56.69 102.61 NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.15 1.88 4.84 9.51 NA Net Income Growth 242.65 -60.58 136.43 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 2.35 11.30 -4.87 -6.35 -16.86Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -6.06 -24.00 37.10 -10.19 0.02Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 16.91 15.03 6.64 6.31 5.50





Asbestos NA NA NA NA NA Capital and Surplus 2,660 3,239 4,217 3,914 4,560 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 3,914 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 1,219 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA 321.10 NA

RESERVE ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA 160.55 NA

Change in Loss & LAE Resv / Reserves 2.35 11.30 -4.87 -6.35 -16.86 Realized Capital Gains (Losses) -32 -42 -19 107 1831 Yr Loss Reserve Dev / 1Y Prior C&S 20.04 -10.19 11.45 8.42 NA Net Unrealized Capital Gains (Losses) -863 636 453 -249 6332 Yr Loss Reserve Dev / 2Y Prior C&S 21.51 24.28 -2.52 2.25 NA Dividends to Stockholders 0 -250 -100 0 0Loss and LAE Reserves / NPE 154.82 274.39 225.01 256.58 207.44 Dividend Payout Ratio (%) 0.00 97.36 16.47 0.00 0.001 Yr Loss Reserve Development / NPE 15.21 -11.66 12.70 14.62 NA Net Premiums Written / Avg C&S (%) 133.86 71.18 94.63 65.51 70.94IBNR/ Total Reserves 36.95 38.87 40.09 34.19 NA Liabilities / Capital & Surplus (%) 339.06 300.22 228.51 266.75 196.16Reserves/ Equity 216.14 197.58 144.36 145.68 121.64 Total Reins Recov Excl US Aff / C&S (%) 360.86 490.08 230.64 292.98 NA


160.6

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2007Y 2008Y 2009Y 2010Y 2011Y



60.2

41.0

50.444.1

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012L3




Amer Trucking & Transportation (Missoula, MT)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 2,785 5,772 7,268 7,546 7,530 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,376 4,846 6,644 5,967 6,158Common Stocks 2,422 3,244 3,316 3,477 3,721 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,539 -2,859 -3,295 -3,335 -3,254Occupied Properties 0 0 0 0 0 Net Premiums Written 3,837 1,987 3,349 2,632 2,904Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 42 -336 428 203 37Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,795 2,323 2,921 2,429 2,868

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,822 619 2,356 2,309 1,196 Underwriting Deductions ($000)Other Investments 0 0 0 0 790 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,029 9,634 12,941 13,333 13,237 Net Losses Paid - Commercial 1,071 295 658 1,099 NAPremiums & Considerations Due 3,882 2,745 169 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 386 0 169 38 0 Net Losses Paid 1,071 295 658 1,099 NAAll Other Admitted Assets 383 586 576 984 268 Net LAE Paid -1,560 782 1,378 1,660 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 11,680 12,964 13,854 14,354 13,505 Change in Loss Reserves - Commercial 161 378 -350 140 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 2,990 272 38 -526 NA

Unpaid Losses 2,760 3,138 2,789 2,929 2,767 Net Change in Loss and LAE Reserves 3,151 650 -312 -387 NAUnpaid Loss Adj Expenses 2,990 3,262 3,300 2,773 2,779 Losses and LAE Incurred 2,662 1,727 1,725 2,373 1,371

Loss & Loss Adj Exp Reserves 5,750 6,400 6,088 5,702 5,547 Other Underwriting Expense Incurred 597 637 768 801 683Unearned Premiums 2,572 2,236 2,664 2,867 393 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -27 962 580 1,576 2,605 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 529 127 176 141 5 Net Underwriting Gain (Loss) 536 -41 428 -745 814Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 196 0 129 155 394 Total underwriting deductions 3,259 2,364 2,493 3,173 2,054



Common Capital Stock 1,996 1,996 2,072 2,072 2,072 Net Realized Capital Gains (Losses) -32 -42 -19 107 183Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 161 173 75 50 56Surplus Notes 0 0 229 152 152 All Other Income 0 0 0 0 0Unassigned Surplus 664 1,243 1,917 1,690 2,336 Income after cap gains (loss) before tax 1,006 407 892 -224 1,410Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 354 150 285 -183 348

Capital & Surplus 2,660 3,239 4,217 3,914 4,560 Net Income 651 257 607 -41 1,062

Total Liabilities and C&S 11,680 12,964 13,854 14,354 13,505 Pre-tax Operating Income 1,037 449 910 -331 1,226

Memo: Total Revenue 4,264 2,771 3,384 2,949 3,464Memo: Affiliated Investments ($000) Memo: Paid Expenses -906 1,488 2,240 2,563 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 4,339 2,252 3,639 5,358 5,571Cash & Short Term Investments 0 0 0 0 0 Class 2 244 1,309 2,434 1,843 1,824All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 340 317 407 363 357 Class 6 0 20 0 0 0R li d C it l G i 32 42 19 107 183Realized Capital Gains -32 -42 -19 107 183Unrealized Capital Gains -863 636 453 -249 633Total Cash & Investments 7,029 9,634 12,941 13,333 13,237Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 3,582 6,174 7,268 7,546 7,528Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,422 3,244 3,316 3,477 3,721Total 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 8.10 NM 2.32 NAPrivately Placed Bonds / C&S (%) 0.00 15.44 -39.26 4.47 NABonds Rated 3-6 / Total Bonds (%) 0.57 1.62 0.93 2.01 1.92Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 0 0 541 1,359 2,008Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 7,546 7,667 7,577 7,626 30,416Common Stock 3,477 3,477 3,308 -- 10,263Preferred Stock 0 0 0 -- 0Total 11,023 11,144 10,885 7,626 --



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 1,985 1. Comm'l Auto St 5,967 Cash/Invested Assets 25.92 6.42 18.21 17.32 9.032. Montana 1,610 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Louisiana 1,226 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Oregon 639 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 508 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 0 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 5.97Premiums & Cons due/Total Assets 33.24 21.17 1.22 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 -1.38 -1.01 -0.55 All other admitted assets/Total Assets 3.28 4.52 4.16 6.85 1.98National DPW ($000) 6,787 6,376 4,846 6,644 5,967 Invested Assets/Total Assets 60.17 74.31 93.41 92.88 98.02Adjusted Loss Ratio -25.84 110.71 163.99 -65.77 169.40 Investment Income/Total Assets 2.91 2.45 2.94 2.53 2.64





Other Invstmts - 17.3% 0.00 0.50 1.00 1.50 2.00 2.50

2008Y2009Y

2010Y

2011Y

2012L3


Washington - 33.3% Montana - 27.0%

Louisiana - 20.5% Oregon - 10.7%

Ohio - 8.5% All other - 0.0%



Aircraft - 0.0%


Fidelity & Surety - 0.0%

All Other - 0.0%


Applied Medico-Legal Solutions (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 47,230 59,943 71,460 83,910 96,459Suite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 16,507 19,036 20,673 22,205 27,550Phoenix, AZ 85016-4264 Geographic Focus: National Total Liabilities 30,724 40,908 50,787 61,705 68,909

NAIC Ownership Structure: Risk Retention Group Net Income 1,623 1,628 933 1,240 2,666Tax Identification Number : 81-0603029 Total Revenue 20,663 25,985 27,665 32,116 33,660



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 21,017 26,278 34,225 43,422 48,831Demotech Financial Strength Rating A' 11/09/12 Affirm Loss & LAE Reserves/ NPE (%) 104.17 93.98 120.78 138.20 148.49S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 22.15 12.22 5.68 6.73 9.82Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.19 1.52 1.35 1.38 1.17Fitch Financial Strength Rating -- -- -- --


Name : Lee M. Milizia Auditor Saslow Lufkin & Buggy LLPPhone : (602) 427-3208 Actuary Aon Global Risk ConsultingFax : (623) 427-3032 CEO --Email : [email protected] CFO --

President Richard B. Welch






GPW to Policyholders' Surplus3 900 --- 158 160 162NPW to Policyholders' Surplus 300 --- 152 135 138Change in Net Premiums Written 33 -33 47* -3 10Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 90 93

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 2 4* 3 5 4 9

MSA: Phoenix-Mesa-Glendale, AZ (Metro)

Distribution Channel: General Agnt/Managing General Agnt

93.099.0 98.0 99.0

82.0

0

20,000

40,000

60,000

80,000

100,000

120,000

2008Y 2009Y 2010Y 2011Y 2012L3


89.5

92.2

100.7

103.9

100.5

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 2.4* 3.5 4.9

Loss Adjustment Expense Ratio 14.86 25.78 24.98 30.96 25.46 Gross Change in Policyholders' Surplus 50 -10 15 9 7Net Commission Ratio 26.64 17.34 20.60 20.10 NA Net Change in Adj Policyholders' Surplus 25 -10 -5 -6 -5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 99 98 99Tax, License & Fees Ratio 0.73 1.20 1.55 1.44 NA Agents' Bal to Policyholders' Surplus 40 --- 42* 38 41*Admin & Other Expense Ratio 2.32 4.86 6.71 8.06 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 5 -5 -5Gross Premiums Written ($000)3 23,013 30,001 33,162 36,078 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 -14Loss & Loss Adj Expense ($000) 11,322 16,952 18,421 21,546 21,640 Est Curr Resv Defi/Policyholders' Surplus 25 --- 4 -33 -48Other Underwriting Exp Incurred ($000) 5,828 6,752 8,064 9,075 9,633 *Indicates an unusual value.Net Underwriting Gains ($000) 1,783 926 -835 -1,622 -676 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 85.31 96.18 84.26 84.99 NA complements of each ratio.Effective Tax Rate 41.84 30.23 37.99 34.46 17.53



REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 15.77 33.15 24.15 21.50 13.79

Reinsurance Recoverable ex US Aff 6,109 4,827 5,937 7,039 NA Net Premiums Written Growth 8.91 46.97 -3.16 9.73 12.17Retention Ratio (NPW/GPW) (%)3 85.31 96.18 84.26 84.99 NA Pre-Tax Operating Income Growth 9.37 -35.09 -48.31 26.85 26.98Unauthorized Net Recov. (ex US Aff) (%) 21.66 29.63 22.17 15.84 NA Net Income Growth -25.58 0.31 -42.69 32.92 164.76Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 20.80 25.03 30.24 26.87 14.66Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 14.98 30.37 10.53 8.79 10.84Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 74.59 41.40 35.81 27.21 23.37








Change in Loss & LAE Resv / Reserves 20.80 25.03 30.24 26.87 14.66 Realized Capital Gains (Losses) -724 53 325 397 8791 Yr Loss Reserve Dev / 1Y Prior C&S -4.84 5.16 -5.19 -5.02 NA Net Unrealized Capital Gains (Losses) -2,414 1,020 1,999 630 2,4572 Yr Loss Reserve Dev / 2Y Prior C&S -9.47 -0.44 0.29 -13.54 NA Dividends to Stockholders 0 -3,000 -3,949 -2,986 -2,969Loss and LAE Reserves / NPE 104.17 93.98 120.78 138.20 148.49 Dividend Payout Ratio (%) 0.00 184.31 423.27 240.79 111.381 Yr Loss Reserve Development / NPE -4.11 3.46 -3.85 -3.58 NA Net Premiums Written / Avg C&S (%) 123.78 154.62 134.55 137.92 134.89IBNR/ Total Reserves 33.13 30.26 28.93 26.68 NA Liabilities / Capital & Surplus (%) 186.13 214.90 245.67 277.89 250.12Reserves/ Equity 127.32 138.05 165.56 195.55 177.24 Total Reins Recov Excl US Aff / C&S (%) 37.01 25.36 28.72 31.70 NA


299.2281.8

255.3217.5

187.2

0

5,000

10,000

15,000

20,000

25,000

2007Y 2008Y 2009Y 2010Y 2011Y



85.3

96.2

84.3 85.0

05,000

10,00015,00020,00025,00030,00035,00040,000

2008Y 2009Y 2010Y 2011Y 2012L3




Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,380 -1,147 -5,218 -5,416 -6,736Occupied Properties 0 0 0 0 0 Net Premiums Written 19,633 28,855 27,943 30,663 32,340Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 700 4,224 2,293 1,664 1,709Properties for Sale 0 0 0 0 0 Net Premiums Earned 18,933 24,630 25,651 28,999 30,630

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,513 4,382 5,406 6,400 12,768 Underwriting Deductions ($000)Other Investments 381 26 9 -23 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 32,709 40,912 51,316 61,990 74,373 Net Losses Paid - Commercial 4,882 7,357 5,014 5,376 NAPremiums & Considerations Due 6,451 8,062 7,907 9,011 8,534 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 163 286 0 Net Losses Paid 4,882 7,357 5,014 5,376 NAAll Other Admitted Assets 8,071 10,970 12,073 12,624 13,553 Net LAE Paid 2,820 4,334 5,461 6,972 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 47,230 59,943 71,460 83,910 96,459 Change in Loss Reserves - Commercial 3,626 3,245 7,000 7,192 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -7 2,016 946 2,006 NA

Unpaid Losses 17,773 21,018 28,018 35,210 43,709 Net Change in Loss and LAE Reserves 3,619 5,261 7,946 9,198 NAUnpaid Loss Adj Expenses 3,244 5,260 6,207 8,212 5,122 Losses and LAE Incurred 11,322 16,952 18,421 21,546 21,640

Loss & Loss Adj Exp Reserves 21,017 26,278 34,225 43,422 48,831 Other Underwriting Expense Incurred 5,828 6,752 8,064 9,075 9,633Unearned Premiums 9,115 13,339 15,632 17,296 18,527 Other Underwriting Deductions 0 0 0 0 34Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 323 677 590 444 481 Net Underwriting Gain (Loss) 1,783 926 -835 -1,622 -676Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 268 613 341 543 1,070 Total underwriting deductions 17,150 23,705 26,486 30,621 31,307


Income ($000)Total Capital and Surplus Net Investment Income 1,413 876 1,586 2,711 2,678

Common Capital Stock 12,943 16,262 19,071 21,566 23,885 Net Realized Capital Gains (Losses) -724 53 325 397 879Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 317 478 428 343 289Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 63 63Unassigned Surplus 7,896 6,523 3,920 2,446 4,433 Income after cap gains (loss) before tax 2,790 2,333 1,504 1,892 3,232Other Including Gross Contributed -4,333 -3,750 -2,318 -1,806 -767 Federal Income Tax 1,167 705 571 652 567

Capital & Surplus 16,507 19,036 20,673 22,205 27,550 Net Income 1,623 1,628 933 1,240 2,666

Total Liabilities and C&S 47,230 59,943 71,460 83,910 96,459 Pre-tax Operating Income 3,513 2,280 1,179 1,495 2,353


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 9,915 19,438 27,985 35,318 40,925Cash & Short Term Investments 0 0 0 0 0 Class 2 0 1,785 1,792 3,694 4,988All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 320 0 0 0Class 4 0 2,636 2,380 3,815 4,227


Net Investment Income 1,413 876 1,586 2,711 2,678 Class 6 0 4 0 0 0R li d C it l G i 724 53 325 397 879Realized Capital Gains -724 53 325 397 879Unrealized Capital Gains -2,414 1,020 1,999 630 2,457Total Cash & Investments 32,709 40,912 51,316 61,990 74,373Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 24,184 32,158 42,826 50,141 52,742Total Preferred Stock (incl Nonadmitted) 14 0 0 0 0Total Common Stock (incl Nonadmitted) 3,827 4,346 5,102 9,672 16,486Total 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 5,352 2,679

Municipal SecuritiesIssued States & Territories ($000) 0 9,217 12,151 1,004 1,460Issued Political Subdivisions ($000) 0 0 0 2,410 2,001Issued State Rev Obligations ($000) 0 0 0 9,728 11,572Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.08 0.00 0.00 0.00 0.001. New York 11,403 1. Med Prof Liab 36,078 Cash/Invested Assets 13.80 10.71 10.54 10.32 17.172. Arizona 4,738 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 4,407 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 4,188 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Connecticut 2,973 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 8,370 All Other 0 Other Investments/Invested Assets 1.16 0.06 0.02 -0.04 0.00Premiums & Cons due/Total Assets 13.66 13.45 11.07 10.74 8.85


Market Share Ratio 0.00 0.00 0.01 0.01 0.01 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 66.02 30.01 23.19 15.02 All other admitted assets/Total Assets 17.09 18.30 16.89 15.04 14.05National DPW ($000) 20,015 23,013 30,001 33,162 36,078 Invested Assets/Total Assets 69.25 68.25 71.81 73.88 77.10Adjusted Loss Ratio 42.33 47.79 37.00 47.43 43.84 Investment Income/Total Assets 2.99 1.46 2.22 3.23 2.78





Other Invstmts - 10.3% 0.00 5.00 10.00 15.00

2008Y2009Y

2010Y

2011Y

2012L3


New York - 31.6% Arizona - 13.1%

Florida - 12.2% Texas - 11.6%

Connecticut - 8.2% All other - 23.2%



Aircraft - 0.0%



All Other - 0.0%


CARE RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 37,544 35,604 33,340 11,784 12,890Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,303 4,154 4,307 4,802 4,652Washington, DC 20007-4104 Geographic Focus: Regional - Southern Quadrant Total Liabilities 33,241 31,451 29,033 6,981 8,238

NAIC Ownership Structure: Risk Retention Group Net Income 59 346 155 535 224Tax Identification Number : 52-2395338 Total Revenue 2,620 1,626 1,356 1,249 2,254

Direct Premiums Written 9,181 6,928 6,124 4,802 5,687Net Premiums Written 1,836 1,386 1,225 960 3,998


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 25,816 24,588 23,749 4,323 5,090Demotech Financial Strength Rating A 11/21/12 Affirm Loss & LAE Reserves/ NPE (%) 1,051.93 1,629.34 1,892.51 631.45 212.28S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 2.05 12.32 6.80 16.70 7.07Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.43 0.33 0.28 0.20 0.86Fitch 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 Daniel L. HafendorferEmail : [email protected] CFO Michael T. Rogers

President Daniel L. Hafendorfer




Cash, Short-Term Investments / Liabilities 18.45 23.52 26.08 35.26 35.19Cash, Common & Liquid Bonds / Liabilities 29.47 39.08 38.41 138.48 138.29Cash & Short-Term Investments / C&S 142.55 178.11 175.78 51.26 62.31Liabilities / Liquid Assets (IRIS Ratio) 343.00 310.00 306.00 72.00 72.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 112.03 112.22 116.30 598.23 152.44Cash From Underwriting ($000) -90 600 -416 252 2,755Net Cash From Operations ($000) -189 948 -574 285 2,606Underwriting Cash Flow Ratio 95.10 172.78 66.91 126.15 347.97Operating Cash Flow Ratio 116.90 143.44 90.37 138.45 373.69Unassigned Funds / Total Assets 3.71 4.90 5.69 20.30 17.39


GPW to Policyholders' Surplus3 900 --- 167 142 100NPW to Policyholders' Surplus 300 --- 33 28 20Change in Net Premiums Written 33 -33 -25 -12 -22Surplus Aid to Policyholders' Surplus 15 --- 14 12 12Two-Year Overall Operating Ratio 100 --- 92 74 59


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

343.0310.0 306.0

72.0 72.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2008Y 2009Y 2010Y 2011Y 2012L3


114.8

76.584.1

46.1

73.9

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 17.15 23.42 20.54 24.91 39.98 Gross Change in Policyholders' Surplus 50 -10 -3 4 12Net Commission Ratio 7.00 -32.12 -21.60 -73.45 NA Net Change in Adj Policyholders' Surplus 25 -10 8 4 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 310* 306* 72Tax, License & Fees Ratio 1.49 2.55 1.88 2.92 NA Agents' Bal to Policyholders' Surplus 40 --- 27 15 8Admin & Other Expense Ratio 32.42 67.95 47.05 86.65 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -2 -18Gross Premiums Written ($000)3 9,181 6,928 6,124 4,802 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -2 -11 -31Loss & Loss Adj Expense ($000) 1,779 582 731 337 1,190 Est Curr Resv Defi/Policyholders' Surplus 25 --- -264 -154 296*Other Underwriting Exp Incurred ($000) 751 532 335 155 724 *Indicates an unusual value.Net Underwriting Gains ($000) -124 412 221 630 219 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.00 20.00 20.00 20.00 NA complements of each ratio.Effective Tax Rate 34.00 32.32 46.51 29.57 32.83


Admitted Assets Growth -4.12 -5.17 -6.36 -64.66 11.99

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -4.79 -5.38 -7.69 -75.95 19.68

Reinsurance Recoverable ex US Aff 23,978 21,443 21,894 19,091 NA Net Premiums Written Growth -38.90 -24.54 -11.60 -21.59 269.80Retention Ratio (NPW/GPW) (%)3 20.00 20.00 20.00 20.00 NA Pre-Tax Operating Income Growth -90.49 470.01 -43.38 161.30 -40.59Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -90.51 484.54 -55.25 244.90 -40.50Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 9.95 -4.76 -3.41 -81.80 7.12Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -38.90 -24.54 -11.60 -21.59 5.22Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 93.53 67.73 47.06 -25.42 -25.30

Capital & Surplus Five-year CAGR 43.10 32.26 13.50 5.81 2.73Admitted Assets Five-year CAGR 82.35 60.00 38.65 -19.04 -20.06







Change in Loss & LAE Resv / Reserves 9.95 -4.76 -3.41 -81.80 7.12 Realized Capital Gains (Losses) 0 0 0 2 -61 Yr Loss Reserve Dev / 1Y Prior C&S 6.39 -8.71 -2.29 -18.27 NA Net Unrealized Capital Gains (Losses) 0 4 -2 -39 1022 Yr Loss Reserve Dev / 2Y Prior C&S 5.75 -2.22 -11.20 -30.96 NA Dividends to Stockholders 0 0 0 0 -300Loss and LAE Reserves / NPE 1,051.93 1,629.34 1,892.51 631.45 212.28 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 133.801 Yr Loss Reserve Development / NPE 11.26 -24.57 -7.38 -70.20 NA Net Premiums Written / Avg C&S (%) 42.01 33.36 28.76 21.18 83.28IBNR/ Total Reserves 6.47 7.13 6.85 29.78 NA Liabilities / Capital & Surplus (%) 772.42 757.19 674.08 145.38 177.06Reserves/ Equity 599.88 591.95 551.40 90.02 109.41 Total Reins Recov Excl US Aff / C&S (%) 557.18 516.25 508.34 397.54 NA


138.0 146.9 156.6 166.1

220.6

0

1,000

2,000

3,000

4,000

5,000

6,000

2007Y 2008Y 2009Y 2010Y 2011Y



20.0

20.0

20.0

20.0

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008Y 2009Y 2010Y 2011Y 2012L3




CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 100 2,717 1,905 6,259 6,955 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 9,181 6,928 6,124 4,802 5,687Common Stocks 3,456 0 0 947 1,538 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -7,345 -5,542 -4,899 -3,841 -1,690Occupied Properties 0 0 0 0 0 Net Premiums Written 1,836 1,386 1,225 960 3,998Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -570 -141 -62 -161 1,865Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,406 1,526 1,287 1,121 2,133

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,135 7,398 7,571 2,462 2,899 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 9,690 10,115 9,475 9,667 11,392 Net Losses Paid - Commercial 618 482 443 287 NAPremiums & Considerations Due 883 1,121 637 371 391 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 22,201 20,502 19,462 850 0 Net Losses Paid 618 482 443 287 NAAll Other Admitted Assets 4,770 3,866 3,764 895 1,107 Net LAE Paid 475 442 439 470 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 37,544 35,604 33,340 11,784 12,890 Change in Loss Reserves - Commercial 748 -257 24 -229 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -63 -84 -174 -191 NA

Unpaid Losses 16,958 15,943 15,987 2,965 3,065 Net Change in Loss and LAE Reserves 685 -341 -151 -420 NAUnpaid Loss Adj Expenses 8,858 8,644 7,762 1,359 2,025 Losses and LAE Incurred 1,779 582 731 337 1,190

Loss & Loss Adj Exp Reserves 25,816 24,588 23,749 4,323 5,090 Other Underwriting Expense Incurred 751 532 335 155 724Unearned Premiums 4,238 3,535 3,223 484 2,383 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,611 1,888 1,021 1,010 213 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 927 748 520 619 522 Net Underwriting Gain (Loss) -124 412 221 630 219Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 649 692 519 546 30 Total underwriting deductions 2,530 1,114 1,066 491 1,914



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains (Losses) 0 0 0 2 -6Preferred 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 1,393 1,743 1,896 2,392 2,242 Income after cap gains (loss) before tax 90 512 290 759 334Other Including Gross Contributed 1,911 1,411 1,411 1,411 1,411 Federal Income Tax 31 165 135 224 110

Capital & Surplus 4,303 4,154 4,307 4,802 4,652 Net Income 59 346 155 535 224

Total Liabilities and C&S 37,544 35,604 33,340 11,784 12,890 Pre-tax Operating Income 90 512 290 757 339

Memo: Total Revenue 2,620 1,626 1,356 1,250 2,248Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,075 1,155 1,166 87 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 1,468 205 4,892 3,580 6,259Cash & 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 214 100 69 128 121 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 2 6Realized Capital Gains 0 0 0 2 -6Unrealized Capital Gains 0 4 -2 -39 102Total Cash & Investments 9,690 10,115 9,475 9,667 11,392Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 205 4,892 3,580 6,259 6,955Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,456 0 0 947 1,538Total 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 0 1,803



LT Bond 6,259 6,259 6,274 6,196 24,987Common Stock 947 947 1,018 -- 2,912Preferred Stock 0 0 0 -- 0Total 7,206 7,206 7,292 6,196 --



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 1,045 1. Med Prof Liab 4,802 Cash/Invested Assets 63.31 73.14 79.90 25.46 25.452. New York 707 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. California 587 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 565 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 467 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 0.49 -13.99 -22.20 All other admitted assets/Total Assets 12.71 10.86 11.29 7.60 8.59National DPW ($000) 15,027 9,181 6,928 6,124 4,802 Invested Assets/Total Assets 25.81 28.41 28.42 82.04 88.38Adjusted Loss Ratio 38.88 44.92 18.28 35.09 4.82 Investment Income/Total Assets 0.57 0.28 0.21 1.08 0.94





Other Invstmts - 25.5% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Florida - 21.8% New York - 14.7%

California - 12.2% Texas - 11.8%

Kentucky - 9.7% All other - 29.8%



Aircraft - 0.0%



All Other - 0.0%


Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

2700 North Third Street NAIC Company Code : 11976 Total Assets 8,492 10,547 12,979 14,707 15,707Suite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,435 4,973 5,653 6,096 6,358Phoenix, AZ 85004-1229 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,058 5,574 7,325 8,611 9,349

NAIC Ownership Structure: Risk Retention Group Net Income 146 1,420 505 816 875Tax Identification Number : 20-1145017 Total Revenue 2,781 3,816 4,311 4,055 4,154



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 3,315 3,507 5,457 6,516 7,334Demotech Financial Strength Rating A 11/19/12 Affirm Loss & LAE Reserves/ NPE (%) 125.24 107.01 106.54 162.36 174.75S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 24.93 57.29 12.10 19.58 18.59Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.88 0.75 0.77 0.58 0.59Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Cas Actuarial Consultants Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Vicente M. Juan






GPW to Policyholders' Surplus3 900 --- 77 78 67NPW to Policyholders' Surplus 300 --- 75 77 58Change in Net Premiums Written 33 -33 22 17 -18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 49 62 77

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 3 1 2 6* 2 6*



85.0

69.074.0 73.0 72.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2008Y 2009Y 2010Y 2011Y 2012L3


71.7

44.3

88.378.4 77.7

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 3.1 2.6* 2.6*

Loss Adjustment Expense Ratio 23.77 0.46 17.24 10.72 16.67 Gross Change in Policyholders' Surplus 50 -10 45 14 8Net Commission Ratio 8.18 9.21 9.21 11.51 NA Net Change in Adj Policyholders' Surplus 25 -10 45* 14 8Salaries & Benefits Ratio 0.00 3.64 3.20 4.65 NA Liabilities to Liquid Assets 100 --- 69 74 73Tax, License & Fees Ratio 2.55 1.82 1.58 2.17 NA Agents' Bal to Policyholders' Surplus 40 --- 2 4 3Admin & Other Expense Ratio 9.64 5.65 4.77 6.78 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -39 -19 -11Gross Premiums Written ($000)3 3,172 3,825 4,399 4,099 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -41 -53 -35Loss & Loss Adj Expense ($000) 1,331 862 2,837 2,011 2,157 Est Curr Resv Defi/Policyholders' Surplus 25 --- -21 -50 -55Other Underwriting Exp Incurred ($000) 619 754 814 889 831 *Indicates an unusual value.Net Underwriting Gains ($000) 642 1,982 431 878 889 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 95.77 97.04 98.59 86.32 NA complements of each ratio.Effective Tax Rate 66.31 33.80 27.10 31.41 28.97




Reinsurance Recoverable ex US Aff 128 200 293 332 NA Net Premiums Written Growth 34.05 22.18 16.85 -18.42 1.47Retention Ratio (NPW/GPW) (%)3 95.77 97.04 98.59 86.32 NA Pre-Tax Operating Income Growth 5.81 164.34 -70.01 75.07 147.08Unauthorized Net Recov. (ex US Aff) (%) 25.00 25.00 24.91 25.60 NA Net Income Growth -70.32 871.34 -64.42 61.44 118.16Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 17.04 5.80 55.58 19.40 13.97Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 39.98 20.58 15.01 -6.83 -9.16Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 111.68 85.77 29.87 18.91 15.37





Asbestos NA NA NA NA NA Capital and Surplus 3,435 4,973 5,653 6,096 6,358 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 3,435 4,973 5,653 6,096 NA Combined NA NA NA NA NA ACL Risk Based Capital 366 394 689 653 NA

Risk Based Capital Ratio (TAC/ACL RBC) 938.02 1,262.29 821.04 933.09 NA


Change in Loss & LAE Resv / Reserves 17.04 5.80 55.58 19.40 13.97 Realized Capital Gains (Losses) -398 -54 33 35 661 Yr Loss Reserve Dev / 1Y Prior C&S -52.34 -39.16 -18.58 -11.18 NA Net Unrealized Capital Gains (Losses) -2 118 175 47 2622 Yr Loss Reserve Dev / 2Y Prior C&S -55.78 -40.91 -53.01 -34.94 NA Dividends to Stockholders 0 0 0 -420 -490Loss and LAE Reserves / NPE 125.24 107.01 106.54 162.36 174.75 Dividend Payout Ratio (%) 0.00 0.00 0.00 51.49 55.981 Yr Loss Reserve Development / NPE -66.44 -37.37 -22.64 -16.73 NA Net Premiums Written / Avg C&S (%) 91.05 96.69 79.58 60.01 60.07IBNR/ Total Reserves 41.59 27.09 22.54 25.24 NA Liabilities / Capital & Surplus (%) 147.26 112.08 129.57 141.27 147.04Reserves/ Equity 96.52 70.52 96.52 106.89 115.35 Total Reins Recov Excl US Aff / C&S (%) 3.73 4.02 5.18 5.45 NA


545.4469.0

631.1

410.5466.5

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2007Y 2008Y 2009Y 2010Y 2011Y



95.897.0

98.6

86.3

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2008Y 2009Y 2010Y 2011Y 2012L3




Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 4,093 5,407 6,415 7,997 8,901 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 3,172 3,825 4,399 4,099 3,853Common Stocks 797 1,036 1,949 2,120 2,423 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -134 -113 -62 -561 -84Occupied Properties 0 0 0 0 0 Net Premiums Written 3,038 3,712 4,337 3,538 3,769Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 446 113 255 -240 -109Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,592 3,599 4,082 3,778 3,878

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 985 1,586 1,414 1,598 1,521 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,876 8,030 9,779 11,716 12,844 Net Losses Paid - Commercial 423 232 370 396 NAPremiums & Considerations Due 177 105 228 183 157 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 423 232 370 396 NAAll Other Admitted Assets 2,439 2,412 2,972 2,808 2,705 Net LAE Paid 425 438 517 556 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 8,492 10,547 12,979 14,707 15,707 Change in Loss Reserves - Commercial 292 614 1,763 1,210 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 191 -422 186 -151 NA

Unpaid Losses 1,756 2,370 4,133 5,343 5,843 Net Change in Loss and LAE Reserves 483 192 1,949 1,059 NAUnpaid Loss Adj Expenses 1,559 1,137 1,323 1,172 1,491 Losses and LAE Incurred 1,331 862 2,837 2,011 2,157

Loss & Loss Adj Exp Reserves 3,315 3,507 5,457 6,516 7,334 Other Underwriting Expense Incurred 619 754 814 889 831Unearned Premiums 1,459 1,572 1,827 1,587 1,675 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 2 -93 -245 259 189 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 225 157 250 214 147 Net Underwriting Gain (Loss) 642 1,982 431 878 889Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 57 430 37 35 4 Total underwriting deductions 1,949 1,617 3,651 2,900 2,988



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) -398 -54 33 35 66Preferred 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 835 2,373 3,053 3,496 3,758 Income after cap gains (loss) before tax 434 2,145 693 1,189 1,232Other Including Gross Contributed 2,000 2,000 2,000 2,000 2,000 Federal Income Tax 288 725 188 374 357

Capital & Surplus 3,435 4,973 5,653 6,096 6,358 Net Income 146 1,420 505 816 875

Total Liabilities and C&S 8,492 10,547 12,979 14,707 15,707 Pre-tax Operating Income 832 2,199 660 1,155 1,166


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 3,087 4,093 5,407 6,492 7,997Cash & 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 189 217 228 276 277 Class 6 0 0 0 0 0R li d C it l G i 398 54 33 35 66Realized Capital Gains -398 -54 33 35 66Unrealized Capital Gains -2 118 175 47 262Total Cash & Investments 5,876 8,030 9,779 11,716 12,844Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,093 5,407 6,492 7,997 8,901Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 797 1,036 1,949 2,120 2,423Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 1,774 1,919 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 1,162 1,537 2,424 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 2,185 1. Med Prof Liab 4,099 Cash/Invested Assets 16.76 19.75 14.46 13.64 11.842. Arizona 1,704 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 210 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA 76.29 18.13 10.26 All other admitted assets/Total Assets 28.72 22.87 22.90 19.09 17.22National DPW ($000) 2,266 3,172 3,825 4,399 4,099 Invested Assets/Total Assets 69.19 76.13 75.34 79.66 81.78Adjusted Loss Ratio 20.36 27.99 22.23 50.76 48.23 Investment Income/Total Assets 2.23 2.06 1.76 1.88 1.76





Other Invstmts - 13.6% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Texas - 53.3% Arizona - 41.6% Michigan - 5.1%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Charitable Svc Prvdrs Recpl (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

15255 North 40th Street NAIC Company Code : 12167 Total Assets 1,948 2,458 3,257 3,521 3,910Suite 109 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,616 2,117 2,899 3,244 3,330Phoenix, AZ 85032-4638 Geographic Focus: Regional - Western Quadrant Total Liabilities 332 342 358 277 579

NAIC Ownership Structure: Risk Retention Group Net Income 274 714 683 579 708Tax Identification Number : 20-8095873 Total Revenue 819 1,124 1,116 985 1,018

Direct Premiums Written 1,334 1,349 1,327 1,338 1,088Net Premiums Written 773 1,093 1,048 916 916

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 773 1,093 1,048 916 961

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 252 314 325 206 261Demotech Financial Strength Rating A 11/05/12 Affirm Loss & LAE Reserves/ NPE (%) 35.64 23.27 32.07 46.71 28.48S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 24.90 37.50 26.87 18.55 21.03Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.48 0.52 0.36 0.28 0.28Fitch Financial Strength Rating -- -- -- --


Name : Richard P. Marshall Auditor Brown Smith Wallace LLCPhone : (602) 952-9532 Actuary Milliman Inc.Fax : (602) 952-8789 CEO David Barger EllisEmail : [email protected] CFO Matthew Luger

President David Barger Ellis


Net Yield on Invested Assets 2.14 1.29 2.19 1.92 1.54Net Investment Income/Earned Premiums 5.85 2.91 6.42 7.53 6.18Return on Average Equity (C&S) 18.35 38.20 27.39 20.01 22.37Return on Avg Assets 11.58 27.15 20.65 15.40 18.20Loss and LAE Ratio 11.48 9.68 5.17 15.01 -2.91Expense Ratio 46.28 29.11 37.30 33.99 41.49Loss Ratio -4.15 9.30 0.96 9.20 -3.40Combined Ratio 57.76 38.79 42.47 49.00 38.58Operating Ratio 51.91 35.89 36.05 41.47 32.69Investment ratio 5.85 2.91 6.42 7.53 5.89


Cash, Short-Term Investments / Liabilities 96.30 55.38 41.13 69.80 27.78Cash, Common & Liquid Bonds / Liabilities 584.25 664.46 836.86 NM 624.50Cash & Short-Term Investments / C&S 19.76 8.93 5.08 5.95 4.83Liabilities / Liquid Assets (IRIS Ratio) 18.00 15.00 12.00 8.00 16.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 773.49 764.50 958.58 1,714.21 747.99Cash From Underwriting ($000) 314 572 559 538 130Net Cash From Operations ($000) 362 632 648 651 234Underwriting Cash Flow Ratio 167.68 262.09 228.17 196.59 120.85Operating Cash Flow Ratio 167.68 254.38 228.17 196.59 120.85Unassigned Funds / Total Assets 52.91 72.72 78.90 82.80 76.77


GPW to Policyholders' Surplus3 900 --- 64 46 41NPW to Policyholders' Surplus 300 --- 52 36 28Change in Net Premiums Written 33 -33 41* -4 -13Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 43 36 39




18.0

15.0

12.0

8.0

16.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2008Y 2009Y 2010Y 2011Y 2012L3


57.8

38.842.5

49.0

38.6

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 15.63 0.38 4.22 5.81 0.49 Gross Change in Policyholders' Surplus 50 -10 31 37 12Net Commission Ratio 0.00 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 41* 37* 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 15 12 8Tax, License & Fees Ratio 2.05 1.70 5.35 1.72 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 44.23 27.41 31.94 32.27 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -7 -1Gross Premiums Written ($000)3 1,334 1,349 1,327 1,338 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -13 -4Loss & Loss Adj Expense ($000) 89 106 54 138 -28 Est Curr Resv Defi/Policyholders' Surplus 25 --- -9 -7 1Other Underwriting Exp Incurred ($000) 358 318 391 311 380 *Indicates an unusual value.Net Underwriting Gains ($000) 327 669 603 467 609 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 57.99 81.00 78.98 68.49 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 5.56



REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -6.74 2.99 4.81 -22.73 -30.23

Reinsurance Recoverable ex US Aff 159 132 120 148 NA Net Premiums Written Growth -9.66 41.28 -4.04 -12.59 5.17Retention Ratio (NPW/GPW) (%)3 57.99 81.00 78.98 68.49 NA Pre-Tax Operating Income Growth 4.81 88.34 -4.28 -20.01 60.12Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -24.62 160.41 -4.24 -15.34 58.77Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -18.22 24.81 3.48 -36.70 -50.93Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -3.41 1.14 -1.59 0.80 -18.69Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -28.74 -23.30 -6.28 1.14 -4.25






Risk Based Capital Ratio (TAC/ACL RBC) 1,185.73 1,917.71 1,878.52 2,485.35 NA

RESERVE ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 592.87 958.85 939.26 1,242.68 NA

Change in Loss & LAE Resv / Reserves -18.22 24.81 3.48 -36.70 -50.93 Realized Capital Gains (Losses) -98 13 13 42 841 Yr Loss Reserve Dev / 1Y Prior C&S -11.14 -12.68 -6.76 -0.93 NA Net Unrealized Capital Gains (Losses) 3 44 98 57 1322 Yr Loss Reserve Dev / 2Y Prior C&S 0.52 -12.03 -12.68 -3.87 NA Dividends to Stockholders 0 0 0 -290 -324Loss and LAE Reserves / NPE 35.64 23.27 32.07 46.71 28.48 Dividend Payout Ratio (%) 0.00 0.00 0.00 50.10 45.841 Yr Loss Reserve Development / NPE -19.27 -18.76 -13.64 -2.95 NA Net Premiums Written / Avg C&S (%) 51.78 58.49 42.02 31.70 28.95IBNR/ Total Reserves 53.86 40.38 43.17 65.78 NA Liabilities / Capital & Surplus (%) 20.52 16.13 12.35 8.53 17.40Reserves/ Equity 15.57 14.84 11.21 6.34 7.85 Total Reins Recov Excl US Aff / C&S (%) 9.84 6.24 4.14 4.56 NA


451.8592.9

958.9 939.3

1,242.7

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007Y 2008Y 2009Y 2010Y 2011Y



58.0

81.0 79.068.5

0200400600800

1,0001,2001,4001,600

2008Y 2009Y 2010Y 2011Y 2012L3




Charitable Svc Prvdrs Recpl (Phoenix, AZ)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -560 -256 -279 -422 -172Occupied Properties 0 0 0 0 0 Net Premiums Written 773 1,093 1,048 916 916Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -45Properties for Sale 0 0 0 0 0 Net Premiums Earned 773 1,093 1,048 916 961

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 319 189 147 193 161 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,788 2,269 2,996 3,379 3,618 Net Losses Paid - Commercial 55 12 1 195 NAPremiums & Considerations Due 0 0 0 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 162 215 56 181 Net Losses Paid 55 12 1 195 NAAll Other Admitted Assets 160 27 46 86 110 Net LAE Paid 89 31 43 62 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 1,948 2,458 3,257 3,521 3,910 Change in Loss Reserves - Commercial -87 89 9 -111 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 31 -27 1 -8 NA

Unpaid Losses 148 237 246 135 184 Net Change in Loss and LAE Reserves -56 62 11 -119 NAUnpaid Loss Adj Expenses 104 77 79 70 77 Losses and LAE Incurred 89 106 54 138 -28

Loss & Loss Adj Exp Reserves 252 314 325 206 261 Other Underwriting Expense Incurred 358 318 391 311 380Unearned Premiums 0 0 0 0 222 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 5 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 17 25 23 53 15 Net Underwriting Gain (Loss) 327 669 603 467 609Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 58 2 10 17 81 Total underwriting deductions 447 424 445 449 352

Total Liabilities 332 342 358 277 579


Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -98 13 13 42 84Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 381 125 125 125 125 All Other Income 0 0 0 0 0Unassigned Surplus 1,031 1,788 2,570 2,915 3,001 Income after cap gains (loss) before tax 274 714 683 579 749Other Including Gross Contributed 204 204 204 204 204 Federal Income Tax 0 0 0 0 42



Memo: Total Revenue 721 1,137 1,129 1,028 1,101Memo: Affiliated Investments ($000) Memo: Paid Expenses 468 343 436 343 NA

Bonds 0 0 0 0 0





Net Investment Income 45 32 67 69 57 Class 6 0 0 0 0 0R li d C it l G i 98 13 13 42 84Realized Capital Gains -98 13 13 42 84Unrealized Capital Gains 3 44 98 57 132Total Cash & Investments 1,788 2,269 2,996 3,379 3,618Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,415 1,737 2,386 2,512 2,779Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 203 344 462 674 679Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Arizona 876 1. Med Prof Liab 1,338 Cash/Invested Assets 17.86 8.33 4.91 5.71 4.452. Colorado 462 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 5.7% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Arizona - 65.5% Colorado - 34.5%

Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Chattahoochee RRG Captive Ins (Thomasville, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

14382 US Highway 19, South NAIC Company Code : 11065 Total Assets 4,270 4,724 4,816 5,716 6,396Thomasville, GA 31757-4801 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,854 1,941 2,123 2,392 3,004

Geographic Focus: Regional - Southern Quadrant Total Liabilities 2,416 2,783 2,693 3,324 3,393NAIC Ownership Structure: Risk Retention Group Net Income 362 262 366 133 391Tax Identification Number : 20-2848730 Total Revenue 1,437 1,540 1,524 1,372 1,460

Direct Premiums Written 1,800 2,046 1,803 1,646 1,688Net Premiums Written 1,282 1,382 1,328 1,168 807




Name : Cory E. Brown Auditor Sewell Morgan & Hilliard P.C.Phone : (229) 226-1937x106 Actuary Milliman Inc.Fax : (229) 226-5394 CEO --Email : [email protected] CFO --

President Ashish Jain




Cash, Short-Term Investments / Liabilities 50.48 20.15 18.69 35.40 18.39Cash, Common & Liquid Bonds / Liabilities 171.66 165.45 173.97 168.92 178.61Cash & Short-Term Investments / C&S 65.77 28.89 23.72 49.20 20.77Liabilities / Liquid Assets (IRIS Ratio) 58.00 60.00 57.00 59.00 54.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 283.51 282.44 226.43 227.24 189.76Cash From Underwriting ($000) 1,141 358 532 1,100 985Net Cash From Operations ($000) 1,280 508 371 1,076 1,353Underwriting Cash Flow Ratio 451.89 135.65 167.21 545.24 386.47Operating Cash Flow Ratio 452.19 135.14 210.52 634.95 398.54Unassigned Funds / Total Assets 9.42 12.94 21.72 24.11 32.71


GPW to Policyholders' Surplus3 900 --- 105 85 69NPW to Policyholders' Surplus 300 --- 71 63 49Change in Net Premiums Written 33 -33 8 -4 -12Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 71 66 68

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 2 6* 3 3 2 8*

MSA: Thomasville, GA (Micro)


58.0

60.0

57.0

59.0

54.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012L3


82.7 81.875.6

93.7103.4

0.00

5.00

10.00

15.00

20.00

25.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 2.6* 3.3 2.8*

Loss Adjustment Expense Ratio 25.00 17.43 32.28 48.11 28.71 Gross Change in Policyholders' Surplus 50 -10 5 9 13Net Commission Ratio 0.00 0.00 19.81 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 2 6 10Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 60 57 59Tax, License & Fees Ratio 7.27 7.23 6.78 7.18 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 23.63 24.49 8.33 29.61 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -22 -11Gross Premiums Written ($000)3 1,800 2,046 1,803 1,646 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -31 -33 -28Loss & Loss Adj Expense ($000) 665 692 541 665 531 Est Curr Resv Defi/Policyholders' Surplus 25 --- -27 -37 -46Other Underwriting Exp Incurred ($000) 396 438 464 430 485 *Indicates an unusual value.Net Underwriting Gains ($000) 221 252 323 73 212 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 71.23 67.56 73.63 70.99 NA complements of each ratio.Effective Tax Rate 0.00 39.33 31.45 55.49 9.59



REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 47.75 15.19 -3.22 23.41 10.60

Reinsurance Recoverable ex US Aff 1,205 1,578 476 523 NA Net Premiums Written Growth 63.41 7.80 -3.96 -12.00 -31.68Retention Ratio (NPW/GPW) (%)3 71.23 67.56 73.63 70.99 NA Pre-Tax Operating Income Growth NM 8.84 26.87 -46.73 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 15.34 29.62 29.83 NA Net Income Growth NM -27.61 39.68 -63.63 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 51.39 15.95 4.14 18.49 10.95Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 13.62 13.65 -11.88 -8.74 1.89Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 69.87 54.15 40.45 24.86 21.92






Risk Based Capital Ratio (TAC/ACL RBC) 1,128.70 693.59 795.33 855.86 NA


Change in Loss & LAE Resv / Reserves 51.39 15.95 4.14 18.49 10.95 Realized Capital Gains (Losses) -14 22 15 22 -111 Yr Loss Reserve Dev / 1Y Prior C&S -13.00 -11.87 -22.46 -10.59 NA Net Unrealized Capital Gains (Losses) -8 0 0 0 6062 Yr Loss Reserve Dev / 2Y Prior C&S -13.57 -31.33 -33.11 -27.87 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 102.03 131.47 158.86 212.98 219.27 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -12.17 -15.91 -32.84 -19.25 NA Net Premiums Written / Avg C&S (%) 72.51 65.07 57.79 54.58 31.57IBNR/ Total Reserves 28.64 35.09 25.69 27.35 NA Liabilities / Capital & Surplus (%) 130.29 143.34 126.88 138.97 112.94Reserves/ Equity 101.81 112.74 107.38 112.93 94.39 Total Reins Recov Excl US Aff / C&S (%) 64.99 81.28 22.42 21.87 NA


249.3

564.4

346.8397.7

427.9

0

500

1,000

1,500

2,000

2,500

3,000

2007Y 2008Y 2009Y 2010Y 2011Y



71.2

67.6

73.6

71.0

0

500

1,000

1,500

2,000

2,500

2008Y 2009Y 2010Y 2011Y 2012L3




Chattahoochee RRG Captive Ins (Thomasville, GA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -518 -664 -476 -477 -881Occupied Properties 0 0 0 0 0 Net Premiums Written 1,282 1,382 1,328 1,168 807Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -421Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,282 1,382 1,328 1,168 1,228

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,220 561 503 1,177 624 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 4,147 4,604 4,686 5,614 6,059 Net Losses Paid - Commercial 0 274 244 0 NAPremiums & Considerations Due 0 0 0 0 99 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 0 274 244 0 NAAll Other Admitted Assets 123 120 131 101 238 Net LAE Paid 24 117 206 244 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 4,270 4,724 4,816 5,716 6,396 Change in Loss Reserves - Commercial 344 177 -132 103 NA


Unpaid Losses 1,041 1,218 1,086 1,189 1,339 Net Change in Loss and LAE Reserves 641 301 91 421 NAUnpaid Loss Adj Expenses 847 971 1,194 1,512 1,497 Losses and LAE Incurred 665 692 541 665 531

Loss & Loss Adj Exp Reserves 1,888 2,189 2,280 2,701 2,835 Other Underwriting Expense Incurred 396 438 464 430 485Unearned Premiums 0 0 0 0 358 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 102 177 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 146 56 54 84 22 Net Underwriting Gain (Loss) 221 252 323 73 212Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 382 538 360 437 0 Total underwriting deductions 1,061 1,130 1,004 1,095 1,016



Common Capital Stock 1,485 1,512 1,549 1,586 1,693 Net Realized Capital Gains (Losses) -14 22 15 22 -11Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 30 43 43 62 70Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 402 612 1,046 1,378 2,092 Income after cap gains (loss) before tax 362 432 534 299 433Other Including Gross Contributed -34 -182 -472 -572 -781 Federal Income Tax 0 170 168 166 42



Memo: Total Revenue 1,423 1,562 1,538 1,394 1,449Memo: Affiliated Investments ($000) Memo: Paid Expenses 448 594 712 720 NA

Bonds 0 0 0 0 0





Net Investment Income 124 114 153 141 162 Class 6 0 0 0 0 0R li d C it l G i 14 22 15 22 11Realized Capital Gains -14 22 15 22 -11Unrealized Capital Gains -8 0 0 0 606Total Cash & Investments 4,147 4,604 4,686 5,614 6,059Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 2,850 3,766 3,835 3,990 4,595Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 78 278 347 448 840Total 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. Georgia 1,646 1. Med Prof Liab 1,646 Cash/Invested Assets 29.41 12.18 10.74 20.96 10.302. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA 23.53 1.97 All other admitted assets/Total Assets 2.88 2.54 2.71 1.76 3.72National DPW ($000) 1,585 1,800 2,046 1,803 1,646 Invested Assets/Total Assets 97.12 97.46 97.29 98.23 94.73Adjusted Loss Ratio 23.31 33.33 0.00 0.00 6.27 Investment Income/Total Assets 2.91 2.42 3.18 2.47 2.53





Other Invstmts - 21.0% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Georgia - 100.0% Alaska - 0.0%





Aircraft - 0.0%



All Other - 0.0%


Cherokee Grte Co. Inc. A RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

5450 East High Street NAIC Company Code : 14388 Total Assets NA NA NA NA 6,664Suite 300 Business Focus : P&C Minimum NPW Policyholder Surplus NA NA NA NA 1,477Phoenix, AZ 85054-5479 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA NA NA 5,187

NAIC Ownership Structure: Stock Company Net Income NA NA NA NA NATax Identification Number : 45-5591447 Total Revenue NA NA NA NA NA

Direct Premiums Written NA NA NA NA NANet Premiums Written NA NA NA NA NA

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA NA NA

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA NA 163Demotech Financial Strength Rating A 11/20/12 Initiate Loss & LAE Reserves/ NPE (%) NA NA NA NA NAS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA NAMoody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA NA NAFitch Financial Strength Rating -- -- -- --


Name : Andrew Scott Marson Auditor --Phone : (480) 682-4983 Actuary --Fax : (480) 471-8160 CEO --Email : [email protected] CFO --

President Michael Walter Gregory


Net Yield on Invested Assets NA NA NA NA NANet Investment Income/Earned Premiums NA NA NA NA NAReturn on Average Equity (C&S) NA NA NA NA NAReturn on Avg Assets NA NA NA NA NALoss and LAE Ratio NA NA NA NA NAExpense Ratio NA NA NA NA NALoss Ratio NA NA NA NA NACombined Ratio NA NA NA NA NAOperating Ratio NA NA NA NA NAInvestment ratio NA NA NA NA NA

Policyholder Dividend Ratio NA NA NA NA NA CASH FLOW & LIQUIDITY (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Cash, Short-Term Investments / Liabilities NA NA NA NA 25.25Cash, Common & Liquid Bonds / Liabilities NA NA NA NA 33.74Cash & Short-Term Investments / C&S NA NA NA NA 88.68Liabilities / Liquid Assets (IRIS Ratio) NA NA NA NA 296.00Affiliated Investments / Capital & Surplus NA NA NA NA 0.00Reserve coverage2 NA NA NA NA 46.36Cash From Underwriting ($000) NA NA NA NA NANet Cash From Operations ($000) NA NA NA NA NAUnderwriting Cash Flow Ratio NA NA NA NA NAOperating Cash Flow Ratio NA NA NA NA NAUnassigned Funds / Total Assets NA NA NA NA -0.35


GPW to Policyholders' Surplus3 900 --- NA NA NANPW to Policyholders' Surplus 300 --- NA NA NAChange in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 0

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 NA NA NA


Distribution Channel: --

296.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012L3


0.000.100.200.300.400.500.600.700.800.901.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 NA NA NA

Loss Adjustment Expense Ratio NA NA NA NA NA Gross Change in Policyholders' Surplus 50 -10 NA NA NANet Commission Ratio NA NA NA NA NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA NASalaries & Benefits Ratio NA NA NA NA NA Liabilities to Liquid Assets 100 --- NA NA NATax, License & Fees Ratio NA NA NA NA NA Agents' Bal to Policyholders' Surplus 40 --- NA NA NAAdmin & Other Expense Ratio NA NA NA NA NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NAGross Premiums Written ($000)3 NA NA NA NA NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA NA NA Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA NA NA *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA NA NA NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA NA NA complements of each ratio.Effective Tax Rate NA NA NA NA NA

Pre-Tax Operating Margin NA NA NA NA NA GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth NA NA NA NA NA

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth NA NA NA NA NA

Reinsurance Recoverable ex US Aff NA NA NA NA NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA NA NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA NA NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA NAReinsurance Payable on Losses, LAE NA NA NA NA NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA NA Total Liabilities Five-year CAGR NA NA NA NA NA

Capital & Surplus Five-year CAGR NA NA NA NA NAAdmitted Assets Five-year CAGR NA NA NA NA NA




Asbestos NA NA NA NA NA Capital and Surplus NA NA NA NA 1,477 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA NA



Change in Loss & LAE Resv / Reserves NA NA NA NA NA Realized Capital Gains (Losses) NA NA NA NA NA1 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA NA NA2 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA NA NA Dividends to Stockholders NA NA NA NA NALoss and LAE Reserves / NPE NA NA NA NA NA Dividend Payout Ratio (%) NA NA NA NA NA1 Yr Loss Reserve Development / NPE NA NA NA NA NA Net Premiums Written / Avg C&S (%) NA NA NA NA NAIBNR/ Total Reserves NA NA NA NA NA Liabilities / Capital & Surplus (%) NA NA NA NA 351.19Reserves/ Equity NA NA NA NA 11.00 Total Reins Recov Excl US Aff / C&S (%) NA NA NA NA NA


00000111111

2007Y 2008Y 2009Y 2010Y 2011Y



00000111111

2008Y 2009Y 2010Y 2011Y 2012L3




Cherokee Grte Co. Inc. A RRG (Phoenix, AZ)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds NA NA NA NA 421 Personal P&C Direct Premiums NA NA NA NA NAPreferred Stocks NA NA NA NA 0 Commercial P&C Direct Premiums NA NA NA NA NACommon Stocks NA NA NA NA 19 Accident & Health Direct Premiums NA NA NA NA NA

First Lien Real Estate Loans NA NA NA NA 0 Direct Premiums Written NA NA NA NA NAReal Estate Loans Less First Liens NA NA NA NA 0

Total Mortgage Loans NA NA NA NA 0 Net Reinsurance Premiums5 NA NA NA NA NAOccupied Properties NA NA NA NA 0 Net Premiums Written NA NA NA NA NAIncome Generating Properties NA NA NA NA 0 Change in U/E Premiums Reserve NA NA NA NA NAProperties for Sale NA NA NA NA 0 Net Premiums Earned NA NA NA NA NA

Total Real Estate NA NA NA NA 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA NA 1,310 Underwriting Deductions ($000)Other Investments NA NA NA NA 0 Net Losses Paid - Personal NA NA NA NA NASubtotals, Cash & Invested Assets NA NA NA NA 1,750 Net Losses Paid - Commercial NA NA NA NA NAPremiums & Considerations Due NA NA NA NA 3,595 Net Losses Paid - A&H NA NA NA NA NAReinsurance Recoverable NA NA NA NA 0 Net Losses Paid NA NA NA NA NAAll Other Admitted Assets NA NA NA NA 1,318 Net LAE Paid NA NA NA NA NASeparate Account Assets NA NA NA NA 0 Change in Loss Reserves - Personal NA NA NA NA NATotal Net Admitted Assets NA NA NA NA 6,664 Change in Loss Reserves - Commercial NA NA NA NA NA

Change in Loss Reserves - A&H NA NA NA NA NALiabilities Change in LAE Reserves NA NA NA NA NA

Unpaid Losses NA NA NA NA 163 Net Change in Loss and LAE Reserves NA NA NA NA NAUnpaid Loss Adj Expenses NA NA NA NA 0 Losses and LAE Incurred NA NA NA NA NA

Loss & Loss Adj Exp Reserves NA NA NA NA 163 Other Underwriting Expense Incurred NA NA NA NA NAUnearned Premiums NA NA NA NA 3,612 Other Underwriting Deductions NA NA NA NA NATotal Reinsurance Liabilities NA NA NA NA 1,139 Net Income Protected Cells NA NA NA NA NACommissions, Other Exp & Taxes NA NA NA NA 130 Net Underwriting Gain (Loss) NA NA NA NA NAPayable to Parent, Subs & Affiliates NA NA NA NA 0 Policyholder Dividends (PHD) NA NA NA NA NAOther Liabilities NA NA NA NA 142 Total underwriting deductions NA NA NA NA NA

Total Liabilities NA NA NA NA 5,187

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA NA NA

Common Capital Stock NA NA NA NA 1,500 Net Realized Capital Gains (Losses) NA NA NA NA NAPreferred Capital Stock NA NA NA NA 0 Finance Service Charges NA NA NA NA NASurplus Notes NA NA NA NA 0 All Other Income NA NA NA NA NAUnassigned Surplus NA NA NA NA -23 Income after cap gains (loss) before tax NA NA NA NA NAOther Including Gross Contributed NA NA NA NA 0 Federal Income Tax NA NA NA NA NA

Capital & Surplus NA NA NA NA 1,477 Net Income NA NA NA NA NA

Total Liabilities and C&S NA NA NA NA 6,664 Pre-tax Operating Income NA NA NA NA NA

Memo: Total Revenue NA NA NA NA NAMemo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA NA NA

Bonds NA NA NA NA 0

Preferred Stocks NA NA NA NA 0 BOND QUALITY ($000) - Annual Only62007Y 2008Y 2009Y 2010Y 2011Y

Common Stocks NA NA NA NA 0 Investment GradeMortgage Loans NA NA NA NA 0 Class 1 NA NA NA NA NACash & Short Term Investments NA NA NA NA 0 Class 2 NA NA NA NA NAAll Other Investments NA NA NA NA 0 Non - Investment Grade

Total Affiliated Investments NA NA NA NA 0 Class 3 NA NA NA NA NAClass 4 NA NA NA NA NA

INVESTMENT ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Class 5 NA NA NA NA NA

Net Investment Income NA NA NA NA NA Class 6 NA NA NA NA NAR li d C it l G i NA NA NA NA NARealized Capital Gains NA NA NA NA NAUnrealized Capital Gains NA NA NA NA NATotal Cash & Investments NA NA NA NA 1,750Affiliated Cash & Investments NA NA NA NA 0Total Bonds (incl Short-Term) NA NA NA NA 421Total Preferred Stock (incl Nonadmitted) NA NA NA NA 0Total Common Stock (incl Nonadmitted) NA NA NA NA 19Total Mortgage Loans (incl Nonadmitted) NA NA NA NA 0Total Real Estate (incl Nonadmitted) NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 NA

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 NA

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA NAIssued Political Subdivisions ($000) NA NA NA NA NAIssued State Rev Obligations ($000) NA NA NA NA NAIssued Industrial Development ($000) NA NA NA NA NA


LT Bond NA NA NA NA --Common Stock NA NA NA -- --Preferred Stock NA NA NA -- --Total NA NA NA NA --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA 1.00Bonds Rated 3-6 / C&S NA NA NA NA 0.00Class 5 and 6 Bonds / C&S NA NA NA NA 0.00Bonds/Invested Assets NA NA NA NA 24.06Common Stocks / C&S NA NA NA NA 1.31Unaff common stock/Invested Assets NA NA NA NA 1.10

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA NA 0.00Cash/Invested Assets NA NA NA NA 74.83Mortgage & Real Estate / C&S NA NA NA NA 0.00Mortgages in Foreclosure/Mortgages NA NA NA NA NAMortgages Loans/Invested Assets NA NA NA NA 0.00Real Estate/Invested Assets NA NA NA NA 0.00

All Other All Other Other Investments/Invested Assets NA NA NA NA 0.00Premiums & Cons due/Total Assets NA NA NA NA 53.95

MARKET POSITION ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Reinsurance recoverable/Total Assets NA NA NA NA 0.00

Market Share Ratio NA NA NA NA NA Rec from parent,sub or aff./Total Assets NA NA NA NA 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA NA 19.78National DPW ($000) NA NA NA NA NA Invested Assets/Total Assets NA NA NA NA 26.26Adjusted Loss Ratio NA NA NA NA NA Investment Income/Total Assets NA NA NA NA NA



0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3



Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

2386 Airport Road-Berlin NAIC Company Code : 10075 Total Assets 6,987 6,772 6,252 5,674 5,614Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,580 3,643 3,589 3,405 3,326

Geographic Focus: Geography Minimum NPW Total Liabilities 3,406 3,129 2,664 2,269 2,288NAIC Ownership Structure: Risk Retention Group Net Income -60 -187 13 -64 -125Tax Identification Number : 03-0310577 Total Revenue 1,211 831 821 685 588

Direct Premiums Written 2,091 1,522 1,326 1,166 949Net Premiums Written 953 640 616 561 439

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,004 677 679 602 531

AM Best Financial Strength Rating B 04/03/12 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,717 2,450 2,065 1,820 1,805Demotech Financial Strength Rating A 11/26/12 Affirm Loss & LAE Reserves/ NPE (%) 268.76 380.31 368.61 347.05 345.11S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -0.27 -5.39 -1.39 -7.21 -8.84Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.27 0.18 0.17 0.16 0.13Fitch Financial Strength Rating -- -- -- --


Name : Paula A. French Auditor Johnson Lambert & Co. 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 3.12 2.54 2.34 1.49 1.19Net Investment Income/Earned Premiums 21.81 24.05 23.09 14.80 12.99Return on Average Equity (C&S) -1.54 -5.31 0.36 -1.84 -3.71Return on Avg Assets -0.82 -2.74 0.19 -1.05 -2.20Loss and LAE Ratio 56.11 74.84 45.50 60.07 62.56Expense Ratio 69.16 80.27 91.28 102.30 126.20Loss Ratio 29.30 -3.61 17.09 -50.18 -118.57Combined Ratio 125.27 155.11 136.78 162.37 188.77Operating Ratio 104.56 132.36 115.83 148.58 178.02Investment ratio 20.71 22.75 20.95 13.79 10.74


Cash, Short-Term Investments / Liabilities 51.60 47.92 53.40 67.35 82.93Cash, Common & Liquid Bonds / Liabilities 224.91 227.85 261.92 277.99 262.81Cash & Short-Term Investments / C&S 49.10 41.15 39.64 44.87 57.04Liabilities / Liquid Assets (IRIS Ratio) 53.00 53.00 46.00 45.00 48.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 265.55 499.24 344.04 364.60 242.33Cash From Underwriting ($000) 127 -960 -418 -833 -927Net Cash From Operations ($000) 326 -648 -143 -696 -827Underwriting Cash Flow Ratio 113.80 41.25 60.06 41.83 35.65Operating Cash Flow Ratio 115.10 32.05 50.04 41.83 35.65Unassigned Funds / Total Assets 41.03 44.44 48.96 52.93 52.60


GPW to Policyholders' Surplus3 900 --- 42 37 34NPW to Policyholders' Surplus 300 --- 18 17 16Change in Net Premiums Written 33 -33 -33 -4 -9Surplus Aid to Policyholders' Surplus 15 --- 3 1 2Two-Year Overall Operating Ratio 100 --- 116* 124* 131*


MSA: Barre, VT (Micro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt, Independent Agency

53.0 53.0

46.045.0

48.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2008Y 2009Y 2010Y 2011Y 2012L3


125.3

155.1136.8

162.4

188.8

-6.00-5.00-4.00-3.00-2.00-1.000.001.002.003.004.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 26.81 78.44 28.41 110.25 181.13 Gross Change in Policyholders' Surplus 50 -10 2 -2 -5Net Commission Ratio 9.41 8.38 18.07 18.16 NA Net Change in Adj Policyholders' Surplus 25 -10 4 1 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 53 46 45Tax, License & Fees Ratio 2.99 3.84 4.09 14.18 NA Agents' Bal to Policyholders' Surplus 40 --- 3 3 2Admin & Other Expense Ratio 56.75 68.05 69.12 69.96 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -11 -12Gross Premiums Written ($000)3 2,091 1,522 1,326 1,166 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -7 -19Loss & Loss Adj Expense ($000) 563 506 309 362 332 Est Curr Resv Defi/Policyholders' Surplus 25 --- -29 -6 -9Other Underwriting Exp Incurred ($000) 659 514 562 574 554 *Indicates an unusual value.Net Underwriting Gains ($000) -219 -344 -192 -334 -355 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 45.58 42.06 46.41 48.13 NA complements of each ratio.Effective Tax Rate NM NM 58.78 NM NM

Pre-Tax Operating Margin -0.89 -22.83 -6.09 -36.59 -50.71 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth -3.98 -3.07 -7.68 -9.25 -6.42

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 7.11 -8.15 -14.87 -14.83 -12.75

Reinsurance Recoverable ex US Aff 2,034 8,357 2,565 2,734 NA Net Premiums Written Growth -16.45 -32.84 -3.83 -8.86 -20.29Retention Ratio (NPW/GPW) (%)3 45.58 42.06 46.41 48.13 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 7.60 -9.83 -15.70 -11.86 -8.86Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -14.04 -27.22 -12.84 -12.11 -18.00Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 4.61 3.61 -1.38 -6.24 -6.57

Capital & Surplus Five-year CAGR -1.83 -1.52 -0.98 -2.83 -3.93Admitted Assets Five-year CAGR 1.01 0.65 -1.15 -4.28 -5.06







Change in Loss & LAE Resv / Reserves 7.60 -9.83 -15.70 -11.86 -8.86 Realized Capital Gains (Losses) -48 -134 81 119 751 Yr Loss Reserve Dev / 1Y Prior C&S -9.03 -9.44 -11.25 -11.93 NA Net Unrealized Capital Gains (Losses) -408 297 25 6 802 Yr Loss Reserve Dev / 2Y Prior C&S -3.30 -9.90 -7.15 -18.99 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 268.76 380.31 368.61 347.05 345.11 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -36.87 -49.95 -60.43 -71.11 NA Net Premiums Written / Avg C&S (%) 24.31 18.19 17.18 16.13 13.02IBNR/ Total Reserves 47.08 40.62 45.30 19.52 NA Liabilities / Capital & Surplus (%) 95.15 85.88 74.23 66.62 68.78Reserves/ Equity 75.89 67.25 57.55 53.46 54.26 Total Reins Recov Excl US Aff / C&S (%) 56.81 229.38 71.48 80.29 NA


553.0

430.4

319.8

456.1 438.7

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2007Y 2008Y 2009Y 2010Y 2011Y



45.6

42.1

46.4

48.1

0

500

1,000

1,500

2,000

2,500

2008Y 2009Y 2010Y 2011Y 2012L3




Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 3,202 2,888 3,218 2,608 1,967 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,091 1,522 1,326 1,166 949Common Stocks 1,408 1,535 1,095 884 914 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 2,091 1,522 1,326 1,166 949Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,138 -882 -711 -605 -510Occupied Properties 0 0 0 0 0 Net Premiums Written 953 640 616 561 439Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -51 -37 -63 -41 -92Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,004 677 679 602 531

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,758 1,499 1,422 1,528 1,897 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 6,367 5,922 5,735 5,020 4,778 Net Losses Paid - Commercial 91 373 343 255 NAPremiums & Considerations Due 171 108 100 76 36 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 401 171 299 492 Net Losses Paid 91 373 343 255 NAAll Other Admitted Assets 448 340 247 278 308 Net LAE Paid 143 537 351 352 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,987 6,772 6,252 5,674 5,614 Change in Loss Reserves - Commercial 203 -398 -227 -557 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 126 -7 -158 312 NA

Unpaid Losses 1,736 1,339 1,112 555 298 Net Change in Loss and LAE Reserves 329 -404 -385 -245 NAUnpaid Loss Adj Expenses 981 1,111 953 1,265 1,506 Losses and LAE Incurred 563 506 309 362 332

Loss & Loss Adj Exp Reserves 2,717 2,450 2,065 1,820 1,805 Other Underwriting Expense Incurred 659 514 562 574 554Unearned Premiums 447 410 347 306 167 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 46 17 22 36 14 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 197 252 229 106 302 Net Underwriting Gain (Loss) -219 -344 -192 -334 -355Payable 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 1,222 1,020 871 936 887



Common Capital Stock 47 41 39 38 36 Net Realized Capital Gains (Losses) -48 -134 81 119 75Preferred 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 2,867 3,010 3,061 3,003 2,953 Income after cap gains (loss) before tax -59 -324 31 -132 -224Other Including Gross Contributed 666 592 489 364 337 Federal Income Tax 2 -137 18 -68 -99

Capital & Surplus 3,580 3,643 3,589 3,405 3,326 Net Income -60 -187 13 -64 -125

Total Liabilities and C&S 6,987 6,772 6,252 5,674 5,614 Pre-tax Operating Income -11 -190 -50 -251 -298

Memo: Total Revenue 1,164 696 902 804 663Memo: Affiliated Investments ($000) Memo: Paid Expenses 849 865 948 1,063 NA

Bonds 0 0 0 0 0





Net Investment Income 208 154 142 83 57 Class 6 0 0 0 0 0R li d C it l G i 48 134 81 119 75Realized Capital Gains -48 -134 81 119 75Unrealized Capital Gains -408 297 25 6 80Total Cash & Investments 6,367 5,922 5,735 5,020 4,778Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,496 4,095 4,459 3,894 3,201Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,408 1,535 1,095 884 914Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Colorado 283 1. Oth, Prod Liab Cmbnd 1,165 Cash/Invested Assets 27.61 25.32 24.80 30.44 39.712. Wisconsin 179 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Missouri 103 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Illinois 95 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 69 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 20.22 3.99 -5.18 -7.86 -14.45 All other admitted assets/Total Assets 6.42 5.03 3.95 4.91 5.49National DPW ($000) 2,432 2,091 1,522 1,326 1,166 Invested Assets/Total Assets 91.13 87.45 91.73 88.48 85.10Adjusted Loss Ratio 20.02 43.10 299.57 3.04 -53.59 Investment Income/Total Assets 2.97 2.27 2.27 1.46 1.02





Other Invstmts - 30.4% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Colorado - 24.2% Wisconsin - 15.3%

Missouri - 8.8% Illinois - 8.2%

California - 5.9% All other - 37.6%

Oth, Prod Liab Cmbnd - 100.0%


Aircraft - 0.0%



All Other - 0.0%


Continuing Care RRG Inc. (Moncks Corner, SC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

223-B Heatley Street NAIC Company Code : 11798 Total Assets 5,650 6,166 3,635 4,595 4,419Moncks Corner, SC 29461-3781 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,968 3,804 2,561 3,365 2,927

Geographic Focus: Regional - Western Quadrant Total Liabilities 1,681 2,362 1,074 1,230 1,492NAIC Ownership Structure: Risk Retention Group Net Income -570 -394 -1,329 787 -9Tax Identification Number : 20-0221911 Total Revenue 4,582 4,898 5,218 3,890 2,797



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 10 0 412 535 812Demotech Financial Strength Rating A 11/28/12 Affirm Loss & LAE Reserves/ NPE (%) 21.80 22.06 32.21 39.99 40.91S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -21.42 -14.29 -49.34 23.31 -12.79Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.13 1.28 2.04 1.16 0.98Fitch Financial Strength Rating -- -- -- --


Name : Katie Gray Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 2.49 1.23 0.01 0.03 -0.08Net Investment Income/Earned Premiums 1.77 0.52 0.00 0.02 -0.06Return on Average Equity (C&S) -14.14 -9.54 -43.40 26.80 -0.30Return on Avg Assets -7.81 -5.37 -19.31 14.20 -0.18Loss and LAE Ratio 78.21 68.40 89.41 39.25 58.22Expense Ratio 42.99 44.33 39.61 43.19 54.39Loss Ratio 49.68 39.50 69.06 21.20 45.36Combined Ratio 121.20 112.73 129.02 82.44 112.61Operating Ratio 119.43 112.21 129.02 82.42 112.67Investment ratio 1.77 0.52 0.00 0.02 -0.07


Cash, Short-Term Investments / Liabilities 120.69 46.05 187.57 205.07 62.52Cash, Common & Liquid Bonds / Liabilities 135.77 46.05 187.57 205.07 62.52Cash & Short-Term Investments / C&S 51.13 28.59 78.66 74.96 31.86Liabilities / Liquid Assets (IRIS Ratio) 83.00 217.00 53.00 49.00 160.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 14,742.41 NA 508.10 468.43 76.20Cash From Underwriting ($000) -1,706 -1,204 838 489 -2,069Net Cash From Operations ($000) -1,551 -1,170 840 491 -2,070Underwriting Cash Flow Ratio 68.58 77.71 113.00 115.57 59.70Operating Cash Flow Ratio 68.58 77.71 113.00 115.57 59.70Unassigned Funds / Total Assets -11.01 -16.45 -64.49 -33.87 -48.71


GPW to Policyholders' Surplus3 900 --- 143 227 127NPW to Policyholders' Surplus 300 --- 128 204 116Change in Net Premiums Written 33 -33 8 7 -25Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 116* 121* 109*


MSA: Charleston-North Charleston-Summerville, SC (Metro)


83.0

217.0

53.0 49.0

160.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012L3


121.2112.7

129.0

82.4

112.6

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 28.53 28.90 20.35 18.06 12.86 Gross Change in Policyholders' Surplus 50 -10 -4 -33* 31Net Commission Ratio 9.63 8.83 9.08 9.24 NA Net Change in Adj Policyholders' Surplus 25 -10 -10 -35* 31*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 217* 53 49Tax, License & Fees Ratio 5.01 4.69 4.74 4.51 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 28.35 30.81 25.79 29.44 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 3Gross Premiums Written ($000)3 5,441 5,453 5,820 4,276 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -5 0 0Loss & Loss Adj Expense ($000) 3,514 3,330 4,663 1,526 1,629 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 -16 -10Other Underwriting Exp Incurred ($000) 1,931 2,158 2,066 1,679 1,568 *Indicates an unusual value.Net Underwriting Gains ($000) -952 -620 -1,514 683 -399 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 82.57 89.27 89.62 90.92 NA complements of each ratio.Effective Tax Rate NM NM NM -14.96 NM

Pre-Tax Operating Margin -18.85 -12.05 -28.96 17.61 -14.30 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth -15.02 9.14 -41.05 26.43 -13.28

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -32.05 40.49 -54.54 14.55 -29.24

Reinsurance Recoverable ex US Aff -555 -817 79 -15 NA Net Premiums Written Growth -37.93 8.35 7.14 -25.47 -30.26Retention Ratio (NPW/GPW) (%)3 82.57 89.27 89.62 90.92 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 -95.14 NM NM 29.93 -42.03Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -1.83 0.22 6.72 -26.53 -25.90Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 22.41 -3.43 -19.75 -12.10 -2.35

Capital & Surplus Five-year CAGR 44.58 23.49 -5.27 -1.70 -4.35Admitted Assets Five-year CAGR 35.43 8.31 -11.20 -5.23 -3.71







Change in Loss & LAE Resv / Reserves -95.14 NM NM 29.93 -42.03 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -4.91 -0.25 0.00 3.44 NA Net Unrealized Capital Gains (Losses) -2 2 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.06 -4.91 -0.25 0.00 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 21.80 22.06 32.21 39.99 40.91 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -4.56 -0.21 0.00 2.26 NA Net Premiums Written / Avg C&S (%) 111.44 117.87 170.27 132.28 92.20IBNR/ Total Reserves 88.98 NA 48.27 40.21 NA Liabilities / Capital & Surplus (%) 42.37 62.09 41.93 36.55 50.96Reserves/ Equity 0.25 0.00 16.09 15.91 27.74 Total Reins Recov Excl US Aff / C&S (%) -13.99 -21.48 3.08 -0.45 NA


241.7

310.8

253.6

185.2

288.9

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2007Y 2008Y 2009Y 2010Y 2011Y



82.6

89.3 89.690.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2008Y 2009Y 2010Y 2011Y 2012L3




Continuing Care RRG Inc. (Moncks Corner, SC)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,441 5,453 5,820 4,276 3,375Common 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 -948 -585 -604 -388 -492Occupied Properties 0 0 0 0 0 Net Premiums Written 4,493 4,868 5,216 3,887 2,883Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 85Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,493 4,868 5,216 3,887 2,798

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,029 1,088 2,014 2,523 933 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 2,029 1,088 2,014 2,523 933 Net Losses Paid - Commercial 2,397 1,932 3,248 892 NAPremiums & Considerations Due 43 0 9 0 2 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 57 216 0 0 0 Net Losses Paid 2,397 1,932 3,248 892 NAAll Other Admitted Assets 3,521 4,863 1,611 2,073 3,484 Net LAE Paid 1,428 1,408 1,003 510 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 5,650 6,166 3,635 4,595 4,419 Change in Loss Reserves - Commercial -164 -9 354 -68 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -146 -1 58 192 NA

Unpaid Losses 9 0 354 285 375 Net Change in Loss and LAE Reserves -311 -10 412 123 NAUnpaid Loss Adj Expenses 1 0 58 250 437 Losses and LAE Incurred 3,514 3,330 4,663 1,526 1,629

Loss & Loss Adj Exp Reserves 10 0 412 535 812 Other Underwriting Expense Incurred 1,931 2,158 2,066 1,679 1,568Unearned Premiums 0 0 0 0 412 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 612 1,033 -79 15 2 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 928 1,299 695 680 266 Net Underwriting Gain (Loss) -952 -620 -1,514 683 -399Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 131 30 46 0 0 Total underwriting deductions 5,445 5,488 6,729 3,205 3,197


Income ($000)Total Capital and Surplus Net Investment Income 79 25 0 1 -2

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 10 4 2 1 1Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -622 -1,015 -2,344 -1,557 -2,153 Income after cap gains (loss) before tax -864 -590 -1,511 685 -400Other Including Gross Contributed 4,591 4,819 4,905 4,922 5,080 Federal Income Tax -294 -196 -182 -102 -391

Capital & Surplus 3,968 3,804 2,561 3,365 2,927 Net Income -570 -394 -1,329 787 -9

Total Liabilities and C&S 5,650 6,166 3,635 4,595 4,419 Pre-tax Operating Income -864 -590 -1,511 685 -400


Bonds 0 0 0 0 0





Net Investment Income 79 25 0 1 -2 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains -2 2 0 0 0Total Cash & Investments 2,029 1,088 2,014 2,523 933Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 254 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 (%) 0.00 NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 0.00 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) 1.00 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 2,041 1. Med Prof Liab 3,207 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 797 2. Oth, Prod Liab Cmbnd 1,069 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Indiana 412 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. North Carolina 233 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 230 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 NA 149.26 26.52 7.91 -3.19 All other admitted assets/Total Assets 62.31 78.86 44.32 45.11 78.85National DPW ($000) 5,543 5,441 5,453 5,820 4,276 Invested Assets/Total Assets 35.92 17.64 55.42 54.89 21.10Adjusted Loss Ratio 66.61 41.02 35.26 61.89 19.27 Investment Income/Total Assets 1.40 0.41 0.00 0.02 -0.04





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


California - 47.7% Arizona - 18.6%

Indiana - 9.6% North Carolina - 5.5%

Texas - 5.4% All other - 13.2%




Aircraft - 0.0%


All Other - 0.0%


Doctors & Surgeons Natl RRG (Lawrenceville, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

3370 Sugarloaf Parkway NAIC Company Code : 13018 Total Assets 2,228 2,918 4,828 7,583 9,183Suite G-2/302 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,219 1,276 2,033 2,209 2,596Lawrenceville, GA 30044-5486 Geographic Focus: National Total Liabilities 1,009 1,642 2,795 5,375 6,587

NAIC Ownership Structure: Risk Retention Group Net Income 74 6 168 76 408Tax Identification Number : 68-0656137 Total Revenue 385 1,014 2,360 3,157 3,913

Direct Premiums Written 1,430 1,294 3,928 5,146 6,091Net Premiums Written 1,164 798 2,549 4,008 4,674

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 316 958 2,283 3,007 3,743

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 38 764 1,753 2,941 3,346Demotech Financial Strength Rating A 11/14/12 Affirm Loss & LAE Reserves/ NPE (%) 20.05 46.46 53.41 72.14 80.22S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 18.37 0.75 17.10 7.48 26.98Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.95 0.63 1.25 1.81 1.80Fitch Financial Strength Rating -- -- -- --


Name : Sara Mary Carpenter Auditor Munninghoff Lange & CompanyPhone : (706) 232-9591x12 Actuary Merlinos & Associates Inc.Fax : (706) 232-0195 CEO --Email : [email protected] CFO --

President William Peter Graper




Cash, Short-Term Investments / Liabilities 191.83 135.53 30.91 8.55 19.57Cash, Common & Liquid Bonds / Liabilities 191.83 253.53 131.47 104.97 114.06Cash & Short-Term Investments / C&S 158.83 174.46 42.50 20.80 49.66Liabilities / Liquid Assets (IRIS Ratio) 52.00 62.00 75.00 95.00 86.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 241.26 193.53 164.43 124.92 131.65Cash From Underwriting ($000) 936 614 837 1,997 2,730Net Cash From Operations ($000) 996 651 769 2,083 2,876Underwriting Cash Flow Ratio 532.90 514.74 174.99 225.74 218.31Operating Cash Flow Ratio 534.00 514.74 189.20 231.20 220.78Unassigned Funds / Total Assets 3.66 4.74 6.35 5.14 8.46


GPW to Policyholders' Surplus3 900 --- 101 193 233NPW to Policyholders' Surplus 300 --- 63 125 181Change in Net Premiums Written 33 -33 -31 219* 57*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 71 91 84


MSA: Atlanta-Sandy Springs-Marietta, GA (Metro)


52.0

62.0

75.0

95.0

86.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2008Y 2009Y 2010Y 2011Y 2012L3


34.8

113.2

88.2 87.679.1

0.002.004.006.008.00

10.0012.0014.0016.0018.0020.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 23.48 18.52 16.55 30.88 22.87 Gross Change in Policyholders' Surplus 50 -10 5 59* 9Net Commission Ratio 3.34 18.33 12.81 14.67 NA Net Change in Adj Policyholders' Surplus 25 -10 5 13 4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 62 75 95Tax, License & Fees Ratio 0.97 1.25 0.82 0.61 NA Agents' Bal to Policyholders' Surplus 40 --- 3 31 54*Admin & Other Expense Ratio 4.03 29.71 21.82 20.95 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 28* 0Gross Premiums Written ($000)3 1,430 1,294 3,928 5,146 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 16 20*Loss & Loss Adj Expense ($000) 84 612 1,203 1,544 1,694 Est Curr Resv Defi/Policyholders' Surplus 25 --- -50 22 -8Other Underwriting Exp Incurred ($000) 97 393 904 1,452 1,582 *Indicates an unusual value.Net Underwriting Gains ($000) 136 -47 176 12 466 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 81.36 61.70 64.90 77.88 NA complements of each ratio.Effective Tax Rate 62.46 34.00 33.87 53.42 36.08



REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth NM 62.71 70.19 92.32 48.40

Reinsurance Recoverable ex US Aff 199 199 776 472 NA Net Premiums Written Growth NM -31.40 219.39 57.21 80.75Retention Ratio (NPW/GPW) (%)3 81.36 61.70 64.90 77.88 NA Pre-Tax Operating Income Growth NM -95.65 NM -36.13 88.77Unauthorized Net Recov. (ex US Aff) (%) 100.00 0.00 48.58 0.00 NA Net Income Growth 842.48 -91.84 NM -55.07 120.34Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NM 1,920.03 129.36 67.74 31.71Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth NM -9.55 203.64 31.02 47.32Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA NM 368.52 NM

Capital & Surplus Five-year CAGR NA NA 26.35 21.67 38.88Admitted Assets Five-year CAGR NA NA 67.96 65.17 78.80





Risk Based Capital Ratio (TAC/ACL RBC) 2,497.33 731.77 480.65 335.87 NA

RESERVE ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 1,248.66 365.88 240.33 167.94 NA

Change in Loss & LAE Resv / Reserves NM 1,920.03 129.36 67.74 31.71 Realized Capital Gains (Losses) -8 0 1 0 11 Yr Loss Reserve Dev / 1Y Prior C&S 0.00 0.41 27.98 0.10 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 0.00 16.32 20.15 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 20.05 46.46 53.41 72.14 80.22 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 0.52 15.64 0.07 NA Net Premiums Written / Avg C&S (%) 104.86 67.11 171.98 185.26 197.90IBNR/ Total Reserves 25.01 40.47 28.27 23.35 NA Liabilities / Capital & Surplus (%) 82.80 128.72 137.48 243.37 253.73Reserves/ Equity 3.10 59.92 86.24 133.16 128.90 Total Reins Recov Excl US Aff / C&S (%) 16.33 15.60 38.17 21.37 NA


32,956.7

1,248.7 365.9 240.3 167.90

500

1,000

1,500

2,000

2,500

2007Y 2008Y 2009Y 2010Y 2011Y



81.4

61.7 64.9

77.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2008Y 2009Y 2010Y 2011Y 2012L3




Doctors & Surgeons Natl RRG (Lawrenceville, GA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 0 351 2,787 5,145 5,624 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,430 1,294 3,928 5,146 6,091Common Stocks 0 33 24 38 700 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -267 -495 -1,379 -1,139 -1,418Occupied Properties 0 0 0 0 0 Net Premiums Written 1,164 798 2,549 4,008 4,674Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 847 -160 266 1,000 931Properties for Sale 0 0 0 0 0 Net Premiums Earned 316 958 2,283 3,007 3,743

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,936 2,226 864 459 1,289 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 1,936 2,610 3,674 5,642 7,613 Net Losses Paid - Commercial 0 -145 233 60 NAPremiums & Considerations Due 0 36 632 1,192 649 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 75 30 29 0 0 Net Losses Paid 0 -145 233 60 NAAll Other Admitted Assets 217 242 493 749 842 Net LAE Paid 46 31 105 172 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,228 2,918 4,828 7,583 9,183 Change in Loss Reserves - Commercial 9 580 592 555 NA


Unpaid Losses 9 589 1,182 1,737 1,707 Net Change in Loss and LAE Reserves 38 727 865 1,312 NAUnpaid Loss Adj Expenses 28 175 572 1,204 1,639 Losses and LAE Incurred 84 612 1,203 1,544 1,694

Loss & Loss Adj Exp Reserves 38 764 1,753 2,941 3,346 Other Underwriting Expense Incurred 97 393 904 1,452 1,582Unearned Premiums 847 687 953 1,953 2,437 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 109 575 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 2 87 88 308 213 Net Underwriting Gain (Loss) 136 -47 176 12 466Payable to Parent, Subs & Affiliates 2 20 0 63 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 120 84 0 0 16 Total underwriting deductions 181 1,006 2,107 2,995 3,276



Common Capital Stock 500 500 500 500 500 Net Realized Capital Gains (Losses) -8 0 1 0 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 28 6 24 30 11Unassigned Surplus 81 138 307 390 777 Income after cap gains (loss) before tax 196 9 254 162 638Other Including Gross Contributed 638 638 1,226 1,319 1,319 Federal Income Tax 123 3 86 87 230



Memo: Total Revenue 377 1,015 2,361 3,158 3,914Memo: Affiliated Investments ($000) Memo: Paid Expenses 141 340 1,056 1,517 NA

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 1,904 2,787 5,043Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 102All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 41 50 54 120 160 Class 6 0 0 0 0 0R li d C it l G i 8 0 1 0 1Realized Capital Gains -8 0 1 0 1Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 1,936 2,610 3,674 5,642 7,613Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 1,904 2,787 5,145 5,624Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 33 24 38 700Total 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 1.79Mortgages 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 5,145 5,095 5,192 5,071 20,503Common Stock 38 38 38 -- 113Preferred Stock 0 0 0 -- 0Total 5,183 5,133 5,230 5,071 --


Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.02 1.09Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 3.89Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 13.45 75.84 91.19 73.87Common Stocks / C&S 0.00 2.62 1.17 1.71 26.98Unaff common stock/Invested Assets 0.00 1.28 0.65 0.67 9.20

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 2,135 1. Med Prof Liab 5,146 Cash/Invested Assets 100.00 85.27 23.51 8.14 16.932. Michigan 1,553 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 366 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Indiana 242 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Pennsylvania 160 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 0.86DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 9.74 8.29 10.21 9.88 9.17National DPW ($000) 0 1,430 1,294 3,928 5,146 Invested Assets/Total Assets 86.89 89.45 76.11 74.40 82.91Adjusted Loss Ratio NA 3.30 29.77 25.30 14.79 Investment Income/Total Assets 1.82 1.70 1.11 1.59 1.74





Other Invstmts - 8.1% 0.00 0.50 1.00 1.50 2.00

2008Y2009Y

2010Y

2011Y

2012L3


New York - 41.5% Michigan - 30.2%

Florida - 7.1% Indiana - 4.7%

Pennsylvania - 3.1% All other - 13.4%



Aircraft - 0.0%



All Other - 0.0%


Emergency Cap Mgmt LLC A RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets NA NA NA NA 3,786Suite 6 Business Focus : P&C Minimum NPW Policyholder Surplus NA NA NA NA 1,752Washington, DC 20009-1013 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA NA NA 2,034

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA NA NATax Identification Number : 45-4057491 Total Revenue NA NA NA NA NA

Direct Premiums Written NA NA NA NA NANet Premiums Written NA NA NA NA NA

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA NA NA

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA NA 367Demotech Financial Strength Rating A 11/21/12 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA NAS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA NAMoody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA NA NAFitch Financial Strength Rating -- -- -- --


Name : Melissa Anne Hancock Auditor --Phone : (802) 881-7142 Actuary --Fax : (802) 863-2198 CEO --Email : [email protected] CFO --

President Rodney W. Smith


Net Yield on Invested Assets NA NA NA NA NANet Investment Income/Earned Premiums NA NA NA NA NAReturn on Average Equity (C&S) NA NA NA NA NAReturn on Avg Assets NA NA NA NA NALoss and LAE Ratio NA NA NA NA NAExpense Ratio NA NA NA NA NALoss Ratio NA NA NA NA NACombined Ratio NA NA NA NA NAOperating Ratio NA NA NA NA NAInvestment ratio NA NA NA NA NA

Policyholder Dividend Ratio NA NA NA NA NA CASH FLOW & LIQUIDITY (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Cash, Short-Term Investments / Liabilities NA NA NA NA 23.97Cash, Common & Liquid Bonds / Liabilities NA NA NA NA 181.35Cash & Short-Term Investments / C&S NA NA NA NA 27.82Liabilities / Liquid Assets (IRIS Ratio) NA NA NA NA 55.00Affiliated Investments / Capital & Surplus NA NA NA NA 0.00Reserve coverage2 NA NA NA NA 687.49Cash From Underwriting ($000) NA NA NA NA NANet Cash From Operations ($000) NA NA NA NA NAUnderwriting Cash Flow Ratio NA NA NA NA NAOperating Cash Flow Ratio NA NA NA NA NAUnassigned Funds / Total Assets NA NA NA NA -0.60


GPW to Policyholders' Surplus3 900 --- NA NA NANPW to Policyholders' Surplus 300 --- NA NA NAChange in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 0

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 NA NA NA


Distribution Channel: --

55.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2008Y 2009Y 2010Y 2011Y 2012L3


0.000.100.200.300.400.500.600.700.800.901.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 NA NA NA

Loss Adjustment Expense Ratio NA NA NA NA NA Gross Change in Policyholders' Surplus 50 -10 NA NA NANet Commission Ratio NA NA NA NA NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA NASalaries & Benefits Ratio NA NA NA NA NA Liabilities to Liquid Assets 100 --- NA NA NATax, License & Fees Ratio NA NA NA NA NA Agents' Bal to Policyholders' Surplus 40 --- NA NA NAAdmin & Other Expense Ratio NA NA NA NA NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NAGross Premiums Written ($000)3 NA NA NA NA NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA NA NA Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA NA NA *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA NA NA NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA NA NA complements of each ratio.Effective Tax Rate NA NA NA NA NA

Pre-Tax Operating Margin NA NA NA NA NA GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth NA NA NA NA NA

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth NA NA NA NA NA

Reinsurance Recoverable ex US Aff NA NA NA NA NA Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA NA NA Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA NA NA Loss & Loss Adj Exp Reserves Growth NA NA NA NA NAReinsurance Payable on Losses, LAE NA NA NA NA NA Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA NA Total Liabilities Five-year CAGR NA NA NA NA NA

Capital & Surplus Five-year CAGR NA NA NA NA NAAdmitted Assets Five-year CAGR NA NA NA NA NA




Asbestos NA NA NA NA NA Capital and Surplus NA NA NA NA 1,752 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA NA



Change in Loss & LAE Resv / Reserves NA NA NA NA NA Realized Capital Gains (Losses) NA NA NA NA NA1 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA NA NA2 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA NA NA Dividends to Stockholders NA NA NA NA NALoss and LAE Reserves / NPE NA NA NA NA NA Dividend Payout Ratio (%) NA NA NA NA NA1 Yr Loss Reserve Development / NPE NA NA NA NA NA Net Premiums Written / Avg C&S (%) NA NA NA NA NAIBNR/ Total Reserves NA NA NA NA NA Liabilities / Capital & Surplus (%) NA NA NA NA 116.05Reserves/ Equity NA NA NA NA 20.96 Total Reins Recov Excl US Aff / C&S (%) NA NA NA NA NA


00000111111

2007Y 2008Y 2009Y 2010Y 2011Y



00000111111

2008Y 2009Y 2010Y 2011Y 2012L3




Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds NA NA NA NA 2,471 Personal P&C Direct Premiums NA NA NA NA NAPreferred Stocks NA NA NA NA 0 Commercial P&C Direct Premiums NA NA NA NA NACommon Stocks NA NA NA NA 729 Accident & Health Direct Premiums NA NA NA NA NA

First Lien Real Estate Loans NA NA NA NA 0 Direct Premiums Written NA NA NA NA NAReal Estate Loans Less First Liens NA NA NA NA 0

Total Mortgage Loans NA NA NA NA 0 Net Reinsurance Premiums5 NA NA NA NA NAOccupied Properties NA NA NA NA 0 Net Premiums Written NA NA NA NA NAIncome Generating Properties NA NA NA NA 0 Change in U/E Premiums Reserve NA NA NA NA NAProperties for Sale NA NA NA NA 0 Net Premiums Earned NA NA NA NA NA

Total Real Estate NA NA NA NA 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA NA 487 Underwriting Deductions ($000)Other Investments NA NA NA NA 0 Net Losses Paid - Personal NA NA NA NA NASubtotals, Cash & Invested Assets NA NA NA NA 3,688 Net Losses Paid - Commercial NA NA NA NA NAPremiums & Considerations Due NA NA NA NA 0 Net Losses Paid - A&H NA NA NA NA NAReinsurance Recoverable NA NA NA NA 0 Net Losses Paid NA NA NA NA NAAll Other Admitted Assets NA NA NA NA 98 Net LAE Paid NA NA NA NA NASeparate Account Assets NA NA NA NA 0 Change in Loss Reserves - Personal NA NA NA NA NATotal Net Admitted Assets NA NA NA NA 3,786 Change in Loss Reserves - Commercial NA NA NA NA NA

Change in Loss Reserves - A&H NA NA NA NA NALiabilities Change in LAE Reserves NA NA NA NA NA

Unpaid Losses NA NA NA NA 367 Net Change in Loss and LAE Reserves NA NA NA NA NAUnpaid Loss Adj Expenses NA NA NA NA 0 Losses and LAE Incurred NA NA NA NA NA

Loss & Loss Adj Exp Reserves NA NA NA NA 367 Other Underwriting Expense Incurred NA NA NA NA NAUnearned Premiums NA NA NA NA 169 Other Underwriting Deductions NA NA NA NA NATotal Reinsurance Liabilities NA NA NA NA 1,299 Net Income Protected Cells NA NA NA NA NACommissions, Other Exp & Taxes NA NA NA NA 166 Net Underwriting Gain (Loss) NA NA NA NA NAPayable to Parent, Subs & Affiliates NA NA NA NA 0 Policyholder Dividends (PHD) NA NA NA NA NAOther Liabilities NA NA NA NA 32 Total underwriting deductions NA NA NA NA NA

Total Liabilities NA NA NA NA 2,034

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA NA NA

Common Capital Stock NA NA NA NA 0 Net Realized Capital Gains (Losses) NA NA NA NA NAPreferred Capital Stock NA NA NA NA 0 Finance Service Charges NA NA NA NA NASurplus Notes NA NA NA NA 0 All Other Income NA NA NA NA NAUnassigned Surplus NA NA NA NA -23 Income after cap gains (loss) before tax NA NA NA NA NAOther Including Gross Contributed NA NA NA NA 1,775 Federal Income Tax NA NA NA NA NA

Capital & Surplus NA NA NA NA 1,752 Net Income NA NA NA NA NA

Total Liabilities and C&S NA NA NA NA 3,786 Pre-tax Operating Income NA NA NA NA NA

Memo: Total Revenue NA NA NA NA NAMemo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA NA NA

Bonds NA NA NA NA 0

Preferred Stocks NA NA NA NA 0 BOND QUALITY ($000) - Annual Only62007Y 2008Y 2009Y 2010Y 2011Y

Common Stocks NA NA NA NA 0 Investment GradeMortgage Loans NA NA NA NA 0 Class 1 NA NA NA NA NACash & Short Term Investments NA NA NA NA 0 Class 2 NA NA NA NA NAAll Other Investments NA NA NA NA 0 Non - Investment Grade

Total Affiliated Investments NA NA NA NA 0 Class 3 NA NA NA NA NAClass 4 NA NA NA NA NA

INVESTMENT ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Class 5 NA NA NA NA NA

Net Investment Income NA NA NA NA NA Class 6 NA NA NA NA NAR li d C it l G i NA NA NA NA NARealized Capital Gains NA NA NA NA NAUnrealized Capital Gains NA NA NA NA NATotal Cash & Investments NA NA NA NA 3,688Affiliated Cash & Investments NA NA NA NA 0Total Bonds (incl Short-Term) NA NA NA NA 2,471Total Preferred Stock (incl Nonadmitted) NA NA NA NA 0Total Common Stock (incl Nonadmitted) NA NA NA NA 729Total Mortgage Loans (incl Nonadmitted) NA NA NA NA 0Total Real Estate (incl Nonadmitted) NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA NABonds Rated 3-6 / Total Bonds (%) NA NA NA NA 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 NA

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 NA

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA NAIssued Political Subdivisions ($000) NA NA NA NA NAIssued State Rev Obligations ($000) NA NA NA NA NAIssued Industrial Development ($000) NA NA NA NA NA


LT Bond NA NA NA NA --Common Stock NA NA NA -- --Preferred Stock NA NA NA -- --Total NA NA NA NA --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA 1.00Bonds Rated 3-6 / C&S NA NA NA NA 0.00Class 5 and 6 Bonds / C&S NA NA NA NA 0.00Bonds/Invested Assets NA NA NA NA 67.01Common Stocks / C&S NA NA NA NA 41.62Unaff common stock/Invested Assets NA NA NA NA 19.77

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA NA 0.00Cash/Invested Assets NA NA NA NA 13.22Mortgage & Real Estate / C&S NA NA NA NA 0.00Mortgages in Foreclosure/Mortgages NA NA NA NA NAMortgages Loans/Invested Assets NA NA NA NA 0.00Real Estate/Invested Assets NA NA NA NA 0.00

All Other All Other Other Investments/Invested Assets NA NA NA NA 0.00Premiums & Cons due/Total Assets NA NA NA NA 0.00

MARKET POSITION ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Reinsurance recoverable/Total Assets NA NA NA NA 0.00

Market Share Ratio NA NA NA NA NA Rec from parent,sub or aff./Total Assets NA NA NA NA 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA NA 2.59National DPW ($000) NA NA NA NA NA Invested Assets/Total Assets NA NA NA NA 97.41Adjusted Loss Ratio NA NA NA NA NA Investment Income/Total Assets NA NA NA NA NA



0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3



Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

5430 West Sahara Avenue NAIC Company Code : 12003 Total Assets 11,697 12,525 13,729 22,902 22,930Las Vegas, NV 89146-3307 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,722 3,649 4,823 6,324 6,291

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 7,975 8,877 8,906 16,578 16,639NAIC Ownership Structure: Risk Retention Group Net Income -201 -392 400 635 138Tax Identification Number : 20-1141933 Total Revenue 3,954 4,163 6,042 6,147 5,482



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,147 6,343 6,531 7,770 8,117Demotech Financial Strength Rating A 11/20/12 Affirm Loss & LAE Reserves/ NPE (%) 132.27 147.87 109.18 121.30 152.00S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.14 -4.84 4.84 12.51 2.24Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.01 1.17 1.14 1.01 0.73Fitch Financial Strength Rating -- -- -- --


Name : Bjorn K. Hubbard Auditor Shores Tagman Butler & Co P.A.Phone : (941) 373-1129 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 2.01 2.45 2.63 2.14 1.62Net Investment Income/Earned Premiums 4.31 4.63 4.47 3.54 4.84Return on Average Equity (C&S) -4.25 -11.01 9.44 11.42 2.17Return on Avg Assets -1.68 -3.14 2.85 3.80 0.62Loss and LAE Ratio 46.40 56.74 50.83 45.01 39.02Expense Ratio 58.34 48.85 52.77 43.57 57.32Loss Ratio 35.04 44.83 29.78 16.66 13.00Combined Ratio 104.73 105.60 103.60 88.58 108.83Operating Ratio 100.47 100.62 99.37 84.76 104.61Investment ratio 4.26 4.98 4.22 3.82 4.22


Cash, Short-Term Investments / Liabilities 19.47 28.63 7.00 24.09 24.84Cash, Common & Liquid Bonds / Liabilities 95.45 103.03 95.60 70.02 78.78Cash & Short-Term Investments / C&S 41.71 69.66 12.93 63.15 65.68Liabilities / Liquid Assets (IRIS Ratio) 104.00 96.00 104.00 142.00 122.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 177.56 179.54 179.02 181.35 128.86Cash From Underwriting ($000) 391 1,296 -19 1,961 1,693Net Cash From Operations ($000) 651 1,535 256 2,226 1,324Underwriting Cash Flow Ratio 109.26 152.44 99.64 141.26 138.96Operating Cash Flow Ratio 110.43 146.49 99.64 141.26 120.71Unassigned Funds / Total Assets -12.00 -9.02 -4.42 2.24 2.30


GPW to Policyholders' Surplus3 900 --- 200 160 138NPW to Policyholders' Surplus 300 --- 117 114 101Change in Net Premiums Written 33 -33 14 28 17Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 100* 100 92


MSA: Las Vegas-Paradise, NV (Metro)


104.096.0

104.0

142.0

122.0

0

5,000

10,000

15,000

20,000

25,000

2008Y 2009Y 2010Y 2011Y 2012L3


104.7 105.6 103.6

88.6

108.8

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 11.35 11.91 21.04 28.35 26.01 Gross Change in Policyholders' Surplus 50 -10 -2 32 31Net Commission Ratio 15.47 12.62 11.48 9.82 NA Net Change in Adj Policyholders' Surplus 25 -10 7 14 23Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 96 104* 142*Tax, License & Fees Ratio 7.63 4.28 3.66 5.55 NA Agents' Bal to Policyholders' Surplus 40 --- 14 12 6Admin & Other Expense Ratio 35.24 31.95 37.63 28.20 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 25* -10Gross Premiums Written ($000)3 7,039 7,303 7,715 8,724 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -14 -31 12Loss & Loss Adj Expense ($000) 1,760 2,250 2,947 2,665 2,052 Est Curr Resv Defi/Policyholders' Surplus 25 --- -64 38* 6Other Underwriting Exp Incurred ($000) 2,188 2,085 2,891 2,787 2,630 *Indicates an unusual value.Net Underwriting Gains ($000) -155 -369 -40 469 577 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 53.28 58.43 71.00 73.32 NA complements of each ratio.Effective Tax Rate NM NM -27.06 32.10 52.74

Pre-Tax Operating Margin 0.17 -4.13 3.39 11.31 2.60 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth -2.43 7.08 9.61 66.82 31.88


Reinsurance Recoverable ex US Aff 4,139 5,426 5,779 5,980 NA Net Premiums Written Growth -22.73 13.79 28.35 16.77 -31.97Retention Ratio (NPW/GPW) (%)3 53.28 58.43 71.00 73.32 NA Pre-Tax Operating Income Growth -91.96 NM NM 239.05 -62.80Unauthorized Net Recov. (ex US Aff) (%) 48.01 72.82 69.44 78.08 NA Net Income Growth NM NM NM 58.69 -79.67Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 3.44 NA Loss & Loss Adj Exp Reserves Growth 12.17 23.24 2.96 18.98 6.22Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -1.12 3.76 5.64 9.18 -51.05Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 43.28 36.22 12.57 22.89 21.41








Change in Loss & LAE Resv / Reserves 12.17 23.24 2.96 18.98 6.22 Realized Capital Gains (Losses) -287 -316 110 240 1501 Yr Loss Reserve Dev / 1Y Prior C&S -7.13 -8.68 25.46 -9.56 NA Net Unrealized Capital Gains (Losses) -581 642 123 -67 1782 Yr Loss Reserve Dev / 2Y Prior C&S -11.63 -13.87 -31.35 12.11 NA Dividends to Stockholders -577 24 0 0 0Loss and LAE Reserves / NPE 132.27 147.87 109.18 121.30 152.00 Dividend Payout Ratio (%) NM NM 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -9.33 -8.14 16.02 -7.79 NA Net Premiums Written / Avg C&S (%) 79.35 119.98 129.21 115.09 72.13IBNR/ Total Reserves 19.11 8.98 13.40 21.62 NA Liabilities / Capital & Surplus (%) 214.26 243.28 184.67 262.16 264.46Reserves/ Equity 138.29 173.84 135.42 122.88 129.02 Total Reins Recov Excl US Aff / C&S (%) 111.20 148.71 119.83 94.57 NA


171.9 176.2 168.5 165.7

211.6

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2007Y 2008Y 2009Y 2010Y 2011Y



53.358.4

71.0 73.3

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008Y 2009Y 2010Y 2011Y 2012L3




Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,288 -3,036 -2,238 -2,028 -198Occupied Properties 0 0 0 0 0 Net Premiums Written 3,750 4,268 5,478 6,396 4,589Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -42 302 -320 475 -671Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,793 3,966 5,797 5,921 5,260

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,553 2,542 623 3,993 4,132 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,612 9,145 8,514 11,609 13,522 Net Losses Paid - Commercial 800 362 1,817 560 NAPremiums & Considerations Due 299 493 558 357 9 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 751 82 260 754 254 Net Losses Paid 800 362 1,817 560 NAAll Other Admitted Assets 3,035 2,805 4,397 10,182 9,144 Net LAE Paid 401 692 942 866 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 11,697 12,525 13,729 22,902 22,930 Change in Loss Reserves - Commercial 529 1,416 -90 427 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 29 -220 278 812 NA

Unpaid Losses 3,239 4,655 4,564 4,991 5,059 Net Change in Loss and LAE Reserves 558 1,196 188 1,239 NAUnpaid Loss Adj Expenses 1,908 1,688 1,967 2,779 3,058 Losses and LAE Incurred 1,760 2,250 2,947 2,665 2,052

Loss & Loss Adj Exp Reserves 5,147 6,343 6,531 7,770 8,117 Other Underwriting Expense Incurred 2,188 2,085 2,891 2,787 2,630Unearned Premiums 1,471 1,773 1,453 1,929 2,377 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 681 374 84 27 977 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 631 350 838 943 324 Net Underwriting Gain (Loss) -155 -369 -40 469 577Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 657Other Liabilities 45 37 0 5,910 4,844 Total underwriting deductions 3,948 4,335 5,837 5,452 4,683



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -287 -316 110 240 150Preferred 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 -1,403 -1,130 -607 514 528 Income after cap gains (loss) before tax -280 -488 315 935 292Other Including Gross Contributed 5,125 4,778 5,429 5,810 5,763 Federal Income Tax -79 -97 -85 300 154

Capital & Surplus 3,722 3,649 4,823 6,324 6,291 Net Income -201 -392 400 635 138

Total Liabilities and C&S 11,697 12,525 13,729 22,902 22,930 Pre-tax Operating Income 7 -172 205 695 142


Bonds 0 0 0 0 0





Net Investment Income 162 197 245 226 222 Class 6 0 0 0 0 0R li d C it l G i 287 316 110 240 150Realized Capital Gains -287 -316 110 240 150Unrealized Capital Gains -581 642 123 -67 178Total Cash & Investments 7,612 9,145 8,514 11,609 13,522Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 3,802 4,617 4,631 6,106 5,872Total Preferred Stock (incl Nonadmitted) 0 0 0 0 415Total Common Stock (incl Nonadmitted) 2,257 1,987 3,260 1,510 3,103Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 2,953 3,414 3,386 2,264 3,574Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 759 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 6.591. Illinois 1,834 1. Med Prof Liab 8,424 Cash/Invested Assets 20.40 27.79 7.32 34.40 30.562. Ohio 1,491 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Indiana 1,372 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Florida 657 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 597 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 34.4% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Illinois - 21.8% Ohio - 17.7% Indiana - 16.3%

Florida - 7.8% Kentucky - 7.1% All other - 29.4%



Aircraft - 0.0%



All Other - 0.0%


Global Hawk Insurance Co a RRG (Burlington, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

84 Pine Street NAIC Company Code : 11948 Total Assets 4,235 5,914 7,474 9,768 12,675Suite 450 Business Focus : Commercial Property Focus Policyholder Surplus 1,949 3,117 4,171 4,348 4,575Burlington, VT 05401-4467 Geographic Focus: Regional - Western Quadrant Total Liabilities 2,286 2,797 3,303 5,419 8,100

NAIC Ownership Structure: Risk Retention Group Net Income -288 -28 1,387 221 1,082Tax Identification Number : 20-0073152 Total Revenue 2,299 671 2,734 4,047 5,526

Direct Premiums Written -1,150 2,081 3,637 5,403 7,702Net Premiums Written 750 1,873 3,610 4,995 7,159

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 2,168 647 2,714 4,006 5,497

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,183 1,426 1,327 2,076 3,367Demotech Financial Strength Rating A 11/29/12 Affirm Loss & LAE Reserves/ NPE (%) 148.73 240.71 55.46 48.39 43.45S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -15.44 -0.99 40.45 5.74 24.01Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.39 0.60 0.87 1.15 1.56Fitch Financial Strength Rating -- -- -- --


Name : Stephen M. Brown Auditor Saslow Lufkin & Buggy LLPPhone : (802) 861-2930x102 Actuary CapRisk Consulting GroupFax : (802) 861-2929 CEO --Email : [email protected] CFO --

President Jasbir S. Thandi


Net Yield on Invested Assets 2.65 0.64 0.41 0.61 0.35Net Investment Income/Earned Premiums 17.45 1.28 0.55 0.82 0.40Return on Average Equity (C&S) -15.44 -0.99 40.45 5.74 24.01Return on Avg Assets -3.99 -0.57 20.82 2.66 10.27Loss and LAE Ratio 49.99 48.06 13.14 62.88 50.98Expense Ratio 200.32 20.74 27.42 26.16 22.93Loss Ratio 39.74 -37.90 1.06 47.92 41.84Combined Ratio 250.31 68.79 40.57 89.04 73.91Operating Ratio 244.28 65.08 39.83 88.01 73.38Investment ratio 6.04 3.71 0.74 1.03 0.52


Cash, Short-Term Investments / Liabilities 157.30 36.03 190.17 138.55 118.33Cash, Common & Liquid Bonds / Liabilities 157.30 133.04 190.17 138.55 118.33Cash & Short-Term Investments / C&S 184.57 32.33 150.63 172.67 209.50Liabilities / Liquid Assets (IRIS Ratio) 64.00 52.00 53.00 72.00 84.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 164.72 146.65 190.43 142.24 121.91Cash From Underwriting ($000) -3,031 -677 2,870 1,809 2,457Net Cash From Operations ($000) -2,803 -643 2,882 1,834 2,486Underwriting Cash Flow Ratio 25.69 52.04 297.26 158.08 170.80Operating Cash Flow Ratio 23.63 51.33 297.26 158.62 171.29Unassigned Funds / Total Assets -41.81 -29.82 -10.44 -7.45 -2.37


GPW to Policyholders' Surplus3 900 --- 67 87 124NPW to Policyholders' Surplus 300 --- 60 87 115Change in Net Premiums Written 33 -33 150* 93* 38*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 116* 44 69


MSA: Burlington-South Burlington, VT (Metro)


64.0

52.0 53.0

72.0

84.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008Y 2009Y 2010Y 2011Y 2012L3


250.3

68.840.6

89.073.9

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 10.25 85.95 12.08 14.96 9.14 Gross Change in Policyholders' Surplus 50 -10 60* 34 4Net Commission Ratio 104.64 6.14 11.22 14.14 NA Net Change in Adj Policyholders' Surplus 25 -10 0 32* 1Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 52 53 72Tax, License & Fees Ratio 2.44 1.10 2.19 2.41 NA Agents' Bal to Policyholders' Surplus 40 --- 23 14 25Admin & Other Expense Ratio 93.25 13.50 14.01 9.61 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -3 -14 6Gross Premiums Written ($000)3 -1,150 2,081 3,637 5,403 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 13 -24 1Loss & Loss Adj Expense ($000) 1,084 311 357 2,519 2,802 Est Curr Resv Defi/Policyholders' Surplus 25 --- -26 44* 83*Other Underwriting Exp Incurred ($000) 1,503 388 990 1,307 1,641 *Indicates an unusual value.Net Underwriting Gains ($000) -419 -52 1,367 180 1,053 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NM 90.00 99.27 92.44 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 0.00

Pre-Tax Operating Margin -12.52 -4.19 50.73 5.47 19.59 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3


REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -70.22 22.33 18.10 64.05 50.26

Reinsurance Recoverable ex US Aff 0 167 287 -129 NA Net Premiums Written Growth -79.43 149.60 92.75 38.34 56.58Retention Ratio (NPW/GPW) (%)3 NM 90.00 99.27 92.44 NA Pre-Tax Operating Income Growth NM NM NM -84.04 589.01Unauthorized Net Recov. (ex US Aff) (%) NA 0.00 0.00 0.00 NA Net Income Growth NM NM NM -84.04 589.01Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -47.70 -34.71 -6.89 56.43 37.80Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth NM NM 74.75 48.56 58.65Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 362.43 254.44 4.36 -2.35 -1.40






Risk Based Capital Ratio (TAC/ACL RBC) 268.68 1,279.96 1,446.27 1,157.14 NA


Change in Loss & LAE Resv / Reserves -47.70 -34.71 -6.89 56.43 37.80 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S 8.27 -3.02 -13.83 6.43 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 55.58 13.32 -23.87 1.05 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 148.73 240.71 55.46 48.39 43.45 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 8.53 -9.09 -15.89 6.70 NA Net Premiums Written / Avg C&S (%) 40.25 66.20 105.30 129.52 158.81IBNR/ Total Reserves 79.37 67.41 27.30 26.70 NA Liabilities / Capital & Surplus (%) 117.34 89.73 79.21 124.63 177.05Reserves/ Equity 112.05 45.74 31.83 47.75 73.59 Total Reins Recov Excl US Aff / C&S (%) 0.00 5.36 6.88 -2.97 NA


113.1 134.3

640.0723.1

578.6

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2007Y 2008Y 2009Y 2010Y 2011Y



90.0

99.3

92.4

-2,000-1,000

01,0002,0003,0004,0005,0006,0007,0008,000

2008Y 2009Y 2010Y 2011Y 2012L3




Global Hawk Insurance Co a RRG (Burlington, VT)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

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 -1,150 2,081 3,637 5,403 7,702Common Stocks 0 2,713 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written -1,150 2,081 3,637 5,403 7,702Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 1,900 -208 -26 -408 -543Occupied Properties 0 0 0 0 0 Net Premiums Written 750 1,873 3,610 4,995 7,159Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -1,418 1,226 897 989 1,662Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,168 647 2,714 4,006 5,497

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,597 1,008 6,282 7,508 9,584 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 3,597 3,721 6,282 7,508 9,584 Net Losses Paid - Commercial 2,266 715 227 1,321 NAPremiums & Considerations Due 629 1,571 601 1,087 1,396 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 726 Net Losses Paid 2,266 715 227 1,321 NAAll Other Admitted Assets 10 622 591 1,150 969 Net LAE Paid 836 268 314 449 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 4,235 5,914 7,474 9,768 12,675 Change in Loss Reserves - Commercial -1,404 -960 -198 599 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -614 288 14 151 NA

Unpaid Losses 2,157 1,197 998 1,597 2,731 Net Change in Loss and LAE Reserves -2,018 -672 -184 749 NAUnpaid Loss Adj Expenses 27 229 329 480 635 Losses and LAE Incurred 1,084 311 357 2,519 2,802

Loss & Loss Adj Exp Reserves 2,183 1,426 1,327 2,076 3,367 Other Underwriting Expense Incurred 1,503 388 990 1,307 1,641Unearned Premiums 0 1,226 2,122 3,111 4,495 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 -30 -286 129 139 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 103 149 139 100 98 Net Underwriting Gain (Loss) -419 -52 1,367 180 1,053Payable to Parent, Subs & Affiliates 0 0 1 2 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 27 0 0 0 Total underwriting deductions 2,587 700 1,347 3,825 4,444



Common Capital Stock 1,064 1,142 1,212 1,337 1,337 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 600 302 202 202 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,771 -1,764 -781 -728 -300 Income after cap gains (loss) before tax -288 -28 1,387 221 1,082Other Including Gross Contributed 2,055 3,438 3,538 3,538 3,538 Federal Income Tax 0 0 0 0 0

Capital & Surplus 1,949 3,117 4,171 4,348 4,575 Net Income -288 -28 1,387 221 1,082

Total Liabilities and C&S 4,235 5,914 7,474 9,768 12,675 Pre-tax Operating Income -288 -28 1,387 221 1,082

Memo: Total Revenue 2,299 671 2,734 4,047 5,526Memo: Affiliated Investments ($000) Memo: Paid Expenses 2,347 615 1,314 1,794 NA

Bonds 0 0 0 0 0





Net Investment Income 131 24 20 41 29 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 3,597 3,721 6,282 7,508 9,584Affiliated 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 2,713 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 4,461 1. Comm'l Auto St 5,403 Cash/Invested Assets 100.00 27.08 100.00 100.00 100.002. Texas 942 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.23 0.00DPW 5 Yr CAGR NA NA NA 1.21 0.27 All other admitted assets/Total Assets 0.24 10.51 7.90 11.78 7.64National DPW ($000) 5,946 -1,150 2,081 3,637 5,403 Invested Assets/Total Assets 84.92 62.92 84.05 76.87 75.62Adjusted Loss Ratio 58.08 37.55 -34.24 1.00 43.49 Investment Income/Total Assets 3.09 0.41 0.27 0.42 0.23





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


California - 82.6% Texas - 17.4%

Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


HlthCare Industry Liab Recpl (Ann Arbor, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

201 South Main Street NAIC Company Code : 11832 Total Assets 123,451 136,164 154,307 158,899 34,888Suite 200 Business Focus : P&C Minimum NPW Policyholder Surplus 5,518 6,226 7,484 8,688 9,236Ann Arbor, MI 48104-2153 Geographic Focus: Geography Minimum NPW Total Liabilities 117,933 129,939 146,823 150,211 25,651

NAIC Ownership Structure: Risk Retention Group Net Income 1,131 744 1,147 1,162 720Tax Identification Number : 43-2032415 Total Revenue 3,488 2,861 3,436 4,153 4,075



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 82,722 95,933 103,129 107,924 8,927Demotech Financial Strength Rating A 11/05/12 Affirm Loss & LAE Reserves/ NPE (%) 420.14 3,135.50 3,133.13 2,843.53 1,247.81S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 34.05 21.51 23.43 22.01 10.47Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.54 0.48 0.48 0.43 0.39Fitch 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 1.10 0.20 1.77 2.54 2.30Net Investment Income/Earned Premiums 3.36 0.85 7.48 11.90 11.80Return on Average Equity (C&S) 22.60 12.58 16.55 14.30 8.03Return on Avg Assets 0.98 0.58 0.81 0.76 0.90Loss and LAE Ratio 75.90 73.08 75.00 79.79 99.83Expense Ratio -26.52 -16.28 -15.81 -15.93 -14.11Loss Ratio 51.40 57.59 52.50 57.91 71.97Combined Ratio 49.38 56.80 59.19 63.86 85.72Operating Ratio 46.44 55.91 50.78 51.87 74.08Investment ratio 2.94 0.89 8.41 11.99 11.64


Cash, Short-Term Investments / Liabilities 9.64 7.52 2.07 2.09 9.96Cash, Common & Liquid Bonds / Liabilities 9.64 10.93 11.15 12.47 73.43Cash & Short-Term Investments / C&S 206.01 157.00 40.66 36.17 27.66Liabilities / Liquid Assets (IRIS Ratio) 916.00 832.00 805.00 721.00 80.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 90.50 94.59 96.15 96.57 181.84Cash From Underwriting ($000) 4,768 3,389 2,297 2,537 1,065Net Cash From Operations ($000) 4,258 2,843 2,275 2,373 1,142Underwriting Cash Flow Ratio -526.94 -629.00 2,056.51 959.49 145.49Operating Cash Flow Ratio -607.48 -758.05 2,439.75 1,213.55 164.72Unassigned Funds / Total Assets 3.58 3.76 4.14 4.78 23.32


GPW to Policyholders' Surplus3 900 --- 567 545 490NPW to Policyholders' Surplus 300 --- 48 48 43Change in Net Premiums Written 33 -33 0 20 5Surplus Aid to Policyholders' Surplus 15 --- 72* 74* 76*Two-Year Overall Operating Ratio 100 --- 51 53 51


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

916.0832.0 805.0

721.0

80.00

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2008Y 2009Y 2010Y 2011Y 2012L3


49.456.8 59.2

63.9

85.7

0.00

5.00

10.00

15.00

20.00

25.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 24.50 15.49 22.50 21.88 27.86 Gross Change in Policyholders' Surplus 50 -10 13 20 16Net Commission Ratio -35.85 -23.04 -19.54 -19.70 NA Net Change in Adj Policyholders' Surplus 25 -10 13 20 16Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 832* 805* 721*Tax, License & Fees Ratio 4.35 1.01 0.38 0.52 NA Agents' Bal to Policyholders' Surplus 40 --- 20 47* 21Admin & Other Expense Ratio 4.97 5.75 3.35 3.26 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 4 -2 4Gross Premiums Written ($000)3 34,828 35,305 40,767 42,568 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 8 3 3Loss & Loss Adj Expense ($000) 2,572 2,072 2,377 2,959 3,644 Est Curr Resv Defi/Policyholders' Surplus 25 --- -958 -144 177*Other Underwriting Exp Incurred ($000) -787 -483 -564 -595 -508 *Indicates an unusual value.Net Underwriting Gains ($000) 1,604 1,246 1,356 1,345 514 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 8.52 8.40 8.75 8.78 NA complements of each ratio.Effective Tax Rate 33.63 41.51 29.98 37.77 29.67


Admitted Assets Growth 11.13 10.30 13.32 2.98 -76.85

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 10.53 10.18 12.99 2.31 -81.96

Reinsurance Recoverable ex US Aff 78,315 92,840 103,693 106,689 NA Net Premiums Written Growth -15.94 -0.06 20.16 4.78 -4.12Retention Ratio (NPW/GPW) (%)3 8.52 8.40 8.75 8.78 NA Pre-Tax Operating Income Growth -1.37 -25.35 27.61 10.25 -47.32Unauthorized Net Recov. (ex US Aff) (%) 91.24 88.93 85.68 87.88 NA Net Income Growth -1.45 -34.21 54.13 1.34 -34.77Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.97 1.02 NA Loss & Loss Adj Exp Reserves Growth NM 15.97 7.50 4.65 -91.61Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -8.57 1.37 14.35 4.38 -4.05Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 25.53 21.50 19.75 13.07 -21.88

Capital & Surplus Five-year CAGR 35.97 29.77 27.80 21.81 17.38Admitted Assets Five-year CAGR 25.93 21.83 20.08 13.46 -17.69




Asbestos NA NA NA NA NA Capital and Surplus 5,518 6,226 7,484 8,688 9,236 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA NA



Change in Loss & LAE Resv / Reserves NM 15.97 7.50 4.65 -91.61 Realized Capital Gains (Losses) 0 0 15 78 851 Yr Loss Reserve Dev / 1Y Prior C&S 5.13 3.59 -1.93 3.98 NA Net Unrealized Capital Gains (Losses) 0 -36 112 42 152 Yr Loss Reserve Dev / 2Y Prior C&S 6.60 7.82 3.00 2.70 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 420.14 3,135.50 3,133.13 2,843.53 1,247.81 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 6.64 6.98 -3.79 8.04 NA Net Premiums Written / Avg C&S (%) 59.35 50.18 51.47 45.97 40.14IBNR/ Total Reserves 3.31 3.44 3.17 3.16 NA Liabilities / Capital & Surplus (%) 2,137.22 2,087.09 1,961.85 1,728.88 277.72Reserves/ Equity 1,499.12 1,540.89 1,378.01 1,242.17 96.66 Total Reins Recov Excl US Aff / C&S (%) NM NM NM NM NA


01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2007Y 2008Y 2009Y 2010Y 2011Y



8.5

8.4

8.7 8.8

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2008Y 2009Y 2010Y 2011Y 2012L3




HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 0 4,375 13,469 15,822 16,664 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 34,828 35,305 40,369 42,136 40,647Common 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 -31,859 -32,338 -36,804 -38,400 -37,047Occupied Properties 0 0 0 0 0 Net Premiums Written 2,969 2,967 3,565 3,736 3,600Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -419 132 396 28 -50Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,388 2,836 3,170 3,708 3,650

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 11,368 9,775 3,043 3,142 2,554 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 11,368 14,149 16,511 18,965 19,218 Net Losses Paid - Commercial 287 322 803 1,458 NAPremiums & Considerations Due 15,227 13,050 16,618 14,501 11,146 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 77,169 89,072 95,384 99,623 196 Net Losses Paid 287 322 803 1,458 NAAll Other Admitted Assets 19,688 19,893 25,794 25,810 4,328 Net LAE Paid 250 423 414 1,264 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 123,451 136,164 154,307 158,899 34,888 Change in Loss Reserves - Commercial 1,457 1,311 861 689 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 580 16 299 -453 NA

Unpaid Losses 58,145 71,996 81,585 84,019 7,218 Net Change in Loss and LAE Reserves 2,035 1,326 1,160 237 NAUnpaid Loss Adj Expenses 24,577 23,937 21,544 23,904 1,710 Losses and LAE Incurred 2,572 2,072 2,377 2,959 3,644

Loss & Loss Adj Exp Reserves 82,722 95,933 103,129 107,924 8,927 Other Underwriting Expense Incurred -787 -483 -564 -595 -508Unearned Premiums 16,375 17,171 21,884 22,197 1,641 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 13,867 11,910 15,218 13,217 10,154 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 4,269 4,180 5,605 5,948 4,130 Net Underwriting Gain (Loss) 1,604 1,246 1,356 1,345 514Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 700 745 987 926 798 Total underwriting deductions 1,784 1,589 1,813 2,364 3,136



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 0 15 78 85Preferred 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 4,418 5,126 6,384 7,588 8,136 Income after cap gains (loss) before tax 1,704 1,272 1,638 1,867 1,024Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal Income Tax 573 528 491 705 304

Capital & Surplus 5,518 6,226 7,484 8,688 9,236 Net Income 1,131 744 1,147 1,162 720

Total Liabilities and C&S 123,451 136,164 154,307 158,899 34,888 Pre-tax Operating Income 1,704 1,272 1,623 1,789 939

Memo: Total Revenue 3,488 2,861 3,451 4,231 4,160Memo: Affiliated Investments ($000) Memo: Paid Expenses 54 32 -1,370 175 NA

Bonds 0 0 0 0 0





Net Investment Income 100 25 267 445 425 Class 6 0 0 0 0 0R li d C it l G i 0 0 15 78 85Realized Capital Gains 0 0 15 78 85Unrealized Capital Gains 0 -36 112 42 15Total Cash & Investments 11,368 14,149 16,511 18,965 19,218Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 4,430 13,327 15,594 16,280Total 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 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


CMBS ExposureTotal: LT Bond, Com MBS 0 0 121 4,486 2,000


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 2,709Issued 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




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 30.92 81.57 83.43 86.71Common 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. Michigan 7,378 Cash/Invested Assets 100.00 69.08 18.43 16.57 13.292. Illinois 5,165 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 2,272 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. New York 2,179 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Tennessee 2,159 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 22,984 All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 12.33 9.58 10.77 9.13 31.95







Other Invstmts - 16.6% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Michigan - 17.5% Illinois - 12.3%

Ohio - 5.4% New York - 5.2%

Tennessee - 5.1% All other - 54.5%


J.M. Woodworth RRG Inc. (Alpharetta, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

3655 Brookside Parkway NAIC Company Code : 12594 Total Assets 8,631 11,845 14,005 16,584 19,598Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 5,089 5,152 5,165 4,254 4,295Alpharetta, GA 30022-1430 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 3,542 6,693 8,840 12,330 15,304

NAIC Ownership Structure: Risk Retention Group Net Income 166 -861 -334 -968 -435Tax Identification Number : 20-4803611 Total Revenue 2,304 3,342 4,427 7,032 5,747



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 979 1,765 3,309 7,750 9,895Demotech Financial Strength Rating A 11/19/12 Affirm Loss & LAE Reserves/ NPE (%) 22.33 38.13 51.97 84.48 152.10S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -4.90 -17.62 -9.76 -33.53 -17.88Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.62 0.78 0.96 1.86 1.93Fitch Financial Strength Rating -- -- -- --


Name : Donna K. Dalton Auditor Johnson Lambert & Co. LLPPhone : (678) 781-2400 Actuary Deloitte Consulting LLPFax : (678) 781-2450 CEO --Email : [email protected] CFO --

President Seth Evan Kronenberg


Net Yield on Invested Assets 0.47 1.17 0.54 0.77 0.27Net Investment Income/Earned Premiums 0.51 1.68 0.83 0.89 0.40Return on Average Equity (C&S) 5.09 -17.45 -6.66 -20.78 -9.88Return on Avg Assets 3.08 -8.95 -2.69 -5.92 -2.45Loss and LAE Ratio 48.06 65.36 63.22 86.32 68.83Expense Ratio 43.47 51.48 43.39 32.69 31.40Loss Ratio 18.55 28.38 45.29 47.80 -0.95Combined Ratio 91.53 116.84 106.61 119.01 100.23Operating Ratio 90.82 114.77 105.68 118.00 99.65Investment ratio 0.71 2.07 0.93 1.01 0.58


Cash, Short-Term Investments / Liabilities 11.02 25.30 14.39 26.33 36.92Cash, Common & Liquid Bonds / Liabilities 162.45 99.37 93.55 94.77 89.66Cash & Short-Term Investments / C&S 7.67 32.87 24.62 76.30 131.57Liabilities / Liquid Assets (IRIS Ratio) 57.00 97.00 101.00 101.00 101.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 230.58 143.89 119.74 119.89 90.81Cash From Underwriting ($000) 1,751 -42 1,434 3,475 4,027Net Cash From Operations ($000) 1,711 99 1,454 3,565 4,130Underwriting Cash Flow Ratio 256.66 98.70 138.31 243.83 -716.57Operating Cash Flow Ratio 256.66 98.70 138.31 242.99 -712.44Unassigned Funds / Total Assets -9.70 -14.61 -14.06 -17.81 -16.16


GPW to Policyholders' Surplus3 900 --- 114 145 199NPW to Policyholders' Surplus 300 --- 78 96 186Change in Net Premiums Written 33 -33 28 22 60*Surplus Aid to Policyholders' Surplus 15 --- 0 0 1Two-Year Overall Operating Ratio 100 --- 104* 110* 113*




57.0

97.0 101.0 101.0 101.0

0

5,000

10,000

15,000

20,000

25,000

2008Y 2009Y 2010Y 2011Y 2012L3


91.5

116.8106.6

119.0

100.2

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 29.51 36.98 17.93 38.52 69.77 Gross Change in Policyholders' Surplus 50 -10 1 0 -18*Net Commission Ratio 5.68 6.20 10.67 7.23 NA Net Change in Adj Policyholders' Surplus 25 -10 -18* -5 -19*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 97 101* 101*Tax, License & Fees Ratio 2.95 2.32 4.73 2.45 NA Agents' Bal to Policyholders' Surplus 40 --- 13 12 17Admin & Other Expense Ratio 34.84 42.96 27.99 23.01 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 5 1 48*Gross Premiums Written ($000)3 3,913 5,878 7,483 8,460 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 1 3 68*Loss & Loss Adj Expense ($000) 1,090 2,135 2,773 6,009 3,932 Est Curr Resv Defi/Policyholders' Surplus 25 --- 1 -19 57*Other Underwriting Exp Incurred ($000) 1,373 2,077 2,144 2,585 2,600 *Indicates an unusual value.Net Underwriting Gains ($000) -195 -946 -531 -1,632 -819 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 80.75 68.63 66.03 93.45 NA complements of each ratio.Effective Tax Rate NM NM NM NM NM

Pre-Tax Operating Margin -6.96 -26.02 -11.06 -22.21 -13.68 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth 124.84 37.24 18.23 18.41 -0.45


Reinsurance Recoverable ex US Aff -90 -879 -953 2,096 NA Net Premiums Written Growth 508.32 27.69 22.47 60.02 8.29Retention Ratio (NPW/GPW) (%)3 80.75 68.63 66.03 93.45 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 755.83 80.34 87.50 134.19 18.92Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 310.39 50.24 27.29 13.07 22.60Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA 75.14 63.21 58.16 94.24

Capital & Surplus Five-year CAGR NA 35.97 25.99 15.73 13.25Admitted Assets Five-year CAGR NA 53.18 43.58 38.15 46.96




Asbestos NA NA NA NA NA Capital and Surplus 5,089 5,152 5,165 4,254 4,295 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 5,089 5,152 5,165 4,254 NA Combined NA NA NA NA NA ACL Risk Based Capital 555 945 1,034 1,461 NA



Change in Loss & LAE Resv / Reserves 755.83 80.34 87.50 134.19 18.92 Realized Capital Gains (Losses) 8 -46 -10 74 1061 Yr Loss Reserve Dev / 1Y Prior C&S 7.36 5.40 0.74 47.98 NA Net Unrealized Capital Gains (Losses) 30 -32 95 -16 112 Yr Loss Reserve Dev / 2Y Prior C&S -0.97 1.34 3.00 67.75 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 22.33 38.13 51.97 84.48 152.10 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 7.76 8.42 0.87 35.59 NA Net Premiums Written / Avg C&S (%) 96.65 81.76 98.48 169.73 188.32IBNR/ Total Reserves 28.08 31.19 43.86 40.28 NA Liabilities / Capital & Surplus (%) 69.60 129.90 171.15 289.82 356.35Reserves/ Equity 19.23 34.26 64.07 182.18 230.40 Total Reins Recov Excl US Aff / C&S (%) -1.77 -17.06 -18.45 49.27 NA


321.5

458.8

272.7 249.8

145.6

0

1,000

2,000

3,000

4,000

5,000

6,000

2007Y 2008Y 2009Y 2010Y 2011Y



80.8

68.6 66.0

93.4

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2008Y 2009Y 2010Y 2011Y 2012L3




J.M. Woodworth RRG Inc. (Alpharetta, GA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -753 -1,844 -2,542 -555 -1,495Occupied Properties 0 0 0 0 0 Net Premiums Written 3,159 4,034 4,941 7,906 8,280Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 891 768 554 943 2,567Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,269 3,266 4,386 6,962 5,714

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 390 1,694 1,272 3,246 5,650 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,755 6,651 8,269 11,684 13,721 Net Losses Paid - Commercial 0 600 437 515 NAPremiums & Considerations Due 660 905 1,025 1,245 1,493 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 900 2,848 2,973 1,136 1,533 Net Losses Paid 0 600 437 515 NAAll Other Admitted Assets 1,317 1,442 1,738 2,518 2,851 Net LAE Paid 226 748 792 1,053 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 8,631 11,845 14,005 16,584 19,598 Change in Loss Reserves - Commercial 421 327 1,549 2,813 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 444 460 -5 1,628 NA

Unpaid Losses 421 748 2,297 5,110 6,313 Net Change in Loss and LAE Reserves 864 786 1,544 4,441 NAUnpaid Loss Adj Expenses 558 1,017 1,012 2,641 3,582 Losses and LAE Incurred 1,090 2,135 2,773 6,009 3,932

Loss & Loss Adj Exp Reserves 979 1,765 3,309 7,750 9,895 Other Underwriting Expense Incurred 1,373 2,077 2,144 2,585 2,600Unearned Premiums 1,478 2,246 2,801 3,744 5,215 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 753 2,034 2,391 597 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 244 505 259 158 117 Net Underwriting Gain (Loss) -195 -946 -531 -1,632 -819Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 88 143 80 79 77 Total underwriting deductions 2,464 4,211 4,917 8,594 6,533



Common Capital Stock 41 50 52 55 57 Net Realized Capital Gains (Losses) 8 -46 -10 74 106Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 2,150 2,150 2,150 1,950 1,950 All Other Income 19 8 0 0 0Unassigned Surplus -837 -1,730 -1,970 -2,954 -3,167 Income after cap gains (loss) before tax -153 -915 -499 -1,488 -680Other Including Gross Contributed 3,736 4,683 4,933 5,203 5,454 Federal Income Tax -319 -54 -165 -520 -245

Capital & Surplus 5,089 5,152 5,165 4,254 4,295 Net Income 166 -861 -334 -968 -435

Total Liabilities and C&S 8,631 11,845 14,005 16,584 19,598 Pre-tax Operating Income -160 -870 -490 -1,562 -786


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 909 5,364 4,957 6,998 8,438Cash & 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 16 68 41 70 33 Class 6 0 0 0 0 0R li d C it l G i 8 46 10 74 106Realized Capital Gains 8 -46 -10 74 106Unrealized Capital Gains 30 -32 95 -16 11Total Cash & Investments 5,755 6,651 8,269 11,684 13,721Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,364 4,957 6,998 8,438 8,071Total 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





Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 997 1,488Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 8,400 1. Med Prof Liab 7,198 Cash/Invested Assets 6.78 25.47 15.38 27.78 41.182. Connecticut 59 2. Oth Comm'l 1,262 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Pennsylvania 1 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 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 NA NA NA NA 72.05 All other admitted assets/Total Assets 15.26 12.18 12.41 15.19 14.55National DPW ($000) 953 3,913 5,878 7,483 8,460 Invested Assets/Total Assets 66.67 56.15 59.05 70.46 70.01Adjusted Loss Ratio 0.00 17.09 23.18 29.90 59.68 Investment Income/Total Assets 0.19 0.57 0.29 0.42 0.17





Other Invstmts - 27.8% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


New York - 99.3% Connecticut - 0.7%

Pennsylvania - 0.0% Alaska - 0.0%

Alabama - 0.0% All other - 0.0%


Oth Comm'l - 14.9%


Aircraft - 0.0%


All Other - 0.0%


Joliet Area RRG Captive Ins Co (Thomasville, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3


Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 5,174 6,107 6,886 6,872 6,054NAIC Ownership Structure: Risk Retention Group Net Income 447 100 316 -154 -813Tax Identification Number : 83-0395967 Total Revenue 2,183 2,615 1,860 843 628

Direct Premiums Written 2,736 2,838 1,890 2,019 2,001Net Premiums Written 1,948 2,372 1,270 1,472 830


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,632 5,605 5,904 5,353 4,684Demotech Financial Strength Rating A 12/10/12 Affirm Loss & LAE Reserves/ NPE (%) 225.81 193.26 457.28 367.30 392.20S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 35.42 4.08 23.54 -1.55 -28.26Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.29 1.14 0.60 0.90 0.34Fitch Financial Strength Rating -- -- -- --


Name : Cory E. Brown Auditor Sewell Morgan & HilliardPhone : (229) 226-1937x106 Actuary Milliman Inc.Fax : (229) 226-5394 CEO --Email : [email protected] CFO --

President Thomas J. Moore


Net Yield on Invested Assets 2.85 2.47 3.18 2.65 3.10Net Investment Income/Earned Premiums 9.99 7.22 19.89 15.22 27.23Return on Average Equity (C&S) 20.52 4.88 17.45 -7.45 -44.13Return on Avg Assets 5.74 1.28 3.56 -1.65 -9.39Loss and LAE Ratio 45.25 85.33 73.43 26.99 49.31Expense Ratio 27.20 21.41 39.42 32.46 63.87Loss Ratio 0.02 45.51 -22.50 25.95 40.30Combined Ratio 72.45 106.73 112.85 59.45 113.17Operating Ratio 62.46 99.51 92.96 44.23 95.16Investment ratio 9.99 7.22 19.89 15.22 18.01


Cash, Short-Term Investments / Liabilities 12.67 9.48 7.99 11.91 23.54Cash, Common & Liquid Bonds / Liabilities 126.22 125.74 123.09 120.61 128.36Cash & Short-Term Investments / C&S 43.46 27.79 26.19 50.06 58.20Liabilities / Liquid Assets (IRIS Ratio) 79.00 79.00 81.00 82.00 74.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 214.11 198.96 195.67 237.24 150.16Cash From Underwriting ($000) 990 -285 776 1,474 929Net Cash From Operations ($000) 1,451 -92 1,066 553 -76Underwriting Cash Flow Ratio 205.24 88.80 183.11 312.82 1,599.70Operating Cash Flow Ratio 182.20 91.28 212.04 350.99 2,238.65Unassigned Funds / Total Assets 1.27 9.16 14.06 9.07 19.74


GPW to Policyholders' Surplus3 900 --- 136 90 123NPW to Policyholders' Surplus 300 --- 114 60 90Change in Net Premiums Written 33 -33 22 -46* 16Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 80 86 86

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 2 4* 3 2 2 7*



79.0 79.0

81.082.0

74.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2008Y 2009Y 2010Y 2011Y 2012L3


72.5

106.7112.9

59.5

113.2

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 2.4* 3.2 2.7*

Loss Adjustment Expense Ratio 45.23 39.82 95.94 1.04 9.00 Gross Change in Policyholders' Surplus 50 -10 38 1 -22*Net Commission Ratio 0.00 14.47 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 35* -5 -23*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 79 81 82Tax, License & Fees Ratio 2.91 2.88 3.66 3.28 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 24.29 4.05 35.76 29.18 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 10 -16 -22Gross Premiums Written ($000)3 2,736 2,838 1,890 2,019 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -24 3 -36Loss & Loss Adj Expense ($000) 881 2,024 933 397 618 Est Curr Resv Defi/Policyholders' Surplus 25 --- -29 -141 -43Other Underwriting Exp Incurred ($000) 530 508 501 478 530 *Indicates an unusual value.Net Underwriting Gains ($000) 537 -160 -163 597 106 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 71.19 83.58 67.22 72.91 NA complements of each ratio.Effective Tax Rate -17.81 57.43 25.86 NM NM

Pre-Tax Operating Margin 35.36 3.19 22.93 -3.79 -82.96 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth -3.40 22.55 9.74 -5.34 1.54

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 11.32 18.04 12.76 -0.21 -1.84

Reinsurance Recoverable ex US Aff 3,387 3,473 3,076 4,411 NA Net Premiums Written Growth -4.71 21.77 -46.44 15.86 -40.39Retention Ratio (NPW/GPW) (%)3 71.19 83.58 67.22 72.91 NA Pre-Tax Operating Income Growth 110.32 -89.20 411.81 NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 9.79 14.92 18.86 NA Net Income Growth 31.26 -77.70 217.07 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 11.63 21.01 5.34 -9.34 3.36Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -4.62 3.72 -33.40 6.82 -0.49Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 35.04 31.46 23.37 13.20 6.22

Capital & Surplus Five-year CAGR 1.97 8.34 7.13 -5.25 -1.36Admitted Assets Five-year CAGR 22.67 22.65 18.18 7.82 3.68







Change in Loss & LAE Resv / Reserves 11.63 21.01 5.34 -9.34 3.36 Realized Capital Gains (Losses) -392 151 0 0 -2621 Yr Loss Reserve Dev / 1Y Prior C&S -31.19 10.47 -16.23 -22.42 NA Net Unrealized Capital Gains (Losses) 0 -134 197 -338 1,1462 Yr Loss Reserve Dev / 2Y Prior C&S -57.27 -24.19 2.58 -36.20 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 225.81 193.26 457.28 367.30 392.20 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -36.35 6.66 -26.61 -32.01 NA Net Premiums Written / Avg C&S (%) 89.37 116.13 70.09 71.28 45.02IBNR/ Total Reserves 28.19 30.96 19.47 24.94 NA Liabilities / Capital & Surplus (%) 342.90 293.23 327.79 420.30 247.27Reserves/ Equity 306.99 269.13 281.04 327.38 191.31 Total Reins Recov Excl US Aff / C&S (%) 224.49 166.76 146.42 269.78 NA


210.5

164.3177.6

162.2

127.1

0

500

1,000

1,500

2,000

2,500

2007Y 2008Y 2009Y 2010Y 2011Y



71.2

83.6

67.272.9

0

500

1,000

1,500

2,000

2,500

3,000

2008Y 2009Y 2010Y 2011Y 2012L3




Joliet Area RRG Captive Ins Co (Thomasville, GA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -788 -466 -619 -547 -1,172Occupied Properties 0 0 0 0 0 Net Premiums Written 1,948 2,372 1,270 1,472 830Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 -425Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,948 2,372 1,270 1,472 1,254

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 656 579 550 819 1,425 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 6,530 7,679 8,477 8,288 7,771 Net Losses Paid - Commercial 0 400 0 947 NAPremiums & Considerations Due 0 0 0 0 271 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 284 0 0 0 Net Losses Paid 0 400 0 947 NAAll Other Admitted Assets 152 227 511 219 461 Net LAE Paid 399 651 634 2 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,682 8,190 8,987 8,507 8,503 Change in Loss Reserves - Commercial 0 679 -286 -565 NA


Unpaid Losses 2,831 3,510 3,224 2,660 2,160 Net Change in Loss and LAE Reserves 482 973 299 -552 NAUnpaid Loss Adj Expenses 1,801 2,095 2,680 2,693 2,525 Losses and LAE Incurred 881 2,024 933 397 618

Loss & Loss Adj Exp Reserves 4,632 5,605 5,904 5,353 4,684 Other Underwriting Expense Incurred 530 508 501 478 530Unearned Premiums 0 0 0 0 491 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 444 1,108 820 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 0 -1 176 17 59 Net Underwriting Gain (Loss) 537 -160 -163 597 106Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 542 502 362 394 0 Total underwriting deductions 1,411 2,531 1,434 875 1,148



Common Capital Stock 2,008 2,041 2,116 2,130 2,136 Net Realized Capital Gains (Losses) -392 151 0 0 -262Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 60 72 43 78 78Surplus Notes 0 0 0 0 0 All Other Income -20 0 295 -931 -931Unassigned Surplus 85 750 1,264 772 1,678 Income after cap gains (loss) before tax 380 234 427 -32 -783Other Including Gross Contributed -584 -709 -1,279 -1,267 -1,365 Federal Income Tax -68 135 110 122 31

Capital & Surplus 1,509 2,083 2,101 1,635 2,449 Net Income 447 100 316 -154 -813

Total Liabilities and C&S 6,682 8,190 8,987 8,507 8,503 Pre-tax Operating Income 772 83 427 -32 -521

Memo: Total Revenue 1,791 2,766 1,860 843 366Memo: Affiliated Investments ($000) Memo: Paid Expenses 980 1,205 1,193 544 NA

Bonds 0 0 0 0 0





Net Investment Income 195 171 253 224 226 Class 6 0 0 0 0 0R li d C it l G i 392 151 0 0 262Realized Capital Gains -392 151 0 0 -262Unrealized Capital Gains 0 -134 197 -338 1,146Total Cash & Investments 6,530 7,679 8,477 8,288 7,771Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 3,783 4,290 4,515 4,369 3,925Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,091 2,810 3,412 3,100 2,421Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 309 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 1,284 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. Illinois 2,019 1. Med Prof Liab 2,019 Cash/Invested Assets 10.04 7.54 6.49 9.88 18.342. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA 18.60 -10.90 -8.40 All other admitted assets/Total Assets 2.28 2.77 5.68 2.57 5.42National DPW ($000) 2,868 2,736 2,838 1,890 2,019 Invested Assets/Total Assets 97.72 93.76 94.32 97.43 91.39Adjusted Loss Ratio 45.43 0.01 0.00 0.00 18.92 Investment Income/Total Assets 2.91 2.09 2.81 2.63 2.66





Other Invstmts - 9.9% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Illinois - 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%


Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

5430 West Sahara Avenue NAIC Company Code : 13014 Total Assets 1,210 6,273 7,994 12,880 14,283Las Vegas, NV 89146-3307 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 511 1,058 2,006 2,774 3,367

Geographic Focus: Regional - Southern Quadrant Total Liabilities 698 5,214 5,987 10,106 10,916NAIC Ownership Structure: Risk Retention Group Net Income -34 221 337 86 -475Tax Identification Number : 26-1479165 Total Revenue 277 1,833 4,983 6,278 7,963

Direct Premiums Written 647 5,499 5,805 8,826 10,860Net Premiums Written 647 4,873 5,406 6,467 7,740

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 277 1,827 4,919 6,182 7,767

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 118 818 2,113 4,057 6,413Demotech Financial Strength Rating A 08/28/12 Affirm Loss & LAE Reserves/ NPE (%) NA 24.02 29.97 48.25 60.34S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA 47.55 32.01 5.36 -23.46Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.27 4.60 2.69 2.33 2.30Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Alan Joseph Iezzi


Net Yield on Invested Assets NA 0.36 1.45 0.49 0.16Net Investment Income/Earned Premiums 0.02 0.13 1.18 0.48 0.17Return on Average Equity (C&S) NA 32.12 21.09 3.46 -15.62Return on Avg Assets NA 7.05 4.94 0.88 -3.72Loss and LAE Ratio 42.80 41.34 54.46 58.89 72.55Expense Ratio 30.62 15.39 33.16 38.72 39.30Loss Ratio 32.10 22.42 35.76 21.49 15.47Combined Ratio 73.42 56.74 87.63 97.61 111.85Operating Ratio 73.37 56.40 86.32 97.11 111.68Investment ratio 0.04 0.33 1.30 0.50 0.17


Cash, Short-Term Investments / Liabilities 63.54 70.03 78.94 75.73 81.91Cash, Common & Liquid Bonds / Liabilities 63.54 70.03 78.94 78.96 85.45Cash & Short-Term Investments / C&S 86.77 345.02 235.57 275.91 265.59Liabilities / Liquid Assets (IRIS Ratio) 157.00 143.00 127.00 132.00 122.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 11.77 11.48Reserve coverage2 90.80 95.50 116.15 124.07 92.70Cash From Underwriting ($000) 384 2,721 362 2,842 1,195Net Cash From Operations ($000) 385 2,713 257 2,563 1,498Underwriting Cash Flow Ratio 466.24 279.96 112.03 168.73 121.68Operating Cash Flow Ratio 466.24 280.85 117.63 177.80 119.59Unassigned Funds / Total Assets -2.79 2.99 6.56 4.88 2.85


GPW to Policyholders' Surplus3 900 --- 520 289 318NPW to Policyholders' Surplus 300 --- 460* 269 233Change in Net Premiums Written 33 -33 653* 11 20Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 58 75 92


MSA: Las Vegas-Paradise, NV (Metro)


157.0143.0

127.0 132.0122.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2008Y 2009Y 2010Y 2011Y 2012L3


73.4

56.7

87.697.6

111.8

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 10.70 18.92 18.71 37.39 57.08 Gross Change in Policyholders' Surplus 50 -10 107* 90* 38Net Commission Ratio 5.91 4.55 10.39 16.04 NA Net Change in Adj Policyholders' Surplus 25 -10 43* 32* 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 143* 127* 132*Tax, License & Fees Ratio 2.57 0.69 1.49 0.83 NA Agents' Bal to Policyholders' Surplus 40 --- 126* 88* 102*Admin & Other Expense Ratio 22.14 10.16 21.28 21.85 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -20 22* 9Gross Premiums Written ($000)3 647 5,499 5,805 8,826 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA -22 7Loss & Loss Adj Expense ($000) 118 755 2,679 3,640 5,635 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA -33 -40Other Underwriting Exp Incurred ($000) 198 750 1,793 2,504 3,042 *Indicates an unusual value.Net Underwriting Gains ($000) -40 322 447 37 -910 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 88.60 93.11 73.27 NA complements of each ratio.Effective Tax Rate NM 32.45 34.10 35.43 NM

Pre-Tax Operating Margin -14.36 17.88 10.26 2.12 -8.96 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth NA 418.58 27.44 61.12 28.47

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth NA 646.78 14.83 68.79 28.94

Reinsurance Recoverable ex US Aff 0 392 2,261 2,250 NA Net Premiums Written Growth NA 653.26 10.94 19.63 12.01Retention Ratio (NPW/GPW) (%)3 100.00 88.60 93.11 73.27 NA Pre-Tax Operating Income Growth NA NM 55.96 -73.94 NMUnauthorized Net Recov. (ex US Aff) (%) NA 0.00 0.00 0.00 NA Net Income Growth NA NM 52.14 -74.46 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NA 591.14 158.31 91.98 87.96Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth NA 750.13 5.57 52.03 36.84Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA NA 143.70 125.49

Capital & Surplus Five-year CAGR NA NA NA 75.71 59.46Admitted Assets Five-year CAGR NA NA NA 120.00 97.28




Asbestos NA NA NA NA NA Capital and Surplus 511 1,058 2,006 2,774 3,367 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 511 1,058 2,006 2,774 NA Combined NA NA NA NA NA ACL Risk Based Capital 83 314 798 1,199 NA



Change in Loss & LAE Resv / Reserves NA 591.14 158.31 91.98 87.96 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S NA -19.95 22.02 9.27 NA Net Unrealized Capital Gains (Losses) 0 0 0 17 572 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 0.00 -22.49 7.18 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE NA 24.02 29.97 48.25 60.34 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 -5.58 4.74 3.01 NA Net Premiums Written / Avg C&S (%) NA 706.83 338.50 260.24 254.50IBNR/ Total Reserves 75.00 45.03 47.86 28.04 NA Liabilities / Capital & Surplus (%) 136.55 492.71 298.40 364.33 324.25Reserves/ Equity 23.15 77.31 105.33 146.27 190.49 Total Reins Recov Excl US Aff / C&S (%) 0.00 37.04 112.68 81.11 NA


306.3

168.5125.7 115.7

0

500

1,000

1,500

2,000

2,500

3,000

2007Y 2008Y 2009Y 2010Y 2011Y



100.088.6 93.1

73.3

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2008Y 2009Y 2010Y 2011Y 2012L3




Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

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 647 5,499 5,805 8,826 10,860Common Stocks 0 0 0 326 387 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 -627 -400 -2,359 -3,120Occupied Properties 0 0 0 0 0 Net Premiums Written 647 4,873 5,406 6,467 7,740Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 370 3,045 487 285 -27Properties for Sale 0 0 0 0 0 Net Premiums Earned 277 1,827 4,919 6,182 7,767

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 444 3,651 4,727 7,653 8,941 Underwriting Deductions ($000)Other Investments 0 0 0 0 567 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 444 3,651 4,727 7,980 9,895 Net Losses Paid - Commercial 0 5 1,001 483 NAPremiums & Considerations Due 157 1,334 1,756 2,834 2,643 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 0 5 1,001 483 NAAll Other Admitted Assets 609 1,287 1,511 2,066 1,744 Net LAE Paid 0 51 383 1,214 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 1,210 6,273 7,994 12,880 14,283 Change in Loss Reserves - Commercial 89 405 758 846 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 30 295 537 1,098 NA

Unpaid Losses 89 493 1,252 2,098 2,700 Net Change in Loss and LAE Reserves 118 700 1,295 1,944 NAUnpaid Loss Adj Expenses 30 325 862 1,960 3,713 Losses and LAE Incurred 118 755 2,679 3,640 5,635

Loss & Loss Adj Exp Reserves 118 818 2,113 4,057 6,413 Other Underwriting Expense Incurred 198 750 1,793 2,504 3,042Unearned Premiums 370 3,416 3,903 4,188 4,261 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 131 -1,447 -35 -1,232 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 196 343 647 1,046 762 Net Underwriting Gain (Loss) -40 322 447 37 -910Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 14 506 771 851 712 Total underwriting deductions 316 1,505 4,471 6,144 8,677

Total Liabilities 698 5,214 5,987 10,106 10,916


Common Capital Stock 505 298 29 27 28 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 65 183Surplus Notes 0 75 75 75 75 All Other Income 0 0 0 0 0Unassigned Surplus -34 188 524 628 408 Income after cap gains (loss) before tax -40 328 511 133 -714Other Including Gross Contributed 41 497 1,378 2,044 2,856 Federal Income Tax -6 106 174 47 -239

Capital & Surplus 511 1,058 2,006 2,774 3,367 Net Income -34 221 337 86 -475

Total Liabilities and C&S 1,210 6,273 7,994 12,880 14,283 Pre-tax Operating Income -40 328 511 133 -714

Memo: Total Revenue 277 1,833 4,983 6,278 7,963Memo: Affiliated Investments ($000) Memo: Paid Expenses 105 1,507 2,008 3,701 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 326 387 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 NA 0 0 0 0Cash & Short Term Investments 0 0 0 0 0 Class 2 NA 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 326 387 Class 3 NA 0 0 0 0Class 4 NA 0 0 0 0

INVESTMENT ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Class 5 NA 0 0 0 0

Net Investment Income 0 6 64 31 13 Class 6 NA 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 0 17 57Total Cash & Investments 444 3,651 4,727 7,980 9,895Affiliated Cash & Investments 0 0 0 326 387Total Bonds (incl Short-Term) 0 0 0 0 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 326 387Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) NA 0 0 0 0Issued Political Subdivisions ($000) NA 0 0 0 0Issued State Rev Obligations ($000) NA 0 0 0 0Issued Industrial Development ($000) NA 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 4,820 1. Med Prof Liab 8,826 Cash/Invested Assets 100.00 100.00 100.00 95.91 90.362. California 1,583 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 1,493 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 341 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 254 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio NA 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 50.37 20.52 18.90 16.04 12.21National DPW ($000) NA 647 5,499 5,805 8,826 Invested Assets/Total Assets 36.68 58.21 59.13 61.96 69.28Adjusted Loss Ratio NA 32.10 23.50 36.90 22.13 Investment Income/Total Assets 0.01 0.10 0.80 0.24 0.09





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Florida - 54.6% California - 17.9%

Michigan - 16.9% Kentucky - 3.9%

Texas - 2.9% All other - 3.8%



Aircraft - 0.0%



All Other - 0.0%


National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,059 6,323 6,958 6,955 7,671Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,567 2,978 2,981 3,088 3,382Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,492 3,345 3,978 3,868 4,290






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 13.84 159.60 23.91 12.99 13.27Cash, Common & Liquid Bonds / Liabilities 158.88 174.55 170.33 174.08 170.20Cash & Short-Term Investments / C&S 18.83 179.25 31.91 16.27 16.83Liabilities / Liquid Assets (IRIS Ratio) 63.00 57.00 61.00 59.00 59.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 170.78 182.20 187.15 193.10 191.59Cash From Underwriting ($000) 669 225 526 -48 383Net Cash From Operations ($000) 925 142 579 -4 404Underwriting Cash Flow Ratio 158.66 113.80 135.70 96.90 137.71Operating Cash Flow Ratio 142.28 120.83 138.98 104.13 146.88Unassigned Funds / Total Assets 2.25 9.79 13.07 15.27 17.83


GPW to Policyholders' Surplus3 900 --- 67 63 50NPW to Policyholders' Surplus 300 --- 67 63 50Change in Net Premiums Written 33 -33 12 -6 -18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 82 84 92




63.0

57.0

61.0

59.0 59.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2008Y 2009Y 2010Y 2011Y 2012L3


88.977.7

96.7 99.190.4

0.001.002.003.004.005.006.007.008.009.00

10.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 17.51 21.60 15.77 20.80 24.23 Gross Change in Policyholders' Surplus 50 -10 16 0 4Net Commission Ratio 10.13 8.80 10.01 10.90 NA Net Change in Adj Policyholders' Surplus 25 -10 19 -3 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 57 61 59Tax, License & Fees Ratio 5.58 5.02 6.16 6.74 NA Agents' Bal to Policyholders' Surplus 40 --- 6 3 3Admin & Other Expense Ratio 29.32 27.24 30.88 36.78 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -28 -13 -15Gross Premiums Written ($000)3 1,786 2,001 1,873 1,540 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -43 -39 -26Loss & Loss Adj Expense ($000) 830 670 967 782 662 Est Curr Resv Defi/Policyholders' Surplus 25 --- -33 -29 -34Other Underwriting Exp Incurred ($000) 792 822 881 838 588 *Indicates an unusual value.Net Underwriting Gains ($000) 255 335 99 130 187 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 34.01 28.45 36.38 22.45 26.48


Admitted Assets Growth 9.06 4.36 10.05 -0.04 11.75

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 18.91 -4.22 18.92 -2.76 4.10

Reinsurance Recoverable ex US Aff 0 0 0 0 NA Net Premiums Written Growth -4.22 12.05 -6.41 -17.80 -18.13Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 NA Pre-Tax Operating Income Growth NM 21.38 -40.84 16.43 -3.83Unauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth NM -30.16 7.41 55.98 -29.66Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 26.93 -8.90 16.17 4.79 9.60Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -4.22 12.05 -6.41 -17.80 -18.13Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 53.50 28.38 18.85 13.70 11.32








Change in Loss & LAE Resv / Reserves 26.93 -8.90 16.17 4.79 9.60 Realized Capital Gains (Losses) 46 -139 53 93 431 Yr Loss Reserve Dev / 1Y Prior C&S -19.48 -28.01 -12.86 -15.37 NA Net Unrealized Capital Gains (Losses) -342 326 83 -161 3872 Yr Loss Reserve Dev / 2Y Prior C&S -9.70 -42.69 -39.11 -26.02 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 120.32 137.02 126.31 158.53 200.26 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -27.00 -39.34 -19.67 -26.17 NA Net Premiums Written / Avg C&S (%) 68.52 78.97 68.95 52.49 42.06IBNR/ Total Reserves 65.00 62.27 69.38 68.54 NA Liabilities / Capital & Surplus (%) 136.04 112.31 133.44 125.27 126.86Reserves/ Equity 95.59 75.06 87.11 88.13 92.40 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 NA


324.3

158.2

375.0

202.5 187.9

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007Y 2008Y 2009Y 2010Y 2011Y



100.0 100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

2008Y 2009Y 2010Y 2011Y 2012L3




National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 499 500 1,401 1,015 914 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,786 2,001 1,873 1,540 1,328Common Stocks 4,566 0 4,183 5,061 5,818 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 1,786 2,001 1,873 1,540 1,328Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -103 174 -74 -210 -109Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,889 1,828 1,947 1,750 1,437

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 483 5,338 951 502 569 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 5,548 5,838 6,536 6,578 7,301 Net Losses Paid - Commercial 56 518 336 367 NAPremiums & Considerations Due 8 169 76 90 50 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 56 518 336 367 NAAll Other Admitted Assets 502 315 347 288 320 Net LAE Paid 253 370 270 291 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 6,059 6,323 6,958 6,955 7,671 Change in Loss Reserves - Commercial 443 -243 324 51 NA


Unpaid Losses 1,952 1,710 2,034 2,085 2,404 Net Change in Loss and LAE Reserves 521 -218 361 124 NAUnpaid Loss Adj Expenses 501 526 563 636 720 Losses and LAE Incurred 830 670 967 782 662

Loss & Loss Adj Exp Reserves 2,454 2,235 2,597 2,721 3,124 Other Underwriting Expense Incurred 792 822 881 838 588Unearned Premiums 795 969 895 685 686 Other Underwriting Deductions 13 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 68 106 119 118 106 Net Underwriting Gain (Loss) 255 335 99 130 187Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 175 34 367 343 373 Total underwriting deductions 1,634 1,492 1,848 1,620 1,250



Common Capital Stock 2,240 2,329 2,420 2,454 2,495 Net Realized Capital Gains (Losses) 46 -139 53 93 43Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 190 30 30 30 30 All Other Income -19 -8 0 -35 -35Unassigned Surplus 136 619 909 1,062 1,368 Income after cap gains (loss) before tax 341 220 265 339 312Other Including Gross Contributed 0 0 -378 -458 -511 Federal Income Tax 116 62 97 76 83




Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 4,676 499 500 1,641 1,170Cash & 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 59 31 114 152 117 Class 6 0 0 0 0 0R li d C it l G i 46 139 53 93 43Realized Capital Gains 46 -139 53 93 43Unrealized Capital Gains -342 326 83 -161 387Total Cash & Investments 5,548 5,838 6,536 6,578 7,301Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 499 500 1,641 1,170 914Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 4,566 0 4,183 5,061 5,818Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0







LT Bond 1,015 1,015 1,001 932 3,962Common Stock 5,061 5,061 5,166 -- 15,287Preferred Stock 0 0 0 -- 0Total 6,075 6,075 6,166 932 --



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 702 1. Oth, Prod Liab Cmbnd 1,540 Cash/Invested Assets 8.71 91.44 14.55 7.64 7.792. North Carolina 677 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 66 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. South Carolina 48 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 46 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 44.41 15.86 6.54 -0.75 All other admitted assets/Total Assets 8.29 4.99 4.99 4.14 4.17National DPW ($000) 1,865 1,786 2,001 1,873 1,540 Invested Assets/Total Assets 91.57 92.33 93.92 94.57 95.17Adjusted Loss Ratio 46.10 26.40 15.07 33.91 23.88 Investment Income/Total Assets 0.98 0.49 1.63 2.19 1.53





Other Invstmts - 7.6% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Florida - 45.6% North Carolina - 43.9%

Georgia - 4.3% South Carolina - 3.1%

Virginia - 3.0% All other - 0.2%



Aircraft - 0.0%



All Other - 0.0%


National Guardian RRG (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 18,231 15,912 16,442 15,823 17,146Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,484 3,662 4,626 5,529 5,523

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 14,747 12,250 11,816 10,294 11,623NAIC Ownership Structure: Risk Retention Group Net Income 470 127 889 890 382Tax Identification Number : 38-2848487 Total Revenue 4,360 716 2,607 2,672 2,652

Direct Premiums Written 11,354 11,335 11,953 12,140 13,231Net Premiums Written 3,975 676 2,102 2,555 2,696

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 4,016 583 2,386 2,527 2,501

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 13,046 10,419 9,980 9,295 9,226Demotech Financial Strength Rating A 11/16/12 Initiate Loss & LAE Reserves/ NPE (%) 324.96 2,104.56 437.85 392.75 366.08S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.75 5.93 29.95 24.30 10.70Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.14 0.18 0.45 0.46 0.49Fitch Financial Strength Rating -- -- -- --


Name : Mark A. Burnheimer Auditor Johnson Lambert & Co. LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik K. KingEmail : [email protected] CFO --

President Mark A. Burnheimer


Net Yield on Invested Assets 2.90 1.03 1.89 1.21 1.33Net Investment Income/Earned Premiums 8.65 19.79 10.52 5.66 5.62Return on Average Equity (C&S) 15.37 3.59 22.94 18.12 6.97Return on Avg Assets 2.65 0.65 5.22 5.25 2.27Loss and LAE Ratio 91.52 32.59 44.67 43.48 72.53Expense Ratio 7.41 46.78 18.12 14.82 9.36Loss Ratio 31.58 -25.89 12.16 14.60 35.84Combined Ratio 98.93 79.37 62.79 58.30 81.89Operating Ratio 90.37 56.42 53.53 52.58 75.83Investment ratio 8.56 22.95 9.27 5.72 6.06


Cash, Short-Term Investments / Liabilities 35.55 10.25 34.94 29.18 12.55Cash, Common & Liquid Bonds / Liabilities 95.11 101.27 123.12 130.90 103.50Cash & Short-Term Investments / C&S 150.48 34.27 89.24 54.33 26.42Liabilities / Liquid Assets (IRIS Ratio) 98.00 94.00 86.00 85.00 76.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 114.07 113.56 126.29 125.34 111.04Cash From Underwriting ($000) 1,432 -2,114 450 -1,282 -501Net Cash From Operations ($000) 1,800 -1,891 834 -1,638 -591Underwriting Cash Flow Ratio 170.67 48.29 158.53 63.12 76.40Operating Cash Flow Ratio 174.78 52.56 139.65 82.17 95.50Unassigned Funds / Total Assets 10.88 13.59 19.01 25.46 23.46


GPW to Policyholders' Surplus3 900 --- 333 265 223NPW to Policyholders' Surplus 300 --- 18 45 46Change in Net Premiums Written 33 -33 -83* 211* 22Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 87 55 53


MSA: Traverse City, MI (Micro)


98.0 94.086.0 85.0

76.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2008Y 2009Y 2010Y 2011Y 2012L3


98.9

79.4

62.8 58.3

81.9

0.00

5.00

10.00

15.00

20.00

25.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 59.95 58.48 32.51 28.88 36.69 Gross Change in Policyholders' Surplus 50 -10 5 26 20Net Commission Ratio -10.29 -140.19 -26.30 -21.06 NA Net Change in Adj Policyholders' Surplus 25 -10 5 26* 20Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 94 86 85Tax, License & Fees Ratio 4.46 44.36 15.58 12.54 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 13.24 142.61 28.85 23.35 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -65 -47 -26Gross Premiums Written ($000)3 12,020 12,197 12,259 12,348 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -90 -112 -71Loss & Loss Adj Expense ($000) 3,675 190 1,066 1,099 1,814 Est Curr Resv Defi/Policyholders' Surplus 25 --- -249 228* 223*Other Underwriting Exp Incurred ($000) 295 316 381 379 252 *Indicates an unusual value.Net Underwriting Gains ($000) 46 77 939 1,050 435 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 33.07 5.54 17.15 20.69 NA complements of each ratio.Effective Tax Rate -27.00 54.08 32.55 30.35 34.92


Admitted Assets Growth 8.41 -12.72 3.33 -3.76 4.08

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 7.16 -16.93 -3.54 -12.88 2.33

Reinsurance Recoverable ex US Aff 654 -351 -868 -142 NA Net Premiums Written Growth -27.80 -83.00 211.20 21.55 27.64Retention Ratio (NPW/GPW) (%)3 33.07 5.54 17.15 20.69 NA Pre-Tax Operating Income Growth 197.18 -46.10 451.56 2.91 -61.92Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth NM -72.92 597.90 0.17 -65.31Nonaffiliated Reins Assumed / GPW (%) 5.54 7.07 2.49 1.69 NA Loss & Loss Adj Exp Reserves Growth 5.36 -20.14 -4.21 -6.86 -6.40Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -14.93 -0.16 5.45 1.56 7.45Reinsurance on Known Case Reserves 388 0 0 0 NA Total Liabilities Five-year CAGR 14.68 7.87 2.62 -3.29 -1.30








Change in Loss & LAE Resv / Reserves 5.36 -20.14 -4.21 -6.86 -6.40 Realized Capital Gains (Losses) -20 67 158 84 11 Yr Loss Reserve Dev / 1Y Prior C&S -47.51 -65.05 -46.91 -25.94 NA Net Unrealized Capital Gains (Losses) -44 18 13 13 02 Yr Loss Reserve Dev / 2Y Prior C&S -36.20 -89.60 -111.60 -70.70 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 324.96 2,104.56 437.85 392.75 366.08 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -36.13 -388.99 -72.00 -47.48 NA Net Premiums Written / Avg C&S (%) 129.87 19.05 54.25 51.98 49.22IBNR/ Total Reserves 41.54 42.88 40.29 39.65 NA Liabilities / Capital & Surplus (%) 423.33 334.52 255.43 186.19 210.44Reserves/ Equity 374.49 284.50 215.73 168.12 167.06 Total Reins Recov Excl US Aff / C&S (%) 18.77 -9.58 -18.76 -2.57 NA


142.8

82.2

123.7

168.1

210.2

0

1,000

2,000

3,000

4,000

5,000

6,000

2007Y 2008Y 2009Y 2010Y 2011Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))33.1

5.5

17.120.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008Y 2009Y 2010Y 2011Y 2012L3




National Guardian RRG (Traverse City, MI)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -7,379 -10,660 -9,851 -9,584 -10,535Occupied Properties 0 0 0 0 0 Net Premiums Written 3,975 676 2,102 2,555 2,696Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -41 93 -284 28 195Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,016 583 2,386 2,527 2,501

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,242 1,255 4,128 3,004 1,459 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,502 12,562 13,535 11,891 11,029 Net Losses Paid - Commercial 1,696 1,440 523 903 NAPremiums & Considerations Due 364 361 76 83 3,142 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 2,480 2,027 2,075 3,109 2,182 Net Losses Paid 1,696 1,440 523 903 NAAll Other Admitted Assets 885 963 756 741 793 Net LAE Paid 1,316 1,377 982 880 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 18,231 15,912 16,442 15,823 17,146 Change in Loss Reserves - Commercial -428 -1,591 -233 -534 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1,092 -1,037 -206 -150 NA

Unpaid Losses 8,256 6,665 6,433 5,899 5,960 Net Change in Loss and LAE Reserves 664 -2,627 -439 -684 NAUnpaid Loss Adj Expenses 4,790 3,753 3,547 3,396 3,266 Losses and LAE Incurred 3,675 190 1,066 1,099 1,814

Loss & Loss Adj Exp Reserves 13,046 10,419 9,980 9,295 9,226 Other Underwriting Expense Incurred 295 316 381 379 252Unearned Premiums 241 334 50 78 706 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 537 880 868 142 337 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 83 192 204 232 139 Net Underwriting Gain (Loss) 46 77 939 1,050 435Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 840 425 715 548 1,214 Total underwriting deductions 3,970 506 1,447 1,478 2,066



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) -20 67 158 84 1Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 1 0 0 0 0Surplus Notes 500 500 500 500 500 All Other Income 0 0 0 0 0Unassigned Surplus 1,984 2,162 3,126 4,029 4,023 Income after cap gains (loss) before tax 370 277 1,318 1,278 587Other Including Gross Contributed 400 400 400 400 400 Federal Income Tax -100 150 429 388 205


Total Liabilities and C&S 18,231 15,912 16,442 15,823 17,146 Pre-tax Operating Income 390 210 1,160 1,194 586

Memo: Total Revenue 4,340 783 2,765 2,756 2,653Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,744 1,648 1,408 1,287 NA

Bonds 0 0 0 0 0





Net Investment Income 344 134 221 145 152 Class 6 0 60 0 0 0R li d C it l G i 20 67 158 84 1Realized Capital Gains -20 67 158 84 1Unrealized Capital Gains -44 18 13 13 0Total Cash & Investments 14,502 12,562 13,535 11,891 11,029Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 8,887 11,222 10,441 10,471 10,571Total Preferred Stock (incl Nonadmitted) 90 117 137 0 0Total Common Stock (incl Nonadmitted) 407 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 2.58 3.19 2.95 0.00 0.001. Illinois 3,017 1. Med Prof Liab 12,140 Cash/Invested Assets 36.15 9.99 30.50 25.26 13.232. Missouri 1,903 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 1,415 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 1,296 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Michigan 1,075 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 12.45 6.76 0.77 -2.25 -4.52 All other admitted assets/Total Assets 4.86 6.05 4.60 4.68 4.62National DPW ($000) 13,346 11,354 11,335 11,953 12,140 Invested Assets/Total Assets 79.55 78.95 82.32 75.15 64.33Adjusted Loss Ratio 61.71 33.67 46.38 30.29 23.36 Investment Income/Total Assets 1.89 0.84 1.34 0.91 0.88





Other Invstmts - 25.3% 0.00 2.00 4.00 6.00 8.00

2008Y2009Y

2010Y

2011Y

2012L3


Illinois - 24.9% Missouri - 15.7% Virginia - 11.7%

Ohio - 10.7% Michigan - 8.9% All other - 28.3%



Aircraft - 0.0%



All Other - 0.0%


Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 16,508 15,317 14,503 9,363 12,442Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 14,213 13,945 12,444 7,654 10,607Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 2,294 1,372 2,059 1,709 1,835

NAIC Ownership Structure: Risk Retention Group Net Income 366 -197 77 28 -301Tax Identification Number : 99-0319305 Total Revenue 2,836 1,455 -134 1,016 773

Direct Premiums Written 638 748 622 501 829Net Premiums Written 513 629 505 390 719

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 2,332 1,321 -422 841 678

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 531 320 25 20 20Demotech Financial Strength Rating A 11/26/12 Affirm Loss & LAE Reserves/ NPE (%) 23.74 33.17 NM 2.60 2.95S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 2.39 -2.57 2.33 -1.33 -4.46Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.04 0.05 0.04 0.05 0.07Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor PricewaterhouseCoopers LLPPhone : (802) 479-7801 Actuary --Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Mark H. Mishler


Net Yield on Invested Assets 3.72 0.92 2.02 1.48 1.00Net Investment Income/Earned Premiums 98.23 21.37 56.97 44.85 13.20Return on Average Equity (C&S) 2.60 -1.40 0.56 0.29 -3.74Return on Avg Assets 2.12 -1.24 0.51 0.23 -3.07Loss and LAE Ratio 63.02 77.22 NM 29.30 18.20Expense Ratio 201.04 126.62 -159.72 230.06 140.22Loss Ratio 63.02 77.22 NM 29.30 18.20Combined Ratio 264.06 203.84 NM 259.37 158.42Operating Ratio 242.46 193.66 NM 238.58 144.43Investment ratio 21.60 10.18 NA 20.79 13.99


Cash, Short-Term Investments / Liabilities 227.86 729.52 322.65 389.41 387.17Cash, Common & Liquid Bonds / Liabilities 652.04 NM 680.42 538.25 652.59Cash & Short-Term Investments / C&S 36.78 71.78 53.38 86.96 66.97Liabilities / Liquid Assets (IRIS Ratio) 16.00 10.00 15.00 19.00 15.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 649.02 1,121.70 738.18 635.96 750.82Cash From Underwriting ($000) -1,921 -1,527 790 -603 -142Net Cash From Operations ($000) -304 -269 1,156 -346 -167Underwriting Cash Flow Ratio 23.05 24.93 -262.80 43.85 85.42Operating Cash Flow Ratio 29.18 24.73 -204.19 41.76 96.86Unassigned Funds / Total Assets 60.95 63.93 57.17 37.39 27.47


GPW to Policyholders' Surplus3 900 --- 5 5 7NPW to Policyholders' Surplus 300 --- 5 4 5Change in Net Premiums Written 33 -33 23 -20 -23Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 211* 104* 42



Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

16.0

10.0

15.0

19.0

15.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2008Y 2009Y 2010Y 2011Y 2012L3


264.1

203.8

0.0

259.4

158.4

-5.00-4.00-3.00-2.00-1.000.001.002.003.004.005.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 -2 -11* -38*Net Commission Ratio 33.77 13.00 10.04 4.93 NA Net Change in Adj Policyholders' Surplus 25 -10 -2 -11* -38*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 10 15 19Tax, License & Fees Ratio 17.16 7.23 8.73 11.72 NA Agents' Bal to Policyholders' Surplus 40 --- 1 0 0Admin & Other Expense Ratio 150.10 106.38 -178.49 213.41 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 -2 0Gross Premiums Written ($000)3 595 739 615 500 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -4 -4 -2Loss & Loss Adj Expense ($000) 1,470 1,020 349 246 123 Est Curr Resv Defi/Policyholders' Surplus 25 --- -2 0 0Other Underwriting Exp Incurred ($000) 1,031 797 716 864 1,008 *Indicates an unusual value.Net Underwriting Gains ($000) -168 -496 35 -302 -454 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 86.14 85.12 82.10 77.99 NA complements of each ratio.Effective Tax Rate -9.08 NM 56.28 0.00 0.00

Pre-Tax Operating Margin 11.82 -24.82 NM -12.54 -46.39 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth -9.21 -7.21 -5.31 -35.44 31.10

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -46.48 -40.19 50.05 -16.98 4.90

Reinsurance Recoverable ex US Aff -13 0 0 -32 NA Net Premiums Written Growth -65.34 22.68 -19.79 -22.76 74.65Retention Ratio (NPW/GPW) (%)3 86.14 85.12 82.10 77.99 NA Pre-Tax Operating Income Growth -56.51 NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 NA NA 0.00 NA Net Income Growth -39.15 NM NM -64.06 NMNonaffiliated Reins Assumed / GPW (%) -7.12 -1.26 -1.15 -0.20 NA Loss & Loss Adj Exp Reserves Growth -0.90 -39.79 -92.18 -20.00 0.00Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -59.96 17.37 -16.94 -19.45 58.51Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR -8.34 -25.13 -19.65 -22.41 -17.15

Capital & Surplus Five-year CAGR 6.88 5.50 -0.16 -10.45 -5.08Admitted Assets Five-year CAGR 3.75 -1.48 -4.95 -13.53 -7.59





Risk Based Capital Ratio (TAC/ACL RBC) 2,914.61 3,778.23 3,676.85 1,888.08 NA

RESERVE ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Co. Action Level RBC (TAC/(ACL RBC*2)) 1,457.30 1,889.12 1,838.43 944.04 NA

Change in Loss & LAE Resv / Reserves -0.90 -39.79 -92.18 -20.00 0.00 Realized Capital Gains (Losses) 0 -12 -146 155 581 Yr Loss Reserve Dev / 1Y Prior C&S -1.58 -2.22 -2.29 -0.04 NA Net Unrealized Capital Gains (Losses) 19 -51 111 214 912 Yr Loss Reserve Dev / 2Y Prior C&S -4.44 -3.86 -3.73 -2.29 NA Dividends to Stockholders 0 0 0 -5,000 0Loss and LAE Reserves / NPE 23.74 33.17 NM 2.60 2.95 Dividend Payout Ratio (%) 0.00 0.00 0.00 NM 0.001 Yr Loss Reserve Development / NPE -9.43 -23.92 NM -0.59 NA Net Premiums Written / Avg C&S (%) 3.65 4.47 3.65 4.08 8.95IBNR/ Total Reserves 100.00 100.00 100.00 100.00 NA Liabilities / Capital & Surplus (%) 16.14 9.84 16.54 22.33 17.30Reserves/ Equity 3.74 2.29 0.20 0.26 0.19 Total Reins Recov Excl US Aff / C&S (%) -0.09 0.00 0.00 -0.42 NA


996.5

1,457.3

1,889.1 1,838.4

944.0

02,0004,0006,0008,000

10,00012,00014,00016,000

2007Y 2008Y 2009Y 2010Y 2011Y



86.185.1

82.1

78.0

0100200300400500600700800

2008Y 2009Y 2010Y 2011Y 2012L3




Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 8,864 3,612 6,705 2,318 4,686 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 638 748 622 501 829Common Stocks 0 580 661 226 183 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 638 748 622 501 829Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -125 -119 -117 -111 -110Occupied Properties 0 0 0 0 0 Net Premiums Written 513 629 505 390 719Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -1,820 -692 926 -451 41Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,332 1,321 -422 841 678

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,227 10,010 6,643 6,656 7,104 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 14,091 14,201 14,008 9,200 11,974 Net Losses Paid - Commercial 1,475 1,231 643 251 NAPremiums & Considerations Due 7 116 49 0 0 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 989 87 87 88 88 Net Losses Paid 1,475 1,231 643 251 NAAll Other Admitted Assets 529 405 282 40 58 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 16,508 15,317 14,503 9,363 12,442 Change in Loss Reserves - Commercial -5 -211 -295 -5 NA


Unpaid Losses 531 320 25 20 20 Net Change in Loss and LAE Reserves -5 -211 -295 -5 NAUnpaid Loss Adj Expenses 0 0 0 0 0 Losses and LAE Incurred 1,470 1,020 349 246 123

Loss & Loss Adj Exp Reserves 531 320 25 20 20 Other Underwriting Expense Incurred 1,031 797 716 864 1,008Unearned Premiums 1,638 946 1,873 1,422 1,575 Other Underwriting Deductions 0 0 -1,522 32 0Total Reinsurance Liabilities 13 0 0 33 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 112 106 161 235 240 Net Underwriting Gain (Loss) -168 -496 35 -302 -454Payable 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 2,501 1,817 -457 1,143 1,132



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains (Losses) 0 -12 -146 155 58Preferred 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 10,061 9,792 8,292 3,501 3,418 Income after cap gains (loss) before tax 335 -373 177 28 -301Other Including Gross Contributed 4,122 4,122 4,122 4,122 7,159 Federal Income Tax -30 -176 100 0 0

Capital & Surplus 14,213 13,945 12,444 7,654 10,607 Net Income 366 -197 77 28 -301

Total Liabilities and C&S 16,508 15,317 14,503 9,363 12,442 Pre-tax Operating Income 335 -361 323 -127 -359

Memo: Total Revenue 2,836 1,444 -280 1,171 831Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,021 803 660 819 NA

Bonds 0 0 0 0 0





Net Investment Income 504 134 287 175 95 Class 6 0 0 0 0 0R li d C it l G i 0 12 146 155 58Realized Capital Gains 0 -12 -146 155 58Unrealized Capital Gains 19 -51 111 214 91Total Cash & Investments 14,091 14,201 14,008 9,200 11,974Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 9,731 3,612 6,705 2,318 4,686Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 580 661 226 183Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 2,751 5,164 2,435 0 1,802Issued Political Subdivisions ($000) 0 0 0 5,341 67Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 633 0 448





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 109 1. Oth, Prod Liab Cmbnd 501 Cash/Invested Assets 37.10 70.48 47.42 72.35 59.332. Arizona 53 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Colorado 24 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Washington 23 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nevada 21 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 5.40 3.31 0.53 0.38 2.59DPW 5 Yr CAGR 4.02 -23.15 -22.95 -13.34 -18.68 All other admitted assets/Total Assets 3.21 2.65 1.94 0.43 0.47National DPW ($000) 1,593 638 748 622 501 Invested Assets/Total Assets 85.36 92.72 96.59 98.26 96.24Adjusted Loss Ratio -3.46 -0.41 -33.46 NM 0.00 Investment Income/Total Assets 3.05 0.88 1.98 1.87 0.76





Other Invstmts - 72.3% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Texas - 21.8% Arizona - 10.6%

Colorado - 4.8% Washington - 4.7%

Nevada - 4.2% All other - 53.9%



Aircraft - 0.0%



All Other - 0.0%


NY Hlthcr Ins Co. Inc. A RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

1001 Pennsylvania Avenue, NW NAIC Company Code : 12275 Total Assets 9,693 12,886 14,733 14,178 19,187Suite 400 South Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,469 2,587 3,068 3,195 4,964Washington, DC 20004-2505 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 7,224 10,298 11,665 10,983 14,223

NAIC Ownership Structure: Risk Retention Group Net Income 5 -225 263 13 73Tax Identification Number : 20-2487981 Total Revenue 3,378 3,983 4,233 5,868 6,889



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,853 7,736 9,259 9,265 11,207Demotech Financial Strength Rating A 10/09/12 Affirm Loss & LAE Reserves/ NPE (%) 104.10 160.02 209.40 145.92 145.83S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -1.22 -8.63 11.09 -2.23 -1.96Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.44 1.57 1.43 1.91 1.62Fitch Financial Strength Rating -- -- -- --


Name : Katie Gray Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO Robert SchuckEmail : [email protected] CFO Robert Schuck

President Robert Schuck


Net Yield on Invested Assets 2.40 1.52 1.64 1.85 1.64Net Investment Income/Earned Premiums 2.51 2.19 2.73 2.55 2.00Return on Average Equity (C&S) 0.22 -8.68 9.93 0.39 2.08Return on Avg Assets 0.06 -1.98 1.91 0.10 0.48Loss and LAE Ratio 66.24 70.29 51.38 66.09 76.18Expense Ratio 34.56 36.20 41.58 33.06 20.93Loss Ratio 58.41 35.61 44.70 38.52 42.76Combined Ratio 100.80 106.49 92.97 101.77 99.34Operating Ratio 98.09 104.20 90.06 99.06 96.95Investment ratio 2.71 2.28 2.91 2.72 2.39


Cash, Short-Term Investments / Liabilities 62.05 66.90 26.01 29.37 39.11Cash, Common & Liquid Bonds / Liabilities 62.05 66.90 65.24 82.56 86.68Cash & Short-Term Investments / C&S 181.50 266.29 98.91 100.96 112.08Liabilities / Liquid Assets (IRIS Ratio) 161.00 149.00 155.00 121.00 114.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 94.99 94.54 93.70 112.02 81.45Cash From Underwriting ($000) 1,711 1,986 300 1,447 1,809Net Cash From Operations ($000) 1,796 2,065 429 1,333 1,849Underwriting Cash Flow Ratio 223.68 206.06 112.40 136.42 132.71Operating Cash Flow Ratio 223.68 206.86 112.35 135.10 129.28Unassigned Funds / Total Assets -0.70 -2.28 -0.12 -1.14 2.90


GPW to Policyholders' Surplus3 900 --- 203 178 203NPW to Policyholders' Surplus 300 --- 157 143 191Change in Net Premiums Written 33 -33 14 8 39*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 101* 97 95




161.0149.0 155.0

121.0114.0

0

5,000

10,000

15,000

20,000

25,000

2008Y 2009Y 2010Y 2011Y 2012L3


100.8

106.5

93.0

101.899.3

-10.00

-5.00

0.00

5.00

10.00

15.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 7.83 34.69 6.68 27.57 33.42 Gross Change in Policyholders' Surplus 50 -10 5 19 4Net Commission Ratio 14.44 13.36 12.81 10.54 NA Net Change in Adj Policyholders' Surplus 25 -10 -9 11 -5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 149* 155* 121*Tax, License & Fees Ratio 4.18 3.77 3.60 2.97 NA Agents' Bal to Policyholders' Surplus 40 --- 59* 79* 71*Admin & Other Expense Ratio 15.94 19.07 25.16 19.55 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 17 -4 30*Gross Premiums Written ($000)3 5,131 5,251 5,464 6,485 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -27 -15 34*Loss & Loss Adj Expense ($000) 2,178 2,738 2,113 3,776 5,126 Est Curr Resv Defi/Policyholders' Surplus 25 --- -117 -79 130*Other Underwriting Exp Incurred ($000) 1,227 1,470 1,825 2,016 1,682 *Indicates an unusual value.Net Underwriting Gains ($000) -116 -313 174 -79 -80 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 69.17 77.33 80.33 94.04 NA complements of each ratio.Effective Tax Rate NM NM 11.27 NM NM

Pre-Tax Operating Margin -0.81 -5.62 6.95 -1.25 -1.00 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth 48.16 32.94 14.34 -3.77 29.19

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 59.11 42.57 13.27 -5.85 27.68

Reinsurance Recoverable ex US Aff 2,620 3,045 3,901 4,291 NA Net Premiums Written Growth 16.99 14.42 8.10 38.92 44.59Retention Ratio (NPW/GPW) (%)3 69.17 77.33 80.33 94.04 NA Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 17.33 17.41 17.38 16.62 NA Net Income Growth -85.44 NM NM -95.06 -86.52Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 119.52 59.41 19.69 0.06 34.67Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 24.71 2.35 4.05 18.67 36.63Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 148.84 116.49 90.19 45.53 23.23





Asbestos NA NA NA NA NA Capital and Surplus 2,469 2,587 3,068 3,195 4,964 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 2,469 2,587 3,068 3,195 NA Combined NA NA NA NA NA ACL Risk Based Capital 692 910 934 1,042 NA



Change in Loss & LAE Resv / Reserves 119.52 59.41 19.69 0.06 34.67 Realized Capital Gains (Losses) 0 0 3 53 651 Yr Loss Reserve Dev / 1Y Prior C&S -24.82 16.77 -4.06 30.48 NA Net Unrealized Capital Gains (Losses) 0 0 12 72 552 Yr Loss Reserve Dev / 2Y Prior C&S -24.20 -26.62 -15.35 34.32 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 104.10 160.02 209.40 145.92 145.83 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -15.11 10.63 -2.55 16.37 NA Net Premiums Written / Avg C&S (%) 158.91 156.55 165.66 184.74 227.87IBNR/ Total Reserves 9.18 20.67 17.69 27.70 NA Liabilities / Capital & Surplus (%) 292.53 398.04 380.25 343.72 286.55Reserves/ Equity 196.52 298.99 301.82 289.95 225.78 Total Reins Recov Excl US Aff / C&S (%) 106.10 117.69 127.16 134.29 NA


259.5

178.4142.2

164.3 153.4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007Y 2008Y 2009Y 2010Y 2011Y



69.277.3 80.3

94.0

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2008Y 2009Y 2010Y 2011Y 2012L3




NY Hlthcr Ins Co. Inc. A RRG (Washington, DC)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 0 0 3,293 4,446 4,542 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 181 Commercial P&C Direct Premiums 5,131 5,251 5,464 6,485 8,651Common Stocks 0 0 1,190 1,373 2,161 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,582 -1,191 -1,075 -386 -613Occupied Properties 0 0 0 0 0 Net Premiums Written 3,549 4,061 4,390 6,098 8,038Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 261 166 277 385 1,310Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,288 3,894 4,113 5,713 6,728

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,482 6,890 3,034 3,226 5,563 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 4,482 6,890 7,518 9,044 12,447 Net Losses Paid - Commercial 5 40 68 961 NAPremiums & Considerations Due 1,326 1,536 2,413 2,261 2,629 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 1,190 1,639 1,822 29 0 Net Losses Paid 5 40 68 961 NAAll Other Admitted Assets 2,695 2,821 2,981 2,844 4,111 Net LAE Paid 170 264 705 987 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 9,693 12,886 14,733 14,178 19,187 Change in Loss Reserves - Commercial 1,916 1,347 1,771 1,240 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 88 1,087 -430 587 NA

Unpaid Losses 3,932 5,785 7,813 7,483 8,459 Net Change in Loss and LAE Reserves 2,003 2,434 1,341 1,827 NAUnpaid Loss Adj Expenses 921 1,951 1,446 1,782 2,747 Losses and LAE Incurred 2,178 2,738 2,113 3,776 5,126

Loss & Loss Adj Exp Reserves 4,853 7,736 9,259 9,265 11,207 Other Underwriting Expense Incurred 1,227 1,470 1,825 2,016 1,682Unearned Premiums 2,624 2,773 2,928 2,640 4,075 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -617 -610 -1,406 -2,235 -2,131 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 350 400 754 1,242 884 Net Underwriting Gain (Loss) -116 -313 174 -79 -80Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 150 150Other Liabilities 15 0 131 72 189 Total underwriting deductions 3,405 4,207 3,939 5,791 6,808



Common Capital Stock 2,537 2,812 3,017 3,293 4,342 Net Realized Capital Gains (Losses) 0 0 3 53 65Preferred 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 -68 -293 -18 -162 557 Income after cap gains (loss) before tax -27 -224 297 -20 -4Other Including Gross Contributed 0 69 69 65 65 Federal Income Tax -32 1 33 -33 -77

Capital & Surplus 2,469 2,587 3,068 3,195 4,964 Net Income 5 -225 263 13 73

Total Liabilities and C&S 9,693 12,886 14,733 14,178 19,187 Pre-tax Operating Income -27 -224 294 -74 -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 3,348 4,410Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 38 59All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 89 89 120 155 161 Class 6 0 0 0 0 0R li d C it l G i 0 0 3 53 65Realized Capital Gains 0 0 3 53 65Unrealized Capital Gains 0 0 12 72 55Total Cash & Investments 4,482 6,890 7,518 9,044 12,447Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 3,386 4,469 4,604Total Preferred Stock (incl Nonadmitted) 0 0 0 0 181Total Common Stock (incl Nonadmitted) 0 0 1,190 1,373 2,161Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 0 0 0 1,062 1,294Issued 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




Bond Avg Asset Quality (1-6) (Actual) NA NA 1.01 1.01 1.01Bonds 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 43.81 49.15 36.49Common Stocks / C&S 0.00 0.00 38.80 42.96 43.54Unaff common stock/Invested Assets 0.00 0.00 15.83 15.18 17.36

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 3.651. New York 6,485 1. Med Prof Liab 4,863 Cash/Invested Assets 100.00 100.00 40.36 35.67 44.692. Alaska 0 2. Oth, Prod Liab Cmbnd 1,621 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








Other Invstmts - 35.7% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


New York - 100.0% Alaska - 0.0%






Aircraft - 0.0%


All Other - 0.0%


Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

1000 Ridgeway Loop Road NAIC Company Code : 44130 Total Assets 19,484 21,244 22,091 23,250 22,892Memphis, TN 38120-4045 Business Focus : Commercial Property Focus Policyholder Surplus 6,474 8,003 8,552 9,170 10,042

Geographic Focus: National Total Liabilities 13,010 13,240 13,539 14,080 12,850NAIC Ownership Structure: Risk Retention Group Net Income 128 233 442 604 490Tax Identification Number : 36-3584321 Total Revenue 3,482 3,309 3,404 3,546 3,508



AM Best Financial Strength Rating A- 02/01/10 Upgrade Not Covered by SNL Loss & Loss Adj Exp Reserves 10,430 10,275 10,200 10,200 10,790Demotech Financial Strength Rating A' 11/26/12 Affirm Loss & LAE Reserves/ NPE (%) 400.69 391.87 389.52 366.83 344.95S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 10.10 4.67 4.36 8.44 6.87Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.44 0.34 0.32 0.33 0.31Fitch Financial Strength Rating -- -- -- --


Name : Anita M. Perkins Auditor Faulkner Mackie & Cochran P.C.Phone : (802) 371-2219 Actuary --Fax : (802) 371-2225 CEO --Email : [email protected] CFO --

President William Hamilton Smythe III




Cash, Short-Term Investments / Liabilities 1.64 8.00 15.69 15.22 12.92Cash, Common & Liquid Bonds / Liabilities 135.32 144.48 153.21 153.19 169.34Cash & Short-Term Investments / C&S 3.30 13.23 24.84 23.37 16.53Liabilities / Liquid Assets (IRIS Ratio) 65.00 62.00 59.00 58.00 55.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 195.55 209.56 211.37 223.87 169.21Cash From Underwriting ($000) 119 202 1,003 983 729Net Cash From Operations ($000) -189 252 1,074 390 -348Underwriting Cash Flow Ratio 104.62 106.85 162.28 164.39 131.93Operating Cash Flow Ratio 82.20 90.59 120.76 111.33 97.31Unassigned Funds / Total Assets 14.07 19.28 20.38 21.39 25.00


GPW to Policyholders' Surplus3 900 --- 54 49 50NPW to Policyholders' Surplus 300 --- 34 32 33Change in Net Premiums Written 33 -33 -3 0 11Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 80 87 80

UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 I t t Yi ld 6 5 3 3 7 3 4 3 0

MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, Independent Agency

65.0

62.0

59.058.0

55.0

0

5,000

10,000

15,000

20,000

25,000

2008Y 2009Y 2010Y 2011Y 2012L3


98.9

111.0 111.3

94.6 93.9

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

2008Y 2009Y 2010Y 2011Y 2012L3



UNDERWRITING ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Investment Yield 6.5 3 3.7 3.4 3.0

Loss Adjustment Expense Ratio 8.85 7.65 3.62 4.63 1.21 Gross Change in Policyholders' Surplus 50 -10 24 7 7Net Commission Ratio 1.33 1.46 1.67 1.77 NA Net Change in Adj Policyholders' Surplus 25 -10 21 5 6Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 62 59 58Tax, License & Fees Ratio 7.72 6.30 4.73 6.30 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 27.96 31.34 22.59 21.65 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -25 -18 -22Gross Premiums Written ($000)3 4,197 4,304 4,162 4,570 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -38 -41 -40Loss & Loss Adj Expense ($000) 1,130 1,308 1,261 646 724 Est Curr Resv Defi/Policyholders' Surplus 25 --- -26 -21 -20Other Underwriting Exp Incurred ($000) 1,049 1,072 793 900 880 *Indicates an unusual value.Net Underwriting Gains ($000) 615 274 693 1,377 1,417 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 67.54 63.73 65.74 66.26 NA complements of each ratio.Effective Tax Rate 62.61 32.43 19.08 29.77 37.34



REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -4.25 1.77 2.26 3.99 -3.90

Reinsurance Recoverable ex US Aff 5,577 5,877 4,465 5,444 NA Net Premiums Written Growth 6.25 -3.24 -0.25 10.69 2.29Retention Ratio (NPW/GPW) (%)3 67.54 63.73 65.74 66.26 NA Pre-Tax Operating Income Growth 122.89 -53.21 6.43 114.14 93.69Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -61.31 82.63 89.81 36.59 18.60Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -3.09 -1.49 -0.73 0.00 -3.86Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 1.21 2.55 -3.31 9.82 3.72Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 3.99 2.19 1.80 1.33 -0.82






Risk Based Capital Ratio (TAC/ACL RBC) 905.12 1,050.21 1,286.96 1,259.89 NA


Change in Loss & LAE Resv / Reserves -3.09 -1.49 -0.73 0.00 -3.86 Realized Capital Gains (Losses) -362 16 197 111 1271 Yr Loss Reserve Dev / 1Y Prior C&S -12.15 -24.51 -17.96 -21.54 NA Net Unrealized Capital Gains (Losses) -608 455 145 -32 7312 Yr Loss Reserve Dev / 2Y Prior C&S -36.30 -37.70 -40.58 -39.77 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 400.69 391.87 389.52 366.83 344.95 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -31.71 -59.78 -52.32 -63.01 NA Net Premiums Written / Avg C&S (%) 40.74 38.89 34.08 34.09 32.38IBNR/ Total Reserves 51.55 67.89 65.20 63.56 NA Liabilities / Capital & Surplus (%) 200.95 165.43 158.32 153.54 127.96Reserves/ Equity 161.10 128.38 119.27 111.23 107.45 Total Reins Recov Excl US Aff / C&S (%) 86.14 73.43 52.21 59.37 NA


402.6452.6

525.1

643.5 629.9

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2007Y 2008Y 2009Y 2010Y 2011Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))67.5

63.7

65.766.3

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2008Y 2009Y 2010Y 2011Y 2012L3




Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,362 -1,561 -1,426 -1,542 -1,531Occupied Properties 0 0 0 0 0 Net Premiums Written 2,835 2,743 2,736 3,028 3,081Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 41 88 -11 105 60Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,794 2,655 2,747 2,923 3,021

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 214 1,059 2,125 2,143 1,660 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 17,605 18,702 20,146 20,857 20,609 Net Losses Paid - Commercial 1,201 1,237 1,143 550 NAPremiums & Considerations Due 1,451 1,586 1,548 1,871 1,461 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 508 0 19 276 Net Losses Paid 1,201 1,237 1,143 550 NAAll Other Admitted Assets 428 447 398 504 546 Net LAE Paid 262 226 192 96 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 19,484 21,244 22,091 23,250 22,892 Change in Loss Reserves - Commercial -318 -132 18 -40 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves -15 -23 -93 40 NA

Unpaid Losses 10,143 10,011 10,028 9,989 10,658 Net Change in Loss and LAE Reserves -333 -155 -75 0 NAUnpaid Loss Adj Expenses 288 265 172 211 133 Losses and LAE Incurred 1,130 1,308 1,261 646 724

Loss & Loss Adj Exp Reserves 10,430 10,275 10,200 10,200 10,790 Other Underwriting Expense Incurred 1,049 1,072 793 900 880Unearned Premiums 1,424 1,454 1,443 1,548 1,389 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -121 448 336 319 -135 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 216 164 174 213 201 Net Underwriting Gain (Loss) 615 274 693 1,377 1,417Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 600 600 1,000 1,250 1,250Other Liabilities 1,060 898 1,385 1,800 605 Total underwriting deductions 2,179 2,380 2,054 1,546 1,604



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -362 16 197 111 127Preferred 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 -9 -3 6 6Unassigned Surplus 2,741 4,095 4,502 4,974 5,724 Income after cap gains (loss) before tax 341 345 547 860 781Other Including Gross Contributed 3,734 3,908 4,050 4,196 4,318 Federal Income Tax 214 112 104 256 292




Bonds 0 0 0 0 0





Net Investment Income 689 663 660 617 482 Class 6 0 0 0 0 0R li d C it l G i 362 16 197 111 127Realized Capital Gains -362 16 197 111 127Unrealized Capital Gains -608 455 145 -32 731Total Cash & Investments 17,605 18,702 20,146 20,857 20,609Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 13,899 14,888 15,193 15,573 15,502Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,492 3,183 3,427 3,853 4,598Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 1,247







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 620 1. Comm'l Auto St 4,570 Cash/Invested Assets 1.21 5.66 10.55 10.27 8.052. Utah 547 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Kentucky 430 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Missouri 373 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 355 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 2.45 3.86 0.53 0.81 1.06 All other admitted assets/Total Assets 2.20 2.11 1.80 2.17 2.38National DPW ($000) 4,147 4,197 4,304 4,162 4,570 Invested Assets/Total Assets 90.35 88.04 91.19 89.71 90.03Adjusted Loss Ratio -11.25 30.53 57.77 23.51 47.80 Investment Income/Total Assets 3.53 3.12 2.99 2.65 2.10





Other Invstmts - 10.3% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Virginia - 13.6% Utah - 12.0% Kentucky - 9.4%

Missouri - 8.2% Ohio - 7.8% All other - 49.1%



Aircraft - 0.0%



All Other - 0.0%


PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

1605 Main Street NAIC Company Code : 11973 Total Assets 9,806 11,225 10,373 8,566 8,153Suite 800 Business Focus : Commercial General Liability Focus Policyholder Surplus 3,025 1,720 2,520 2,538 3,532Sarasota, FL 34236-5823 Geographic Focus: National Total Liabilities 6,781 9,505 7,853 6,028 4,622

NAIC Ownership Structure: Risk Retention Group Net Income 139 -1,667 537 32 758Tax Identification Number : 20-1065673 Total Revenue 3,998 4,466 3,102 2,360 2,961



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 3,631 7,049 6,119 4,187 3,409Demotech Financial Strength Rating A 11/19/12 Affirm Loss & LAE Reserves/ NPE (%) 83.08 118.56 231.21 215.71 140.93S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 7.33 -98.51 42.83 -1.15 38.37Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.23 2.62 0.97 0.90 0.83Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 955-0793 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 2.47 1.08 0.89 0.67 0.55Net Investment Income/Earned Premiums 4.31 1.79 2.92 2.28 1.40Return on Average Equity (C&S) 4.80 -65.61 28.15 1.26 27.42Return on Avg Assets 1.56 -15.70 4.92 0.36 9.00Loss and LAE Ratio 46.63 120.52 41.77 57.27 26.72Expense Ratio 53.80 35.14 41.00 46.82 38.44Loss Ratio 26.87 79.39 22.45 42.97 13.16Combined Ratio 100.43 157.90 83.29 104.10 65.16Operating Ratio 96.26 156.07 80.94 101.85 63.76Investment ratio 4.17 1.84 2.35 2.25 1.40


Cash, Short-Term Investments / Liabilities 10.19 41.17 69.17 32.49 34.86Cash, Common & Liquid Bonds / Liabilities 104.20 122.18 130.39 137.38 182.04Cash & Short-Term Investments / C&S 22.85 227.59 215.59 77.17 45.62Liabilities / Liquid Assets (IRIS Ratio) 96.00 119.00 94.00 81.00 62.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 142.41 102.29 128.91 155.75 152.96Cash From Underwriting ($000) 1,087 693 -663 -862 -673Net Cash From Operations ($000) 760 487 202 -903 -674Underwriting Cash Flow Ratio 145.35 123.83 82.42 76.14 78.03Operating Cash Flow Ratio 165.55 125.85 60.85 78.85 79.40Unassigned Funds / Total Assets 10.02 -4.98 0.98 0.77 12.33


GPW to Policyholders' Surplus3 900 --- 281 141 119NPW to Policyholders' Surplus 300 --- 262 97 90Change in Net Premiums Written 33 -33 22 -46* -7Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 128* 125* 90


MSA: North Port-Bradenton-Sarasota, FL (Metro)


96.0

119.0

94.0

81.0

62.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2008Y 2009Y 2010Y 2011Y 2012L3


100.4

157.9

83.3

104.1

65.2

-80.00

-60.00

-40.00

-20.00

0.00

20.00

40.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 19.76 41.13 19.32 14.30 13.56 Gross Change in Policyholders' Surplus 50 -10 -43* 47 1Net Commission Ratio 19.37 15.93 26.51 20.34 NA Net Change in Adj Policyholders' Surplus 25 -10 -51* 38* -1Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 119* 94 81Tax, License & Fees Ratio 4.32 2.34 5.44 4.56 NA Agents' Bal to Policyholders' Surplus 40 --- 24 6 7Admin & Other Expense Ratio 30.11 16.86 9.05 21.92 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 73* -49 -7Gross Premiums Written ($000)3 4,694 4,834 3,561 3,009 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 69* 72* -53Loss & Loss Adj Expense ($000) 1,790 5,285 1,266 1,322 780 Est Curr Resv Defi/Policyholders' Surplus 25 --- -48 -67 -12Other Underwriting Exp Incurred ($000) 1,997 1,445 1,143 1,067 1,120 *Indicates an unusual value.Net Underwriting Gains ($000) 52 -2,485 761 -81 1,020 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 79.06 93.30 68.70 75.77 NA complements of each ratio.Effective Tax Rate 34.55 NM 33.99 -715.67 29.72

Pre-Tax Operating Margin 5.30 -56.04 26.34 -1.24 35.81 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth 21.87 14.46 -7.59 -17.42 -8.29

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth 22.72 40.17 -17.38 -23.24 -28.10

Reinsurance Recoverable ex US Aff 1,497 1,688 1,640 1,121 NA Net Premiums Written Growth -8.66 21.54 -45.76 -6.82 19.15Retention Ratio (NPW/GPW) (%)3 79.06 93.30 68.70 75.77 NA Pre-Tax Operating Income Growth -73.93 NM NM NM 51.59Unauthorized Net Recov. (ex US Aff) (%) 19.84 19.96 20.00 20.61 NA Net Income Growth -74.18 NM NM -94.03 62.10Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 49.62 94.12 -13.19 -31.57 -30.09Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -7.95 2.99 -26.33 -15.51 7.93Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 86.84 76.40 56.52 15.94 -2.74





Asbestos NA NA NA NA NA Capital and Surplus 3,025 1,720 2,520 2,538 3,532 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 3,025 1,720 2,520 2,538 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,016 1,056 899 776 NA



Change in Loss & LAE Resv / Reserves 49.62 94.12 -13.19 -31.57 -30.09 Realized Capital Gains (Losses) 0 -1 -4 33 181 Yr Loss Reserve Dev / 1Y Prior C&S 30.47 73.52 -48.97 -6.79 NA Net Unrealized Capital Gains (Losses) -31 125 124 -67 2452 Yr Loss Reserve Dev / 2Y Prior C&S -4.50 68.80 72.06 -53.11 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 83.08 118.56 231.21 215.71 140.93 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 20.01 50.71 -27.79 -7.41 NA Net Premiums Written / Avg C&S (%) 128.38 177.54 128.27 89.46 105.45IBNR/ Total Reserves 15.50 23.16 21.52 25.96 NA Liabilities / Capital & Surplus (%) 224.18 552.76 311.69 237.51 130.88Reserves/ Equity 120.04 409.90 242.85 164.99 96.54 Total Reins Recov Excl US Aff / C&S (%) 49.49 98.16 65.09 44.17 NA


175.6

148.9

81.4

140.1163.5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007Y 2008Y 2009Y 2010Y 2011Y



79.1

93.3

68.775.8

0

1,000

2,000

3,000

4,000

5,000

6,000

2008Y 2009Y 2010Y 2011Y 2012L3




PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 866 1,999 1,022 3,675 3,999 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,694 4,834 3,561 3,009 3,157Common Stocks 5,509 2,058 1,897 1,792 1,769 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -983 -324 -1,115 -729 -243Occupied Properties 0 0 0 0 0 Net Premiums Written 3,711 4,510 2,447 2,280 2,914Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -127 125 -584 -28 -6Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,838 4,385 3,030 2,308 2,920

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 691 3,914 5,432 1,958 1,611 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,066 7,970 8,351 7,425 7,378 Net Losses Paid - Commercial 517 858 2,102 1,768 NAPremiums & Considerations Due 290 409 147 181 280 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 1,069 583 1,112 326 0 Net Losses Paid 517 858 2,102 1,768 NAAll Other Admitted Assets 1,381 2,262 763 634 495 Net LAE Paid 429 524 546 450 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 9,806 11,225 10,373 8,566 8,153 Change in Loss Reserves - Commercial 514 2,623 -1,422 -776 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 329 1,280 39 -120 NA

Unpaid Losses 2,903 4,968 3,938 2,409 1,826 Net Change in Loss and LAE Reserves 843 3,903 -1,382 -896 NAUnpaid Loss Adj Expenses 729 2,081 2,181 1,778 1,583 Losses and LAE Incurred 1,790 5,285 1,266 1,322 780

Loss & Loss Adj Exp Reserves 3,631 7,049 6,119 4,187 3,409 Other Underwriting Expense Incurred 1,997 1,445 1,143 1,067 1,120Unearned Premiums 2,382 2,393 1,632 1,300 1,415 Other Underwriting Deductions 0 140 -140 0 0Total Reinsurance Liabilities 167 -624 -226 278 -679 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 602 547 319 263 222 Net Underwriting Gain (Loss) 52 -2,485 761 -81 1,020Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 98 16 0 0Other Liabilities 0 140 9 0 255 Total underwriting deductions 3,786 6,870 2,269 2,389 1,900



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 -1 -4 33 18Preferred 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 983 -559 101 66 1,005 Income after cap gains (loss) before tax 212 -2,504 813 4 1,078Other Including Gross Contributed 2,042 2,279 2,418 2,472 2,526 Federal Income Tax 73 -837 276 -28 320

Capital & Surplus 3,025 1,720 2,520 2,538 3,532 Net Income 139 -1,667 537 32 758

Total Liabilities and C&S 9,806 11,225 10,373 8,566 8,153 Pre-tax Operating Income 212 -2,503 817 -29 1,060


Bonds 0 0 0 0 0





Net Investment Income 160 81 71 52 41 Class 6 0 0 0 0 0R li d C it l G i 0 1 4 33 18Realized Capital Gains 0 -1 -4 33 18Unrealized Capital Gains -31 125 124 -67 245Total Cash & Investments 7,066 7,970 8,351 7,425 7,378Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 866 5,642 2,911 4,531 5,034Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 5,509 2,058 1,897 1,792 1,769Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 0 409 407 396Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 1,489 508 3,160





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 748 1. Oth, Prod Liab Cmbnd 3,009 Cash/Invested Assets 9.78 49.10 65.04 26.37 21.842. Pennsylvania 685 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 199 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Oregon 165 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Maryland 157 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 40.64 9.79 -0.22 All other admitted assets/Total Assets 14.08 20.15 7.36 7.40 6.07National DPW ($000) 5,099 4,694 4,834 3,561 3,009 Invested Assets/Total Assets 72.06 71.01 80.51 86.69 90.49Adjusted Loss Ratio 27.91 28.33 62.30 27.51 42.41 Investment Income/Total Assets 1.63 0.72 0.69 0.61 0.50





Other Invstmts - 26.4% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Washington - 24.9% Pennsylvania - 22.8%

Michigan - 6.6% Oregon - 5.5%

Maryland - 5.2% All other - 35.1%



Aircraft - 0.0%



All Other - 0.0%


Ponce De Leon LTC RRG Inc. (Alpharetta, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

3655 Brookside Parkway NAIC Company Code : 11809 Total Assets 18,355 18,528 18,727 16,789 14,959Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 7,808 9,165 8,622 8,194 8,053Alpharetta, GA 30022-1429 Geographic Focus: Regional - Southern Quadrant Total Liabilities 10,546 9,363 10,104 8,595 6,906

NAIC Ownership Structure: Risk Retention Group Net Income 566 140 -523 -527 505Tax Identification Number : 02-0650614 Total Revenue 6,190 5,385 5,246 5,249 4,062



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,285 5,524 5,918 5,249 4,923Demotech Financial Strength Rating A 11/21/12 Affirm Loss & LAE Reserves/ NPE (%) 125.08 125.57 113.56 118.50 139.47S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 13.98 12.43 -8.79 -11.41 5.19Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.67 0.51 0.63 0.51 0.41Fitch Financial Strength Rating -- -- -- --


Name : Donna K. Dalton Auditor Johnson Lambert & Co. LLPPhone : (678) 781-2400 Actuary Milliman Inc.Fax : (678) 781-2450 CEO --Email : [email protected] CFO --

President Jack Mease Norton


Net Yield on Invested Assets 4.19 2.97 2.20 2.14 1.83Net Investment Income/Earned Premiums 13.62 10.41 6.62 7.85 7.99Return on Average Equity (C&S) 7.13 1.71 -5.99 -6.50 6.21Return on Avg Assets 3.07 0.80 -2.95 -3.04 3.16Loss and LAE Ratio 52.46 41.24 79.38 83.17 47.33Expense Ratio 42.94 51.26 39.91 50.03 56.81Loss Ratio 17.63 13.60 43.80 38.13 13.14Combined Ratio 95.40 92.50 119.29 133.20 104.14Operating Ratio 82.13 82.30 111.94 126.55 97.20Investment ratio 13.27 10.20 7.35 6.64 6.94


Cash, Short-Term Investments / Liabilities 32.90 26.39 12.96 6.17 34.26Cash, Common & Liquid Bonds / Liabilities 154.98 181.95 160.80 167.06 198.49Cash & Short-Term Investments / C&S 44.44 26.96 15.19 6.47 29.38Liabilities / Liquid Assets (IRIS Ratio) 64.00 55.00 62.00 59.00 50.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 177.01 209.58 179.76 190.35 207.43Cash From Underwriting ($000) -1,085 -418 -886 -2,352 -1,602Net Cash From Operations ($000) -921 -98 -723 -1,746 -1,035Underwriting Cash Flow Ratio 82.82 90.81 84.81 65.82 62.34Operating Cash Flow Ratio 92.18 98.80 88.87 62.55 57.03Unassigned Funds / Total Assets 0.82 8.03 7.32 5.12 7.00


GPW to Policyholders' Surplus3 900 --- 57 65 55NPW to Policyholders' Surplus 300 --- 51 63 51Change in Net Premiums Written 33 -33 -11 15 -23Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 80 95 118*



Distribution Channel: Direct Response, General Agnt/Managing General Agnt

64.0

55.0

62.059.0

50.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2008Y 2009Y 2010Y 2011Y 2012L3


95.4 92.5

119.3133.2

104.1

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 34.83 27.64 35.59 45.04 34.18 Gross Change in Policyholders' Surplus 50 -10 17 -6 -5Net Commission Ratio 1.44 11.59 5.55 5.69 NA Net Change in Adj Policyholders' Surplus 25 -10 17 -1 -6Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 55 62 59Tax, License & Fees Ratio 4.39 3.68 2.37 2.68 NA Agents' Bal to Policyholders' Surplus 40 --- 8 13 10Admin & Other Expense Ratio 37.11 36.00 31.99 41.67 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -15 12 2Gross Premiums Written ($000)3 5,607 5,191 5,597 4,524 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -20 -8 17Loss & Loss Adj Expense ($000) 2,827 1,969 3,859 4,091 1,782 Est Curr Resv Defi/Policyholders' Surplus 25 --- -13 0 18Other Underwriting Exp Incurred ($000) 2,254 2,398 2,154 2,084 1,858 *Indicates an unusual value.Net Underwriting Gains ($000) 307 407 -1,152 -1,256 125 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 93.62 90.11 96.46 92.07 NA complements of each ratio.Effective Tax Rate 41.86 75.66 NM NM 0.00

Pre-Tax Operating Margin 17.92 18.91 -14.63 -17.63 10.39 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3

Admitted Assets Growth -4.60 0.94 1.07 -10.35 -9.34

REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth -6.78 -11.22 7.92 -14.94 -24.42

Reinsurance Recoverable ex US Aff -559 -144 -83 50 NA Net Premiums Written Growth -12.66 -10.89 15.42 -22.86 -32.68Retention Ratio (NPW/GPW) (%)3 93.62 90.11 96.46 92.07 NA Pre-Tax Operating Income Growth -23.14 -8.19 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth -45.72 -75.20 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth -11.45 -12.12 7.15 -11.31 -17.37Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -12.30 -7.42 7.83 -19.18 -29.57Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 34.45 14.51 4.91 -3.57 -10.47

Capital & Surplus Five-year CAGR 5.64 4.74 2.88 1.27 1.30Admitted Assets Five-year CAGR 17.10 9.03 3.95 -1.39 -5.22







Change in Loss & LAE Resv / Reserves -11.45 -12.12 7.15 -11.31 -17.37 Realized Capital Gains (Losses) -136 -442 -59 171 831 Yr Loss Reserve Dev / 1Y Prior C&S -13.32 -14.91 11.96 2.37 NA Net Unrealized Capital Gains (Losses) -360 305 394 4 4022 Yr Loss Reserve Dev / 2Y Prior C&S -25.82 -19.86 -7.85 17.16 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 125.08 125.57 113.56 118.50 139.47 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -19.60 -24.38 22.55 4.16 NA Net Premiums Written / Avg C&S (%) 66.12 57.06 61.84 51.37 40.23IBNR/ Total Reserves 49.83 37.31 54.33 53.56 NA Liabilities / Capital & Surplus (%) 135.06 102.16 117.19 104.90 85.75Reserves/ Equity 80.49 60.27 68.64 64.06 61.13 Total Reins Recov Excl US Aff / C&S (%) -7.16 -1.57 -0.96 0.61 NA


368.6

443.4 467.2 476.0 453.2

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2007Y 2008Y 2009Y 2010Y 2011Y



93.6

90.1

96.5

92.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2008Y 2009Y 2010Y 2011Y 2012L3




Ponce De Leon LTC RRG Inc. (Alpharetta, GA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -358 -513 -198 -359 -316Occupied Properties 0 0 0 0 0 Net Premiums Written 5,249 4,677 5,399 4,165 3,271Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -139 -96 538 -753 -494Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,388 4,773 4,861 4,918 3,765

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,470 2,471 1,310 530 2,366 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 16,344 17,036 16,248 14,359 13,707 Net Losses Paid - Commercial 1,801 1,261 1,648 2,652 NAPremiums & Considerations Due 576 691 1,127 782 191 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 1,007 462 606 537 239 Net Losses Paid 1,801 1,261 1,648 2,652 NAAll Other Admitted Assets 427 339 747 1,111 822 Net LAE Paid 1,839 1,469 1,816 2,108 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 18,355 18,528 18,727 16,789 14,959 Change in Loss Reserves - Commercial -851 -612 481 -776 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 38 -149 -86 107 NA

Unpaid Losses 5,348 4,737 5,217 4,441 4,336 Net Change in Loss and LAE Reserves -813 -761 395 -669 NAUnpaid Loss Adj Expenses 937 787 701 808 587 Losses and LAE Incurred 2,827 1,969 3,859 4,091 1,782

Loss & Loss Adj Exp Reserves 6,285 5,524 5,918 5,249 4,923 Other Underwriting Expense Incurred 2,254 2,398 2,154 2,084 1,858Unearned Premiums 2,632 2,536 3,074 2,321 1,685 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 739 312 296 317 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 858 887 816 708 298 Net Underwriting Gain (Loss) 307 407 -1,152 -1,256 125Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 32 105 0 0 0 Total underwriting deductions 5,081 4,366 6,013 6,174 3,640



Common Capital Stock 18 18 19 20 20 Net Realized Capital Gains (Losses) -136 -442 -59 171 83Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 5,807 5,806 5,358 5,350 4,980 All Other Income 87 124 27 4 36Unassigned Surplus 151 1,487 1,372 859 1,048 Income after cap gains (loss) before tax 974 577 -827 -754 505Other Including Gross Contributed 1,832 1,853 1,874 1,965 2,005 Federal Income Tax 408 437 -303 -227 0

Capital & Surplus 7,808 9,165 8,622 8,194 8,053 Net Income 566 140 -523 -527 505

Total Liabilities and C&S 18,355 18,528 18,727 16,789 14,959 Pre-tax Operating Income 1,109 1,019 -768 -925 422


Bonds 0 0 0 0 0





Net Investment Income 715 487 357 327 261 Class 6 0 0 0 0 0R li d C it l G i 136 442 59 171 83Realized Capital Gains -136 -442 -59 171 83Unrealized Capital Gains -360 305 394 4 402Total Cash & Investments 16,344 17,036 16,248 14,359 13,707Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 11,831 12,828 12,815 11,668 8,865Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,043 1,737 2,123 2,161 2,476Total 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 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 2,412 1,941Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 4,524 1. Med Prof Liab 3,167 Cash/Invested Assets 21.23 14.50 8.06 3.69 17.262. Alaska 0 2. Oth, Prod Liab Cmbnd 1,358 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 NA 17.10 2.72 0.08 -7.23 All other admitted assets/Total Assets 2.33 1.83 3.99 6.61 5.49National DPW ($000) 6,393 5,607 5,191 5,597 4,524 Invested Assets/Total Assets 89.05 91.95 86.76 85.53 91.63Adjusted Loss Ratio 22.22 16.48 12.25 45.72 38.57 Investment Income/Total Assets 3.90 2.63 1.91 1.95 1.75





Other Invstmts - 3.7% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


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) 2008Y 2009Y 2010Y 2011Y 2012L3

575 South Saliman Road NAIC Company Code : 12613 Total Assets 9,531 10,008 11,467 12,457 12,533Carson City, NV 89701-5000 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,187 3,340 2,802 3,056 3,211

Geographic Focus: Regional - Western Quadrant Total Liabilities 6,344 6,667 8,665 9,401 9,321NAIC Ownership Structure: Risk Retention Group Net Income -198 399 -131 238 416Tax Identification Number : 20-3831358 Total Revenue 5,633 5,957 4,272 5,663 5,755



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,786 2,979 2,934 3,952 4,274Demotech Financial Strength Rating A 11/19/12 Affirm Loss & LAE Reserves/ NPE (%) 45.86 47.66 87.53 64.23 71.18S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -10.06 19.40 -3.84 14.26 21.15Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.82 1.93 1.46 1.99 1.73Fitch Financial Strength Rating -- -- -- --


Name : Jessica Contreras Auditor Casey Neilon & Associates LLCPhone : (775) 887-2480 Actuary Bickerstaff, Whatley, RyanFax : (775) 887-2481 CEO K. Warren VolkerEmail : [email protected] CFO --

President --


Net Yield on Invested Assets 2.04 1.32 1.11 1.02 0.86Net Investment Income/Earned Premiums 1.93 1.41 2.20 1.46 1.52Return on Average Equity (C&S) -6.64 12.44 -4.12 8.75 13.46Return on Avg Assets -2.31 4.19 -1.24 2.08 3.36Loss and LAE Ratio 34.10 41.82 51.71 53.10 46.07Expense Ratio 69.94 44.63 54.47 38.14 44.91Loss Ratio 13.00 26.33 19.85 15.09 10.82Combined Ratio 104.04 86.45 106.18 91.24 90.98Operating Ratio 102.01 84.89 104.02 89.64 89.50Investment ratio 2.03 1.55 2.16 1.59 1.48


Cash, Short-Term Investments / Liabilities 112.21 115.72 24.32 25.83 28.71Cash, Common & Liquid Bonds / Liabilities 112.21 115.72 38.56 101.51 47.19Cash & Short-Term Investments / C&S 223.33 230.99 75.20 79.45 83.34Liabilities / Liquid Assets (IRIS Ratio) 89.00 86.00 100.00 98.00 94.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 142.55 122.82 103.24 105.74 137.21Cash From Underwriting ($000) 2,230 990 2,155 477 1,931Net Cash From Operations ($000) 2,111 781 2,113 670 2,063Underwriting Cash Flow Ratio 163.75 118.58 150.91 111.19 144.80Operating Cash Flow Ratio 170.69 124.30 154.91 111.31 146.19Unassigned Funds / Total Assets 4.56 6.44 0.73 2.19 3.13


GPW to Policyholders' Surplus3 900 --- 193 225 236NPW to Policyholders' Surplus 300 --- 193 146 199Change in Net Premiums Written 33 -33 12 -37* 48*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 93 93 95


MSA: Carson City, NV (Metro)


89.0

86.0

100.098.0

94.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008Y 2009Y 2010Y 2011Y 2012L3


104.0

86.4

106.2

91.2 91.0

-10.00

-5.00

0.00

5.00

10.00

15.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 21.10 15.48 31.86 38.01 35.25 Gross Change in Policyholders' Surplus 50 -10 5 -16* 9Net Commission Ratio 26.21 3.90 7.38 6.73 NA Net Change in Adj Policyholders' Surplus 25 -10 1 -19* 4Salaries & Benefits Ratio 0.00 9.48 19.04 13.45 NA Liabilities to Liquid Assets 100 --- 86 100 98Tax, License & Fees Ratio 1.12 0.58 1.13 0.86 NA Agents' Bal to Policyholders' Surplus 40 --- 1 0 1Admin & Other Expense Ratio 42.60 30.67 26.92 17.09 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 12 -43 -17Gross Premiums Written ($000)3 5,792 6,459 6,297 7,217 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 5 -12 -43Loss & Loss Adj Expense ($000) 1,882 2,453 2,162 2,960 2,613 Est Curr Resv Defi/Policyholders' Surplus 25 --- -7 -53 -52Other Underwriting Exp Incurred ($000) 4,051 2,883 2,232 2,315 2,488 *Indicates an unusual value.Net Underwriting Gains ($000) -413 531 -212 300 570 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 65.06 84.10 NA complements of each ratio.Effective Tax Rate NM 35.91 NM 40.93 34.49

Pre-Tax Operating Margin -5.34 10.44 -2.86 6.86 11.37 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3



Reinsurance Recoverable ex US Aff 511 -177 -2,433 -1,589 NA Net Premiums Written Growth 15.40 11.51 -36.57 48.14 38.09Retention Ratio (NPW/GPW) (%)3 100.00 100.00 65.06 84.10 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 97.78 6.95 -1.52 34.70 14.03Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 15.40 11.51 -2.50 14.60 7.66Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA 43.71 40.14 33.15 19.04

Capital & Surplus Five-year CAGR NA 11.26 3.68 4.73 -2.50Admitted Assets Five-year CAGR NA 28.91 25.17 21.67 10.69




Asbestos NA NA NA NA NA Capital and Surplus 3,187 3,340 2,802 3,056 3,211 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 3,056 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 925 NA

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA 330.45 NA

RESERVE ANALYSIS (%) 2008Y 2009Y 2010Y 2011Y 2012L3 Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA 165.22 NA

Change in Loss & LAE Resv / Reserves 97.78 6.95 -1.52 34.70 14.03 Realized Capital Gains (Losses) 0 0 -37 15 -191 Yr Loss Reserve Dev / 1Y Prior C&S 4.43 11.98 -42.75 -16.70 NA Net Unrealized Capital Gains (Losses) 0 0 116 -49 1502 Yr Loss Reserve Dev / 2Y Prior C&S 8.25 5.43 -12.49 -43.14 NA Dividends to Stockholders 0 -188 0 0 0Loss and LAE Reserves / NPE 45.86 47.66 87.53 64.23 71.18 Dividend Payout Ratio (%) 0.00 47.27 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 2.74 6.51 -34.15 -8.40 NA Net Premiums Written / Avg C&S (%) 193.81 201.51 128.75 222.81 179.11IBNR/ Total Reserves 0.00 0.00 0.00 0.00 NA Liabilities / Capital & Surplus (%) 199.03 199.61 309.24 307.61 290.27Reserves/ Equity 87.40 89.20 104.72 129.33 133.08 Total Reins Recov Excl US Aff / C&S (%) 16.03 -5.30 -86.83 -51.99 NA


165.2

0500

1,0001,5002,0002,5003,0003,5004,000

2007Y 2008Y 2009Y 2010Y 2011Y



100.0 100.0

65.1

84.1

01,0002,0003,0004,0005,0006,0007,0008,000

2008Y 2009Y 2010Y 2011Y 2012L3




Premier Physicians Ins Co. (Carson City, NV)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 0 0 5,295 5,924 5,446 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,792 6,459 6,297 7,217 6,688Common Stocks 0 0 1,234 1,190 1,722 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 0 -2,200 -1,148 -1,148Occupied Properties 0 0 0 0 0 Net Premiums Written 5,792 6,459 4,097 6,069 5,540Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 271 592 -84 495 -131Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,521 5,866 4,181 5,574 5,671

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,118 7,716 2,107 2,428 2,676 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 7,118 7,716 8,636 9,542 9,845 Net Losses Paid - Commercial 505 1,384 616 77 NAPremiums & Considerations Due 96 47 4 30 751 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 511 349 65 463 638 Net Losses Paid 505 1,384 616 77 NAAll Other Admitted Assets 1,806 1,896 2,762 2,421 1,298 Net LAE Paid 0 876 1,592 1,864 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 9,531 10,008 11,467 12,457 12,533 Change in Loss Reserves - Commercial 212 161 214 764 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 1,165 32 -260 254 NA

Unpaid Losses 1,621 1,782 1,997 2,761 2,836 Net Change in Loss and LAE Reserves 1,377 194 -45 1,018 NAUnpaid Loss Adj Expenses 1,165 1,197 937 1,192 1,437 Losses and LAE Incurred 1,882 2,453 2,162 2,960 2,613

Loss & Loss Adj Exp Reserves 2,786 2,979 2,934 3,952 4,274 Other Underwriting Expense Incurred 4,051 2,883 2,232 2,315 2,488Unearned Premiums 2,566 3,158 3,074 3,569 2,902 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 257 2,433 1,589 1,953 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 885 117 39 37 19 Net Underwriting Gain (Loss) -413 531 -212 300 570Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 107 156 185 252 174 Total underwriting deductions 5,933 5,336 4,394 5,274 5,101



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 0 -37 15 -19Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 435 645 84 273 392 Income after cap gains (loss) before tax -301 622 -159 403 635Other Including Gross Contributed 2,752 2,695 2,718 2,783 2,819 Federal Income Tax -102 223 -28 165 219

Capital & Surplus 3,187 3,340 2,802 3,056 3,211 Net Income -198 399 -131 238 416

Total Liabilities and C&S 9,531 10,008 11,467 12,457 12,533 Pre-tax Operating Income -301 622 -122 388 654


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 5,924Cash & 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 112 91 90 89 84 Class 6 0 0 0 0 0R li d C it l G i 0 0 37 15 19Realized Capital Gains 0 0 -37 15 -19Unrealized Capital Gains 0 0 116 -49 150Total Cash & Investments 7,118 7,716 8,636 9,542 9,845Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 5,924 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 1,234 1,190 1,722Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 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




Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 114Issued State Rev Obligations ($000) 0 0 0 0 1,266Issued Industrial Development ($000) 0 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 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 61.31 62.09 55.32Common Stocks / C&S 0.00 0.00 44.04 38.93 53.64Unaff common stock/Invested Assets 0.00 0.00 14.29 12.47 17.50

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Nevada 6,993 1. Med Prof Liab 7,217 Cash/Invested Assets 100.00 100.00 24.40 25.44 27.182. California 186 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 38 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA 17.24 All other admitted assets/Total Assets 18.94 18.95 24.09 19.44 10.36National DPW ($000) 5,019 5,792 6,459 6,297 7,217 Invested Assets/Total Assets 74.69 77.10 75.31 76.60 78.56Adjusted Loss Ratio 24.27 37.35 48.15 26.16 11.99 Investment Income/Total Assets 1.17 0.91 0.79 0.71 0.67





Other Invstmts - 25.4% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Nevada - 96.9% California - 2.6% Arizona - 0.5%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Red Clay RRG Inc. (Thomasville, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3


Geographic Focus: Regional - Southern Quadrant Total Liabilities 405 1,017 1,549 2,133 1,857NAIC Ownership Structure: Risk Retention Group Net Income -156 -79 103 118 724Tax Identification Number : 26-0394644 Total Revenue 523 719 1,017 1,065 999

Direct Premiums Written 728 1,125 1,585 1,652 1,711Net Premiums Written 378 718 1,015 1,066 1,130

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 495 718 1,015 1,066 1,062

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 327 776 1,224 1,704 1,297Demotech Financial Strength Rating A 11/20/12 Affirm Loss & LAE Reserves/ NPE (%) NA 104.20 94.76 139.29 136.74S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA -3.52 4.45 5.40 25.83Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.20 0.32 0.41 0.44 0.34Fitch Financial Strength Rating -- -- -- --


Name : Cory E. Brown Auditor Jarrard Nowell & Russell LLCPhone : (229) 226-1937x106 Actuary Milliman Inc.Fax : (229) 226-5394 CEO --Email : [email protected] CFO --

President Charles E. Sharp Jr.


Net Yield on Invested Assets NA -1.90 -1.63 -1.48 -3.17Net Investment Income/Earned Premiums 3.36 -3.35 -3.41 -3.75 -8.87Return on Average Equity (C&S) NA -3.79 4.28 4.86 25.59Return on Avg Assets NA -2.40 2.52 2.53 14.12Loss and LAE Ratio 66.11 68.89 49.96 52.01 -7.97Expense Ratio 92.05 41.38 39.75 35.57 31.19Loss Ratio 60.05 13.48 14.57 24.50 -27.19Combined Ratio 158.16 110.26 89.71 87.57 23.22Operating Ratio 155.59 113.61 93.12 91.33 32.66Investment ratio 2.57 -3.35 -3.41 -3.75 -9.44


Cash, Short-Term Investments / Liabilities 197.41 169.80 162.88 142.34 185.28Cash, Common & Liquid Bonds / Liabilities 197.41 169.80 162.88 142.34 185.28Cash & Short-Term Investments / C&S 41.94 78.15 101.25 125.09 104.55Liabilities / Liquid Assets (IRIS Ratio) 51.00 59.00 61.00 70.00 49.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 380.40 272.18 248.81 205.91 198.34Cash From Underwriting ($000) 119 549 636 542 664Net Cash From Operations ($000) 144 546 628 521 553Underwriting Cash Flow Ratio 139.44 243.51 249.03 187.65 269.33Operating Cash Flow Ratio 140.71 244.62 249.98 190.94 281.53Unassigned Funds / Total Assets -11.47 -11.04 -6.52 -7.23 8.76


GPW to Policyholders' Surplus3 900 --- 51 64 68NPW to Policyholders' Surplus 300 --- 32 41 44Change in Net Premiums Written 33 -33 90* 41* 5Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 124* 98 89




51.0

59.0 61.0

70.0

49.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2008Y 2009Y 2010Y 2011Y 2012L3


158.2

110.3

89.7 87.6

23.2

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 6.07 55.41 35.39 27.50 19.21 Gross Change in Policyholders' Surplus 50 -10 16 13 -3Net Commission Ratio 45.74 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 -5 3 -4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 59 61 70Tax, License & Fees Ratio 9.61 6.55 6.33 6.39 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 36.71 34.82 33.42 29.18 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -2 -8 -7Gross Premiums Written ($000)3 728 1,125 1,585 1,652 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -9 -15Loss & Loss Adj Expense ($000) 327 495 507 554 -85 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA -25 -34Other Underwriting Exp Incurred ($000) 348 297 403 434 407 *Indicates an unusual value.Net Underwriting Gains ($000) -180 -74 104 132 794 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 51.92 63.84 64.01 64.51 NA complements of each ratio.Effective Tax Rate NM NM 3.80 10.06 0.92

Pre-Tax Operating Margin -29.10 -10.15 10.50 12.35 73.18 GROWTH RATES & TRENDS (%) 2008Y 2009Y 2010Y 2011Y 2012L3


REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth NA 150.95 52.25 37.73 -8.29

Reinsurance Recoverable ex US Aff 0 385 522 474 NA Net Premiums Written Growth NA 89.99 41.31 5.06 2.43Retention Ratio (NPW/GPW) (%)3 51.92 63.84 64.01 64.51 NA Pre-Tax Operating Income Growth NA NM NM 23.19 190.76Unauthorized Net Recov. (ex US Aff) (%) NA 0.00 0.00 0.00 NA Net Income Growth NA NM NM 15.18 196.91Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NA 137.31 57.67 39.31 -13.04Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth NA 54.52 40.93 4.24 3.41Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA NA 73.93 52.79






Risk Based Capital Ratio (TAC/ACL RBC) 1,075.13 1,168.37 916.61 1,071.79 NA


Change in Loss & LAE Resv / Reserves NA 137.31 57.67 39.31 -13.04 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S NA -1.63 -7.69 -6.70 NA Net Unrealized Capital Gains (Losses) 0 -6 -10 0 -242 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 0.00 -8.60 -15.23 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE NA 104.20 94.76 139.29 136.74 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 -4.32 -16.75 -15.66 NA Net Premiums Written / Avg C&S (%) NA 34.62 42.30 43.77 39.94IBNR/ Total Reserves 89.30 50.75 27.92 23.63 NA Liabilities / Capital & Surplus (%) 21.25 46.02 62.16 87.88 56.42Reserves/ Equity 17.14 35.11 49.12 70.24 39.41 Total Reins Recov Excl US Aff / C&S (%) 0.00 17.42 20.95 19.53 NA


537.6584.2

458.3535.9

0

500

1,000

1,500

2,000

2,500

3,000

2007Y 2008Y 2009Y 2010Y 2011Y



51.9

63.8 64.0 64.5

0200400600800

1,0001,2001,4001,6001,800

2008Y 2009Y 2010Y 2011Y 2012L3




Red Clay RRG Inc. (Thomasville, GA)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

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 728 1,125 1,585 1,652 1,711Common 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 -350 -407 -570 -586 -581Occupied Properties 0 0 0 0 0 Net Premiums Written 378 718 1,015 1,066 1,130Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -117 0 0 0 68Properties for Sale 0 0 0 0 0 Net Premiums Earned 495 718 1,015 1,066 1,062

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 800 1,727 2,522 3,036 3,440 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 800 1,727 2,522 3,036 3,440 Net Losses Paid - Commercial 0 0 0 0 NAPremiums & Considerations Due 0 0 0 0 174 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 0 0 0 0 NAAll Other Admitted Assets 1,513 1,500 1,517 1,524 1,533 Net LAE Paid 30 398 59 73 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 2,313 3,227 4,040 4,560 5,147 Change in Loss Reserves - Commercial 297 97 148 261 NA


Unpaid Losses 297 394 542 803 403 Net Change in Loss and LAE Reserves 297 97 448 481 NAUnpaid Loss Adj Expenses 30 382 682 902 894 Losses and LAE Incurred 327 495 507 554 -85

Loss & Loss Adj Exp Reserves 327 776 1,224 1,704 1,297 Other Underwriting Expense Incurred 348 297 403 434 407Unearned Premiums -117 0 0 0 438 Other Underwriting Deductions 0 0 0 -55 -55Total Reinsurance Liabilities 0 0 0 97 97 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 58 6 42 34 26 Net Underwriting Gain (Loss) -180 -74 104 132 794Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 137 236 283 297 0 Total underwriting deductions 675 792 910 934 268

Total Liabilities 405 1,017 1,549 2,133 1,857

Income ($000)Total Capital and Surplus Net Investment Income 13 -24 -35 -40 -100

Common Capital Stock 673 1,084 1,301 1,327 1,410 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 15 25 37 39 37Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -265 -356 -263 -330 451 Income after cap gains (loss) before tax -152 -73 107 132 731Other Including Gross Contributed 1,500 1,482 1,454 1,430 1,430 Federal Income Tax 4 6 4 13 7

Capital & Surplus 1,908 2,210 2,491 2,427 3,290 Net Income -156 -79 103 118 724

Total Liabilities and C&S 2,313 3,227 4,040 4,560 5,147 Pre-tax Operating Income -152 -73 107 132 731

Memo: Total Revenue 523 719 1,017 1,065 999Memo: Affiliated Investments ($000) Memo: Paid Expenses 319 740 515 564 NA

Bonds 0 0 0 0 0





Net Investment Income 13 -24 -35 -40 -100 Class 6 NA 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 -6 -10 0 -24Total Cash & Investments 800 1,727 2,522 3,036 3,440Affiliated 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










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 1,652 1. Med Prof Liab 1,652 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arkansas 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arizona 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio NA 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 65.41 46.48 37.56 33.42 29.79National DPW ($000) NA 728 1,125 1,585 1,652 Invested Assets/Total Assets 34.59 53.52 62.44 66.58 66.83Adjusted Loss Ratio NA 60.03 0.00 9.32 15.81 Investment Income/Total Assets 0.55 -0.75 -0.86 -0.88 -1.95





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Alabama - 100.0% Alaska - 0.0%

Arkansas - 0.0% Arizona - 0.0%

California - 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) 2008Y 2009Y 2010Y 2011Y 2012L3

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 5,721 7,304 9,824 10,992 10,8541120 20th Street, NW, Suite 60 Business Focus : Commercial General Liability Focus Policyholder Surplus 1,323 1,898 3,532 4,592 5,024Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 4,398 5,406 6,292 6,400 5,829




AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,330 2,920 3,450 4,062 5,307Demotech Financial Strength Rating A 11/13/12 Affirm Loss & LAE Reserves/ NPE (%) NA 247.74 166.42 161.72 192.54S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA 9.19 35.17 26.49 28.80Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.66 0.93 0.81 0.51 0.47Fitch Financial Strength Rating -- -- -- --


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 NA 0.41 0.85 -0.12 1.45Net Investment Income/Earned Premiums 0.06 0.89 1.65 -0.37 5.58Return on Average Equity (C&S) NA 5.33 22.77 17.07 18.90Return on Avg Assets NA 1.44 7.25 6.90 8.25Loss and LAE Ratio 90.39 65.98 50.14 48.61 37.83Expense Ratio 6.55 14.35 9.53 11.88 11.52Loss Ratio 90.39 -72.00 43.54 37.58 23.04Combined Ratio 96.94 80.33 59.67 60.49 49.35Operating Ratio 96.86 78.86 57.43 60.84 43.86Investment ratio 0.08 1.46 2.25 -0.35 5.49


Cash, Short-Term Investments / Liabilities 88.81 86.41 103.29 119.35 159.91Cash, Common & Liquid Bonds / Liabilities 88.81 86.41 112.11 131.81 174.49Cash & Short-Term Investments / C&S 295.17 246.08 183.99 166.33 185.53Liabilities / Liquid Assets (IRIS Ratio) 113.00 116.00 89.00 76.00 57.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 107.65 95.38 121.01 134.89 177.10Cash From Underwriting ($000) 2,538 664 1,299 1,628 2,103Net Cash From Operations ($000) 2,538 376 1,287 1,044 1,897Underwriting Cash Flow Ratio 4,067.05 260.32 265.07 281.02 529.92Operating Cash Flow Ratio 4,067.05 333.95 271.68 345.13 571.14Unassigned Funds / Total Assets 0.41 1.35 6.41 11.69 13.33


GPW to Policyholders' Surplus3 900 --- 112 81 51NPW to Policyholders' Surplus 300 --- 93 81 51Change in Net Premiums Written 33 -33 -50* 61* -17Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 65 59




113.0 116.0

89.0

76.0

57.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2008Y 2009Y 2010Y 2011Y 2012L3


96.9

80.3

59.7 60.549.4

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2008Y 2009Y 2010Y 2011Y 2012L3




Loss Adjustment Expense Ratio 0.00 137.98 6.60 11.03 14.79 Gross Change in Policyholders' Surplus 50 -10 43 86* 30Net Commission Ratio 0.00 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 6 28* 19Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 116* 89 76Tax, License & Fees Ratio 1.79 2.43 2.21 2.90 NA Agents' Bal to Policyholders' Surplus 40 --- 103* 67* 48*Admin & Other Expense Ratio 4.76 11.92 7.32 8.98 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -56 -24 -23Gross Premiums Written ($000)3 3,878 2,120 2,849 2,351 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA -78 -6Loss & Loss Adj Expense ($000) 2,330 713 1,051 1,234 903 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA -15 18Other Underwriting Exp Incurred ($000) 230 254 272 279 270 *Indicates an unusual value.Net Underwriting Gains ($000) 18 114 774 1,025 1,214 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.65 83.49 100.00 100.00 NA complements of each ratio.Effective Tax Rate -19.33 42.05 33.70 35.30 34.43



REINSURANCE ANALYSIS ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 Total Liabilities Growth NA 22.91 16.39 1.72 12.02

Reinsurance Recoverable ex US Aff -24 -23 0 0 NA Net Premiums Written Growth NA -49.65 60.99 -17.49 -10.01Retention Ratio (NPW/GPW) (%)3 90.65 83.49 100.00 100.00 NA Pre-Tax Operating Income Growth NA 562.42 534.04 23.74 113.47Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 NA NA NA Net Income Growth NA 221.69 608.30 23.21 158.15Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth NA 25.30 18.16 17.72 14.79Reinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth NA -45.34 34.41 -17.49 -10.01Reinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR NA NA NA 13.32 21.17





Asbestos NA NA NA NA NA Capital and Surplus 1,323 1,898 3,532 4,592 5,024 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,323 1,898 3,532 4,592 NA Combined NA NA NA NA NA ACL Risk Based Capital 485,146 409 496 589 NA



Change in Loss & LAE Resv / Reserves NA 25.30 18.16 17.72 14.79 Realized Capital Gains (Losses) 0 0 -19 -4 11 Yr Loss Reserve Dev / 1Y Prior C&S NA -56.15 -24.28 -23.21 NA Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 0.00 -77.53 -6.47 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE NA 247.74 166.42 161.72 192.54 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 -68.76 -21.99 -32.31 NA Net Premiums Written / Avg C&S (%) NA 125.62 122.06 61.30 50.30IBNR/ Total Reserves 80.42 51.62 59.28 52.16 NA Liabilities / Capital & Surplus (%) 332.35 284.76 178.12 139.37 116.02Reserves/ Equity 176.10 153.82 97.68 88.45 105.62 Total Reins Recov Excl US Aff / C&S (%) -1.81 -1.21 0.00 0.00 NA


0.1

232.1

355.9389.8

0

100,000

200,000

300,000

400,000

500,000

600,000

2007Y 2008Y 2009Y 2010Y 2011Y



90.6

83.5

100.0 100.0

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2008Y 2009Y 2010Y 2011Y 2012L3




Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2008Y 2009Y 2010Y 2011Y 2012L3 INCOME STATEMENT ($000) 2008Y 2009Y 2010Y 2011Y 2012L3

Assets RevenueBonds 0 0 555 283 318 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 3,878 2,120 2,849 2,351 2,348Common Stocks 0 0 0 514 532 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -363 -350 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 3,515 1,770 2,849 2,351 2,348Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 937 689 752 -187 -39Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,578 1,081 2,097 2,538 2,387

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,906 4,671 6,499 7,638 9,322 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 NASubtotals, Cash & Invested Assets 3,906 4,671 7,054 8,436 10,172 Net Losses Paid - Commercial 0 0 215 343 NAPremiums & Considerations Due 1,276 1,955 2,369 2,192 232 Net Losses Paid - A&H 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Net Losses Paid 0 0 215 343 NAAll Other Admitted Assets 539 678 402 364 450 Net LAE Paid 0 123 306 279 NASeparate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 NATotal Net Admitted Assets 5,721 7,304 9,824 10,992 10,854 Change in Loss Reserves - Commercial 2,330 -778 698 611 NA

Change in Loss Reserves - A&H 0 0 0 0 NALiabilities Change in LAE Reserves 0 1,368 -168 1 NA

Unpaid Losses 2,330 1,552 2,250 2,861 3,764 Net Change in Loss and LAE Reserves 2,330 590 530 611 NAUnpaid Loss Adj Expenses 0 1,368 1,200 1,201 1,543 Losses and LAE Incurred 2,330 713 1,051 1,234 903

Loss & Loss Adj Exp Reserves 2,330 2,920 3,450 4,062 5,307 Other Underwriting Expense Incurred 230 254 272 279 270Unearned Premiums 1,276 1,953 2,379 2,192 437 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 363 350 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 166 129 135 137 86 Net Underwriting Gain (Loss) 18 114 774 1,025 1,214Payable to Parent, Subs & Affiliates 94 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 169 53 327 9 0 Total underwriting deductions 2,561 967 1,323 1,513 1,174


Income ($000)Total Capital and Surplus Net Investment Income 2 16 47 -9 131

Common Capital Stock 0 1,800 2,903 3,308 3,578 Net Realized Capital Gains (Losses) 0 0 -19 -4 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 23 98 630 1,285 1,447 Income after cap gains (loss) before tax 20 129 802 1,012 1,345Other Including Gross Contributed 1,300 0 0 0 0 Federal Income Tax -4 54 270 357 463


Total Liabilities and C&S 5,721 7,304 9,824 10,992 10,854 Pre-tax Operating Income 20 129 821 1,016 1,345

Memo: Total Revenue 2,580 1,096 2,125 2,525 2,519Memo: Affiliated Investments ($000) Memo: Paid Expenses 230 380 581 565 NA

Bonds 0 0 0 0 0





Net Investment Income 2 16 47 -9 131 Class 6 NA 0 0 0 0R li d C it l G i 0 0 19 4 1Realized Capital Gains 0 0 -19 -4 1Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 3,906 4,671 7,054 8,436 10,172Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 555 283 318Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 514 532Total 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






LT Bond 283 283 275 275 1,116Common Stock 514 514 537 -- 1,566Preferred Stock 0 0 0 -- 0Total 797 797 813 275 --


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 7.87 3.35 3.13Common Stocks / C&S 0.00 0.00 0.00 11.20 10.59Unaff common stock/Invested Assets 0.00 0.00 0.00 6.10 5.23

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Pennsylvania 2,351 1. Oth, Prod Liab Cmbnd 2,351 Cash/Invested Assets 100.00 100.00 92.13 90.55 91.642. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio NA 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets 9.43 9.28 4.09 3.31 4.15National DPW ($000) NA 3,878 2,120 2,849 2,351 Invested Assets/Total Assets 68.27 63.95 71.80 76.74 93.72Adjusted Loss Ratio NA 89.56 -53.94 44.79 37.58 Investment Income/Total Assets 0.04 0.22 0.48 -0.08 1.21





Other Invstmts - 90.5% 0.00 0.20 0.40 0.60 0.80 1.00

2008Y2009Y

2010Y

2011Y

2012L3


Pennsylvania - 100.0% Alaska - 0.0%





Aircraft - 0.0%



All Other - 0.0%


®

®

Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty (P&C) insurers and Title underwriters. An FSR summarizes our opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes our opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle.

FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent. FSRs present our opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment of financial information.

Our focus is unique. While we acknowledge and recognize the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element in the assignment of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity. Quality and quantity of reinsurance, relative adequacy of loss and loss adjustment expense reserves, the liquidity and quality of assets and rate adequacy are some of the more critical items we evaluate.

Our rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet. FSRs are based upon a series of quantitative ratios and considerations that comprise our Financial Stability Analysis Model.

The Financial Stability Analysis Model is the major component of the FSR assignment process and can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP). The Financial Stability Analysis Model includes a tactile review as well as computation and analysis of critical financial ratios to determine the current and anticipated financial stability of the insurance company being reviewed. The Financial Stability Analysis Model cross checks and analyzes financial statement calculations and relationships.

A critical item to determine the financial stability of a P&C insurer is the calculation of financial stability ratios measured against our financial stability benchmarks. These ratios and benchmarks have been compiled on an industry-wide basis and have been substantiated by third parties.

Since our incorporation in 1985, Demotech has proactively responded to the challenges faced by the insurance industry. In 1989, Demotech gained acceptance from the Federal National Mortgage Association (Fannie Mae) for FSRs of A or better. In 1990, we received similar accreditation from Federal Home Loan Mortgage Corporation (Freddie Mac). In 1993, the United States Department of Housing and Urban Development (HUD) published its acceptance of FSRs of A or better. The acceptance of FSRs of A or better leveled the playing field for regional P&C insurance companies while simultaneously assisting insurance agents, reinsurers and insurance carriers through the elimination of reinsurance endorsements and cut-through endorsements.

Similarly, in 1996 we began reviewing newly formed P&C insurance companies incorporated in the State of Florida to facilitate their efforts to depopulate the Florida residual market mechanism. In 2005, FSRs of A or better were deemed acceptable for qualification under HUD’s Section 232 and 223 (f) Programs, thereby assisting financially stable risk retention groups writing nursing facility general and professional liability insurance.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution for your organization.

Financial stability is independent of size.

Solutions as Unique as Your OrganizationDemotech is committed to serving its clients while maintaining the highest standards. Innovative thinking, strategic analysis, commitment, insight and on-going involvement with the insurance industry allow us to provide solutions as unique as your organization.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution.

Contact Douglas Powell at [email protected] to discuss any needs or problems your organization is experiencing.

First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Fannie Mae. An FSR of A or better eliminates the need for property insurance cut-through endorsements by mortgage lenders.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.Began offering Property and Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.Addressed the National Association of Insurance Commissioners (NAIC) requirements for Property and Casualty insurers to submit actuarial opinions related to loss and loss adjustment expense reserves concurrent with the 1990 Property and Casualty annual statement.First to issue FSRs for Title underwriters.First to have Property and Casualty insurance company rating process formally reviewed and accepted by HUD.Fannie Mae issued Title underwriting guidelines, naming Demotech as an approved Title underwriter rating service.First to promulgate Commercial Real Estate Recommendations (CRERs) to provide additional financial due diligence of Title underwriters involved in larger real estate transactions.Contacted by the Florida Office of Insurance Regulation (OIR) when the property insurance market encountered newly established insurers that did not have the representative historical operating experience to meet traditional rating requirements. Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies. Coordinated the first seminar regarding the implementation of Statements of Actuarial Opinion for Title insurance companies on behalf of the Conference of Consulting Actuaries.HUD approved Demotech’s rating process for professional liability insurance under Notice H04-15, Professional Liability Insurance f or Section 232 and 223(f) Programs.Designated the Official Research Partner of Insurance Journal, providing research, actuarial and statistical support and collaborating on special joint reports pertaining to insurance industry performance and financial results.Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage.Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.Participated in a comprehensive examination of insurer financial strength authored by Florida State University and The University of North Texas.

Demotech, Inc. Corporate Milestones1986

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Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

Analysis of Risk Retention Groups - Third Quarter 2012

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