Analysis of Risk Retention Groups - Year-End 2013

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Analysis of Risk Retention GroupsYear-End 2013

Demotech, Inc.

April 2014

www.demotech.com Volume 4 Issue 2

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ISSN 2168-7013 (online) Published April 28, 2014 COPYRIGHT©

2014 Demotech, Inc.

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

Contents

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

RRGs Report Financially Stable Results at Year-End 2013 By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc.

Company Information and Financial Results of RRGs

Analysis of Risk Retention Groups April 2014 Volume 4 Issue 2

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

FINANCIAL ANALYSIS

W. Burke Coleman | Legal Counsel and Compliance Manager,

Demotech, Inc.

James Cutts | Publisher, Risk Retention Reporter

Joseph Deems | Executive Director, National Risk Retention Association

Melissa-Anne Duncan | Executive Director,

Insurance Industry Charitable Foundation

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

Karrie Hyatt | Managing Editor,

Risk Retention Reporter

Barry Koestler | Chief Ratings Officer, Demotech, Inc.

Josh Magden | Vice President of

Insurance and Institutional Marketing, Sage Advisory Services

Mechlin Moore | Communications Director,

National Risk Retention Association

Paul Osborne | Senior Consultant, Demotech, Inc.

Rachel Wilkins | Analyst,

Demotech, Inc.

9

59

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

RRG AND FINANCIAL INFORMATION

A review of the reported financial results of risk retention groups (RRGs) reveals insurers with a great deal of financial stability. Based on year-end 2013 reported financial information, RRGs continue to collectively provide specialized coverage to their insureds. RRGs remain committed to maintaining adequate capital to

handle losses. It is important to note that ownership of RRGs is restricted to the policyholders of the RRG. This unique ownership structure required of RRGs may be a driving force in their strengthened capital position.

Since RRGs are restricted to liability coverage, they tend to insure medical providers, product manufacturers, law enforcement officials and contractors, as well as other professional industries. RRGs reported direct premium written in eleven lines of business in 2013, but nearly 46 percent of this premium was contained in the medical professional liability lines.

Balance Sheet Analysis

Comparing the last five years of results, cash and invested assets, total admitted assets and policyholders’ surplus have continued to increase at a faster rate than total liabilities (figure 1). The level of policyholders’ surplus becomes increasingly important in times of difficult economic conditions, to allow an insurer to remain solvent when facing uncertain economic conditions.

Since 2009, cash and invested assets increased 29.7 percent and total admitted assets increased 22.8 percent. More importantly, over a five year period from 2009 through 2013, RRGs collectively increased policyholders’ surplus 38.4 percent. This increase represents the addition of more than $1 billion to policyholders’ surplus. During this same time period, liabilities increased only 12.5 percent, slightly more than $493.5 million. These reported results indicate that RRGs are adequately capitalized in aggregate and able to remain solvent if faced with adverse economic conditions or increased losses.

Liquidity, as measured by liabilities to cash and invested assets, for year-end 2013 was approximately 64.6 percent. A value less than 100 percent is considered favorable as it indicates that there was more than a dollar of net liquid assets for each a dollar of total liabilities. This also indicates an improvement for RRGs collectively as liquidity was reported at 65.5 percent at year-end 2012. This ratio has improved steadily each of the last five years.

Loss and loss adjustment expense (LAE) reserves represent the total reserves for unpaid losses and unpaid LAE. This includes reserves for any incurred but not reported losses as well as supplemental reserves established by the company. The cash and invested assets to loss and LAE reserves ratio measures liquidity in terms of the carried reserves. The cash and invested assets to loss and LAE reserves ratio for year-end 2013 was 249 percent and indicates an improvement over 2012, as this ratio was 239.3 percent. These results indicate that RRGs remain conservative in terms of liquidity.

In evaluating individual RRGs, Demotech, Inc. prefers companies to report leverage of less than 300 percent. Leverage for all RRGs combined, as measured by total liabilities to policyholders’ surplus, for year-end 2013 was 123.2 percent. This is similar to leverage of 123.7 percent reported at year-end 2012.

The loss and LAE reserves to policyholders’ surplus ratio for year-end 2013 was 76.7 percent and indicates an improvement over 2012, as this ratio was 78.9 percent. The higher the ratio of loss reserves to surplus, the more an insurer’s stability is dependent on having and maintaining reserve adequacy.

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

Premium Written Analysis

RRGs collectively reported $2.6 of billion direct premium written (DPW) at year-end 2013, an increase of 1.7 percent over 2012. RRGs reported $1.3 billion of net premium written (NPW) at year-end 2013, an increase of 6.4 percent over 2012. These increases are favorable and appear reasonable.

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RRGs Report Financially Stable Results at Year-End 2013 Financial analysis of Risk Retention Groups based on reported historical results through year-end 2013.

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

4

5

6

7

8

9

10

Short‐term Assets

Net Admitted Assets

Liabilities

Policyholders Surplus

0

1

2

3

4

20132012201120102009

Figure 1 - RRG Balance Sheet Metrics at 12/31 (In Billions)

The DPW to policyholders’ surplus ratio for RRGs collectively for year-end 2013 was 72.3 percent and indicates an improvement over 2012, as this ratio was 74.8 percent. The NPW to policyholders’ surplus ratio for RRGs for year-end 2013 was 36.8 percent and is relatively similar to 2012, as this ratio was 36.3 percent.

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

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

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

Loss and Loss Adjustment Expense Reserve Analysis

A key indicator of management’s commitment to financial stability, solvency and capital adequacy is their desire and ability to record adequate loss and loss adjustment expense reserves (loss reserves) on a consistent basis. Adequate loss reserves meet a higher standard than reasonable loss reserves. Demotech views adverse loss reserve development as an impediment to the acceptance of the reported value of current, and future, surplus and that any amount of adverse loss reserve development on a consistent basis is unacceptable. Consistent adverse loss development may be indicative of management’s inability or unwillingness to properly estimate ultimate incurred losses.

RRGs collectively reported adequate loss reserves at year-end 2013 as exhibited by the one-year and two-year loss development results. The loss reserve development to policyholders’ surplus ratio measures reserve deficiency or redundancy in relation to policyholder surplus and the degree to which surplus was either overstated, exhibited by a percentage greater than zero, or understated, exhibited by a percentage less than zero.

The one-year loss reserve development to prior year’s policyholders’ surplus for 2013 was -3.4 percent and is not as favorable as 2012, when this ratio was reported at -7.5 percent. The two-year loss reserve development to second prior year-end policyholders’ surplus for 2013 was -11.3 percent is slight less favorable than 2012, when this ratio was reported at -13.1 percent.

In regards to RRGs collectively, the ratios pertaining to loss reserve development are favorable.

Income Statement Analysis

The profitability of RRG operations remains positive (figure 2). RRGs reported an aggregate underwriting gain for 2013 of $97.3 million, a decrease of 47.1 percent over the prior year, and a net investment gain of nearly $216.4 million, a decrease of less than one percent over the prior year. RRGs collectively reported net income of over $252.8 million, a decrease of 22 percent over the prior year. Looking further

back, RRGs have collectively reported an annual underwriting gain since 2004 and positive net income at each year-end since 1996.

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The year-end results of RRGs indicate that these specialty insurers continue to exhibit financial stability.

$200

$300

$0

$100

2009 2010 2011 2012 2013

Underwriting Income

Investment Income

Net Income

Figure 2 - RRG Income at 12/31 (In Millions)

40%

50%

60%

70%

80%

90%

100% Combined Ratio Loss Ratio Expense Ratio

0%

10%

20%

30%

2009 2010 2011 2012 2013

Figure 3 - RRG Ratios at 12/31

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The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, for year-end 2013 was approximately 63.5 percent, an increase over 2012, as the loss ratio was 54.7 percent. This ratio is a measure of an insurer’s underlying profitability on its book of business.

The expense ratio, as measured by other underwriting expenses incurred to net premiums written, for year-end 2013 was 27.8 percent and indicates an improvement over 2012, as the expense ratio was reported at 29.1 percent. This ratio measurers an insurer’s operational efficiency in underwriting its book of business.

The combined ratio, loss ratio plus expense ratio, for year-end 2013 was 91.3 percent and indicates a diminishment over 2012, as the combined ratio was reported at 83.8 percent. This ratio measures an insurer’s overall underwriting profitability.

A combined ratio of less than 100 percent indicates an underwriting profit.

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

Analysis by Primary Lines of Business

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

Jurisdictional Analysis

Much like insurers, it is typical for jurisdictions to compete for new business. Some of the factors that may impact an insurer’s decision to do business in a certain jurisdiction include minimum policyholders’ surplus requirements and the premium tax rate. RRGs have continued to report changes in DPW, on a jurisdictional basis, within a reasonable threshold (figure 6). (Note: a more extensive breakout of DPW by line of business by jurisdictions for year-end 2013 is available in figure 7.)

Conclusions Based on 2013 Results

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

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

Boiler & Machinery 909 731 757 656 187Comm'l Auto Liab 161,566 112,842 91,151 106,822 83,410Fidelity 9,872 9,812 9,847 9,841 10,512Med Prof Liab (Claims Made) 1,243,719 1,294,406 1,245,243 1,259,054 1,255,193Med Prof Liab (Occurrence) 160,451 135,758 124,765 104,278 105,988Oth Liab (Claims) 690,013 661,603 661,568 641,981 701,697Oth Liab (Occurrence) 331,764 335,342 290,433 293,114 315,170Other P&C 1,202 1,707 1,262 1,093 1,014Product Liab (Claims) 1,739 1,668 1,435 1,316 1,474Product Liab (Occ) 2,805 2,307 1,622 681 0

Warranty 217 146 110 147 147Total 2,604,257 2,556,323 2,428,195 2,418,983 2,474,793

DPW12/31/09Line of Business

DPW12/31/12

DPW12/31/11

DPW12/31/10

DPW12/31/13

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

No. of RRGs Liquidity

Cash/ Losses & LAE Res. Leverage

Losses & LAE Res./

PHSDPW/ PHS

NPW/ PHS Loss Ratio

Expense Ratio

Combined Ratio

One Year Loss Dev./

PHS

Two Year Loss Dev./

PHS

Net Underwriting Gain (Loss)

Net Investment Gain (Loss)

Net Income (Loss)

Commercial Auto 19 55.6% 321.5% 102.1% 57% 55.1% 36.6% 60.7% 29.5% 90.2% -3.6% -8.5% $18.6M $21.2M $25.4M

Medical Professional (Claims-made) 130 67.4% 247.3% 124.9% 74.9% 63.5% 36.5% 61.7% 27.8% 89.5% -4.5% -12.1% $58.4M $105.5M $128.8M

Medical Professional (Occurrence) 10 69.4% 247.4% 140.5% 81.8% 23.0% 21.3% 6.9% 24.8% 31.7% 15.3% 6.3% $6.7M $5.4M $9.4M

Other (Claims-made) 48 64.5% 234.2% 146.3% 96.8% 102.1% 39.5% 71.0% 26.3% 97.3% -2.3% -9.3% $5.5M $57.5M $64.9M

Other (Occurrence) 38 60.6% 241.2% 98.6% 67.5% 87.4% 37.9% 66.3% 28.5% 94.8% -3.7% -16.6% $8.0M $24.9M $22.0M

Figure 4 - Key Ratios and Metrics - 12/31/13

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Alabama 22,930 21,484 20,001 19,039 18,986Alaska 4,922 5,014 5,047 5,479 5,753Arizona 44,290 43,753 44,276 57,156 44,967Arkansas 18,263 16,476 12,522 12,043 9,293California 238,621 223,081 213,236 213,174 227,159Colorado 31,622 35,883 30,168 28,668 27,813Connecticut 50,840 65,082 66,270 70,551 85,845Delaware 27,100 28,184 29,180 26,812 19,292District of Columbia 48,449 51,106 46,980 44,036 47,380Florida 158,695 128,568 104,221 99,434 100,129Georgia 44,265 33,758 32,197 29,548 30,795Hawaii 6,752 6,358 6,107 5,208 5,071Idaho 7,569 7,698 7,125 7,244 9,698Illinois 89,699 82,640 82,159 80,718 82,920Indiana 51,690 48,472 47,980 43,459 44,821Iowa 8,687 7,979 9,373 8,246 7,795Kansas 11,367 10,761 11,440 10,596 11,452Kentucky 28,098 25,881 27,170 25,621 30,623Louisiana 18,746 17,814 15,259 14,375 12,924Maine 7,624 8,278 8,061 9,173 8,950Maryland 64,882 78,898 79,978 84,920 96,864Massachusetts 178,283 175,048 176,973 172,031 176,058Michigan 35,701 35,635 35,049 29,748 28,390Minnesota 15,219 14,458 13,629 14,632 12,649Mississippi 23,820 23,362 23,425 23,944 25,479Missouri 35,863 35,588 37,900 36,009 38,045Montana 18,857 18,323 19,077 18,337 15,757Nebraska 11,570 12,906 10,684 9,533 8,072Nevada 23,046 24,971 23,749 24,161 24,798New Hampshire 7,739 7,004 6,719 6,059 6,145New Jersey 69,326 71,262 66,129 65,817 64,239New Mexico 15,621 14,614 14,451 14,053 13,440New York 358,219 375,548 345,120 357,802 362,730North Carolina 31,064 28,576 26,885 28,478 25,851North Dakota 1,990 2,024 1,786 1,489 1,403Ohio 46,370 43,871 42,500 42,920 45,703Oklahoma 17,208 16,486 14,663 14,418 13,477Oregon 25,077 22,948 20,866 17,734 15,991Pennsylvania 379,290 380,324 363,611 362,500 355,911Rhode Island 6,649 6,473 6,435 6,389 6,894South Carolina 13,659 12,283 10,084 15,110 47,019South Dakota 2,641 2,306 2,240 1,941 1,937Tennessee 19,234 19,633 16,845 16,107 16,226Texas 104,788 99,496 88,037 85,667 86,543Utah 11,811 11,300 10,808 9,761 7,506Vermont 6,987 6,383 6,901 6,638 5,661Virginia 46,947 42,781 40,663 43,089 41,761Washington 47,679 44,958 42,486 40,749 41,351West Virginia 26,893 26,485 24,613 23,561 20,947Wisconsin 12,599 12,360 11,723 11,092 11,672Wyoming 8,642 8,469 8,327 7,359 6,220American Samoa 0 0 0 0 0Guam 429 433 419 421 416Puerto Rico 191 229 143 139 168U.S. Virgin Islands 815 911 911 923 879Northern Mariana Islands 61 57 51 50 49Canada 318 242 263 130 119Aggregate Other Alien 23,371 22,569 22,236 22,287 24,022Total 2,613,088 2,567,485 2,435,149 2,426,580 2,482,058

DPW12/31/11

DPW12/31/10

DPW12/31/09State

DPW12/31/12

DPW12/31/13

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

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Figure 7 - Direct Premium Written by State by LOB - 12/31/13

Other P&CAlabama 55 5,978 1,483,676 0 5,327,527 10,584,947 5,485,961 0 41,507 0 22,929,596Alaska 34 4,367 48,772 0 416,593 3,824,990 525,968 0 101,569 0 4,922,259Arizona 70 2,514 2,137,809 66,375 28,150,997 9,431,241 4,432,901 0 61,310 6,390 44,289,537Arkansas 53 8,456 10,319,657 0 3,169,822 1,840,464 2,868,641 0 55,582 0 18,262,622California 86 100,226 22,530,170 1,518,923 110,798,609 62,800,453 40,414,643 0 452,256 5,430 238,620,710Colorado 66 7,123 1,081,803 154,750 9,518,496 10,135,616 10,610,681 0 106,714 6,810 31,621,993Connecticut 55 6,245 1,366,468 98,500 33,496,059 9,099,176 6,745,695 0 28,070 0 50,840,213Delaware 53 3,783 617,945 0 4,062,592 10,311,470 12,098,961 0 5,333 60 27,100,144District of Columbia 42 691 716,920 ‐911 3,476,050 40,621,001 3,634,922 0 0 0 48,448,673Florida 78 5,434 6,502,025 2,550 115,747,759 24,834,916 11,021,519 0 549,294 31,350 158,694,847Georgia 68 25,014 6,204,354 0 14,716,832 18,658,857 4,555,700 0 91,829 12,450 44,265,036Hawaii 36 3,152 346,422 0 1,901,723 2,128,023 2,372,591 0 0 0 6,751,911Idaho 46 1,611 193,360 0 3,018,584 4,135,165 220,549 0 0 0 7,569,269Illinois 78 49,710 4,610,908 341,390 34,532,095 35,307,158 14,728,912 0 114,466 14,520 89,699,159Indiana 68 42,073 1,746,920 0 33,656,445 10,549,184 5,573,523 0 104,926 16,860 51,689,931Iowa 51 9,116 813,306 103,500 2,794,861 2,981,635 1,981,055 0 3,632 0 8,687,105Kansas 47 5,494 849,370 327,600 2,741,902 5,386,269 1,991,636 0 64,447 0 11,366,718Kentucky 61 11,073 1,029,748 0 15,863,852 8,378,257 2,557,346 0 257,387 0 28,097,663Louisiana 54 9,446 4,793,791 0 3,397,576 7,147,181 3,374,780 0 23,622 0 18,746,396Maine 42 4,626 208,853 0 2,911,626 3,333,991 1,165,314 0 0 0 7,624,410Maryland 66 24,426 2,849,352 999,650 38,161,227 17,076,134 5,759,795 0 2,500 8,760 64,881,844Massachusetts 60 28,419 223,796 1,187,265 130,058,692 35,916,452 10,843,335 0 25,160 0 178,283,119Michigan 62 16,216 2,809,360 0 16,691,031 12,782,835 3,243,240 0 158,811 0 35,701,493Minnesota 52 43,856 1,028,555 ‐3,361 4,700,591 6,184,005 3,236,033 0 18,619 10,350 15,218,648Mississippi 49 11,080 1,082,732 0 18,717,558 2,504,784 1,503,652 0 0 0 23,819,806Missouri 63 24,905 1,853,378 153,000 14,970,861 12,981,005 5,663,554 0 216,128 0 35,862,831Montana 46 1,507 1,844,943 0 12,320,306 4,307,501 354,977 0 27,731 0 18,856,965Nebraska 47 4,861 569,284 28,820 2,081,599 1,725,810 7,138,544 0 13,838 6,865 11,569,621Nevada 59 11,887 1,264,666 0 13,385,518 5,043,666 3,306,988 0 16,888 16,380 23,045,993New Hampshire 49 9,213 209,517 0 2,855,076 1,922,515 2,703,353 0 39,156 0 7,738,830New Jersey 74 40,506 16,200,191 570,245 22,076,570 17,656,454 12,781,824 0 0 0 69,325,790New Mexico 50 1,314 519,042 0 10,342,598 2,984,394 1,602,145 0 171,646 0 15,621,139New York 87 17,968 2,799,587 1,826,724 228,818,149 87,512,023 35,876,931 1,201,971 165,344 0 358,218,697North Carolina 66 35,605 1,547,164 0 17,479,019 8,486,443 3,468,886 0 36,941 10,260 31,064,318North Dakota 27 1,525 53,321 0 139,037 1,446,011 251,428 0 99,049 0 1,990,371Ohio 74 21,812 3,355,143 0 20,857,527 16,694,211 5,180,001 0 261,758 0 46,370,452Oklahoma 55 13,078 1,391,643 0 8,315,726 2,422,452 4,906,038 0 159,443 0 17,208,380Oregon 58 11,870 2,805,874 0 9,179,325 6,015,912 7,037,771 0 26,714 0 25,077,466Pennsylvania 97 87,744 10,118,296 1,917,400 307,652,884 28,777,840 30,657,861 0 77,055 510 379,289,590Rhode Island 42 2,716 222,605 0 1,761,711 2,130,914 2,531,508 0 0 0 6,649,454South Carolina 60 5,435 1,849,574 18,400 3,455,178 6,802,123 1,506,620 0 5,800 15,600 13,658,730South Dakota 32 1,301 141,741 0 168,030 1,901,599 423,482 0 5,246 0 2,641,399Tennessee 61 39,193 2,338,000 0 6,400,793 8,141,174 2,218,227 0 96,719 0 19,234,106Texas 77 39,281 23,672,384 443,883 25,212,717 36,205,982 18,557,949 0 610,445 45,570 104,788,211Utah 44 17,207 1,800,004 0 3,261,683 4,770,391 1,961,440 0 0 0 11,810,725Vermont 42 2,118 298,272 0 679,639 3,425,330 2,582,074 0 0 0 6,987,433Virginia 70 21,688 5,083,889 28,080 14,645,993 17,136,622 10,021,587 0 0 8,760 46,946,619Washington 74 29,925 5,114,349 19,000 22,565,867 12,946,703 6,846,253 0 157,189 0 47,679,286West Virginia 50 9,219 384,966 0 18,101,046 7,495,221 873,500 0 29,233 0 26,893,185Wisconsin 43 23,960 463,555 69,754 2,982,941 7,712,782 1,290,520 0 55,286 0 12,598,798Wyoming 37 3,153 68,397 0 5,251,554 2,578,921 739,533 0 0 0 8,641,558American Samoa 0 0 0 0 0 0 0 0 0 0 0Guam 2 0 0 0 0 180,988 247,677 0 0 0 428,665Puerto Rico 3 0 0 0 5,387 185,784 0 0 0 0 191,171U.S. Virgin Islands 3 0 0 0 5,184 720,751 88,686 0 0 0 814,621Northern Mariana Islands 1 0 0 0 0 60,657 0 0 0 0 60,657Canada 2 0 0 0 0 311,373 1,772 0 5,340 0 318,485Aggregate Other Alien 6 0 0 0 0 23,371,441 0 0 0 0 23,371,441

909,120 161,565,857 9,871,537 1,413,001,017 690,009,197 331,768,482 1,201,971 4,543,983 216,925 2,613,088,089

MedicalProf Liab

CommercialAuto Liab

Total

StateBoiler &

Machinery Product Liab

RRGsWriting inState Warranty Total

Other LiabClaims Made

Other LiabOccurrenceFidelity

Producer Preference Purchasing Grouphelping producers meet client needs

Producer Preference Purchasing Group, LLCmanaged by Demotech, Inc.

contact: [email protected]

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Year-End 2013 - RRG Analysis



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

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

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

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

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

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

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

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

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

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

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

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

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

COMMUNITY BLOOD CENTERS EXCH RRG13893 702 NORTH SHORE DRIVE, SUITE 500, JEFFERSONVILLE, IN 47130-3104

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

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

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

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

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

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

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

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

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

CONTINUING CARE RRG, INC.11798 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


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

ABIGAIL M. BERNIER (802) 371-2233 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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




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

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

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

ROBERT A ZACK 941-377-3200 KYPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

ANDREW CARLTON 941-373-1113 NVPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

EMERGENCY PHYSICIANS INS CO RRG11714 13620 LINCOLN WAY, SUITE 230, AUBURN, CA 95603-3263

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

EXCELA RECIPROCAL RRG15337 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946


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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

PHILLIP M. BARNHILL (800) 872-7475 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

GOLDEN INS CO RRG11145 8390 EAST CRESCENT PARKWAY, SUITE 200, GREENWOOD VILLAGE, CO 80111-2813

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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




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

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

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

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

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

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

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

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

HOUSING AUTHORITY RRG INC26797 189 COMMERCE COURT CHESHIRE, CT 06410-1253

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

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

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

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

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

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

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

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

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

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

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

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

NATHANIEL DAVID HIBLER (802) 264-4720 VTPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

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

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

RICHARD A. WELLS (802) 864-2114 KYPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

NATIONAL CONTRACTORS INS CO INC RRG12293 191 JEWEL BASIN COURT, SUITE 4A-B, BIGFORK, MT 59911-6294

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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 GROUP13059 100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PALLADIUM RISK RETENTION GROUP, INC.15279 76 SAINT PAUL STREET BURLINGTON, VT 05401-4470

MICHELLE MURPHY (802) 264-4712 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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 8751 WEST BROWARD BOULEVARD, SUITE 206, PLANTATION, FL 33324-2630

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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, SUITE 200, OKLAHOMA CITY, OK 73102-3459

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

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

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

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

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

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

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

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

KAREN ANNETTE RILEY (402) 392-1566 DCPhoneStatement Contact Primary Line of Business 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 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823

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

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

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

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

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

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

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

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

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

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

PROFESSIONALS RISK RETENTION GROUP, INC.13067 191 JEWEL BASIN COURT, SUITE 4A, BIGFORK, MT 59911-6294


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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

DAWN M. DINARDO (843) 614-3134 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) 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 3651 LINDELL ROAD, SUITE D1152, LAS VEGAS, NV 89103-1254

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


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

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

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

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

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

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

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

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

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

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

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

CHARLES A. WANNER (602) 200-6900 SCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

LYNN MAJIWA (612) 766-3000 VTPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 191 JEWEL BASIN COURT, SUITE 4A, BIGFORK, MT 59911-6294


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

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

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

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

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

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

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

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




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

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

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

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


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

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 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

IQS INSURANCE RISK RETENTION GROUP, INC.15080 VERMONT

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 DELAWARE

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 VERMONT

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 SOUTH CAROLINA

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 TENNESSEE

OOIDA RISK RETENTION GROUP INC10353 VERMONT

PARATRANSIT INSURANCE COMPANY, RRG44130 TENNESSEE

PINELANDS INS CO RRG INC12198 DISTRICT OF COLUMBIA

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 NEVADA

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

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

CARENEXT RISK RETENTION GROUP, INC.15089 MONTANA

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

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 ARIZONA

CHEROKEE GUARANTEE COMPANY INC., RRG14388 ARIZONA


Company NameNAIC


CLINIC MUTUAL INSURANCE CO RRG43770 HAWAII

CMIC RISK RETENTION GROUP13756 DISTRICT OF COLUMBIA

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

COPIC, A RISK RETENTION GROUP14906 DISTRICT OF COLUMBIA

COVERYS RRG, INC.14160 DISTRICT OF COLUMBIA

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

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 NEVADA

EMERGENCY MEDICINE RRG INC12015 SOUTH CAROLINA

EMERGENCY PHYSICIANS INS CO RRG11714 NEVADA

EXCELA RECIPROCAL RRG15337 VERMONT

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

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 ARIZONA

IRONSHORE RISK RETENTION GROUP, INC.14375 DELAWARE

J.M. WOODWORTH RRG, INC.12594 NEVADA

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 KENTUCKY

KENTUCKY HOSPITAL INS CO RRG11939 KENTUCKY


Company NameNAIC


LAKE STREET RRG INC11803 VERMONT

LAMMICO RRG, INC.14444 DISTRICT OF COLUMBIA

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 NEVADA

LIFE SERVICES NETWORK RECIP INS RRG11958 DISTRICT OF COLUMBIA

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 DISTRICT OF COLUMBIA

LVHN RRG11684 SOUTH CAROLINA

MCIC VERMONT INC RRG10697 VERMONT

MD RISK RETENTION GROUP, INC.12355 MONTANA

MED MAL RISK RETENTION GROUP, INC.14446 TENNESSEE

MEDAMERICA MUTUAL RRG INC26257 HAWAII

MEDPRO RRG RISK RETENTION GROUP13589 DISTRICT OF COLUMBIA

MEDSTAR LIABILITY LTD INS CO INC RRG10124 DISTRICT OF COLUMBIA

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 SOUTH CAROLINA

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

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 VERMONT

OASIS RECIPROCAL RISK RETENTION GROUP13644 VERMONT

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.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

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 SOUTH CAROLINA

PACE RRG INC11575 VERMONT

PALLADIUM RISK RETENTION GROUP, INC.15279 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 CASUALTY RISK RETENTION GROUP, INC.13995 NEVADA

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 SPECIALTY LTD RRG11513 SOUTH CAROLINA


Company NameNAIC


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

PREFERRED PROFESSIONAL RRG14919 DISTRICT OF COLUMBIA

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

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

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

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 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)AEGIS HEALTHCARE RRG, INC.12252 DISTRICT OF COLUMBIA

AGRI INSURANCE EXCHANGE RRG28380 INDIANA

ARCHITECTS & ENGINEERS INS CO RRG44148 DELAWARE


Company NameNAIC



14425 NEVADA

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 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

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 NEVADA

CPA MUTUAL INS CO OF AMERICA RRG10164 VERMONT

CROSSFIT RISK RETENTION GROUP, INC.13720 MONTANA

FIDUCIARIES RISK RETENTION GROUP, INC.14439 NEVADA

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 HAWAII

GOLDEN INS CO RRG11145 NEVADA

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 NEVADA

HERITAGE WARRANTY INS RRG INC11097 SOUTH CAROLINA

HOUSING AUTHORITY RRG INC26797 VERMONT

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 VERMONT

MENTAL HEALTH RISK RETENTION GROUP44237 VERMONT

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 VERMONT

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 ARIZONA

NASW RISK RETENTION GROUP, INC.14366 DISTRICT OF COLUMBIA

NATIONAL ASSISTED LIVING RRG, INC.11806 DISTRICT OF COLUMBIA

NATIONAL HOME INSURANCE CO RRG44016 COLORADO

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 DISTRICT OF COLUMBIA

ORDINARY MUTUAL A RRG CORP10171 VERMONT

PCH MUTUAL INSURANCE COMPANY, RRG11973 DISTRICT OF COLUMBIA

PHOEBE RECIPROCAL RRG12004 SOUTH CAROLINA

PREMIER INSURANCE EXCHANGE RRG10101 VERMONT

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

14461 HAWAII

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 VERMONT

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

TERRAFIRMA RISK RETENTION GROUP LLC14395 VERMONT

TITLE INDUSTRY ASSURANCE CO RRG10084 VERMONT

UV INSURANCE RISK RETENTION GROUP, INC.13988 HAWAII


Company NameNAIC


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

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 SOUTH CAROLINA

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

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

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 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


Company NameNAIC


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


Company NameNAIC

Risk Retention Groups - Listing by StatePrimary Line of Business

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)

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 INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 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)

COPIC, A RISK RETENTION GROUP14906 Medical Professional Liability (Claims-made)

COVERYS RRG, INC.14160 Medical Professional Liability (Claims-made)

DUBOIS MEDICAL RRG11842 Medical Professional Liability (Claims-made)

FAIRWAY PHYSICIANS INS CO RRG11840 Medical Professional 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)

LAMMICO RRG, INC.14444 Medical Professional Liability (Claims-made)

LIFE SERVICES NETWORK RECIP INS RRG11958 Medical Professional Liability (Claims-made)

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 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)

NASW RISK RETENTION GROUP, INC.14366 Other Liability (Claims-made)

NATIONAL ASSISTED LIVING RRG, INC.11806 Other Liability (Claims-made)

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 Other Liability (Occurrence)

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 Other Liability (Claims-made)


Company NameNAIC


NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 Medical Professional Liability (Claims-made)

NJ CAR RISK RETENTION GROUP12581 Other Liability (Occurrence)

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)

PREFERRED PROFESSIONAL RRG14919 Medical Professional Liability (Claims-made)

PROBUILDERS SPECIALTY INS CO RRG11671 Other Liability (Occurrence)

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)

IRONSHORE RISK RETENTION GROUP, INC.14375 Medical Professional Liability (Claims-made)

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)

FLORIDAPONCE DE LEON LTC RRG, INC.11809 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)

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)


14461 Other Liability (Claims-made)

PROFESSIONAL MEDICAL INS RRG INC10840 Medical Professional Liability (Occurrence)

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)

INDIANA


Company NameNAIC


AGRI 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)

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 Commercial Auto Liability

ATTORNEYS LIAB PROTECTION SOC RRG32450 Other Liability (Claims-made)

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 Product Liability (Occurrence)

CARENEXT RISK RETENTION GROUP, INC.15089 Medical Professional Liability (Claims-made)

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)

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 Medical Professional Liability (Claims-made)

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

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)

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



BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 Other Liability (Occurrence)

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 Other Liability (Claims-made)

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)


EMERGENCY PHYSICIANS INS CO RRG11714 Medical Professional Liability (Claims-made)

FIDUCIARIES RISK RETENTION GROUP, INC.14439 Other Liability (Claims-made)

GOLDEN INS CO RRG11145 Other Liability (Claims-made)




Company NameNAIC


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)

NATIONAL BUILDERS & CONTRACTORS INS12235 Other Liability (Occurrence)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 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)

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 Commercial Auto Liability

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)

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)

LVHN RRG11684 Medical Professional Liability (Claims-made)

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 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)

OCEANUS INS CO A RRG12189 Medical Professional Liability (Claims-made)

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 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)


Company NameNAIC


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)

TENNESSEEMED MAL RISK RETENTION GROUP, INC.14446 Medical Professional Liability (Claims-made)

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 Commercial Auto Liability

PARATRANSIT INSURANCE COMPANY, RRG44130 Commercial Auto Liability

TEXASAMERICAN CONTRACTORS INS CO RRG12300 Commercial Auto Liability

VIRGINIAHOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 Product Liability (Occurrence)

VERMONTACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP


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)

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)

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)

EXCELA RECIPROCAL RRG15337 Medical Professional Liability (Claims-made)


Company NameNAIC


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)

IQS INSURANCE RISK RETENTION GROUP, INC.15080 Commercial Auto Liability

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

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)

PALLADIUM RISK RETENTION GROUP, INC.15279 Medical Professional Liability (Claims-made)

PEACE CHURCH RRG INC11846 Medical Professional Liability (Claims-made)

PELICAN INS RRG11587 Medical Professional Liability (Claims-made)

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 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)


Company NameNAIC


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)

TERRAFIRMA RISK RETENTION GROUP LLC14395 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

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 CompanyRisk Retention Groups

COMPANYNAIC Cash & Invested Assets

Reinsurance Recoverables

Risk Retention Groups - Selected Statutory Balance Sheet and Schedule P DataOther Assets Total Assets Loss & LAE

ReservesUnearned

Premium ReserveOther Liabilities Total Liabilities Policyholders'

Surplus1 Year

Development (000s)

2 Year Development

(000s)


12934 $1,791,082 $0 $2,929,994$1,138,912 $415,212 $73,621 $1,024,522$535,689 $1,905,472 ($113)($18)

ADVANCED PHYSICIANS INS RRG INC12166 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

AEGIS HEALTHCARE RRG, INC.12252 $2,266,244 $0 $3,132,071$865,827 $1,465,645 ($189,011) $1,633,860$357,226 $1,498,210 ($497)($563)

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $3,835,077 $2,035,733 $5,877,793$6,983 $681,968 $8 $2,670,593$1,988,617 $3,207,200 ($204)($253)

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

13606 $1,696,857 $0 $2,951,678$1,254,821 $3,621,014 $0 $3,803,344$182,330 ($851,666) $1,847$1,574

AGRI INSURANCE EXCHANGE RRG28380 $15,564,216 $0 $15,602,031$37,815 $2,144,000 $0 $2,934,200$790,200 $12,667,831 ($402)($216)

ALLEGIANT INS CO INC A RRG11965 $13,769,985 $2,868,322 $18,314,336$1,676,029 $9,110,582 $0 $13,214,096$4,103,514 $5,100,240 $2,652$1,215

ALLIANCE OF NONPROFITS FOR INS RRG10023 $51,315,247 $109,775 $64,353,270$12,928,248 $25,741,445 $9,926,084 $37,278,291$1,610,762 $27,074,979 $348$402

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $32,351,669 $1,060,580 $36,901,274$3,489,025 $11,035,203 $8,636,337 $22,607,756$2,936,216 $14,293,519 $562$1,781

ALLIED SERVICES RISK RETENTION GROUP12013 $6,696,001 $0 $6,721,151$25,150 $2,063,087 $503,329 $2,806,458$240,042 $3,914,693 ($608)($1,223)

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $38,815,715 $8,583 $40,260,961$1,436,663 $22,627,092 $3,646,052 $28,354,143$2,080,999 $11,906,818 ($8,114)($5,425)

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $1,090,782 $93,639 $1,184,421$0 $97,586 $0 $400,988$303,402 $783,433 $3$5

AMERICAN CONTRACTORS INS CO RRG12300 $7,530,970 $0 $14,708,548$7,177,578 $0 $0 $7,132,459$7,132,459 $7,576,089 $0$0

AMERICAN EXCESS INS EXCHANGE RRG10903 $408,088,597 $0 $410,759,049$2,670,452 $149,801,206 $9,866,673 $166,811,075$7,143,196 $243,947,974 ($30,815)($9,215)

AMERICAN FEED INDUSTRY INS CO RRG44202 $2,847,390 $0 $2,896,293$48,903 $240,000 $0 $358,206$118,206 $2,538,087 ($929)($391)

AMERICAN FOREST CASUALTY COMPANY RRG11590 $8,957,567 $39 $9,433,948$476,342 $3,920,205 $788,312 $5,171,814$463,297 $4,262,134 ($1,753)($993)

AMERICAN SAFETY RRG INC25448 $7,303,434 $100,876 $13,485,902$6,081,592 $4,132,236 $1,002,550 $6,082,756$947,970 $7,403,146 ($47,204)$0

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $19,229,168 $314,208 $19,762,460$219,084 $7,655,498 $3,438,407 $14,097,737$3,003,832 $5,664,723 ($1,730)($1,064)

AMERIGUARD RRG INC12171 $10,322,423 $0 $10,682,696$360,273 $2,716,190 $3,816 $3,596,053$876,047 $7,086,643 $336$693

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $84,456,273 $403,394 $104,650,517$19,790,850 $52,207,276 $21,838,460 $75,414,166$1,368,430 $29,236,351 ($7,023)($2,225)

ARCHITECTS & ENGINEERS INS CO RRG44148 $13,330,981 $184,474 $22,903,534$9,388,079 $3,999,862 $2,069,974 $12,637,645$6,567,809 $10,265,889 ($336)($94)

ARCOA RISK RETENTION GROUP, INC.13177 $8,692,287 $0 $10,475,183$1,782,896 $7,385,876 $0 $7,808,843$422,967 $2,666,340 $2,970$35

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $1,762,619 $0 $2,975,990$1,213,371 $150,000 $351,338 $827,522$326,184 $2,148,468 ($125)($150)

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,732,109 $0 $1,788,651$56,542 $644,567 $0 $1,113,020$468,453 $675,631 $60$149


14425 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $13,876,477 $248,613 $14,293,248$168,158 $3,843,968 $1,167,920 $6,555,595$1,543,707 $7,737,653 ($1,458)($574)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $14,578,867 $358,547 $15,580,415$643,001 $5,091,339 $1,780,946 $7,575,858$703,573 $8,004,557 ($160)$32

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $231,311,014 $846,614 $239,131,488$6,973,860 $70,505,164 $24,265 $158,812,284$88,282,855 $80,319,204 $5,550$3,739

ATTORNEYS LIAB PROTECTION SOC RRG32450 $89,779,229 $400,783 $97,355,328$7,175,316 $40,363,788 $12,622,659 $61,728,843$8,742,396 $35,626,485 ($5,358)($1,091)

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,393,888 $20,631 $1,578,914$164,395 $14,325 $15,837 $208,732$178,570 $1,370,182 $0$0

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $2,081,271 $0 $2,457,771$376,500 $398,528 $532,466 $1,223,008$292,014 $1,234,763 ($137)($131)

BAR VERMONT RISK RETENTION GROUP INC10174 $22,131,813 $1,813,764 $25,376,566$1,430,989 $4,055,113 $1,523,366 $9,241,307$3,662,828 $16,135,259 ($1,398)($1,043)

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $33,400,262 $666,048 $41,055,613$6,989,303 $21,245,879 $0 $34,522,046$13,276,167 $6,533,567 ($694)($202)

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

13010 $3,074,136 $0 $3,467,233$393,097 $89,619 $1,495,518 $2,152,792$567,655 $1,314,441 $39$68

BROADLINE RISK RETENTION GROUP, INC.13788 $76,420,112 $0 $101,402,309$24,982,197 $52,795,000 $9,622,799 $64,196,741$1,778,942 $37,205,568 ($7,989)($4,944)

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $102,299,211 ($119,760) $118,060,396$15,880,945 $54,754,582 $7,728,858 $70,349,414$7,865,974 $47,710,982 ($11,543)($9,007)

CALIFORNIA MEDICAL GRP INS CO RRG12180 $9,729,792 $0 $11,784,253$2,054,461 $4,538,201 $1,468,088 $6,100,215$93,926 $5,684,038 ($3,052)($1,794)

CARE RRG, INC.11825 $14,749,659 $0 $17,382,253$2,632,594 $8,525,814 $2,936,712 $12,617,763$1,155,237 $4,764,490 ($1,628)($894)

CAREGIVERS UNITED LIAB INS CO RRG11544 $37,443,719 $0 $39,184,194$1,740,475 $8,830,609 $1,408,152 $11,541,131$1,302,370 $27,643,062 ($4,287)($981)

CARENEXT RISK RETENTION GROUP, INC.15089 $1,395,107 $507,946 $2,092,073$189,020 $412,874 $562,370 $1,281,493$306,249 $810,580 $0$0

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $50,918,067 $2,059,476 $93,285,876$40,308,333 $11,097,217 $61,485 $54,378,777$43,220,075 $38,907,100 ($1,184)($933)

CASSATT RISK RETENTION GROUP INC10808 $5,716,179 $0 $10,225,037$4,508,858 $85,474 $50,000 $6,214,355$6,078,881 $4,010,682 ($400)($500)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $1,422,016 $0 $1,488,877$66,861 $22,253 $0 $127,700$105,447 $1,361,177 ($55)($27)

CENTRAL PA PHYSICIANS RRG INC11694 $56,599,130 $0 $59,433,487$2,834,357 $29,297,688 $4,739,049 $38,316,929$4,280,192 $21,116,558 $2,968$592

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $12,857,157 $44,768 $16,228,488$3,326,563 $4,574,535 $1,165,298 $7,939,793$2,199,960 $8,288,695 ($2,863)($883)

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

CHC CAS RRG11531 $40,099,280 $0 $40,892,143$792,863 $20,058,279 $0 $20,958,628$900,349 $19,933,515 ($5,795)($2,325)

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $4,020,072 $1,280,892 $9,365,319$4,064,355 $4,184,630 $2,338,794 $7,261,915$738,491 $2,103,404 $0$250

CIRCLE STAR INS CO RRG11839 $2,500,629 $0 $2,522,593$21,964 $530,785 $0 $1,055,289$524,504 $1,467,304 ($97)($136)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,550,666 $0 $3,566,798$1,016,132 $740,665 $298,199 $1,657,419$618,555 $1,909,379 $90$91

CLARIAN HLTH RRG INC11992 $2,481,640 $0 $5,182,328$2,700,688 $0 $0 $2,495,840$2,495,840 $2,686,488 $0$0

CLINIC MUTUAL INSURANCE CO RRG43770 $3,881,041 $0 $3,907,017$25,976 $123,624 $20,023 $251,181$107,534 $3,655,836 $24$42

CMIC RISK RETENTION GROUP13756 $3,365,082 $0 $3,667,539$302,457 $80,408 $240,403 $709,943$389,132 $2,957,596 ($5)($5)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

COLLEGE RISK RETENTION GROUP, INC.13613 $16,931,597 $241,208 $17,364,093$191,288 $7,528,607 $3,399,464 $11,100,404$172,333 $6,263,689 ($2,050)($649)

COLUMBIA NATIONAL RRG INC10803 $1,639,443 $0 $1,706,771$67,328 $0 $267,571 $570,511$302,940 $1,136,260 $0$0

COMCARE PRO INS RECIPROCAL RRG11864 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

COMMUNITIES OF FAITH RRG INC11807 $13,707,774 $0 $13,935,730$227,956 $987,567 $0 $1,092,607$105,040 $12,843,123 ($693)($352)

COMMUNITY BLOOD CENTERS EXCH RRG13893 $20,259,626 $0 $21,449,618$1,189,992 $4,607,133 $1,403,506 $8,411,917$2,401,278 $13,037,701 ($4,440)($1,700)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $107,685,773 $0 $108,573,539$887,766 $53,359,484 $0 $94,109,114$40,749,630 $14,464,425 ($723)$13,546

COMMUNITY HOSPITAL RRG11259 $214,477,791 $0 $217,993,666$3,515,875 $130,381,526 $0 $132,840,548$2,459,022 $85,153,118 ($13,428)($6,498)

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,572,979 $258,045 $5,368,806$537,782 $1,629,485 $265,096 $2,063,336$168,755 $3,305,470 ($246)($104)

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.

15204 $770,115 $0 $799,523$29,408 $0 $0 $88,315$88,315 $711,208 $0$0

CONTINUING CARE RRG, INC.11798 $1,779,312 $0 $4,383,081$2,603,769 $13,478 $0 $1,528,479$1,515,001 $2,854,602 ($503)($94)

CONTRACTORS INS CO OF NORTH AMER RRG11603 $38,295,400 $3,508,070 $44,051,959$2,248,489 $21,093,756 $413,718 $26,018,726$4,511,252 $18,033,232 ($1,798)($851)

CONTROLLED RISK INS CO OF VT RRG10341 $51,399,839 $73,338 $52,691,092$1,217,915 $15,823,260 $0 $18,911,307$3,088,047 $33,779,785 ($3,241)($1,084)

COPIC, A RISK RETENTION GROUP14906 $518,593 $0 $558,852$40,259 $0 $0 $33,619$33,619 $525,233 $0$0

COVERYS RRG, INC.14160 $5,637,561 $0 $6,024,393$386,832 $51,306 $57,346 $1,167,347$1,058,695 $4,857,046 $0$0

CPA MUTUAL INS CO OF AMERICA RRG10164 $17,911,498 $820,784 $23,684,385$4,952,103 $9,000,000 $1,449,024 $14,191,728$3,742,704 $9,492,657 ($976)($2,152)

CROSSFIT RISK RETENTION GROUP, INC.13720 $3,334,611 $0 $3,741,904$407,293 $581,672 $955,576 $2,160,843$623,595 $1,581,061 $5$104

CRUDEN BAY RRG INC11676 $14,654,532 $0 $14,757,359$102,827 $5,611,499 $0 $5,708,061$96,562 $9,049,298 ($5,348)($4,437)

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $11,580,169 $750,268 $12,497,683$167,246 $3,856,493 $1,250,212 $9,714,012$4,607,307 $2,783,671 ($27)($10)

DELAWARE PROFESSIONAL INSURANCE CO43125 $8,776,196 $0 $9,372,427$596,231 $5,304,108 $1,194,976 $6,634,383$135,299 $2,738,044 ($2,582)($667)

DOCTORS & SURGEONS NATIONAL RRG13018 $8,514,413 $0 $10,830,670$2,316,257 $4,926,638 $3,159,576 $8,853,356$767,142 $1,977,314 $477$286

DUBOIS MEDICAL RRG11842 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

EASTERN DENTISTS INS CO RRG10115 $42,285,797 $534,741 $49,818,928$6,998,390 $20,801,000 $6,778,360 $29,987,504$2,408,144 $19,831,424 ($5,442)($2,989)

ELITE TRANSPORTATION RRG INC10125 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,147,003 $61,375 $3,316,174$107,796 $1,310,824 $0 $1,416,186$105,362 $1,899,989 $0($131)

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $15,039,738 $367,166 $22,604,860$7,197,956 $6,949,442 $2,319,087 $15,846,115$6,577,586 $6,758,745 ($2,991)($2,779)

EMERGENCY MEDICINE RRG INC12015 $8,304,216 $552 $10,398,642$2,093,874 $4,470,200 $1,051,761 $5,534,077$12,116 $4,864,565 $877$963

EMERGENCY PHYSICIANS INS CO RRG11714 $36,240,798 $489,477 $39,493,411$2,763,136 $23,172,175 $2,674,566 $29,515,448$3,668,707 $9,977,964 ($1,911)($3,214)

EVERGREEN USA RRG INC38466 $12,377,800 $118,235 $15,903,869$3,407,834 $6,455,946 $1,827,168 $9,267,407$984,293 $6,636,462 ($582)($298)

EXCELA RECIPROCAL RRG15337 $2,000,239 $0 $2,000,462$223 $0 $0 $0$0 $2,000,462 $0$0

FAIRWAY PHYSICIANS INS CO RRG11840 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

FAITH AFFILIATED RRG INC11698 $8,825,661 $0 $9,425,252$599,591 $3,725,184 $607,101 $4,420,470$88,185 $5,004,782 ($134)$76

FIDUCIARIES RISK RETENTION GROUP, INC.14439 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $6,556,978 $0 $14,077,510$7,520,532 $7,392,647 $3,612,939 $11,335,338$329,752 $2,742,172 $4,771$3,479

FIRST MEDICAL INS CO RRG11278 $120,226,647 $0 $120,918,146$691,499 $39,315,564 $5,272,307 $48,390,579$3,802,708 $72,527,567 ($10,743)($3,246)

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

FRANKLIN CASUALTY INS CO RRG10842 $1,514,582 $4,929,063 $32,183,184$25,739,539 $6,474,379 $1,684,755 $28,969,115$20,809,981 $3,214,069 ($739)($68)

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $12,175,441 $0 $18,160,654$5,985,213 $6,195,213 $0 $6,591,524$396,311 $11,569,130 ($2,668)($1,407)

GABLES RISK RETENTION GROUP, INC.14032 $3,916,363 $0 $5,839,408$1,923,045 $2,565,066 $325,546 $3,050,222$159,610 $2,789,187 $0($422)

GEISINGER INS CORP RRG12000 $2,366,810 $0 $19,052,617$16,685,807 $492,000 $546,115 $7,670,833$6,632,718 $11,381,784 $0$100

GENERAL EASTERN SKI INS RRG INC10163 $776,295 $0 $1,257,864$481,569 $182,904 $0 $236,086$53,182 $1,021,778 $135$58

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,246,176 $0 $2,288,222$42,046 $26,312 $31,027 $171,487$114,148 $2,116,735 $0($3)

GLOBAL HAWK INSURANCE COMPANY RRG11948 $19,188,440 $1,612,497 $24,579,423$3,778,486 $8,820,315 $8,348,700 $17,914,946$745,931 $6,664,477 $94$701

GOLDEN INS CO RRG11145 $4,855,016 $0 $7,134,962$2,279,946 $1,035,254 $3,226,202 $4,690,178$428,722 $2,444,784 $531$466

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $4,932,457 $0 $4,943,344$10,887 $2,139,400 $0 $2,163,695$24,295 $2,779,650 $1,038$541


13973 $9,071 $0 $1,560,517$1,551,446 $0 $472,755 $1,003,542$530,787 $556,975 $0$0

GRACO RRG INC11581 $525,667 $1,500 $546,352$19,185 $0 $0 $45,152$45,152 $501,200 $0$0

GREEN HILLS INS CO RRG11941 $24,414,692 $0 $26,912,178$2,497,486 $5,508,350 $2,249,249 $10,018,203$2,260,604 $16,893,975 ($3,404)($40)

GUARDIAN RRG INC11696 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

GUTHRIE RRG12014 $48,131,555 $0 $53,037,573$4,906,018 $26,088,396 $3,845,596 $30,205,324$271,332 $22,832,250 ($4,138)($2,880)

HAMDEN ASSURANCE RRG, INC.13057 $2,740,835 $0 $93,159,928$90,419,093 $0 $0 $91,520,814$91,520,814 $1,639,114 $0$0

HEALTH CARE CAS RRG INC12236 $11,229,371 $12,004 $12,798,208$1,556,833 $6,733,261 $1,136,098 $10,916,742$3,047,383 $1,881,466 ($1,948)($1,255)

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,518,346 $0 $7,082,207$563,861 $2,829,129 $407,247 $4,097,905$861,529 $2,984,302 ($1,198)($751)

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $73,974,281 $11,935 $78,442,545$4,456,329 $22,656,811 $3,642,690 $27,458,250$1,158,749 $50,984,295 ($6,286)($2,582)


11832 $26,187,032 $237,221 $47,790,787$21,366,534 $9,285,525 $1,829,363 $32,528,387$21,413,499 $15,262,400 $404($315)

HEALTHCARE PROVIDERS INS CO RRG11683 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

HEARTLAND HEALTHCARE RECIP RRG11998 $14,816,434 $0 $15,069,049$252,615 $5,749,816 $0 $6,018,828$269,012 $9,050,221 ($570)($1,294)

HERITAGE WARRANTY INS RRG INC11097 $703,593 $0 $703,593$0 $5,400 $82,712 $136,568$48,456 $567,025 ($72)($11)

HOME CONSTRUCTION INS CO RRG11950 $6,292,635 $0 $6,321,616$28,981 $3,273,191 $0 $3,806,785$533,594 $2,514,831 $213$391

HOUSING AUTHORITY RRG INC26797 $302,399,477 $869,728 $314,789,101$11,519,896 $81,049,813 $12,583,616 $120,041,830$26,408,401 $194,747,271 ($34,898)($16,349)

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $121,829,880 $110,957 $122,876,670$935,833 $1,523,000 $0 $13,425,369$11,902,369 $109,451,301 $54,933$29,032

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $307,228,986 $3,206,099 $322,091,830$11,656,745 $55,541,273 $12,593,815 $86,246,411$18,111,323 $235,845,419 ($16,953)($11,820)

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

INDIANA HEALTHCARE RECIP RRG11692 $28,809,322 $0 $29,294,426$485,104 $11,561,449 $0 $12,422,451$861,002 $16,871,975 ($1,571)($460)

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $177,733 $0 $1,310,956$1,133,223 $100,626 $107,500 $257,485$49,359 $1,053,471 $0$0

IRONSHORE RISK RETENTION GROUP, INC.14375 $547,010 $7,376 $2,294,007$1,739,621 $109,603 $36,477 $1,278,650$1,132,570 $1,015,357 $0$2

J.M. WOODWORTH RRG, INC.12594 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $48,767,642 $0 $52,358,365$3,590,723 $17,617,795 $863,858 $18,910,404$428,751 $33,447,961 ($6,931)($1,477)

KENTUCKY HOSPITAL INS CO RRG11939 $18,300,366 $611,462 $19,397,531$485,703 $9,739,256 $205,915 $11,205,473$1,260,302 $8,192,058 ($671)($966)

LAKE STREET RRG INC11803 $2,687,140 $0 $2,749,045$61,905 $1,112,909 $0 $1,147,730$34,821 $1,601,315 $12($303)

LAMMICO RRG, INC.14444 $729,939 $1,653 $747,303$15,711 $15,238 $3,066 $36,333$18,029 $710,970 $0($20)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $14,324,032 $393,836 $17,950,843$3,232,975 $7,622,074 $4,201,829 $13,434,097$1,610,194 $4,516,746 $2,183$1,218

LENDERS PROTECTION ASSUR CO RRG11500 $2,345,108 $0 $2,405,328$60,220 $0 $0 $40,448$40,448 $2,364,880 $0$0

LIFE SERVICES NETWORK RECIP INS RRG11958 $7,521,661 $0 $7,689,300$167,639 $2,472,544 $0 $3,154,825$682,281 $4,534,474 ($2)($42)

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $1,006,511 $0 $1,009,136$2,625 $0 $465 $151,531$151,066 $857,605 $0$0

LVHN RRG11684 $45,939,928 $0 $53,635,667$7,695,739 $0 $0 $48,635,667$48,635,667 $5,000,000 $4,070$6,196





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

12554 $2,617,566 $0 $3,543,663$926,097 $1,086,000 $426,940 $1,949,300$436,360 $1,594,363 ($238)($159)

MARATHON FIN INS CO INC RRG11117 $2,672,082 $0 $8,169,184$5,497,102 $35,000 $0 $6,126,979$6,091,979 $2,042,205 ($65)($35)

MCIC VERMONT INC RRG10697 $67,607,065 $0 $204,373,875$136,766,810 $15,889,228 $0 $194,087,741$178,198,513 $10,286,134 $0$0

MD RISK RETENTION GROUP, INC.12355 $16,714,807 $154,531 $17,431,537$562,199 $6,242,770 $0 $7,235,559$992,789 $10,195,978 ($3,860)($2,231)

MED MAL RISK RETENTION GROUP, INC.14446 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

MEDAMERICA MUTUAL RRG INC26257 $78,145,616 $7,869 $80,213,684$2,060,199 $30,270,163 $0 $42,178,503$11,908,340 $38,035,180 ($7,008)($5,602)

MEDPRO RRG RISK RETENTION GROUP13589 $5,819,293 $714,764 $17,225,915$10,691,858 $2,119,526 $1,029,052 $14,067,525$10,918,947 $3,158,390 ($42)($54)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $3,413,855 $0 $3,701,695$287,840 $2,188,566 $75,516 $2,576,609$312,527 $1,125,086 ($1,061)$96

MENTAL HEALTH RISK RETENTION GROUP44237 $24,372,204 $258,709 $25,237,243$606,330 $9,888,578 $1,386,657 $12,057,148$781,913 $13,180,095 ($3,881)($2,110)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,984,488 $426 $6,266,794$1,281,880 $3,532,834 $431,102 $4,553,076$589,140 $1,713,719 ($768)($544)

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $1,898,681 $0 $1,928,896$30,215 $496,750 $59,917 $890,463$333,796 $1,038,433 $0($53)

MMIC RRG, INC.14062 $308,979 $0 $710,115$401,136 $0 $457 $20,411$19,954 $689,704 $0$0

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $896,232 $0 $2,065,105$1,168,873 $425,000 $66,667 $692,238$200,571 $1,372,867 ($166)($236)

MOUNTAIN LAUREL RRG INC11547 $17,565,823 $0 $22,937,563$5,371,740 $10,106,000 $2,765,608 $13,953,470$1,081,862 $8,984,093 ($1,186)($2,456)

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $100,061,379 $0 $101,693,068$1,631,689 $50,032,450 $850,000 $55,609,440$4,726,990 $46,083,628 ($10,216)($4,555)

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $36,110,129 $0 $38,241,380$2,131,251 $14,039,792 $0 $20,488,640$6,448,848 $17,752,740 ($3,394)($2,224)

NASW RISK RETENTION GROUP, INC.14366 $691,732 $71,378 $2,328,603$1,565,493 $53,847 $96,132 $1,025,056$875,077 $1,303,547 $0($3)

NATIONAL ASSISTED LIVING RRG, INC.11806 $7,817,951 $0 $8,158,162$340,211 $2,952,000 $930,930 $4,290,513$407,583 $3,867,649 ($1,073)($699)

NATIONAL BUILDERS & CONTRACTORS INS12235 $3,183,002 $0 $4,286,258$1,103,256 $2,880,743 $104,046 $3,110,400$125,611 $1,175,858 ($199)($154)

NATIONAL CATHOLIC RRG10083 $61,230,778 $2,252,332 $64,757,752$1,274,642 $39,159,831 $6,123,912 $46,812,389$1,528,646 $17,945,363 $4,695$3,124

NATIONAL CONTRACTORS INS CO INC RRG12293 $3,412,386 $1,239,638 $6,641,569$1,989,545 $2,984,043 $1,016,846 $4,291,450$290,561 $2,350,119 $1,961$1,130

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $8,572,850 $3,121,456 $16,356,318$4,662,012 $8,947,064 $0 $10,373,092$1,426,028 $5,983,226 ($906)($544)

NATIONAL HOME INSURANCE CO RRG44016 $40,440,183 $1,158,638 $42,854,354$1,255,533 $7,966,025 $14,428,130 $26,297,781$3,903,626 $16,556,573 $18,598$19,797

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $5,632,491 $446,126 $10,496,497$4,417,880 $1,925,857 $1,243,504 $4,420,122$1,250,761 $6,076,375 $85($239)

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

12529 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $11,383,372 $88,100 $12,361,390$889,918 $400 $1,639,518 $1,777,882$137,964 $10,583,508 ($20)($20)

NCMIC RISK RETENTION GROUP, INC.14130 $1,465,316 $21,259 $3,052,683$1,566,108 $336,696 $191,937 $1,258,720$730,087 $1,793,963 $0$0

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $1,646,442 $0 $1,837,070$190,628 $1,257,837 $295,380 $1,308,021($245,196) $529,049 $1,031$1,130

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $12,399,485 $260,229 $14,514,603$1,854,889 $512,267 $6,018,152 $9,101,758$2,571,339 $5,412,845 $19($9)

NEW STAR RISK RETENTION GROUP, INC.12532 $8,698,932 $0 $10,020,353$1,321,421 $2,885,532 $1,071,319 $5,682,625$1,725,774 $4,337,728 $994($120)

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $13,367,943 $74,447 $19,259,370$5,816,980 $14,080,716 $3,991,311 $15,010,450($3,061,577) $4,248,920 $2,576$970

NJ CAR RISK RETENTION GROUP12581 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0


13059 $13,747,542 $2,370 $14,329,342$579,430 $8,128,322 $564,705 $12,124,918$3,431,891 $2,204,424 ($282)$187

OASIS RECIPROCAL RISK RETENTION GROUP13644 $7,348,159 $0 $11,501,316$4,153,157 $4,213,636 $1,998,870 $8,469,560$2,257,054 $3,031,756 ($1,875)($930)

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $412,441 $433,315 $919,197$73,441 $600,990 $0 $388,534($212,456) $530,663 $72($87)

OCEANUS INS CO A RRG12189 $65,694,889 $0 $79,823,114$14,128,225 $39,603,236 $15,162,695 $58,960,977$4,195,046 $20,862,137 $3,374($1,252)

OLYMPIA RISK RETENTION GROUP, INC.13062 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

OMS NATL INS CO RRG44121 $318,386,868 $9,393 $342,857,472$24,461,211 $96,672,377 $35,720,038 $151,314,026$18,921,611 $191,543,446 ($26,036)($12,133)

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $3,210,828 $0 $4,945,551$1,734,723 $374,858 $1,820,600 $2,419,560$224,102 $2,525,992 $0$0

OOIDA RISK RETENTION GROUP INC10353 $43,518,956 $0 $79,351,538$35,832,582 $22,922,796 $9,357,293 $62,084,252$29,804,163 $17,267,286 ($4,523)($2,334)

OPHTHALMIC MUTUAL INS CO RRG44105 $249,878,132 $0 $259,923,392$10,045,260 $51,400,262 $23,787,850 $96,343,589$21,155,477 $163,579,803 ($12,047)($9,567)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $5,965,692 $0 $7,001,176$1,035,484 $958,647 $0 $1,281,732$323,085 $5,719,444 ($1,532)($687)

ORDINARY MUTUAL A RRG CORP10171 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

14260 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PACE RRG INC11575 $4,827,969 $4,156,934 $10,568,759$1,583,856 $3,812,967 $100,352 $7,275,353$3,362,034 $3,293,406 $545($1,331)

PALLADIUM RISK RETENTION GROUP, INC.15279 $3,120,446 $0 $3,193,347$72,901 $0 ($449,002) $793,347$1,242,349 $2,400,000 $0$0

PARATRANSIT INSURANCE COMPANY, RRG44130 $21,060,506 $108,614 $23,468,272$2,299,152 $7,400,000 $1,765,363 $11,668,368$2,503,005 $11,799,904 ($3,642)($1,011)

PCH MUTUAL INSURANCE COMPANY, RRG11973 $7,020,956 $929,838 $9,174,215$1,223,421 $2,641,673 $1,037,343 $6,107,314$2,428,298 $3,066,901 ($1,500)($675)

PEACE CHURCH RRG INC11846 $19,256,822 $0 $19,515,156$258,334 $4,774,322 $0 $5,011,905$237,583 $14,503,250 ($3,315)($1,523)

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

PELICAN INS RRG11587 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PHOEBE RECIPROCAL RRG12004 $5,168,553 $0 $5,189,558$21,005 $1,329,860 $0 $1,389,443$59,583 $3,800,115 ($469)($331)

PHP RISK RETENTION GROUP, LIMITED12995 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $1,894,625 $0 $4,662,244$2,767,619 $646,538 $1,199,491 $3,658,929$1,812,900 $1,003,315 ($90)($135)

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

12507 $59,055,506 $130,359 $59,768,461$582,596 $16,894,134 $4,520,990 $42,865,569$21,450,445 $16,902,892 ($4,605)($904)

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $36,999,541 $248,557 $40,110,652$2,862,554 $12,243,929 $6,334,610 $20,887,331$2,308,792 $19,223,321 ($4,556)($1,997)

PHYSICIANS REIMBURSEMENT RRG10934 $27,329,537 $0 $27,937,068$607,531 $16,536,430 $0 $17,028,171$491,741 $10,908,897 ($5,662)($2,250)

PHYSICIANS SPECIALTY LTD RRG11513 $10,278,089 $734,326 $11,149,937$137,522 $6,863,088 $0 $7,280,896$417,808 $3,869,041 ($1,570)$353

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $1,052,242 $0 $1,832,295$780,053 $234,757 $177,841 $499,414$86,816 $1,332,881 ($1)$104

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

13582 $10,106,049 $0 $10,141,000$34,951 $3,856,415 $0 $3,631,973($224,442) $6,509,027 ($112)$142

PINE TREE INS RECIPROCAL RRG12348 $11,250,233 $0 $11,404,200$153,967 $3,924,423 $0 $4,493,092$568,669 $6,911,108 ($1,441)$610

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

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $6,708,966 $792,569 $7,658,664$157,129 $1,880,588 $468,185 $3,333,678$984,905 $4,324,986 ($393)($176)

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

PLICO RISK RETENTION GROUP, INC.14205 $1,579,750 $0 $1,583,822$4,072 $3,950 $559 $7,110$2,601 $1,576,712 $0$0

PONCE DE LEON LTC RRG, INC.11809 $11,704,243 $0 $13,199,987$1,495,744 $5,795,359 $676,911 $6,858,104$385,834 $6,341,883 ($25)$445

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PREFERRED PHYSICIANS MEDICAL RRG44083 $189,612,853 $3,160,752 $195,955,602$3,181,997 $62,340,452 $7,342,869 $85,318,840$15,635,519 $110,636,762 ($17,070)($6,857)

PREFERRED PROFESSIONAL RRG14919 $652,847 $0 $875,702$222,855 $4,789 $18,079 $242,363$219,495 $633,339 $0$0

PREMIER INSURANCE EXCHANGE RRG10101 $2,963,183 $0 $7,976,049$5,012,866 $345,500 $0 $420,865$75,365 $7,555,184 $12$4

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

12613 $10,262,781 $1,600,013 $13,387,481$1,524,687 $3,591,742 $3,207,865 $9,728,441$2,928,834 $3,659,041 ($760)$489

PROAIR RISK RETENTION GROUP, INC.13179 $77,224 $0 $588,011$510,787 $45,477 $34,725 $214,542$134,340 $373,469 ($18)($8)

PROBUILDERS SPECIALTY INS CO RRG11671 $15,323,478 $1,418,791 $41,164,057$24,421,788 $23,928,653 $0 $27,544,356$3,615,703 $13,619,701 ($1,801)($3,758)


14461 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

PROFESSIONAL MEDICAL INS RRG INC10840 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0


12608 $1,271,413 $1,272,972 $2,752,697$208,312 $68,108 $17,729 $607,008$521,171 $2,145,689 ($11)$7

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $1,984,098 $888,562 $2,885,805$13,145 $294,421 $0 $1,392,236$1,097,815 $1,493,569 ($100)($130)

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $5,644,340 $88,090 $5,785,538$53,108 $774,172 $0 $1,053,123$278,951 $4,732,415 ($598)($495)

RED CLAY RISK RETENTION GROUP, INC.13078 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

RED ROCK RISK RETENTION GROUP, INC.13736 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

REPUBLIC RRG12019 $1,342,726 $0 $1,843,826$501,100 $30,000 $0 $35,000$5,000 $1,808,826 $0$0

RESTORATION RISK RETENTION GROUP, INC.12209 $50,782,906 $523,071 $56,634,573$5,328,596 $27,285,848 $3,996,433 $36,931,243$5,648,962 $19,703,330 ($4,534)($1,847)

RPX RRG14135 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

SAINT LUKE'S HLTH SYSTEM RRG11712 $22,638,190 $21,636 $24,615,356$1,955,530 $7,644,870 $1,309,589 $10,278,807$1,324,348 $14,336,549 ($1,398)($1,540)

SAMARITAN RISK RETENTION GROUP, INC.12511 $24,223,301 $0 $27,209,967$2,986,666 $5,525,438 $5,732,523 $12,010,235$752,274 $15,199,732 $451$25

SCHUYKILL CROSSING RECIPROCAL RRG11808 $29,786,399 $0 $36,617,580$6,831,181 $17,374,178 $5,145,471 $23,704,633$1,184,984 $12,912,947 ($6,181)($2,451)

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

12988 $11,070,180 $0 $11,974,190$904,010 $5,399,161 $1,852,009 $8,122,227$871,057 $3,851,960 $70($668)

SECURITY AMERICA RRG INC11267 $3,658,654 $0 $4,578,955$920,301 $1,179,259 $745,801 $1,895,111($29,949) $2,683,844 ($11)$49

SELECT MD RRG14136 $1,452,861 $162,320 $1,740,580$125,399 $348,222 $0 $740,875$392,653 $999,705 $0($88)

SENTINEL ASSUR RRG INC12005 $15,617,813 $0 $17,019,243$1,401,430 $7,350,273 $1,173,299 $9,086,362$562,790 $7,932,881 $89$3,139

SIGMA RRG, INC.13557 $11,879,127 $0 $14,649,520$2,770,393 $6,474,824 $2,377,948 $9,007,063$154,291 $5,642,458 ($802)($537)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $70,285,937 $394,917 $73,421,009$2,740,155 $48,191,144 $1,953,750 $56,447,636$6,302,742 $16,973,373 ($3,212)($683)

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $8,195,103 $0 $25,037,467$16,842,364 $5,649,780 $9,397,983 $18,082,399$3,034,636 $6,955,068 $0$240

SPIRIT MOUNTAIN INS CO RRG INC10754 $6,237,484 $0 $6,462,750$225,266 $1,608,103 $508,526 $3,220,744$1,104,115 $3,242,006 ($1,436)($1,240)

ST CHARLES INS CO RRG11114 $12,857,387 $0 $13,097,418$240,031 $2,792,153 $15,028 $4,376,401$1,569,220 $8,721,017 ($4,792)($7,584)

ST LUKES HEALTH NETWORK INS CO RRG11688 $50,527,290 $0 $61,745,272$11,217,982 $37,747,029 $9,047,687 $47,246,451$451,735 $14,498,821 $4,110$7,598

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $199,435 $0 $570,489$371,054 $0 $15,114 $64,834$49,720 $505,655 $0$0

STATES SELF-INSURERS RRG44075 $23,627,029 $33,039 $23,762,007$101,939 $10,856,247 $964,038 $13,867,334$2,047,049 $9,894,673 $666$328

STICO MUT INS CO RRG10476 $20,797,806 $202,376 $22,706,429$1,706,247 $5,224,096 $5,471,218 $11,517,551$822,237 $11,188,878 ($1,114)($207)

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

13135 $603,956 $27,109 $641,618$10,553 $0 $0 $44,322$44,322 $597,296 $0$0

SUNLAND RISK RETENTION GROUP, INC.14026 $2,119,291 $0 $3,398,146$1,278,855 $407,268 $0 $2,310,754$1,903,486 $1,087,392 ($69)($43)

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

TERRA INS CO RRG10113 $20,190,032 $3,245,365 $27,716,531$4,281,134 $1,790,679 $0 $10,890,753$9,100,074 $16,825,778 ($456)($244)

TERRAFIRMA RISK RETENTION GROUP LLC14395 $4,849,666 $0 $4,938,829$89,163 $332,726 $166,652 $558,935$59,557 $4,379,894 $0$0

THE HEALTHCARE UNDERWRITING CO RRG10152 $44,843,946 $0 $105,927,855$61,083,909 $60,196,308 $17,332,886 $79,542,311$2,013,117 $26,385,544 $6,687$324

TITAN INS CO INC RRG11153 $38,392,296 $0 $41,033,455$2,641,159 $0 $8,211,472 $10,640,666$2,429,194 $30,392,789 $0$0

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,195,304 $182,561 $6,312,059$934,194 $1,620,284 $323,166 $2,730,864$787,414 $3,581,195 ($533)($456)

UNITED CENTRAL PA RRG11548 $14,589,982 $0 $15,002,725$412,743 $8,802,890 $0 $8,851,063$48,173 $6,151,662 $4,180$1,390

UNITED EDUCATORS INS RRG INC10020 $709,911,910 $407,524 $759,714,340$49,394,906 $384,299,006 $68,856,358 $505,260,263$52,104,899 $254,454,077 ($22,356)$0

UNITED HOME INSURANCE CO A RRG10712 $1,822,789 $0 $2,424,684$601,895 $0 $959,309 $1,020,850$61,541 $1,403,834 $0$0

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $2,818,154 $0 $3,176,776$358,622 $901,360 $745,759 $1,609,606($37,513) $1,567,170 $107($54)

UV INSURANCE RISK RETENTION GROUP, INC.13988 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

11063 $2,478,224 $0 $2,547,015$68,791 $0 $90,068 $112,315$22,247 $2,434,700 $0$0

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,606,698 $1,143 $1,753,500$145,659 $238,886 $0 $752,162$513,276 $1,001,338 ($36)($289)

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

WELLSPAN RRG11682 $17,427,212 $0 $23,535,141$6,107,929 $14,812,624 $0 $14,879,866$67,242 $8,655,275 ($4,129)($2,922)

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $4,368,759 $0 $5,498,883$1,130,124 $2,672,282 $1,091,332 $4,251,468$487,854 $1,247,414 $403$627

WESTERN PACIFIC MUT INS CO RRG40940 $135,963,734 $35,251 $137,592,563$1,593,578 $10,659,957 $18,562,398 $33,002,653$3,780,298 $104,589,910 ($15,310)($8,297)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,838,056 $0 $2,900,602$62,546 $165,928 $165,107 $435,785$104,750 $2,464,817 $1$1

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

11796 $17,763,374 $14,807 $17,938,082$159,901 $6,000,000 $0 $10,502,436$4,502,436 $7,435,646 ($3,168)($2,101)


COMPANYNAIC Direct Premium Written

Net Premium Written

Risk Retention Groups - Selected Statutory Income Statement DataNet Premium

EarnedLoss & Loss

Adjusted Expenses Incurred

Net Operating Gains/Losses

Net Investment Gains/Losses

Net Income/LossOther Underwriting

Expenses


12934 $391,280 $345,226 $115,237$351,105 ($79,113) $0 ($12,623)$314,981

ADVANCED PHYSICIANS INS RRG INC12166 $0 $0 $0$0 $0 $0 $0$0

AEGIS HEALTHCARE RRG, INC.12252 $1,660,495 $977,071 $127,611$977,071 $445,450 $11,525 $302,286$404,010

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $1,561,255 $385,396 $300,000$385,388 $26,736 $35,824 $59,677$58,652

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $500,000 $500,000 $1,985,685$500,000 ($1,485,685) $76,077 ($1,409,608)$0

AGRI INSURANCE EXCHANGE RRG28380 $888,115 $888,115 $359,768$888,115 $273,018 $691,779 $703,897$255,329

ALLEGIANT INS CO INC A RRG11965 $10,696,908 $3,422,921 $2,409,250$3,422,921 $350,512 $31,422 $375,948$663,159

ALLIANCE OF NONPROFITS FOR INS RRG10023 $29,677,909 $21,518,550 $13,283,248$18,999,718 ($470,683) $1,129,676 $794,364$6,187,153

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $21,566,517 $15,706,673 $7,604,866$15,231,337 $1,094,547 $462,717 $1,046,804$6,531,924

ALLIED SERVICES RISK RETENTION GROUP12013 $1,015,000 $1,015,000 ($530,764)$1,015,000 $1,304,723 $122,096 $1,426,819$241,041

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $8,660,099 $7,404,995 $4,121,151$7,216,403 $1,219,073 $630,210 $629,576$1,876,179

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $0 $0 $0$0 ($83,608) $729 ($108,644)$83,608

AMERICAN CONTRACTORS INS CO RRG12300 $31,732,227 $0 $0$0 $323,150 $2,823 $217,987($323,150)

AMERICAN EXCESS INS EXCHANGE RRG10903 $25,250,000 $23,620,240 $5,850,913$23,383,552 $12,516,256 $21,131,091 $33,673,990$5,016,383

AMERICAN FEED INDUSTRY INS CO RRG44202 $0 $0 ($487,560)$0 $229,877 $7,241 $183,220$257,683

AMERICAN FOREST CASUALTY COMPANY RRG11590 $2,167,779 $1,436,386 $273,937$1,490,235 $564,770 $392,595 $753,137$651,528

AMERICAN SAFETY RRG INC25448 $3,442,635 ($1,915,617) $704,444$1,056,547 ($108,813) $243,634 $10,728$310,916

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $8,253,639 $4,590,922 $3,333,024$4,091,140 ($126,037) $553,228 $339,929$884,153

AMERIGUARD RRG INC12171 $1,958,241 $1,958,241 $2,457,114$1,958,425 ($712,856) $31,132 ($443,121)$214,167

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $44,896,428 $37,702,486 $24,162,485$35,520,805 $397,864 $3,094,367 $2,822,346$10,960,456

ARCHITECTS & ENGINEERS INS CO RRG44148 $6,991,052 $1,169,559 $1,155,951$1,778,386 $264,314 $278,216 $443,923$358,121

ARCOA RISK RETENTION GROUP, INC.13177 $8,762,367 $8,762,367 $4,111,974$8,762,367 $640,105 $249,392 $532,450$4,010,288

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $922,620 $824,682 $0$761,814 $244,661 $14,289 $257,050$517,153

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $0 $160,502$0 ($357,847) $5,646 ($361,648)$197,345


14425 $0 $0 $0$0 $0 $0 $0$0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $3,529,054 $2,965,899 $1,256,291$2,930,606 $69,349 ($29,129) $40,220$1,604,966

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $5,061,892 $3,561,892 $2,348,998$3,552,476 ($161,562) $509,772 $467,164$1,365,040

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $339,952,671 $25,905,652 $26,551,467$25,922,757 ($1,422,993) $1,068,430 ($3,153,215)$794,283

ATTORNEYS LIAB PROTECTION SOC RRG32450 $42,190,661 $28,078,379 $17,741,832$27,869,053 $156,551 $3,465,674 $2,876,045$9,970,670

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $372,074 $18,604 $11,447$7,169 ($67,665) $0 ($43,982)$63,387

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $2,804,629 $904,428 $128,842$756,162 $127,420 $3,229 $87,254$499,900

BAR VERMONT RISK RETENTION GROUP INC10174 $38,859,820 $2,036,734 ($19,018)$2,026,272 $432,866 $2,813,749 $2,270,975$1,612,424

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $17,232,433 $6,812,823 $6,428,946$6,812,823 $112,635 $79,224 $124,374$271,242

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $1,499,922 $1,274,355 $33,199$840,687 $234,363 $7,051 $161,107$573,125

BROADLINE RISK RETENTION GROUP, INC.13788 $28,096,930 $25,515,092 $20,760,085$25,588,488 $3,152,029 $2,436,937 $5,802,541$1,676,374

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $27,801,098 $15,795,307 $14,310,467$16,451,744 $307,542 $2,705,084 $2,356,626$1,833,735

CALIFORNIA MEDICAL GRP INS CO RRG12180 $3,857,292 $3,857,292 $841,148$3,371,644 $1,787,325 $0 ($1,066,906)$743,171

CARE RRG, INC.11825 $7,517,247 $6,943,764 $4,776,421$6,619,822 ($122,337) $151,308 $26,870$1,965,738

CAREGIVERS UNITED LIAB INS CO RRG11544 $6,010,103 $5,501,767 $1,416,254$5,622,172 $3,401,586 $1,666,472 $3,732,778$804,332

CARENEXT RISK RETENTION GROUP, INC.15089 $1,466,728 $768,295 $254,142$555,141 ($54,684) $0 ($36,092)$355,683

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $21,036,657 $6,801,892 $3,269,630$6,740,407 $2,835,009 $5,419,722 $3,476,997$635,768

CASSATT RISK RETENTION GROUP INC10808 $22,774,656 $100,000 ($381,990)$100,000 $502,900 $43,533 $370,346($20,910)

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $647,005 $369,030 ($4,487)$369,030 $201,184 $1,296 $202,286$172,333



Net Premium Written


EarnedLoss & Loss





Expenses

CENTRAL PA PHYSICIANS RRG INC11694 $14,182,845 $14,182,845 $12,283,937$13,911,313 ($2,289,401) $2,600,901 $305,605$3,916,777

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $5,462,972 $3,115,619 $2,151,920$3,392,086 $493,248 $228,455 $575,277$746,918

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $0 $0 $0$0 $0 $0 $0$0

CHC CAS RRG11531 $7,891,961 $7,891,961 $2,834,086$7,891,961 $4,509,505 $350,372 $3,189,200$548,370

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $5,432,710 $4,240,357 $3,575,990$4,485,714 $1,016,665 $21,548 $671,880$493,464

CIRCLE STAR INS CO RRG11839 $8,191,421 $409,571 $176,045$409,571 $824,387 $0 $544,094($590,861)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,906,493 $698,097 $192,522$630,981 $86,878 $23,778 $116,174$351,581

CLARIAN HLTH RRG INC11992 $20,815,743 $0 $552,572$0 ($3,588,130) $1,474 $148,106$3,035,558

CLINIC MUTUAL INSURANCE CO RRG43770 $0 $57,403 $135,588$55,650 ($208,092) $42,418 ($170,523)$128,154

CMIC RISK RETENTION GROUP13756 $1,383,508 $49,257 $43,606($67,168) ($40,019) ($18,553) ($58,572)($70,755)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $0 $0 $0$0 $0 $0 $0$0

COLLEGE RISK RETENTION GROUP, INC.13613 $6,711,649 $5,075,110 $2,474,350$4,902,861 $969,804 $218,473 $1,188,277$1,458,707

COLUMBIA NATIONAL RRG INC10803 $210,060 $210,060 $0$236,948 $91,675 $1,186 $60,360$145,273

COMCARE PRO INS RECIPROCAL RRG11864 $0 $0 $0$0 $0 $0 $0$0

COMMUNITIES OF FAITH RRG INC11807 $970,892 $970,892 $286,697$970,892 $207,279 $570,303 $834,768$476,916

COMMUNITY BLOOD CENTERS EXCH RRG13893 $4,013,890 $2,937,090 $837,293$2,919,758 $1,024,020 $326,959 $1,350,979$1,058,445

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $13,023,967 $11,477,909 $21,652,375$11,477,909 ($12,404,999) $6,849,673 ($6,533,604)$2,230,533

COMMUNITY HOSPITAL RRG11259 $43,434,492 $41,742,296 $29,558,375$41,742,296 $5,589,319 $8,676,061 $14,466,615$6,594,602

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $1,225,619 $493,220 $200,521$443,035 ($255,041) $128,299 ($52,437)$497,556

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 $0 $0 $0$0 ($58,697) ($79) ($38,792)$58,697

CONTINUING CARE RRG, INC.11798 $3,383,333 $3,226,500 $2,492,204$3,226,500 ($210,914) ($782) ($216,783)$945,210

CONTRACTORS INS CO OF NORTH AMER RRG11603 $5,329,593 $2,451,612 $342,408$2,444,933 $1,265,308 $53,766 $1,009,942$837,217

CONTROLLED RISK INS CO OF VT RRG10341 $118,111,049 $16,535,547 $6,018,665$16,535,547 $1,299,461 ($907,725) $255,816$9,217,421

COPIC, A RISK RETENTION GROUP14906 $0 $0 $0$0 ($103,026) ($12,000) ($74,767)$103,026

COVERYS RRG, INC.14160 $1,737,047 $83,507 $50,025$28,370 ($33,603) $45,110 ($13,068)$11,948

CPA MUTUAL INS CO OF AMERICA RRG10164 $7,532,047 $2,966,534 $4,104,776$2,944,496 ($2,666,951) $1,276,183 ($878,703)$1,506,671

CROSSFIT RISK RETENTION GROUP, INC.13720 $2,626,173 $1,838,321 $440,669$1,483,074 $361,398 $2,831 $215,963$681,007

CRUDEN BAY RRG INC11676 $2,500,000 $2,500,000 $759,806$2,500,000 $1,511,515 $576,420 $2,087,935$228,679

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $7,660,048 $3,806,638 $1,978,810$3,445,016 $857,018 $45,779 $930,524$609,188

DELAWARE PROFESSIONAL INSURANCE CO43125 $1,200,834 $1,200,834 $2,074,962$919,307 ($1,825,553) $337,305 ($1,197,077)$669,898

DOCTORS & SURGEONS NATIONAL RRG13018 $6,978,418 $5,307,506 $3,790,208$5,158,163 ($816,538) $186,227 ($449,428)$2,184,493

DUBOIS MEDICAL RRG11842 $0 $0 $0$0 $0 $0 $0$0

EASTERN DENTISTS INS CO RRG10115 $11,790,012 $10,441,993 $3,597,406$9,738,787 $1,162,256 $1,169,757 $1,958,333$4,828,621

ELITE TRANSPORTATION RRG INC10125 $0 $0 $0$0 $0 $0 $0$0

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,199,565 $668,874 $546,059$668,874 $50,264 $2,707 $25,107$72,550

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $5,903,589 $4,583,685 $35,418$3,837,610 $1,217,352 $274,005 $816,025$2,584,840

EMERGENCY MEDICINE RRG INC12015 $1,712,434 $2,435,984 $1,897,014$2,617,082 $20,278 $444,075 $322,034$699,790

EMERGENCY PHYSICIANS INS CO RRG11714 $8,482,323 $5,106,014 $3,219,504$5,670,301 ($837,960) $911,701 $1,542,266$3,288,757

EVERGREEN USA RRG INC38466 $5,941,513 $3,963,316 $2,235,433$3,830,717 ($384,774) $607,171 $234,271$1,980,058

EXCELA RECIPROCAL RRG15337 $0 $0 $0$0 $0 $462 $462$0

FAIRWAY PHYSICIANS INS CO RRG11840 $0 $0 $0$0 $0 $0 $0$0

FAITH AFFILIATED RRG INC11698 $1,306,130 $1,221,130 $1,190,565$1,185,843 ($311,468) $144,222 $31,555$306,746

FIDUCIARIES RISK RETENTION GROUP, INC.14439 $0 $0 $0$0 $0 $0 $0$0

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $7,754,443 $7,754,443 $7,189,765$7,656,967 ($1,982,043) $133,699 $47,180$2,449,245

FIRST MEDICAL INS CO RRG11278 $10,632,000 $10,632,000 $6,802,004$10,890,359 $3,603,774 $4,266,540 $7,870,314$484,581



Net Premium Written


EarnedLoss & Loss





Expenses

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $0 $0 $0$0 $0 $0 $0$0

FRANKLIN CASUALTY INS CO RRG10842 $44,391,820 $3,397,435 $1,660,253$3,425,642 $489,369 $15,023 $504,392$1,276,020

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $2,167,787 $2,167,787 $706,700$2,167,787 $1,232,422 $1,062,070 $1,494,492$228,665

GABLES RISK RETENTION GROUP, INC.14032 $2,479,656 $2,479,656 $2,044,954$2,405,830 $81,978 $4,458 ($23,021)$278,898

GEISINGER INS CORP RRG12000 $13,328,893 $1,106,893 $500,000$1,086,954 $81,390 $517 $81,907$505,564

GENERAL EASTERN SKI INS RRG INC10163 $0 $0 $59,138$0 ($105,620) $41,040 ($69,863)$46,482

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $168,706 $142,789 $23,609$128,310 ($105,227) $247 ($68,196)$209,928

GLOBAL HAWK INSURANCE COMPANY RRG11948 $15,974,895 $14,933,568 $8,947,819$11,677,700 $3,802 $51,091 $206,706$2,726,079

GOLDEN INS CO RRG11145 $3,954,040 $2,835,743 $1,046,614$1,662,654 ($58,709) $120,629 $22,227$674,749

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $1,927,000 $1,927,000 $1,393,145$1,927,000 $344,134 $44,999 $389,134$189,721


13973 $743,057 $547,628 $10,574$388,849 $37,209 $112 $41,341$341,066

GRACO RRG INC11581 $1,663,286 $0 $0$0 $43,652 $570 $43,363($43,652)

GREEN HILLS INS CO RRG11941 $4,535,778 $4,535,778 ($810,695)$4,511,589 $4,490,332 $4,580 $2,930,488$831,952

GUARDIAN RRG INC11696 $0 $0 $0$0 $0 $0 $0$0

GUTHRIE RRG12014 $7,733,451 $7,733,451 $5,008,784$7,757,594 $2,439,657 $3,180,282 $5,619,939$309,153

HAMDEN ASSURANCE RRG, INC.13057 $0 $0 $0$0 $103,493 $179 $103,672($103,493)

HEALTH CARE CAS RRG INC12236 $8,354,836 $3,256,667 $1,940,305$3,016,696 $92,778 $180,194 $195,382$983,613

HEALTH NETWORK PROVIDERS MUT INS CO11813 $1,470,599 $1,428,602 $671,355$1,511,082 $505,409 $96,538 $222,724$334,318

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $7,841,422 $6,538,870 $4,327,174$7,919,327 $1,494,398 $765,085 $2,259,483$2,097,755


11832 $40,090,519 $3,414,313 $2,705,328$3,586,663 $915,416 $228,064 $882,073($34,081)

HEALTHCARE PROVIDERS INS CO RRG11683 $0 $0 $0$0 $0 $0 $0$0

HEARTLAND HEALTHCARE RECIP RRG11998 $2,814,165 $2,814,165 $1,935,514$2,814,165 $22,418 $514,880 $536,255$856,233

HERITAGE WARRANTY INS RRG INC11097 ($51) ($51) $73,458$112,273 ($89,215) $1,189 ($84,622)$128,030

HOME CONSTRUCTION INS CO RRG11950 ($38,769) $15,466 $102,854$27,790 ($302,161) $200,416 $15,648$227,097

HOUSING AUTHORITY RRG INC26797 $29,398,738 $28,322,851 $12,235,636$28,083,056 $6,914,437 $11,890,943 $7,003,081$8,932,984

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $0 $0 $1,052,171$0 ($5,989,639) $981,674 ($5,169,274)$0

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $87,506,584 $29,188,661 $5,118,707$28,869,814 $12,004,667 $11,489,043 $12,519,392$11,746,440

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

INDIANA HEALTHCARE RECIP RRG11692 $5,086,299 $5,086,299 $3,517,736$5,086,299 $394,298 $764,280 $1,217,499$1,174,265

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $0 $0 $0$0 $0 $0 $0$0

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $430,000 $430,000 $100,626$322,500 $66,878 $0 $43,471$154,996

IRONSHORE RISK RETENTION GROUP, INC.14375 $2,418,300 $120,915 $103,253$145,797 ($46,037) $829 ($45,208)$88,582

J.M. WOODWORTH RRG, INC.12594 $0 $0 $0$0 $0 $0 $0$0

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $7,111,246 $9,308,117 $5,004,228$7,584,342 $1,637,983 $1,338,785 $2,976,768$942,131

KENTUCKY HOSPITAL INS CO RRG11939 $5,270,050 $2,228,779 $3,084,659$2,227,330 ($1,545,735) $320,355 ($1,342,064)$688,406

LAKE STREET RRG INC11803 $299,069 $299,069 $183,185$299,069 ($23,593) $0 ($23,593)$139,477

LAMMICO RRG, INC.14444 $107,952 $4,442 $39,978$3,175 ($46,237) ($2,476) ($48,713)$9,434

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $12,500,558 $8,697,209 $7,532,097$8,847,678 ($2,351,019) $97,409 ($1,397,425)$3,666,601

LENDERS PROTECTION ASSUR CO RRG11500 $440,009 $0 $0$0 ($121,123) $61,540 ($34,559)$105,015

LIFE SERVICES NETWORK RECIP INS RRG11958 $1,464,284 $702,467 $506,983$702,467 ($208,560) $228,676 $38,838$404,044

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $9,349 $467 $0$2 ($134,553) ($675) ($135,228)$134,555

LVHN RRG11684 $0 $0 $6,361,205$0 ($1,020,517) $1,020,517 $0$721,803

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,528,313 $1,073,632 $647,193$1,098,711 $207,954 $15,529 $161,334$243,564



Net Premium Written


EarnedLoss & Loss





Expenses

MARATHON FIN INS CO INC RRG11117 $10,935,154 $0 $86,593$135,921 $109,358 $6,619 $137,847($60,030)

MCIC VERMONT INC RRG10697 $101,396,425 $42,238,268 $18,034,388$42,238,268 ($785,770) $523,159 $147,568$24,989,650

MD RISK RETENTION GROUP, INC.12355 $4,532,204 $3,862,505 $1,356,770$3,862,505 $2,033,527 $400,407 $1,606,397$472,208

MED MAL RISK RETENTION GROUP, INC.14446 $0 $0 $0$0 $0 $0 $0$0

MEDAMERICA MUTUAL RRG INC26257 $24,090,493 $16,797,681 $11,383,552$16,926,813 $3,980,308 $2,295,807 $2,555,143$1,562,953

MEDPRO RRG RISK RETENTION GROUP13589 $29,968,085 $1,498,404 $1,079,578$1,291,654 $473,532 ($12,737) $299,314($261,456)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $1,115,663 $658,494 $843,476$673,325 ($526,025) $2,037 ($340,782)$355,874

MENTAL HEALTH RISK RETENTION GROUP44237 $9,528,059 $4,096,641 $1,582,934$4,319,222 $2,324,576 $486,553 $1,374,637$411,711

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $1,583,606 $1,061,816 $708,767$1,121,433 ($171,515) $78,341 ($59,363)$584,181

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 $0 $0 $0$0 $0 $0 $0$0

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $1,715,113 $1,653,206 $398,733$952,663 $192,338 $2,323 $130,166$361,592

MMIC RRG, INC.14062 $44,077 $1,297 $0$1,151 ($47,638) $0 ($35,499)$48,789

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $282,293 $282,293 ($28,000)$382,293 $136,985 $0 $203,476$189,975

MOUNTAIN LAUREL RRG INC11547 $55,067,736 $5,621,642 $433,606$5,536,722 $2,504,469 $668,309 $3,172,778$2,598,647

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $25,237,870 $23,351,146 $18,916,791$23,271,146 $1,821,548 $1,865,207 $1,727,320$2,532,807

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $6,505,117 $6,181,317 $3,085,890$6,181,317 $2,301,104 $563,444 $2,864,548$794,323

NASW RISK RETENTION GROUP, INC.14366 $3,287,512 $197,251 $70,618$139,882 ($227,767) $0 ($227,767)$297,031

NATIONAL ASSISTED LIVING RRG, INC.11806 $1,723,580 $1,723,580 $466,737$1,499,950 $262,442 $156,914 $333,713$770,770

NATIONAL BUILDERS & CONTRACTORS INS12235 $714,601 $414,601 $571,956$437,074 ($490,929) $29,646 ($208,823)$356,047

NATIONAL CATHOLIC RRG10083 $23,892,076 $11,396,385 $11,242,957$11,008,684 ($3,299,141) $3,789,183 $512,639$3,064,869

NATIONAL CONTRACTORS INS CO INC RRG12293 $2,493,926 $933,804 $1,647,628$1,026,657 ($2,328,352) $136,630 ($1,381,239)$1,707,381

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $13,937,006 $1,999,129 $1,980,393$1,999,129 ($133,906) $133,936 $25,030$152,642

NATIONAL HOME INSURANCE CO RRG44016 ($12,503) ($1,068,087) ($4,393,935)($1,078,095) $2,655,006 $1,965,439 $3,369,799$660,834

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $5,377,872 $2,473,218 $709,373$2,190,644 $365,912 $96,461 $315,806$1,115,359

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $0 $0 $0$0 $0 $0 $0$0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $875,121 $765,121 $6,553$694,264 ($84,058) $151,002 $66,944$771,769

NCMIC RISK RETENTION GROUP, INC.14130 $6,349,310 $627,891 $346,868$435,954 $411,265 ($5,809) $1,428($322,179)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $768,136 $1,689,968 $1,480,825$1,684,339 ($105,162) $63,350 ($33,705)$308,676

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $10,506,042 $2,576,914 $779,238$1,008,797 ($287,765) ($32,190) ($335,255)$517,324

NEW STAR RISK RETENTION GROUP, INC.12532 $2,172,435 $2,172,435 $975,182$2,106,742 $455,690 $1,635 $203,899$675,870

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $10,217,928 $7,857,682 $5,160,661$7,909,288 ($125,789) $295,797 $163,322$2,874,416

NJ CAR RISK RETENTION GROUP12581 $0 $0 $0$0 $0 $0 $0$0

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $5,864,887 $3,951,043 $3,287,483$3,812,996 ($212,992) $141,590 $272,448$738,505

OASIS RECIPROCAL RISK RETENTION GROUP13644 $795,472 $2,881,658 $1,033,617$2,437,227 $650,114 $412 $650,526$753,496

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 ($105,295) ($266,065) ($37,469)$92,707 ($136,974) $7,801 ($234,975)$267,150

OCEANUS INS CO A RRG12189 $35,996,801 $27,056,358 $20,146,584$27,552,999 ($4,004,551) $2,091,910 ($788,144)$11,410,966

OLYMPIA RISK RETENTION GROUP, INC.13062 $0 $0 $0$0 $0 $0 $0$0

OMS NATL INS CO RRG44121 $64,705,600 $69,867,080 $41,199,953$80,368,761 $17,566,491 $8,156,254 $21,430,215$21,602,317

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $2,554,523 $2,235,773 $395,175$415,174 ($246,034) ($49,821) ($295,855)$266,033

OOIDA RISK RETENTION GROUP INC10353 $51,143,355 $17,900,174 $11,943,354$14,094,724 ($2,955,358) $306,592 ($2,738,813)$5,106,728

OPHTHALMIC MUTUAL INS CO RRG44105 $43,249,762 $39,935,310 $12,054,882$39,794,461 $17,691,888 $7,777,813 $12,692,079$10,047,691

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $966,249 $966,249 $23,659$966,249 $812,195 $302,057 $1,114,252$130,395

ORDINARY MUTUAL A RRG CORP10171 $0 $0 $0$0 $0 $0 $0$0

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

PACE RRG INC11575 $7,802,685 $321,905 ($847,893)$325,088 $1,128,792 $21,804 $483,686$44,189



Net Premium Written


EarnedLoss & Loss





Expenses

PALLADIUM RISK RETENTION GROUP, INC.15279 $0 ($736,332) $0($287,330) ($804,040) $0 $0$516,710

PARATRANSIT INSURANCE COMPANY, RRG44130 $5,201,345 $3,349,656 $1,548,894$3,160,599 $711,346 $893,368 $373,962$900,359

PCH MUTUAL INSURANCE COMPANY, RRG11973 $3,061,447 $979,806 $1,159,900$1,140,564 ($1,134,817) $192,767 ($508,928)$1,115,481

PEACE CHURCH RRG INC11846 $3,214,232 $2,900,844 $362,945$2,900,844 $1,538,724 $552,657 $928,320$999,176

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

PELICAN INS RRG11587 $0 $0 $0$0 $0 $0 $0$0

PHOEBE RECIPROCAL RRG12004 $437,500 $437,500 ($14,999)$437,500 $315,439 $116,978 $433,095$137,060

PHP RISK RETENTION GROUP, LIMITED12995 $0 $0 $0$0 $0 $0 $0$0

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $3,871,217 $2,035,023 $397,138$1,211,613 $176,252 $3,425 $189,100$638,223

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 $0 $0 $0$0 $0 $0 $0$0

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $0 $0 $0$0 $0 $0 $0$0

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $0 $0 $0$0 $0 $0 $0$0

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $10,267,245 $8,989,196 $4,013,480$8,385,450 $2,932,548 $1,658,471 $3,247,724$1,439,422

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $5,470,908 $4,921,197 $2,713,466$5,193,784 ($1,048,052) $1,075,125 $432,562$1,525,034

PHYSICIANS REIMBURSEMENT RRG10934 $2,798,817 $2,798,817 $2,066,825$2,798,817 ($817,447) $854,670 $141,663$1,549,439

PHYSICIANS SPECIALTY LTD RRG11513 $15,368,604 $1,445,814 $2,238,369$1,445,814 ($710,958) $344,167 ($186,105)($81,597)

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $0 $371,614 $362,461$312,473 ($340,127) $3,215 ($222,614)$290,139

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $4,501,050 $3,441,853 $2,552,212$3,441,853 $384,728 $196,887 $581,015$504,913

PINE TREE INS RECIPROCAL RRG12348 $1,882,108 $1,541,778 $3,187,747$1,541,778 ($2,273,603) $318,126 ($1,886,380)$627,634

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

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $5,086,892 $944,131 $401,639$957,436 $39,365 $40,466 $78,267$516,432

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

PLICO RISK RETENTION GROUP, INC.14205 $49,768 $4,977 $3,974$4,418 ($22,036) $7,086 ($14,950)$22,480

PONCE DE LEON LTC RRG, INC.11809 $2,577,654 $1,883,564 $4,436,379$2,501,218 ($3,359,320) $288,275 ($2,056,589)$1,424,159

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $0 $0 $0$0 $0 $0 $0$0

PREFERRED PHYSICIANS MEDICAL RRG44083 $37,509,314 $25,988,114 $12,988,675$25,258,776 $7,365,768 $5,392,835 $11,083,955$4,904,332

PREFERRED PROFESSIONAL RRG14919 $222,856 $23,400 $4,789$5,321 ($116,661) $0 ($116,661)$117,193

PREMIER INSURANCE EXCHANGE RRG10101 $0 $0 $3,996$0 ($135,262) $21,901 ($113,355)$131,266

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $5,445,509 $4,449,298 $2,739,863$5,178,375 ($48) $248,033 $162,741$2,438,560

PROAIR RISK RETENTION GROUP, INC.13179 $265,534 $165,959 $95,531$148,122 ($83,360) ($436) ($144,858)$135,951

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $0 ($4,000,415)$0 ($708,477) $228,707 ($478,461)$672,890

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 $0 $0 $0$0 $0 $0 $0$0

PROFESSIONAL MEDICAL INS RRG INC10840 $0 $0 $0$0 $0 $0 $0$0


12608 $494,962 $24,748 $25,048$25,474 ($47,358) $0 ($52,332)$47,784

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $3,604,581 $476,638 ($52,966)$476,638 $456,026 $2,975 $381,562$73,578

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $1,453,001 $805,450 $38,045$805,450 $275,790 $137,649 $413,439$491,615

RED CLAY RISK RETENTION GROUP, INC.13078 $0 $0 $0$0 $0 $0 $0$0

RED ROCK RISK RETENTION GROUP, INC.13736 $0 $0 $0$0 $0 $0 $0$0

REPUBLIC RRG12019 $0 $0 $30,000$0 ($102,697) $84,149 ($18,548)$72,697

RESTORATION RISK RETENTION GROUP, INC.12209 $13,082,478 $10,671,415 $7,711,249$10,356,560 $265,432 $1,254,256 $949,803$2,379,879

RPX RRG14135 $0 $0 $0$0 $0 $0 $0$0

SAINT LUKE'S HLTH SYSTEM RRG11712 $4,592,372 $3,390,479 $2,940,715$3,235,423 ($843,286) $649,158 ($74,979)$1,137,994

SAMARITAN RISK RETENTION GROUP, INC.12511 $8,406,086 $8,406,086 $5,474,941$7,834,335 $1,286,542 $248,680 $1,023,235$1,072,852

SCHUYKILL CROSSING RECIPROCAL RRG11808 $7,100,997 $6,230,734 $3,523,021$5,981,126 $1,440,616 $1,513,675 $2,954,291$1,017,489



Net Premium Written


EarnedLoss & Loss





Expenses

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $7,512,827 $5,524,681 $2,439,255$5,285,118 ($397,545) $140,722 ($165,395)$2,272,107

SECURITY AMERICA RRG INC11267 $2,424,155 $1,680,517 $462,288$1,631,912 $78,699 ($9,227) $56,648$1,090,925

SELECT MD RRG14136 $1,682,663 $303,219 $108,667$303,219 $49,659 $437 $44,639$144,893

SENTINEL ASSUR RRG INC12005 $4,129,858 $3,396,858 $6,281,544$3,496,512 ($4,220,544) $1,061,642 ($2,724,840)$1,435,512

SIGMA RRG, INC.13557 $2,545,311 $2,545,311 $1,744,396$2,355,326 $303,202 $176,245 $316,435$307,728

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $16,702,337 $16,702,337 $14,426,639$16,665,587 $1,389,829 $2,531,596 $2,588,169$849,119

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $21,648,614 $17,342,850 $7,988,752$11,373,692 ($540,019) ($631) ($329,008)$3,924,959

SPIRIT MOUNTAIN INS CO RRG INC10754 $2,502,681 $2,146,575 ($265,339)$2,146,261 $1,150,926 ($8,360) $390,182$1,260,674

ST CHARLES INS CO RRG11114 $1,219,618 $1,219,618 ($1,000,000)$1,218,971 $1,553,978 $254,260 $1,291,454$664,993

ST LUKES HEALTH NETWORK INS CO RRG11688 $11,494,203 $11,494,203 $14,485,431$11,239,283 ($4,773,300) $4,722,616 $432,744$1,527,152

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 $78,318 $78,318 $0$76,793 ($46,281) $0 ($145,829)$123,074

STATES SELF-INSURERS RRG44075 $10,878,471 $1,903,117 $1,967,439$1,691,084 ($168,990) $597,872 $428,881($129,313)

STICO MUT INS CO RRG10476 $4,237,150 $3,743,551 $1,448,130$3,601,207 ($33,429) $311,925 $104,938$2,186,506

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $1,893,670 $0 $0$0 ($181,053) $341 $26,747$181,053

SUNLAND RISK RETENTION GROUP, INC.14026 $4,676,694 $467,669 $282,760$467,669 $34,553 ($6,480) $27,756$150,356

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

TERRA INS CO RRG10113 $9,194,456 $6,063,780 $300,155$6,063,780 $1,965,940 $432,192 $2,100,594$3,797,685

TERRAFIRMA RISK RETENTION GROUP LLC14395 $1,030,699 $1,030,699 $336,978$864,047 $86,049 $3,905 $102,379$441,020

THE HEALTHCARE UNDERWRITING CO RRG10152 $41,897,374 $41,897,374 $33,599,520$35,740,383 ($75,162) $9,148 $755,827$2,216,025

TITAN INS CO INC RRG11153 $17,809,567 $4,907,678 $0$3,188,990 $2,718,773 $365,882 $3,325,372$470,217

TITLE INDUSTRY ASSURANCE CO RRG10084 $7,115,177 $698,539 $251,918$697,857 $936,589 $25,023 $705,912($490,650)

UNITED CENTRAL PA RRG11548 $4,457,776 $4,457,776 $4,578,025$4,457,776 ($454,611) $496,031 $41,420$334,362

UNITED EDUCATORS INS RRG INC10020 $147,293,527 $123,683,645 $89,134,579$115,952,998 $182,734 $31,052,364 $37,745,125$26,635,685

UNITED HOME INSURANCE CO A RRG10712 $0 $0 $0$598,807 $465,773 $14,309 $312,053$133,034

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $1,715,177 $1,079,689 $579,973$1,057,607 $23,979 $1,121 ($28,629)$453,655

UV INSURANCE RISK RETENTION GROUP, INC.13988 $0 $0 $0$0 $0 $0 $0$0

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $83,756 $83,756 $0$161,561 ($55,544) $73,297 $16,985$217,105

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,531,046 $322,090 ($257,567)$322,090 $434,404 $1,840 $348,731$145,253

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 $0 $0 $0$0 $0 $0 $0$0

WELLSPAN RRG11682 $6,772,000 $6,772,000 $3,183,439$6,772,000 $3,185,538 $453,162 $3,638,700$403,023

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $3,713,648 $2,164,799 $1,629,512$2,199,547 ($188,529) $34,591 ($196,059)$758,564

WESTERN PACIFIC MUT INS CO RRG40940 $3,927,694 $3,334,636 ($2,916,431)$4,634,851 $3,413,808 $3,088,504 $5,438,785$4,137,474

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $352,505 $352,505 $36,948$317,215 $22,335 $5,504 $27,839$257,932

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $5,962,485 $5,206,627 $678,580$5,206,627 $2,229,087 $313,847 $2,543,414$2,298,960


COMPANYNAIC Liquidity Cash to Losses and

LAE Reserves

Risk Retention Groups - Selected Financial RatiosLeverage Loss & LAE

Reserves to PHS

NPW to PHS Loss & LAE Ratio

Expense Ratio

DPW to PHS Combined Ratio

1 Year Dev to PHS

2 Year Dev to PHS


12934 57.20 431.37 21.7953.77 18.12 32.82 91.2420.53 124.06 -7.64-1.10

ADVANCED PHYSICIANS INS RRG INC12166 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

AEGIS HEALTHCARE RRG, INC.12252 72.10 154.62 97.83109.05 65.22 13.06 41.35110.83 54.41 -43.31-46.89

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 69.64 562.35 21.2683.27 12.02 77.84 15.2248.68 93.06 -6.89-8.40

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 224.14 46.86 -425.17-446.58 -58.71 397.14 0.00-58.71 397.14 284.15-38,371.53

AGRI INSURANCE EXCHANGE RRG28380 18.85 725.94 16.9223.16 7.01 40.51 28.757.01 69.26 -3.82-1.81

ALLEGIANT INS CO INC A RRG11965 95.96 151.14 178.63259.09 67.11 70.39 19.37209.73 89.76 94.9324.32

ALLIANCE OF NONPROFITS FOR INS RRG10023 72.65 199.35 95.07137.69 79.48 69.91 28.75109.61 98.67 1.341.44

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 69.88 293.17 77.20158.17 109.89 49.93 41.59150.88 91.52 4.9513.70

ALLIED SERVICES RISK RETENTION GROUP12013 41.91 324.56 52.7071.69 25.93 -52.29 23.7525.93 -28.54 -24.62-50.35

AMERICAN ASSOC OF OTHODONTISTS RRG10232 73.05 171.55 190.03238.13 62.19 57.11 25.3472.73 82.44 -85.73-49.68

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 36.76 1,117.76 12.4651.18 0.00 0.00 0.000.00 0.00 0.410.63

AMERICAN CONTRACTORS INS CO RRG12300 94.71 0.00 0.0094.14 0.00 0.00 0.00418.85 0.00 0.000.00

AMERICAN EXCESS INS EXCHANGE RRG10903 40.88 272.42 61.4168.38 9.68 25.02 21.2410.35 46.26 -14.54-3.87

AMERICAN FEED INDUSTRY INS CO RRG44202 12.58 1,186.41 9.4614.11 0.00 0.00 0.000.00 0.00 -24.47-14.58

AMERICAN FOREST CASUALTY COMPANY RRG11590 57.74 228.50 91.98121.34 33.70 18.38 45.3650.86 63.74 -55.68-26.22

AMERICAN SAFETY RRG INC25448 83.29 176.74 55.8282.16 -25.88 66.67 -16.2346.50 50.44 -549.390.00

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 73.31 251.18 135.14248.87 81.04 81.47 19.26145.70 100.73 -44.20-24.06

AMERIGUARD RRG INC12171 34.84 380.03 38.3350.74 27.63 125.46 10.9427.63 136.40 4.819.23

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 89.29 161.77 178.57257.95 128.96 68.02 29.07153.56 97.09 -31.63-8.86

ARCHITECTS & ENGINEERS INS CO RRG44148 94.80 333.29 38.96123.10 11.39 65.00 30.6268.10 95.62 -3.65-0.98

ARCOA RISK RETENTION GROUP, INC.13177 89.84 117.69 277.00292.87 328.63 46.93 45.77328.63 92.69 120.261.59

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 46.95 1,175.08 6.9838.52 38.38 0.00 62.7142.94 62.71 -7.25-7.88

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 64.26 268.72 95.40164.74 0.00 0.00 0.000.00 0.00 5.2414.24


14425 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 47.24 360.99 49.6884.72 38.33 42.87 54.1145.61 96.98 -17.55-7.18

ATTORNEYS INSURANCE MUTUAL RRG INC22670 51.96 286.35 63.6194.64 44.50 66.12 38.3263.24 104.45 -1.990.42

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 68.66 328.08 87.78197.73 32.25 102.43 3.07423.25 105.49 9.796.31

ATTORNEYS LIAB PROTECTION SOC RRG32450 68.76 222.43 113.30173.27 78.81 63.66 35.51118.42 99.17 -17.44-3.24

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 14.97 9,730.46 1.0515.23 1.36 159.67 340.7227.16 500.39 0.000.00

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 58.76 522.24 32.2899.05 73.25 17.04 55.27227.14 72.31 -13.95-12.58

BAR VERMONT RISK RETENTION GROUP INC10174 41.76 545.78 25.1357.27 12.62 -0.94 79.17240.84 78.23 -10.86-7.52

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 103.36 157.21 325.18528.38 104.27 94.37 3.98263.75 98.35 -15.91-4.11

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 70.03 3,430.23 6.82163.78 96.95 3.95 44.97114.11 48.92 3.725.92

BROADLINE RISK RETENTION GROUP, INC.13788 84.01 144.75 141.90172.55 68.58 81.13 6.5775.52 87.70 -37.66-16.48

CALIFORNIA HEALTHCARE INS CO INC RRG44504 68.77 186.83 114.76147.45 33.11 86.98 11.6158.27 98.59 -26.88-19.84

CALIFORNIA MEDICAL GRP INS CO RRG12180 62.70 214.40 79.84107.32 67.86 24.95 19.2767.86 44.21 -55.39-26.61

CARE RRG, INC.11825 85.55 173.00 178.94264.83 145.74 72.15 28.31157.78 100.46 -33.90-19.11

CAREGIVERS UNITED LIAB INS CO RRG11544 30.82 424.02 31.9541.75 19.90 25.19 14.6221.74 39.81 -22.87-4.10

CARENEXT RISK RETENTION GROUP, INC.15089 91.86 337.90 50.94158.10 94.78 45.78 46.30180.95 92.07 0.000.00

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 106.80 458.84 28.52139.77 17.48 48.51 9.3554.07 57.85 -3.80-2.66

CASSATT RISK RETENTION GROUP INC10808 108.72 6,687.62 2.13154.95 2.49 -381.99 -20.91567.85 -402.90 -10.83-13.70

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 8.98 6,390.22 1.639.38 27.11 -1.22 46.7047.53 45.48 -7.26-2.32



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

CENTRAL PA PHYSICIANS RRG INC11694 67.70 193.19 138.74181.45 67.16 88.30 27.6267.16 115.92 15.362.88

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 61.75 281.06 55.1995.79 37.59 63.44 23.9765.91 87.41 -46.96-10.50

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

CHC CAS RRG11531 52.27 199.91 100.63105.14 39.59 35.91 6.9539.59 42.86 -55.40-13.78

CHEROKEE GUARANTEE COMPANY INC., RRG14388 180.64 96.07 198.95345.25 201.59 79.72 11.64258.28 91.36 0.0017.84

CIRCLE STAR INS CO RRG11839 42.20 471.12 36.1771.92 27.91 42.98 -144.26558.26 -101.28 -6.46-10.28

CLAIM PROFESSIONALS LIAB INS CO RRG12172 64.98 344.38 38.7986.80 36.56 30.51 50.36152.22 80.87 6.285.61

CLARIAN HLTH RRG INC11992 100.57 0.00 0.0092.90 0.00 0.00 0.00774.83 0.00 0.000.00

CLINIC MUTUAL INSURANCE CO RRG43770 6.47 3,139.39 3.386.87 1.57 243.64 223.250.00 466.90 0.551.48

CMIC RISK RETENTION GROUP13756 21.10 4,185.01 2.7224.00 1.67 -64.92 -143.6446.78 -208.57 -0.16-0.17

COLLEGE LIABILITY INS CO A RECIP RRG44598 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

COLLEGE RISK RETENTION GROUP, INC.13613 65.56 224.90 120.19177.22 81.02 50.47 28.74107.15 79.21 -52.13-12.79

COLUMBIA NATIONAL RRG INC10803 34.80 0.00 0.0050.21 18.49 0.00 69.1618.49 69.16 0.000.00

COMCARE PRO INS RECIPROCAL RRG11864 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

COMMUNITIES OF FAITH RRG INC11807 7.97 1,388.03 7.698.51 7.56 29.53 49.127.56 78.65 -5.96-2.62

COMMUNITY BLOOD CENTERS EXCH RRG13893 41.52 439.74 35.3464.52 22.53 28.68 36.0430.79 64.71 -34.99-13.00

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 87.39 201.81 368.90650.62 79.35 188.64 19.4390.04 208.08 -4.8855.78

COMMUNITY HOSPITAL RRG11259 61.94 164.50 153.11156.00 49.02 70.81 15.8051.01 86.61 -19.96-8.17

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 45.12 280.64 49.3062.42 14.92 45.26 100.8837.08 146.14 -7.22-3.08

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 11.47 0.00 0.0012.42 0.00 0.00 0.000.00 0.00 0.000.00

CONTINUING CARE RRG, INC.11798 85.90 13,201.60 0.4753.54 113.03 77.24 29.30118.52 106.54 -14.95-3.20

CONTRACTORS INS CO OF NORTH AMER RRG11603 67.94 181.55 116.97144.28 13.59 14.00 34.1529.55 48.15 -10.79-5.03

CONTROLLED RISK INS CO OF VT RRG10341 36.79 324.84 46.8455.98 48.95 36.40 55.74349.65 92.14 -10.85-3.23

COPIC, A RISK RETENTION GROUP14906 6.48 0.00 0.006.40 0.00 0.00 0.000.00 0.00 0.000.00

COVERYS RRG, INC.14160 20.71 10,988.11 1.0624.03 1.72 176.33 14.3135.76 190.64 0.000.00

CPA MUTUAL INS CO OF AMERICA RRG10164 79.23 199.02 94.81149.50 31.25 139.41 50.7979.35 190.19 -9.15-21.23

CROSSFIT RISK RETENTION GROUP, INC.13720 64.80 573.28 36.79136.67 116.27 29.71 37.05166.10 66.76 0.739.39

CRUDEN BAY RRG INC11676 38.95 261.15 62.0163.08 27.63 30.39 9.1527.63 39.54 -161.82-63.74

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 83.88 300.28 138.54348.96 136.75 57.44 16.00275.18 73.44 -1.06-0.24

DELAWARE PROFESSIONAL INSURANCE CO43125 75.60 165.46 193.72242.30 43.86 225.71 55.7943.86 281.50 -61.98-16.96

DOCTORS & SURGEONS NATIONAL RRG13018 103.98 172.82 249.16447.75 268.42 73.48 41.16352.92 114.64 21.6011.05

DUBOIS MEDICAL RRG11842 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

EASTERN DENTISTS INS CO RRG10115 70.92 203.29 104.89151.21 52.65 36.94 46.2459.45 83.18 -33.93-15.89

ELITE TRANSPORTATION RRG INC10125 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 45.00 240.08 68.9974.54 35.20 81.64 10.85168.40 92.49 0.00-7.27

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 105.36 216.42 102.82234.45 67.82 0.92 56.3987.35 57.32 -47.30-46.30

EMERGENCY MEDICINE RRG INC12015 66.64 185.77 91.89113.76 50.08 72.49 28.7335.20 101.21 10.4019.21

EMERGENCY PHYSICIANS INS CO RRG11714 81.44 156.40 232.23295.81 51.17 56.78 64.4185.01 121.19 -24.57-36.15

EVERGREEN USA RRG INC38466 74.87 191.73 97.28139.64 59.72 58.36 49.9689.53 108.32 -9.39-4.65

EXCELA RECIPROCAL RRG15337 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

FAIRWAY PHYSICIANS INS CO RRG11840 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

FAITH AFFILIATED RRG INC11698 50.09 236.92 74.4388.32 24.40 100.40 25.1226.10 125.52 -2.971.57

FIDUCIARIES RISK RETENTION GROUP, INC.14439 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 172.87 88.70 269.59413.37 282.78 93.90 31.59282.78 125.48 171.90135.47

FIRST MEDICAL INS CO RRG11278 40.25 305.80 54.2166.72 14.66 62.46 4.5614.66 67.02 -16.37-5.02



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

FRANKLIN CASUALTY INS CO RRG10842 1,912.68 23.39 201.44901.32 105.71 48.47 37.561,381.17 86.02 -34.04-2.51

FREDERICKSBURG PROFESSIONAL RISK EXC12016 54.14 196.53 53.5556.98 18.74 32.60 10.5518.74 43.15 -25.41-13.97

GABLES RISK RETENTION GROUP, INC.14032 77.88 152.68 91.96109.36 88.90 85.00 11.2588.90 96.25 0.00-24.80

GEISINGER INS CORP RRG12000 324.10 481.06 4.3267.40 9.73 46.00 45.67117.11 91.67 0.000.89

GENERAL EASTERN SKI INS RRG INC10163 30.41 424.43 17.9023.11 0.00 0.00 0.000.00 0.00 11.195.35

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 7.63 8,536.70 1.248.10 6.75 18.40 147.027.97 165.42 0.00-0.15

GLOBAL HAWK INSURANCE COMPANY RRG11948 93.36 217.55 132.35268.81 224.08 76.62 18.25239.70 94.88 2.1615.01

GOLDEN INS CO RRG11145 96.60 468.97 42.35191.84 115.99 62.95 23.79161.73 86.74 26.0421.19

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 43.87 230.55 76.9777.84 69.33 72.30 9.8569.33 82.14 65.2522.86


13973 11,063.19 0.00 0.00180.18 98.32 2.72 62.28133.41 65.00 0.000.00

GRACO RRG INC11581 8.59 0.00 0.009.01 0.00 0.00 0.00331.86 0.00 0.000.00

GREEN HILLS INS CO RRG11941 41.03 443.23 32.6159.30 26.85 -17.97 18.3426.85 0.37 -29.35-0.29

GUARDIAN RRG INC11696 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

GUTHRIE RRG12014 62.76 184.49 114.26132.29 33.87 64.57 4.0033.87 68.56 -15.40-16.73

HAMDEN ASSURANCE RRG, INC.13057 3,339.16 0.00 0.005,583.55 0.00 0.00 0.000.00 0.00 0.000.00

HEALTH CARE CAS RRG INC12236 97.22 166.77 357.87580.23 173.09 64.32 30.20444.06 94.52 -119.33-69.66

HEALTH NETWORK PROVIDERS MUT INS CO11813 62.87 230.40 94.80137.32 47.87 44.43 23.4049.28 67.83 -46.11-26.53

HEALTH PROVIDERS INS RECIPROCAL RRG10080 37.12 326.50 44.4453.86 12.83 54.64 32.0815.38 86.72 -14.44-5.39


11832 124.22 282.02 60.84213.13 22.37 75.43 -1.00262.68 74.43 4.65-3.45

HEALTHCARE PROVIDERS INS CO RRG11683 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

HEARTLAND HEALTHCARE RECIP RRG11998 40.62 257.69 63.5366.50 31.09 68.78 30.4331.09 99.20 -7.02-15.51

HERITAGE WARRANTY INS RRG INC11097 19.41 13,029.50 0.9524.09 -0.01 65.43 -251,039.22-0.01 -250,973.79 -10.38-1.60

HOME CONSTRUCTION INS CO RRG11950 60.50 192.25 130.16151.37 0.61 370.11 1,468.36-1.54 1,838.47 10.1917.13

HOUSING AUTHORITY RRG INC26797 39.70 373.10 41.6261.64 14.54 43.57 31.5415.10 75.11 -19.46-8.50

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 11.02 7,999.34 1.3912.27 0.00 0.00 0.000.00 0.00 50.1726.40

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 28.07 553.15 23.5536.57 12.38 17.73 40.2437.10 57.97 -7.95-5.26

INDEMNITY INSURANCE CORPORATION, RRG12018 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

INDIANA HEALTHCARE RECIP RRG11692 43.12 249.18 68.5273.63 30.15 69.16 23.0930.15 92.25 -12.70-2.97

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

IQS INSURANCE RISK RETENTION GROUP, INC.15080 144.87 176.63 9.5524.44 40.82 31.20 36.0540.82 67.25 0.000.00

IRONSHORE RISK RETENTION GROUP, INC.14375 233.75 499.08 10.79125.93 11.91 70.82 73.26238.17 144.08 0.000.19

J.M. WOODWORTH RRG, INC.12594 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 38.78 276.81 52.6756.54 27.83 65.98 10.1221.26 76.10 -25.27-4.62

KENTUCKY HOSPITAL INS CO RRG11939 61.23 187.90 118.89136.78 27.21 138.49 30.8964.33 169.38 -6.73-10.23

LAKE STREET RRG INC11803 42.71 241.45 69.5071.67 18.68 61.25 46.6418.68 107.89 0.82-18.65

LAMMICO RRG, INC.14444 4.98 4,790.25 2.145.11 0.62 1,259.15 212.3815.18 1,471.53 0.00-3.35

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 93.79 187.93 168.75297.43 192.55 85.13 42.16276.76 127.29 78.6832.66

LENDERS PROTECTION ASSUR CO RRG11500 1.72 0.00 0.001.71 0.00 0.00 0.0018.61 0.00 0.000.00

LIFE SERVICES NETWORK RECIP INS RRG11958 41.94 304.21 54.5369.57 15.49 72.17 57.5232.29 129.69 -0.03-0.84

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 15.06 0.00 0.0017.67 0.05 0.00 28,812.631.09 28,812.63 0.000.00

LVHN RRG11684 105.87 0.00 0.00972.71 0.00 0.00 0.000.00 0.00 81.40123.92

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 74.47 241.03 68.11122.26 67.34 58.90 22.6995.86 81.59 -17.69-10.85



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

MARATHON FIN INS CO INC RRG11117 229.30 7,634.52 1.71300.02 0.00 63.71 0.00535.46 0.00 -3.24-1.42

MCIC VERMONT INC RRG10697 287.08 425.49 154.471,886.89 410.63 42.70 59.16985.76 101.86 0.000.00

MD RISK RETENTION GROUP, INC.12355 43.29 267.75 61.2370.96 37.88 35.13 12.2344.45 47.35 -60.72-25.64

MED MAL RISK RETENTION GROUP, INC.14446 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

MEDAMERICA MUTUAL RRG INC26257 53.97 258.16 79.58110.89 44.16 67.25 9.3063.34 76.56 -22.52-16.42

MEDPRO RRG RISK RETENTION GROUP13589 241.74 274.56 67.11445.40 47.44 83.58 -17.45948.84 66.13 -1.50-1.89

MEDSTAR LIABILITY LTD INS CO INC RRG10124 75.48 155.99 194.52229.01 58.53 125.27 54.0499.16 179.31 -100.766.55

MENTAL HEALTH RISK RETENTION GROUP44237 49.47 246.47 75.0391.48 31.08 36.65 10.0572.29 46.70 -37.35-18.14

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 91.34 141.09 206.15265.68 61.96 63.20 55.0292.41 118.22 -48.92-31.67

MIDWEST PROVIDER INSURANCE COMPANY, RRG12147 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 46.90 382.22 47.8485.75 159.20 41.85 21.87165.16 63.73 0.00-5.99

MMIC RRG, INC.14062 6.61 0.00 0.002.96 0.19 0.00 3,761.686.39 3,761.68 0.000.00

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 77.24 210.88 30.9650.42 20.56 -7.32 67.3020.56 59.97 -15.07-20.21

MOUNTAIN LAUREL RRG INC11547 79.44 173.82 112.49155.31 62.57 7.83 46.23612.95 54.06 -45.17-44.53

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 55.58 199.99 108.57120.67 50.67 81.29 10.8554.77 92.14 -24.12-10.46

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 56.74 257.20 79.09115.41 34.82 49.92 12.8536.64 62.77 -31.08-14.95

NASW RISK RETENTION GROUP, INC.14366 148.19 1,284.62 4.1378.64 15.13 50.48 150.59252.20 201.07 0.00-0.21

NATIONAL ASSISTED LIVING RRG, INC.11806 54.88 264.84 76.33110.93 44.56 31.12 44.7244.56 75.84 -34.75-20.01

NATIONAL BUILDERS & CONTRACTORS INS12235 97.72 110.49 244.99264.52 35.26 130.86 85.8860.77 216.74 -11.41-11.00

NATIONAL CATHOLIC RRG10083 76.45 156.36 218.22260.86 63.51 102.13 26.89133.14 129.02 29.6216.71

NATIONAL CONTRACTORS INS CO INC RRG12293 125.76 114.35 126.97182.61 39.73 160.48 182.84106.12 343.33 49.1530.04

NATIONAL GUARDIAN RISK RETENTION GROUP36072 121.00 95.82 149.54173.37 33.41 99.06 7.64232.93 106.70 -16.39-9.10

NATIONAL HOME INSURANCE CO RRG44016 65.03 507.66 48.11158.84 -6.45 407.56 -61.87-0.08 345.69 97.46104.10

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 78.48 292.47 31.6972.74 40.70 32.38 45.1088.50 77.48 1.65-4.40

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 15.62 2,845,843.00 0.0016.80 7.23 0.94 100.878.27 101.81 -0.26-0.19

NCMIC RISK RETENTION GROUP, INC.14130 85.90 435.20 18.7770.16 35.00 79.57 -51.31353.93 28.25 0.000.00

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 79.45 130.89 237.75247.24 319.44 87.92 18.27145.19 106.18 112.06212.42

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 73.40 2,420.51 9.46168.15 47.61 77.24 20.08194.09 97.32 0.38-0.16

NEW STAR RISK RETENTION GROUP, INC.12532 65.33 301.47 66.52131.00 50.08 46.29 31.1150.08 77.40 24.42-2.90

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 112.29 94.94 331.40353.28 184.93 65.25 36.58240.48 101.83 80.6123.36

NJ CAR RISK RETENTION GROUP12581 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 88.20 169.13 368.73550.03 179.23 86.22 18.69266.05 104.91 -17.6611.02

OASIS RECIPROCAL RISK RETENTION GROUP13644 115.26 174.39 138.98279.36 95.05 42.41 26.1526.24 68.56 -105.82-45.81

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 94.20 68.63 113.2573.22 -50.14 -40.42 -100.41-19.84 -140.82 8.45-11.16

OCEANUS INS CO A RRG12189 89.75 165.88 189.83282.62 129.69 73.12 42.17172.55 115.29 23.03-6.11

OLYMPIA RISK RETENTION GROUP, INC.13062 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

OMS NATL INS CO RRG44121 47.53 329.35 50.4779.00 36.48 51.26 30.9233.78 82.18 -17.76-7.28

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 75.36 856.55 14.8495.79 88.51 95.18 11.90101.13 107.08 0.000.00

OOIDA RISK RETENTION GROUP INC10353 142.66 189.85 132.75359.55 103.67 84.74 28.53296.19 113.27 -21.91-11.62

OPHTHALMIC MUTUAL INS CO RRG44105 38.56 486.14 31.4258.90 24.41 30.29 25.1626.44 55.45 -8.58-6.40

ORANGE COUNTY MEDICAL RECIP INS RRG12183 21.49 622.30 16.7622.41 16.89 2.45 13.4916.89 15.94 -49.96-14.92

ORDINARY MUTUAL A RRG CORP10171 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PACE RRG INC11575 150.69 126.62 115.78220.91 9.77 -260.82 13.73236.92 -247.09 24.34-46.99



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

PALLADIUM RISK RETENTION GROUP, INC.15279 25.42 0.00 0.0033.06 -30.68 0.00 -70.170.00 -70.17 0.000.00

PARATRANSIT INSURANCE COMPANY, RRG44130 55.40 284.60 62.7198.89 28.39 49.01 26.8844.08 75.89 -39.72-9.56

PCH MUTUAL INSURANCE COMPANY, RRG11973 86.99 265.78 86.13199.14 31.95 101.70 113.8599.82 215.54 -59.10-19.96

PEACE CHURCH RRG INC11846 26.03 403.34 32.9234.56 20.00 12.51 34.4422.16 46.96 -28.23-11.61

PEDIATRICANS INS RRG OF AMER11772 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PELICAN INS RRG11587 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PHOEBE RECIPROCAL RRG12004 26.88 388.65 35.0036.56 11.51 -3.43 31.3311.51 27.90 -14.71-9.32

PHP RISK RETENTION GROUP, LIMITED12995 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 193.12 293.04 64.44364.68 202.83 32.78 31.36385.84 64.14 -17.06-26.25

PHYSICIANS COMPLIANCE LIABILITY INSURANCE COMPANY, RRG12350 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 72.59 349.56 99.95253.60 53.18 47.86 16.0160.74 63.88 -36.98-4.91

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 56.45 302.19 63.69108.66 25.60 52.24 30.9928.46 83.23 -25.70-10.67

PHYSICIANS REIMBURSEMENT RRG10934 62.31 165.27 151.59156.09 25.66 73.85 55.3625.66 129.21 -55.56-20.86

PHYSICIANS SPECIALTY LTD RRG11513 70.84 149.76 177.38188.18 37.37 154.82 -5.64397.22 149.17 -27.119.47

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 47.46 448.23 17.6137.47 27.88 116.00 78.080.00 194.07 -0.066.97

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 35.94 262.06 59.2555.80 52.88 74.15 14.6769.15 88.82 -2.982.67

PINE TREE INS RECIPROCAL RRG12348 39.94 286.67 56.7865.01 22.31 206.76 40.7127.23 247.47 -20.636.75

PINELANDS INS CO RRG INC12198 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 49.69 356.75 43.4877.08 21.83 41.95 54.70117.62 96.65 -10.25-4.33

PINNACLE RRG INC11858 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PLICO RISK RETENTION GROUP, INC.14205 0.45 39,993.67 0.250.45 0.32 89.95 451.683.16 541.63 0.000.00

PONCE DE LEON LTC RRG, INC.11809 58.60 201.96 91.38108.14 29.70 177.37 75.6140.64 252.98 -0.315.68

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PREFERRED PHYSICIANS MEDICAL RRG44083 45.00 304.16 56.3577.12 23.49 51.42 18.8733.90 70.29 -19.01-6.67

PREFERRED PROFESSIONAL RRG14919 37.12 13,632.22 0.7638.27 3.69 90.00 500.8235.19 590.83 0.000.00

PREMIER INSURANCE EXCHANGE RRG10101 14.20 857.65 4.575.57 0.00 0.00 0.000.00 0.00 0.150.05

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 94.79 285.73 98.16265.87 121.60 52.91 54.81148.82 107.72 -24.8713.84

PROAIR RISK RETENTION GROUP, INC.13179 277.82 169.81 12.1857.45 44.44 64.49 81.9271.10 146.41 -3.52-1.63

PROBUILDERS SPECIALTY INS CO RRG11671 179.75 64.04 175.69202.24 0.00 0.00 0.000.00 0.00 -12.32-26.34

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PROFESSIONAL MEDICAL INS RRG INC10840 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00


12608 47.74 1,866.76 3.1728.29 1.15 98.33 193.0823.07 291.41 -0.500.31

PROFESSIONALS RISK RETENTION GROUP, INC.13067 70.17 673.90 19.7193.22 31.91 -11.11 15.44241.34 4.32 -7.82-11.06

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 18.66 729.08 16.3622.25 17.02 4.72 61.0430.70 65.76 -15.22-11.60

RED CLAY RISK RETENTION GROUP, INC.13078 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

RED ROCK RISK RETENTION GROUP, INC.13736 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

REPUBLIC RRG12019 2.61 4,475.75 1.661.93 0.00 0.00 0.000.00 0.00 0.000.00

RESTORATION RISK RETENTION GROUP, INC.12209 72.72 186.11 138.48187.44 54.16 74.46 22.3066.40 96.76 -29.71-9.92

RPX RRG14135 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

SAINT LUKE'S HLTH SYSTEM RRG11712 45.40 296.12 53.3271.70 23.65 90.89 33.5632.03 124.46 -9.90-10.62

SAMARITAN RISK RETENTION GROUP, INC.12511 49.58 438.40 36.3579.02 55.30 69.88 12.7655.30 82.65 3.550.18

SCHUYKILL CROSSING RECIPROCAL RRG11808 79.58 171.44 134.55183.57 48.25 58.90 16.3354.99 75.23 -99.81-24.61



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 73.37 205.04 140.17210.86 143.43 46.15 41.13195.04 87.28 2.17-17.21

SECURITY AMERICA RRG INC11267 51.80 310.25 43.9470.61 62.62 28.33 64.9290.32 93.24 -0.441.87

SELECT MD RRG14136 50.99 417.22 34.8374.11 30.33 35.84 47.78168.32 83.62 0.00-9.21

SENTINEL ASSUR RRG INC12005 58.18 212.48 92.66114.54 42.82 179.65 42.2652.06 221.91 0.8429.85

SIGMA RRG, INC.13557 75.82 183.47 114.75159.63 45.11 74.06 12.0945.11 86.15 -17.46-9.83

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 80.31 145.85 283.92332.57 98.40 86.57 5.0898.40 91.65 -43.75-5.36

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 220.65 145.05 81.23259.99 249.36 70.24 22.63311.26 92.87 0.0014.56

SPIRIT MOUNTAIN INS CO RRG INC10754 51.64 387.88 49.6099.34 66.21 -12.36 58.7377.20 46.37 -50.50-42.98

ST CHARLES INS CO RRG11114 34.04 460.48 32.0250.18 13.98 -82.04 54.5213.98 -27.51 -91.94-109.76

ST LUKES HEALTH NETWORK INS CO RRG11688 93.51 133.86 260.35325.86 79.28 128.88 13.2979.28 142.17 40.5061.13

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.13993 32.51 0.00 0.0012.82 15.49 0.00 157.1515.49 157.15 0.000.00

STATES SELF-INSURERS RRG44075 58.69 217.64 109.72140.15 19.23 116.34 -6.79109.94 109.55 7.833.65

STICO MUT INS CO RRG10476 55.38 398.11 46.69102.94 33.46 40.21 58.4137.87 98.62 -10.54-1.90

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 7.34 0.00 0.007.42 0.00 0.00 0.00317.04 0.00 0.000.00

SUNLAND RISK RETENTION GROUP, INC.14026 109.03 520.37 37.45212.50 43.01 60.46 32.15430.08 92.61 -6.78-3.99

SUPERIOR INS CO RRG11669 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

TERRA INS CO RRG10113 53.94 1,127.51 10.6464.73 36.04 4.95 62.6354.65 67.58 -2.92-1.52

TERRAFIRMA RISK RETENTION GROUP LLC14395 11.53 1,457.56 7.6012.76 23.53 39.00 42.7923.53 81.79 0.000.00

THE HEALTHCARE UNDERWRITING CO RRG10152 177.38 74.50 228.14301.46 158.79 94.01 5.29158.79 99.30 23.211.23

TITAN INS CO INC RRG11153 27.72 0.00 0.0035.01 16.15 0.00 9.5858.60 9.58 0.000.00

TITLE INDUSTRY ASSURANCE CO RRG10084 52.56 320.64 45.2476.26 19.51 36.10 -70.24198.68 -34.14 -23.70-15.23

UNITED CENTRAL PA RRG11548 60.67 165.74 143.10143.88 72.46 102.70 7.5072.46 110.20 29.4923.84

UNITED EDUCATORS INS RRG INC10020 71.17 184.73 151.03198.57 48.61 76.87 21.5457.89 98.41 -9.320.00

UNITED HOME INSURANCE CO A RRG10712 56.00 0.00 0.0072.72 0.00 0.00 0.000.00 0.00 0.000.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 57.12 312.66 57.52102.71 68.89 54.84 42.02109.44 96.86 8.20-3.73

UV INSURANCE RISK RETENTION GROUP, INC.13988 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 4.53 0.00 0.004.61 3.44 0.00 259.213.44 259.21 0.000.00

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 46.81 672.58 23.8675.12 32.17 -79.97 45.10152.90 -34.87 -4.13-44.51

VIRGINIA SENIOR CARE RISK RETENTION GROUP13786 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

WELLSPAN RRG11682 85.38 117.65 171.14171.92 78.24 47.01 5.9578.24 52.96 -50.81-36.95

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 97.32 163.48 214.23340.82 173.54 74.08 35.04297.71 109.12 36.3143.44

WESTERN PACIFIC MUT INS CO RRG40940 24.27 1,275.46 10.1931.55 3.19 -62.92 124.083.76 61.15 -17.96-8.72

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 15.36 1,710.41 6.7317.68 14.30 11.65 73.1714.30 84.82 0.040.04

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 59.12 296.06 80.69141.24 70.02 13.03 44.1580.19 57.19 -74.71-37.80


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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 2,472 2,860 3,329 3,288 3,132Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,222 1,371 1,148 1,200 1,498

Geographic Focus: Geography Minimum NPW Total Liabilities 1,250 1,489 2,181 2,087 1,634NAIC Ownership Structure: Risk Retention Group Net Income 164 183 -224 85 302Tax Identification Number : 20-1516551 Total Revenue 1,056 1,070 652 918 989

Direct Premiums Written 1,694 1,624 1,561 1,602 1,660Net Premiums Written 988 978 615 890 977

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 988 978 615 890 977

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,097 1,385 1,785 1,675 1,466Demotech Financial Strength Rating A 03/10/14 Affirm Loss & LAE Reserves/ NPE (%) 135.19 136.76 239.78 191.14 163.27S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 22.43 20.42 -26.06 -1.41 35.18Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.81 0.71 0.54 0.74 0.65Fitch Financial Strength Rating -- -- -- --

STATUTORY CONTACT INFORMATION OFFICERS & ADVISORS

Name : Price Pete Poore Auditor Johnson Lambert LLPPhone : (410) 583-5458x1458 Actuary Towers Watson & Co.Fax : (443) 921-2508 CEO --Email : [email protected] CFO --

President Isabella Marie Firth

PROFITABILITY RATIOS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Net Yield on Invested Assets 4.18 5.82 2.14 1.35 0.51Net Investment Income/Earned Premiums 7.39 9.42 6.05 3.22 1.19Return on Average Equity (C&S) 15.70 14.88 -17.36 7.45 23.27Return on Avg Assets 5.06 5.43 -6.29 2.22 7.90Loss and LAE Ratio 41.70 53.42 95.23 57.30 13.06Expense Ratio 41.41 30.35 65.55 47.73 41.35Loss Ratio 35.63 34.49 83.83 51.12 7.43Combined Ratio 83.10 83.77 160.78 105.03 54.41Operating Ratio 75.71 74.36 154.73 101.81 53.22Investment ratio 7.39 9.42 6.05 3.22 1.19

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Cash, Short-Term Investments / Liabilities 20.76 35.71 23.11 90.14 37.32Cash, Common & Liquid Bonds / Liabilities 122.99 114.16 78.45 116.10 152.53Cash & Short-Term Investments / C&S 21.24 38.77 43.91 156.79 40.70Liabilities / Liquid Assets (IRIS Ratio) 81.00 88.00 127.00 90.00 72.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 140.15 122.77 95.89 148.07 175.01Cash From Underwriting ($000) -69 500 43 133 -5Net Cash From Operations ($000) 71 339 80 271 -59Underwriting Cash Flow Ratio 93.69 192.45 105.08 112.58 99.42Operating Cash Flow Ratio 94.45 239.17 105.08 102.10 108.27Unassigned Funds / Total Assets 18.44 21.17 11.48 12.76 22.91

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2011Y 2012Y 2013Y

GPW to Policyholders' Surplus3 900 --- 136 133 111NPW to Policyholders' Surplus 300 --- 54 74 65Change in Net Premiums Written 33 -33 -37* 45* 10Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 105* 123* 76

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y I t t Yi ld 6 5 3 2 2* 1 4* 0 5*

MSA: Baltimore-Columbia-Towson, MD (Metro)

Distribution Channel: Direct Response

81.088.0

127.0

90.0

72.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009Y 2010Y 2011Y 2012Y 2013Y

Liquidity ($000)Total Assets Total Liabilities Liabilities / Liquid Assets (IRIS Ratio)

83.1 83.8

160.8

105.0

54.4

-20.00-15.00-10.00-5.000.005.00

10.0015.0020.0025.0030.00

2009Y 2010Y 2011Y 2012Y 2013Y

Profitability Ratios (%)

Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Investment Yield 6.5 3 2.2* 1.4* 0.5*

Loss Adjustment Expense Ratio 6.07 18.94 11.39 6.18 5.63 Gross Change in Policyholders' Surplus 50 -10 -16* 5 25Net Commission Ratio 16.01 15.33 23.89 16.95 16.49 Net Change in Adj Policyholders' Surplus 25 -10 -16* 3 25Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 127* 90 72Tax, License & Fees Ratio 4.08 4.86 7.52 5.23 5.15 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 21.31 10.16 34.15 25.55 19.72 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -14 -47Gross Premiums Written ($000)3 1,694 1,624 1,561 1,602 1,660 2-Yr Resv Dev to Policyholders' Surplus 20 --- -46 -12 -43Loss & Loss Adj Expense ($000) 412 522 585 510 128 Est Curr Resv Defi/Policyholders' Surplus 25 --- -106 5 11Other Underwriting Exp Incurred ($000) 409 297 403 425 404 *Indicates an unusual value.Net Underwriting Gains ($000) 167 159 -374 -45 445 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 58.34 60.20 39.39 55.53 58.84 complements of each ratio.Effective Tax Rate 29.93 33.57 NM 22.89 33.85

Pre-Tax Operating Margin 22.19 23.44 -51.60 -1.75 46.23 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth -2.51 15.72 16.40 -1.25 -4.73

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -17.28 19.11 46.49 -4.30 -21.73

Reinsurance Recoverable ex US Aff 0 0 1 -31 -32 Net Premiums Written Growth 186.88 -1.09 -37.11 44.71 9.82Retention Ratio (NPW/GPW) (%)3 58.34 60.20 39.39 55.53 58.84 Pre-Tax Operating Income Growth 118.50 7.00 NM NM NMUnauthorized Net Recov. (ex US Aff) (%) NA NA 0.00 0.00 0.00 Net Income Growth 55.98 11.39 NM NM 255.24Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -20.10 26.22 28.95 -6.21 -12.48Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 123.93 -4.16 -3.88 2.64 3.65Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 8.60 3.25 -2.69 -3.47 1.57

Capital & Surplus Five-year CAGR 20.39 10.81 5.14 4.11 7.91Admitted Assets Five-year CAGR 13.53 6.48 -0.38 -1.09 4.32

ASBESTOS/ENVIRONMENTAL RESV 2009Y 2010Y 2011Y 2012Y 2013Y

One-Year Survival Ratio (%) Asbestos NA NA NA NA NA Environmental NA NA NA NA NA Combined NA NA NA NA NA

Three-Year Survival Ratio (%) CAPITAL/LEVERAGE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Asbestos NA NA NA NA NA Capital and Surplus 1,222 1,371 1,148 1,200 1,498 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,200 1,498 Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 289 239

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA 415.96 627.48

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA 207.98 313.74

Change in Loss & LAE Resv / Reserves -20.10 26.22 28.95 -6.21 -12.48 Realized Capital Gains (Losses) 0 24 0 126 01 Yr Loss Reserve Dev / 1Y Prior C&S -16.30 -22.36 -7.10 -13.60 -46.89 Net Unrealized Capital Gains (Losses) 54 -17 1 -37 -42 Yr Loss Reserve Dev / 2Y Prior C&S 2.96 -36.46 -46.11 -11.82 -43.30 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 135.19 136.76 239.78 191.14 163.27 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -16.89 -27.93 -15.85 -17.56 -57.59 Net Premiums Written / Avg C&S (%) 94.61 79.61 47.61 77.86 75.21IBNR/ Total Reserves 86.62 53.19 36.44 48.91 53.36 Liabilities / Capital & Surplus (%) 102.33 108.58 189.97 173.93 109.05Reserves/ Equity 89.80 100.97 155.51 139.54 97.83 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.09 -2.58 -2.14

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)

208.0

313.7

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013Y

Capital ($000) & Capital Ratios (%)ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))

58.3 60.2

39.4

55.5 58.8

0200400600800

1,0001,2001,4001,6001,800

2009Y 2010Y 2011Y 2012Y 2013Y

Premiums ($000) Net Premiums Written Gross Premiums Written Retention Ratio (NPW/GPW)

1 Operating Leverage = Net Premiums Written / Policyholder Surplus 2 Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.

when an inter-company pooling arrangement exists.

AEGIS Healthcare RRG Inc. (Baltimore, MD)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 0 0 0 442 1,465 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,694 1,624 1,561 1,602 1,660Common Stocks 1,278 1,168 1,207 0 191 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,694 1,624 1,561 1,602 1,660Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -706 -646 -946 -712 -683Occupied Properties 0 0 0 0 0 Net Premiums Written 988 978 615 890 977Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 988 978 615 890 977

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 259 532 504 1,882 610 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 1,537 1,700 1,711 2,323 2,266 Net Losses Paid - Commercial 629 53 406 290 282Premiums & Considerations Due 0 0 0 0 0 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 63 0 276 0 0 Net Losses Paid 629 53 406 290 282All Other Admitted Assets 871 1,160 1,343 964 866 Net LAE Paid 59 181 54 55 55Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 2,472 2,860 3,329 3,288 3,132 Change in Loss Reserves - Commercial -277 284 110 165 -209

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 1 4 16 0 0

Unpaid Losses 1,006 1,290 1,675 1,564 1,355 Net Change in Loss and LAE Reserves -276 288 125 165 -209Unpaid Loss Adj Expenses 91 95 111 111 111 Losses and LAE Incurred 412 522 585 510 128

Loss & Loss Adj Exp Reserves 1,097 1,385 1,785 1,675 1,466 Other Underwriting Expense Incurred 409 297 403 425 404Unearned Premiums 0 0 0 -127 -189 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 275 313 300 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 114 104 121 105 57 Net Underwriting Gain (Loss) 167 159 -374 -45 445Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 40 0 0 120 0 Total underwriting deductions 821 819 989 934 532

Total Liabilities 1,250 1,489 2,181 2,087 1,634

Income ($000)Total Capital and Surplus Net Investment Income 73 92 37 29 12

Common Capital Stock 154 154 146 151 151 Net Realized Capital Gains (Losses) 0 24 0 126 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 -6 0 0 0 0Unassigned Surplus 456 605 382 419 717 Income after cap gains (loss) before tax 234 275 -336 110 457Other Including Gross Contributed 612 612 620 630 630 Federal Income Tax 70 92 -112 25 155

Capital & Surplus 1,222 1,371 1,148 1,200 1,498 Net Income 164 183 -224 85 302

Total Liabilities and C&S 2,472 2,860 3,329 3,288 3,132 Pre-tax Operating Income 234 251 -336 -16 457

Memo: Total Revenue 1,056 1,094 652 1,045 989Memo: Affiliated Investments ($000) Memo: Paid Expenses 462 488 450 484 520

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 542 1,691Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 0Class 4 0 0 0 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 0 0 0 0 0

Net Investment Income 73 92 37 29 12 Class 6 0 0 0 0 0R li d C it l G i 0 24 0 126 0Realized Capital Gains 0 24 0 126 0Unrealized Capital Gains 54 -17 1 -37 -4Total Cash & Investments 1,537 1,700 1,711 2,323 2,266Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 542 1,691Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,278 1,168 1,207 0 191Total 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 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA

Top 5 States by DPW - 2013Y Top Lines of Business by DPW - 2013Y SECURITIES ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 0

Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0

LT BONDS & STOCKS SUMMARY ($000) Carr Value Fair Value Actual Cost Par Value Total

LT Bond 1,465 1,465 1,488 1,429 5,848Common Stock 191 191 184 -- 567Preferred Stock 0 0 0 -- 0Total 1,656 1,656 1,673 1,429 --

ASSET QUALITY (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 19.01 64.66Common Stocks / C&S 104.62 85.19 105.12 0.00 12.75Unaff common stock/Invested Assets 83.12 68.72 70.54 0.00 8.43

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 1,660 Cash/Invested Assets 16.88 31.28 29.46 80.99 26.912. 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 0.00

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets 2.54 0.00 8.27 0.00 0.00

Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 14.68 1.90 -3.79 -1.86 17.02 All other admitted assets/Total Assets 35.25 40.57 40.33 29.33 27.64National DPW ($000) 1,694 1,624 1,561 1,602 1,660 Invested Assets/Total Assets 62.21 59.43 51.39 70.67 72.36Adjusted Loss Ratio 20.78 20.76 33.02 28.39 4.37 Investment Income/Total Assets 2.95 3.22 1.12 0.87 0.37

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 (%) - 2013

Bonds - 64.7% Preferred Stocks - 0.0%

Common Stocks - 8.4% Mortgage Loans - 0.0%

Other Invstmts - 26.9% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y

Bond Rated 3-6/Total Bond (%)

Maryland - 100.0% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0%

Arizona - 0.0% All other - 0.0%


Allied Professionals Ins Co. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 18,918 22,115 24,157 31,532 36,901Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 8,367 9,043 11,350 13,003 14,294Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 10,551 13,072 12,808 18,529 22,608

NAIC Ownership Structure: Risk Retention Group Net Income 1,196 940 2,235 1,422 1,047Tax Identification Number : 86-1070645 Total Revenue 8,355 8,043 9,443 13,087 15,693

Direct Premiums Written 10,561 12,639 13,553 20,219 21,567Net Premiums Written 8,512 8,363 9,614 15,366 15,707

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 7,986 7,699 9,088 12,703 15,231

AM Best Financial Strength Rating A- 10/04/10 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,898 6,431 6,275 7,917 11,035Demotech Financial Strength Rating A' 04/24/14 Affirm Loss & LAE Reserves/ NPE (%) 56.51 74.64 73.02 52.59 62.37S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 21.64 16.21 31.77 19.64 11.43Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.02 0.92 0.85 1.18 1.10Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Warfield & CompanyPhone : (714) 571-1864 Actuary Perr & KnightFax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 2.29 1.80 1.67 1.50 1.51Net Investment Income/Earned Premiums 4.33 4.11 3.69 2.50 2.94Return on Average Equity (C&S) 14.88 11.06 21.71 11.77 7.68Return on Avg Assets 6.79 4.40 9.55 5.06 3.03Loss and LAE Ratio 23.13 37.93 20.93 34.61 49.93Expense Ratio 56.01 44.79 44.42 41.12 41.59Loss Ratio 11.96 14.29 8.37 13.83 23.88Combined Ratio 79.14 82.71 65.34 75.73 91.52Operating Ratio 74.52 78.24 61.44 72.70 88.48Investment ratio 4.62 4.47 3.90 3.02 3.03


Cash, Short-Term Investments / Liabilities 23.31 13.62 19.06 31.21 16.20Cash, Common & Liquid Bonds / Liabilities 164.12 155.39 173.70 155.06 143.10Cash & Short-Term Investments / C&S 29.39 19.69 21.51 44.47 25.63Liabilities / Liquid Assets (IRIS Ratio) 61.00 64.00 57.00 64.00 69.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 199.91 197.29 209.45 195.43 197.38Cash From Underwriting ($000) 2,506 3,351 3,428 6,857 3,625Net Cash From Operations ($000) 2,406 3,760 2,958 6,678 4,162Underwriting Cash Flow Ratio 143.44 166.82 154.01 176.49 131.12Operating Cash Flow Ratio 155.14 171.31 173.71 187.64 134.81Unassigned Funds / Total Assets 39.21 36.59 43.05 32.52 31.28


GPW to Policyholders' Surplus3 900 --- 119 155 151NPW to Policyholders' Surplus 300 --- 85 118 110Change in Net Premiums Written 33 -33 15 60* 2Surplus Aid to Policyholders' Surplus 15 --- 3 3 3Two-Year Overall Operating Ratio 100 --- 69 68 81


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Broker

61.064.0

57.064.0

69.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009Y 2010Y 2011Y 2012Y 2013Y


79.1 82.7

65.3

75.7

91.5

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 11.17 23.64 12.56 20.78 26.05 Gross Change in Policyholders' Surplus 50 -10 26 15 10Net Commission Ratio 28.32 19.00 19.19 25.24 25.33 Net Change in Adj Policyholders' Surplus 25 -10 26* 15 10Salaries & Benefits Ratio 0.00 0.00 0.03 0.17 0.00 Liabilities to Liquid Assets 100 --- 57 64 69Tax, License & Fees Ratio 3.81 3.92 4.07 3.44 3.75 Agents' Bal to Policyholders' Surplus 40 --- 8 10 15Admin & Other Expense Ratio 23.88 21.86 21.12 12.27 12.51 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 0 14Gross Premiums Written ($000)3 10,561 12,639 13,553 20,219 21,567 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -11 5Loss & Loss Adj Expense ($000) 1,847 2,920 1,902 4,397 7,605 Est Curr Resv Defi/Policyholders' Surplus 25 --- -7 8 4Other Underwriting Exp Incurred ($000) 4,767 3,745 4,270 6,318 6,532 *Indicates an unusual value.Net Underwriting Gains ($000) 1,372 1,034 2,916 1,988 1,095 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 80.60 66.17 70.94 76.00 72.83 complements of each ratio.Effective Tax Rate 31.62 31.85 31.71 40.00 32.78

Pre-Tax Operating Margin 20.83 17.13 34.64 18.13 9.92 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth 16.37 16.90 9.24 30.53 17.03

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 15.45 23.89 -2.02 44.67 22.02

Reinsurance Recoverable ex US Aff 1,289 2,185 2,412 2,632 6,477 Net Premiums Written Growth 20.15 -1.75 14.96 59.82 2.22Retention Ratio (NPW/GPW) (%)3 80.60 66.17 70.94 76.00 72.83 Pre-Tax Operating Income Growth -3.48 -20.83 137.35 -27.47 -34.38Unauthorized Net Recov. (ex US Aff) (%) 11.48 20.32 27.07 32.48 16.21 Net Income Growth -3.71 -21.40 137.66 -36.38 -26.38Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 14.35 31.30 -2.42 26.17 39.38Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 7.60 19.68 7.23 49.19 6.66Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 36.53 20.21 14.38 19.05 19.86

Capital & Surplus Five-year CAGR 47.41 28.60 23.75 17.40 14.96Admitted Assets Five-year CAGR 40.74 23.24 18.24 18.35 17.82




Asbestos NA NA NA NA NA Capital and Surplus 8,367 9,043 11,350 13,003 14,294 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 8,367 9,043 11,350 13,003 14,294 Combined NA NA NA NA NA ACL Risk Based Capital 1,976 1,588 1,780 2,789 1,436

Risk Based Capital Ratio (TAC/ACL RBC) 423.45 569.34 637.62 466.27 995.67

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) 211.72 284.67 318.81 233.13 497.83

Change in Loss & LAE Resv / Reserves 14.35 31.30 -2.42 26.17 39.38 Realized Capital Gains (Losses) 9 2 2 -3 11 Yr Loss Reserve Dev / 1Y Prior C&S -9.58 -2.01 -9.90 0.27 13.70 Net Unrealized Capital Gains (Losses) 0 0 15 62 2702 Yr Loss Reserve Dev / 2Y Prior C&S -12.90 -11.93 -11.51 -10.66 4.96 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 56.51 74.64 73.02 52.59 62.37 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -8.54 -2.18 -9.85 0.24 11.69 Net Premiums Written / Avg C&S (%) 105.82 98.35 93.38 127.19 115.30IBNR/ Total Reserves 29.49 19.97 26.09 26.15 19.86 Liabilities / Capital & Surplus (%) 126.10 144.55 112.85 142.49 158.17Reserves/ Equity 58.54 71.11 55.29 60.89 77.20 Total Reins Recov Excl US Aff / C&S (%) 15.41 24.16 21.25 20.24 45.31


211.7284.7

318.8

233.1

497.8

02,0004,0006,0008,000

10,00012,00014,00016,000

2009Y 2010Y 2011Y 2012Y 2013Y



80.6

66.270.9

76.0 72.8

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013Y




Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 14,657 18,532 19,046 22,176 26,881 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 10,561 12,639 13,553 20,219 21,567Common Stocks 0 0 760 831 1,808 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,049 -4,276 -3,939 -4,853 -5,860Occupied Properties 0 0 0 0 0 Net Premiums Written 8,512 8,363 9,614 15,366 15,707Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 525 663 526 2,663 475Properties for Sale 0 0 0 0 0 Net Premiums Earned 7,986 7,699 9,088 12,703 15,231

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,459 1,781 2,441 5,783 3,663 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 17,116 20,313 22,247 28,790 32,352 Net Losses Paid - Commercial 537 493 728 957 1,928Premiums & Considerations Due 910 877 899 1,325 2,075 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 51 41 15 0 1,061 Net Losses Paid 537 493 728 957 1,928All Other Admitted Assets 839 883 996 1,417 1,414 Net LAE Paid 695 894 1,329 1,797 2,559Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 18,918 22,115 24,157 31,532 36,901 Change in Loss Reserves - Commercial 418 607 32 799 1,710

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 197 926 -187 843 1,408

Unpaid Losses 3,077 3,684 3,716 4,515 6,225 Net Change in Loss and LAE Reserves 615 1,533 -155 1,642 3,118Unpaid Loss Adj Expenses 1,821 2,747 2,559 3,402 4,810 Losses and LAE Incurred 1,847 2,920 1,902 4,397 7,605

Loss & Loss Adj Exp Reserves 4,898 6,431 6,275 7,917 11,035 Other Underwriting Expense Incurred 4,767 3,745 4,270 6,318 6,532Unearned Premiums 4,309 4,972 5,498 8,161 8,636 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 396 688 194 900 1,052 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 295 327 282 374 806 Net Underwriting Gain (Loss) 1,372 1,034 2,916 1,988 1,095Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 653 653 559 1,176 1,078 Total underwriting deductions 6,614 6,665 6,172 10,715 14,137



Common Capital Stock 600 600 600 2,400 2,400 Net Realized Capital Gains (Losses) 9 2 2 -3 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 7,417 8,093 10,400 10,253 11,544 Income after cap gains (loss) before tax 1,750 1,380 3,273 2,370 1,557Other Including Gross Contributed 350 350 350 350 350 Federal Income Tax 553 440 1,038 948 510

Capital & Surplus 8,367 9,043 11,350 13,003 14,294 Net Income 1,196 940 2,235 1,422 1,047

Total Liabilities and C&S 18,918 22,115 24,157 31,532 36,901 Pre-tax Operating Income 1,741 1,378 3,271 2,372 1,557

Memo: Total Revenue 8,364 8,045 9,445 13,084 15,694Memo: Affiliated Investments ($000) Memo: Paid Expenses 5,463 4,640 5,601 8,122 8,460

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 13,736 17,855 17,704 19,136 26,595Cash & Short Term Investments 0 0 0 0 0 Class 2 1,120 677 1,343 2,979 287All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 369 344 354 384 462 Class 6 0 0 0 0 0R li d C it l G i 9 2 2 3 1Realized Capital Gains 9 2 2 -3 1Unrealized Capital Gains 0 0 15 62 270Total Cash & Investments 17,116 20,313 22,247 28,790 32,352Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 14,857 18,532 19,046 22,176 26,881Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 760 831 1,808Total 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 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.27 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 1,045 1,370 2,179 2,907 3,802Issued Political Subdivisions ($000) 3,685 7,194 7,094 7,981 8,467Issued State Rev Obligations ($000) 9,926 9,968 9,773 10,990 14,612Issued Industrial Development ($000) 0 0 0 297 0


LT Bond 26,881 27,033 27,959 25,360 107,233Common Stock 1,808 1,808 1,461 -- 5,076Preferred Stock 0 0 0 -- 0Total 28,689 28,840 29,420 25,360 --


Bond Avg Asset Quality (1-6) (Actual) 1.08 1.04 1.07 1.14 1.01Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.46 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 85.63 91.23 85.61 77.03 83.09Common Stocks / C&S 0.00 0.00 6.69 6.39 12.65Unaff common stock/Invested Assets 0.00 0.00 3.41 2.89 5.59

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 3,923 1. Med Prof Liab 21,567 Cash/Invested Assets 14.37 8.77 10.97 20.09 11.322. New York 3,097 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,640 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Washington 1,234 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 1,014 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,660 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 4.81 3.97 3.72 4.20 5.62


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.01 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 13.27 12.08 9.40 17.16 17.05 All other admitted assets/Total Assets 4.43 3.99 4.12 4.50 3.83National DPW ($000) 10,561 12,639 13,553 20,219 21,567 Invested Assets/Total Assets 90.47 91.85 92.09 91.30 87.67Adjusted Loss Ratio 10.03 21.88 9.27 17.56 33.03 Investment Income/Total Assets 1.95 1.56 1.47 1.22 1.25





Other Invstmts - 11.3% 0.00 0.10 0.20 0.30

2009Y2010Y

2011Y

2012Y

2013Y


California - 18.2% New York - 14.4%

Florida - 7.6% Washington - 5.7%

Texas - 4.7% All other - 49.4%

Med Prof Liab - 100.0%

Total Cmbnd A&H - 0.0%

Aircraft - 0.0%

Comm'l Auto St - 0.0%

Comm'l Multi Prl - 0.0%

All Other - 0.0%


Amer Trucking & Transportation (Missoula, MT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

111 North Higgins Avenue NAIC Company Code : 11534 Total Assets 12,964 13,854 14,354 15,256 19,762Fourth Floor Business Focus : Commercial Property Focus Policyholder Surplus 3,239 4,217 3,914 4,423 5,665Missoula, MT 59802-4437 Geographic Focus: Regional - Western Quadrant Total Liabilities 9,725 9,637 10,440 10,834 14,098

NAIC Ownership Structure: Risk Retention Group Net Income 257 607 -41 401 340Tax Identification Number : 33-1019877 Total Revenue 2,814 3,403 2,842 2,507 4,503



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,400 6,088 5,702 5,552 7,655Demotech Financial Strength Rating A 03/14/14 Affirm Loss & LAE Reserves/ NPE (%) 274.39 225.01 256.58 278.10 141.40S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 16.10 25.72 -8.25 6.56 5.40Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.61 0.79 0.67 0.49 0.81Fitch Financial Strength Rating -- -- -- --


Name : Patricia Lorraine Maloney Auditor Anderson ZurMuehlen & Co. P.CPhone : (406) 523-3908 Actuary Turner Consulting Inc.Fax : (406) 523-3935 CEO Kenneth Carl CrippenEmail : [email protected] CFO --

President Kenneth Carl Crippen


Net Yield on Invested Assets 3.57 3.56 3.01 2.71 1.91Net Investment Income/Earned Premiums 15.97 12.16 13.80 17.40 6.34Return on Average Equity (C&S) 9.20 17.15 -1.03 9.20 6.42Return on Avg Assets 2.23 4.72 -0.32 2.77 2.15Loss and LAE Ratio 74.35 59.05 97.69 70.32 81.47Expense Ratio 32.06 22.92 30.42 35.15 19.26Loss Ratio 28.99 10.57 51.02 -43.27 60.98Combined Ratio 106.41 81.98 128.11 105.48 100.73Operating Ratio 92.75 68.03 113.15 87.48 93.61Investment ratio 13.66 13.95 14.96 18.00 7.12


Cash, Short-Term Investments / Liabilities 6.36 24.45 22.12 27.11 40.25Cash, Common & Liquid Bonds / Liabilities 102.17 133.58 126.25 128.98 136.14Cash & Short-Term Investments / C&S 19.09 55.87 59.00 66.41 100.16Liabilities / Liquid Assets (IRIS Ratio) 100.00 74.00 78.00 76.00 73.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 295.39 258.99 289.41 309.53 263.63Cash From Underwriting ($000) 1,226 3,494 335 -349 3,734Net Cash From Operations ($000) 1,334 3,800 525 243 3,950Underwriting Cash Flow Ratio 162.28 219.65 109.52 84.17 280.87Operating Cash Flow Ratio 180.53 224.52 116.58 75.94 290.96Unassigned Funds / Total Assets 9.59 13.83 11.77 14.90 17.23


GPW to Policyholders' Surplus3 900 --- 152 151 146NPW to Policyholders' Surplus 300 --- 67 49 81Change in Net Premiums Written 33 -33 -21 -18 113*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 86 99 89


MSA: Missoula, MT (Metro)


100.0

74.0 78.0 76.0 73.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013Y


106.4

82.0

128.1

105.5 100.7

-2.000.002.004.006.008.00

10.0012.0014.0016.0018.0020.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 45.36 48.48 46.67 113.60 20.49 Gross Change in Policyholders' Surplus 50 -10 -7 13 28Net Commission Ratio 3.91 1.45 -0.57 1.14 -0.36 Net Change in Adj Policyholders' Surplus 25 -10 -4 15 26*Salaries & Benefits Ratio 10.84 7.41 10.26 12.34 7.74 Liabilities to Liquid Assets 100 --- 78 76 73Tax, License & Fees Ratio 6.65 7.18 6.45 9.54 5.49 Agents' Bal to Policyholders' Surplus 40 --- 0 9 2Admin & Other Expense Ratio 10.67 6.88 14.28 12.13 6.39 1-Yr Resv Dev to Policyholders' Surplus 20 --- 8 -14 -24Gross Premiums Written ($000)3 4,846 6,644 5,967 6,686 8,254 2-Yr Resv Dev to Policyholders' Surplus 20 --- 2 -12 -44Loss & Loss Adj Expense ($000) 1,727 1,725 2,373 1,464 3,333 Est Curr Resv Defi/Policyholders' Surplus 25 --- 9 -31 2Other Underwriting Exp Incurred ($000) 637 768 801 757 884 *Indicates an unusual value.Net Underwriting Gains ($000) -41 428 -745 -139 -126 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 41.00 50.41 44.11 32.20 55.62 complements of each ratio.Effective Tax Rate 36.88 31.92 NM 25.66 37.98

Pre-Tax Operating Margin 15.97 26.75 -11.66 11.42 6.35 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 7.82 -0.91 8.34 3.77 30.13

Reinsurance Recoverable ex US Aff 15,875 9,727 11,467 12,060 10,018 Net Premiums Written Growth -48.21 68.55 -21.41 -18.20 113.24Retention Ratio (NPW/GPW) (%)3 41.00 50.41 44.11 32.20 55.62 Pre-Tax Operating Income Growth -56.69 102.61 NM NM -0.07Unauthorized Net Recov. (ex US Aff) (%) 1.88 4.84 9.51 15.97 17.22 Net Income Growth -60.58 136.43 NM NM -15.23Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 11.30 -4.87 -6.35 -2.63 37.90Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -24.00 37.10 -10.19 12.04 23.45Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 15.03 6.64 6.31 4.43 9.34





Asbestos NA NA NA NA NA Capital and Surplus 3,239 4,217 3,914 4,423 5,665 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 3,914 4,423 5,665 Combined NA NA NA NA NA ACL Risk Based Capital NA NA 1,219 1,010 1,239

Risk Based Capital Ratio (TAC/ACL RBC) NA NA 321.10 438.03 457.28

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA 160.55 219.02 228.64

Change in Loss & LAE Resv / Reserves 11.30 -4.87 -6.35 -2.63 37.90 Realized Capital Gains (Losses) -42 -19 107 253 2621 Yr Loss Reserve Dev / 1Y Prior C&S -10.19 11.45 8.42 -14.23 -24.06 Net Unrealized Capital Gains (Losses) 636 453 -249 224 1,0762 Yr Loss Reserve Dev / 2Y Prior C&S 24.28 -2.52 2.25 -12.16 -44.20 Dividends to Stockholders -250 -100 0 0 0Loss and LAE Reserves / NPE 274.39 225.01 256.58 278.10 141.40 Dividend Payout Ratio (%) 97.36 16.47 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -11.66 12.70 14.62 -26.76 -26.01 Net Premiums Written / Avg C&S (%) 71.18 94.63 65.51 49.38 86.77IBNR/ Total Reserves 38.87 40.09 34.19 18.95 21.85 Liabilities / Capital & Surplus (%) 300.22 228.51 266.75 244.95 248.87Reserves/ Equity 197.58 144.36 145.68 125.52 135.14 Total Reins Recov Excl US Aff / C&S (%) 490.08 230.64 292.98 272.67 176.85


160.6

219.0 228.6

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y



41.0

50.444.1

32.2

55.6

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2009Y 2010Y 2011Y 2012Y 2013Y




Amer Trucking & Transportation (Missoula, MT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 5,772 7,268 7,546 7,301 7,152 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,846 6,644 5,967 6,686 8,254Common Stocks 3,244 3,316 3,477 3,982 6,403 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,859 -3,295 -3,335 -4,533 -3,663Occupied Properties 0 0 0 0 0 Net Premiums Written 1,987 3,349 2,632 2,153 4,591Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -336 428 203 71 500Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,323 2,921 2,429 2,082 4,091

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 619 2,356 2,309 2,937 5,674 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 9,634 12,941 13,333 14,220 19,229 Net Losses Paid - Commercial 295 658 1,099 243 124Premiums & Considerations Due 2,745 169 0 390 111 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 0 169 38 214 314 Net Losses Paid 295 658 1,099 243 124All Other Admitted Assets 586 576 984 433 108 Net LAE Paid 782 1,378 1,660 1,371 1,105Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 12,964 13,854 14,354 15,256 19,762 Change in Loss Reserves - Commercial 378 -350 140 -1,143 2,371

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 272 38 -526 993 -267

Unpaid Losses 3,138 2,789 2,929 1,785 4,156 Net Change in Loss and LAE Reserves 650 -312 -387 -150 2,104Unpaid Loss Adj Expenses 3,262 3,300 2,773 3,766 3,500 Losses and LAE Incurred 1,727 1,725 2,373 1,464 3,333

Loss & Loss Adj Exp Reserves 6,400 6,088 5,702 5,552 7,655 Other Underwriting Expense Incurred 637 768 801 757 884Unearned Premiums 2,236 2,664 2,867 2,939 3,438 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 962 580 1,576 1,714 2,604 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 127 176 141 171 214 Net Underwriting Gain (Loss) -41 428 -745 -139 -126Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 129 155 458 185 Total underwriting deductions 2,364 2,493 3,173 2,221 4,217



Common Capital Stock 1,996 2,072 2,072 2,072 2,222 Net Realized Capital Gains (Losses) -42 -19 107 253 262Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 173 75 50 51 32Surplus Notes 0 229 152 77 37 All Other Income 0 0 0 0 89Unassigned Surplus 1,243 1,917 1,690 2,273 3,405 Income after cap gains (loss) before tax 407 892 -224 539 548Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 150 285 -183 138 208

Capital & Surplus 3,239 4,217 3,914 4,423 5,665 Net Income 257 607 -41 401 340

Total Liabilities and C&S 12,964 13,854 14,354 15,256 19,762 Pre-tax Operating Income 449 910 -331 286 286


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 3,639 5,358 5,571 5,566 5,371Cash & Short Term Investments 0 0 0 0 0 Class 2 2,434 1,843 1,824 1,489 1,745All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 317 407 363 375 291 Class 6 0 0 0 0 0R li d C it l G i 42 19 107 253 262Realized Capital Gains -42 -19 107 253 262Unrealized Capital Gains 636 453 -249 224 1,076Total Cash & Investments 9,634 12,941 13,333 14,220 19,229Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 6,174 7,268 7,546 7,301 7,152Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,244 3,316 3,477 3,982 6,403Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 8.10 NM 2.32 1.35 0.69Privately Placed Bonds / C&S (%) 15.44 -39.26 4.47 2.22 0.87Bonds Rated 3-6 / Total Bonds (%) 1.62 0.93 2.01 3.37 0.51Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 541 1,359 2,008 1,505 0Issued Political Subdivisions ($000) 0 0 0 0 100Issued State Rev Obligations ($000) 0 0 0 0 944Issued Industrial Development ($000) 0 0 0 0 100





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 2,215 1. Comm'l Auto St 8,254 Cash/Invested Assets 6.42 18.21 17.32 20.65 29.512. Louisiana 2,074 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Montana 1,688 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Oregon 1,069 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 607 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 600 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 21.17 1.22 0.00 2.55 0.56


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -1.38 -1.01 -0.55 -0.30 5.30 All other admitted assets/Total Assets 4.52 4.16 6.85 2.84 0.55National DPW ($000) 4,846 6,644 5,967 6,686 8,254 Invested Assets/Total Assets 74.31 93.41 92.88 93.20 97.30Adjusted Loss Ratio 163.99 -65.77 169.40 4.29 37.70 Investment Income/Total Assets 2.45 2.94 2.53 2.46 1.47





Other Invstmts - 29.5% 0.00 1.00 2.00 3.00 4.00

2009Y2010Y

2011Y

2012Y

2013Y


Washington - 26.8% Louisiana - 25.1%

Montana - 20.4% Oregon - 13.0%

Ohio - 7.4% All other - 7.3%



Aircraft - 0.0%


Fidelity & Surety - 0.0%

All Other - 0.0%


Applied Medico-Legal Solutions (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 59,943 71,460 83,910 92,319 104,651Suite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 19,036 20,673 22,205 25,118 29,236Phoenix, AZ 85016-4264 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 40,908 50,787 61,705 67,202 75,414

NAIC Ownership Structure: Risk Retention Group Net Income 1,628 933 1,240 3,732 2,822Tax Identification Number : 81-0603029 Total Revenue 25,985 27,665 32,116 33,473 38,091



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 26,278 34,225 43,422 46,206 52,207Demotech Financial Strength Rating A' 04/01/14 Affirm Loss & LAE Reserves/ NPE (%) 93.98 120.78 138.20 152.45 143.56S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.22 5.68 6.73 17.55 10.75Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.52 1.35 1.38 1.31 1.29Fitch Financial Strength Rating -- -- -- --


Name : Lee M. Milizia Auditor Saslow Lufkin & Buggy LLPPhone : (602) 427-3208 Actuary Aon Risk SolutionFax : (602) 427-3032 CEO --Email : [email protected] CFO --

President Richard B. Welch




Cash, Short-Term Investments / Liabilities 10.71 10.64 10.37 10.61 16.69Cash, Common & Liquid Bonds / Liabilities 94.13 97.51 100.45 109.08 107.84Cash & Short-Term Investments / C&S 23.02 26.15 28.82 28.39 43.04Liabilities / Liquid Assets (IRIS Ratio) 99.00 98.00 99.00 81.00 77.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 115.45 114.84 113.69 128.48 130.43Cash From Underwriting ($000) 9,154 9,308 6,370 6,957 6,592Net Cash From Operations ($000) 9,878 8,880 9,124 9,201 7,682Underwriting Cash Flow Ratio 150.60 149.54 127.33 126.56 122.73Operating Cash Flow Ratio 153.64 153.41 130.13 130.40 128.62Unassigned Funds / Total Assets 10.88 5.49 2.91 1.52 1.74


GPW to Policyholders' Surplus3 900 --- 162 162 154NPW to Policyholders' Surplus 300 --- 138 131 129Change in Net Premiums Written 33 -33 10 7 14Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 93 88 87

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y I t t Yi ld 6 5 3 4 9 3 8 2 7*

MSA: Phoenix-Mesa-Scottsdale, AZ (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

99.0 98.0 99.0

81.0 77.0

0

20,000

40,000

60,000

80,000

100,000

120,000

2009Y 2010Y 2011Y 2012Y 2013Y


92.2

100.7

103.9

92.9

97.1

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2009Y 2010Y 2011Y 2012Y 2013Y



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Investment Yield 6.5 3 4.9 3.8 2.7*

Loss Adjustment Expense Ratio 25.78 24.98 30.96 29.03 22.88 Gross Change in Policyholders' Surplus 50 -10 7 13 16Net Commission Ratio 17.34 20.60 20.10 20.26 20.02 Net Change in Adj Policyholders' Surplus 25 -10 -5 -2 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 99 81 77Tax, License & Fees Ratio 1.20 1.55 1.44 1.89 1.87 Agents' Bal to Policyholders' Surplus 40 --- 41* 2 4Admin & Other Expense Ratio 4.86 6.71 8.06 7.33 7.18 1-Yr Resv Dev to Policyholders' Surplus 20 --- -5 -20 -9Gross Premiums Written ($000)3 30,001 33,162 36,078 40,753 44,896 2-Yr Resv Dev to Policyholders' Surplus 20 --- -14 -26 -32Loss & Loss Adj Expense ($000) 16,952 18,421 21,546 19,403 24,162 Est Curr Resv Defi/Policyholders' Surplus 25 --- -48 -34 -15Other Underwriting Exp Incurred ($000) 6,752 8,064 9,075 9,707 10,960 *Indicates an unusual value.Net Underwriting Gains ($000) 926 -835 -1,622 1,465 398 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 96.18 84.26 84.99 80.82 83.98 complements of each ratio.Effective Tax Rate 30.23 37.99 34.46 30.88 29.21



REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 33.15 24.15 21.50 8.91 12.22

Reinsurance Recoverable ex US Aff 4,827 5,937 7,039 11,898 12,119 Net Premiums Written Growth 46.97 -3.16 9.73 7.41 14.47Retention Ratio (NPW/GPW) (%)3 96.18 84.26 84.99 80.82 83.98 Pre-Tax Operating Income Growth -35.09 -48.31 26.85 191.80 -31.98Unauthorized Net Recov. (ex US Aff) (%) 29.63 22.17 15.84 14.42 14.89 Net Income Growth 0.31 -42.69 32.92 200.95 -24.37Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 25.03 30.24 26.87 6.41 12.99Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 30.37 10.53 8.79 12.96 10.17Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 41.40 35.81 27.21 20.42 19.67








Change in Loss & LAE Resv / Reserves 25.03 30.24 26.87 6.41 12.99 Realized Capital Gains (Losses) 53 325 397 1,036 1,0191 Yr Loss Reserve Dev / 1Y Prior C&S 5.16 -5.19 -5.02 -20.38 -8.86 Net Unrealized Capital Gains (Losses) 1,020 1,999 630 1,397 9982 Yr Loss Reserve Dev / 2Y Prior C&S -0.44 0.29 -13.54 -25.73 -31.62 Dividends to Stockholders -3,000 -3,949 -2,986 -4,769 -2,404Loss and LAE Reserves / NPE 93.98 120.78 138.20 152.45 143.56 Dividend Payout Ratio (%) 184.31 423.27 240.79 127.81 85.181 Yr Loss Reserve Development / NPE 3.46 -3.85 -3.58 -14.80 -6.26 Net Premiums Written / Avg C&S (%) 154.62 134.55 137.92 132.49 136.55IBNR/ Total Reserves 30.26 28.93 26.68 18.99 18.33 Liabilities / Capital & Surplus (%) 214.90 245.67 277.89 267.54 257.95Reserves/ Equity 138.05 165.56 195.55 183.96 178.57 Total Reins Recov Excl US Aff / C&S (%) 25.36 28.72 31.70 47.37 41.45


255.3

217.5187.2

246.5 238.5

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2009Y 2010Y 2011Y 2012Y 2013Y



96.2

84.3 85.0

80.884.0

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

2009Y 2010Y 2011Y 2012Y 2013Y




Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,147 -5,218 -5,416 -7,817 -7,194Occupied Properties 0 0 0 0 0 Net Premiums Written 28,855 27,943 30,663 32,936 37,702Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 4,224 2,293 1,664 2,361 2,182Properties for Sale 0 0 0 0 0 Net Premiums Earned 24,630 25,651 28,999 30,575 35,521

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,382 5,406 6,400 7,131 12,583 Underwriting Deductions ($000)Other Investments 26 9 -23 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 40,912 51,316 61,990 72,723 84,456 Net Losses Paid - Commercial 7,357 5,014 5,376 8,702 9,420Premiums & Considerations Due 8,062 7,907 9,011 8,705 10,789 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 0 163 286 248 403 Net Losses Paid 7,357 5,014 5,376 8,702 9,420All Other Admitted Assets 10,970 12,073 12,624 10,643 9,002 Net LAE Paid 4,334 5,461 6,972 7,916 8,742Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 59,943 71,460 83,910 92,319 104,651 Change in Loss Reserves - Commercial 3,245 7,000 7,192 1,824 6,614

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 2,016 946 2,006 960 -613

Unpaid Losses 21,018 28,018 35,210 37,034 43,648 Net Change in Loss and LAE Reserves 5,261 7,946 9,198 2,784 6,001Unpaid Loss Adj Expenses 5,260 6,207 8,212 9,172 8,559 Losses and LAE Incurred 16,952 18,421 21,546 19,403 24,162

Loss & Loss Adj Exp Reserves 26,278 34,225 43,422 46,206 52,207 Other Underwriting Expense Incurred 6,752 8,064 9,075 9,707 10,960Unearned Premiums 13,339 15,632 17,296 19,657 21,838 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 677 590 444 543 818 Net Underwriting Gain (Loss) 926 -835 -1,622 1,465 398Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 613 341 543 796 550 Total underwriting deductions 23,705 26,486 30,621 29,110 35,123


Income ($000)Total Capital and Surplus Net Investment Income 876 1,586 2,711 2,552 2,076

Common Capital Stock 16,262 19,071 21,566 24,925 28,285 Net Realized Capital Gains (Losses) 53 325 397 1,036 1,019Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 478 428 343 288 290Surplus Notes 0 0 0 0 0 All Other Income 0 0 63 58 204Unassigned Surplus 6,523 3,920 2,446 1,408 1,826 Income after cap gains (loss) before tax 2,333 1,504 1,892 5,399 3,987Other Including Gross Contributed -3,750 -2,318 -1,806 -1,215 -874 Federal Income Tax 705 571 652 1,667 1,164

Capital & Surplus 19,036 20,673 22,205 25,118 29,236 Net Income 1,628 933 1,240 3,732 2,822

Total Liabilities and C&S 59,943 71,460 83,910 92,319 104,651 Pre-tax Operating Income 2,280 1,179 1,495 4,363 2,968


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 27,985 35,318 40,925 41,515 39,490Cash & Short Term Investments 0 0 0 0 0 Class 2 1,792 3,694 4,988 7,360 9,033All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 546Class 4 2,380 3,815 4,227 4,321 2,584


Net Investment Income 876 1,586 2,711 2,552 2,076 Class 6 0 0 0 0 0R li d C it l G i 53 325 397 1 036 1 019Realized Capital Gains 53 325 397 1,036 1,019Unrealized Capital Gains 1,020 1,999 630 1,397 998Total Cash & Investments 40,912 51,316 61,990 72,723 84,456Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 32,158 42,826 50,141 53,195 51,653Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 4,346 5,102 9,672 17,297 20,219Total 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 1,328

RMBS ExposureTotal: LT Bond, Res MBS 0 5,352 2,679 2,036 1,109

Municipal SecuritiesIssued States & Territories ($000) 12,151 1,004 1,460 1,710 2,252Issued Political Subdivisions ($000) 0 2,410 2,001 1,121 1,193Issued State Rev Obligations ($000) 0 9,728 11,572 12,630 14,732Issued Industrial Development ($000) 0 0 0 0 457





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 20,102 1. Med Prof Liab 44,896 Cash/Invested Assets 10.71 10.54 10.32 9.81 14.902. Florida 4,873 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 3,223 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 2,960 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Connecticut 2,906 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,833 All Other 0 Other Investments/Invested Assets 0.06 0.02 -0.04 0.00 0.00Premiums & Cons due/Total Assets 13.45 11.07 10.74 9.43 10.31







Other Invstmts - 14.9% 0.00 2.00 4.00 6.00 8.00 10.00

2009Y2010Y

2011Y

2012Y

2013Y


New York - 44.8% Florida - 10.9%

Arizona - 7.2% Texas - 6.6%

Connecticut - 6.5% All other - 24.1%



Aircraft - 0.0%



All Other - 0.0%


Attorneys Insurance Mutual (Birmingham, AL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

200 Inverness Parkway NAIC Company Code : 33677 Total Assets 16,279 15,157 15,724 15,646 14,293Birmingham, AL 35242-4813 Business Focus : Commercial General Liability Focus Policyholder Surplus 8,082 7,888 8,306 7,996 7,738

Geographic Focus: Regional - Southern Quadrant Total Liabilities 8,197 7,269 7,418 7,649 6,556NAIC Ownership Structure: Risk Retention Group Net Income -6 -3 114 -557 40Tax Identification Number : 63-0980826 Total Revenue 3,071 2,412 2,834 1,858 2,899



AM Best Financial Strength Rating -- 08/22/13 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 5,971 5,090 4,847 4,276 3,844Demotech Financial Strength Rating A 03/14/14 Affirm Loss & LAE Reserves/ NPE (%) 220.52 255.11 199.40 264.92 137.67S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -0.18 -2.06 1.76 -6.74 0.50Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.35 0.28 0.32 0.23 0.38Fitch Financial Strength Rating -- -- -- --


Name : Melanie T. Dixon Auditor Saslow Lufkin & Buggy LLPPhone : (205) 980-0009 Actuary Merlinos & Associates Inc.Fax : (205) 980-9009 CEO --Email : [email protected] CFO --

President Henry Thomas Henzel


Net Yield on Invested Assets 1.42 0.78 1.10 0.45 -0.21Net Investment Income/Earned Premiums 7.87 5.24 6.26 3.67 -1.05Return on Average Equity (C&S) -0.07 -0.04 1.43 -6.76 0.53Return on Avg Assets -0.03 -0.02 0.72 -3.56 0.27Loss and LAE Ratio 42.57 30.34 37.38 43.46 42.87Expense Ratio 66.72 83.92 64.55 89.64 54.11Loss Ratio 14.78 22.74 9.50 -15.62 -17.50Combined Ratio 109.29 114.26 101.92 133.10 96.98Operating Ratio 101.55 109.16 95.76 129.36 98.05Investment ratio 7.75 5.10 6.16 3.74 -1.06


Cash, Short-Term Investments / Liabilities 64.84 39.80 23.15 74.96 63.73Cash, Common & Liquid Bonds / Liabilities 181.71 192.41 183.78 186.34 199.97Cash & Short-Term Investments / C&S 65.77 36.68 20.67 71.71 54.00Liabilities / Liquid Assets (IRIS Ratio) 55.00 52.00 54.00 53.00 50.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 279.08 299.50 324.30 337.11 325.22Cash From Underwriting ($000) -426 -1,479 -120 27 -1,326Net Cash From Operations ($000) 73 -883 -36 433 -901Underwriting Cash Flow Ratio 87.01 61.15 95.23 100.79 63.38Operating Cash Flow Ratio 80.60 58.24 95.43 100.79 63.38Unassigned Funds / Total Assets 42.82 44.71 45.76 44.01 46.36


GPW to Policyholders' Surplus3 900 --- 41 43 46NPW to Policyholders' Surplus 300 --- 32 23 38Change in Net Premiums Written 33 -33 18 -31 63*Surplus Aid to Policyholders' Surplus 15 --- 0 0 1Two-Year Overall Operating Ratio 100 --- 102* 109* 110*


MSA: Birmingham-Hoover, AL (Metro)


55.0

52.0

54.0

53.0

50.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013Y


109.3 114.3101.9

133.1

97.0

-8.00-7.00-6.00-5.00-4.00-3.00-2.00-1.000.001.002.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 27.79 7.60 27.88 59.08 60.36 Gross Change in Policyholders' Surplus 50 -10 5 -4 -3Net Commission Ratio -1.73 -2.01 -1.72 -2.65 -2.03 Net Change in Adj Policyholders' Surplus 25 -10 5 -4 -3Salaries & Benefits Ratio 25.10 27.69 23.79 35.92 21.87 Liabilities to Liquid Assets 100 --- 54 53 50Tax, License & Fees Ratio 4.63 6.13 5.52 9.61 4.69 Agents' Bal to Policyholders' Surplus 40 --- 1 1 1Admin & Other Expense Ratio 38.72 52.11 36.96 46.76 29.59 1-Yr Resv Dev to Policyholders' Surplus 20 --- -24 -8 -7Gross Premiums Written ($000)3 3,752 3,502 3,367 3,450 3,529 2-Yr Resv Dev to Policyholders' Surplus 20 --- -40 -18 -18Loss & Loss Adj Expense ($000) 1,213 696 998 779 1,256 Est Curr Resv Defi/Policyholders' Surplus 25 --- -20 -18 13Other Underwriting Exp Incurred ($000) 1,872 1,875 1,696 1,635 1,605 *Indicates an unusual value.Net Underwriting Gains ($000) -235 -277 -25 -622 69 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 74.78 63.82 78.06 52.86 84.04 complements of each ratio.Effective Tax Rate NM NM 0.00 0.00 0.00

Pre-Tax Operating Margin -0.47 -6.61 4.93 -29.85 1.32 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth 1.74 -6.89 3.74 -0.50 -8.64

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -1.21 -11.33 2.05 3.12 -14.30

Reinsurance Recoverable ex US Aff 4,251 3,832 4,835 3,185 2,423 Net Premiums Written Growth -5.72 -20.35 17.60 -30.62 62.64Retention Ratio (NPW/GPW) (%)3 74.78 63.82 78.06 52.86 84.04 Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 19.64 16.73 2.79 0.00 0.00 Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -5.30 -14.75 -4.77 -11.78 -10.10Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -3.28 -6.68 -3.85 2.46 2.29Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -1.98 -4.67 -4.37 -2.45 -4.60

Capital & Surplus Five-year CAGR -0.20 -1.61 1.84 -2.23 0.09Admitted Assets Five-year CAGR -1.12 -3.15 -1.38 -2.34 -2.23




Asbestos NA NA NA NA NA Capital and Surplus 8,082 7,888 8,306 7,996 7,738 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 8,082 7,888 8,306 7,996 7,738 Combined NA NA NA NA NA ACL Risk Based Capital 1,010 974 941 938 908



Change in Loss & LAE Resv / Reserves -5.30 -14.75 -4.77 -11.78 -10.10 Realized Capital Gains (Losses) -69 150 -26 -2 21 Yr Loss Reserve Dev / 1Y Prior C&S -18.84 -22.37 -23.85 -8.42 -7.18 Net Unrealized Capital Gains (Losses) 633 11 -253 249 -992 Yr Loss Reserve Dev / 2Y Prior C&S -31.30 -34.10 -40.00 -18.00 -17.60 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 220.52 255.11 199.40 264.92 137.67 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -50.90 -78.77 -70.46 -39.02 -19.59 Net Premiums Written / Avg C&S (%) 35.95 28.87 33.10 22.14 38.96IBNR/ Total Reserves 24.60 23.32 38.46 39.50 30.98 Liabilities / Capital & Surplus (%) 101.42 92.15 89.31 95.66 84.72Reserves/ Equity 73.88 64.53 58.36 53.47 49.68 Total Reins Recov Excl US Aff / C&S (%) 52.60 48.58 58.21 39.83 31.31


400.1405.0

441.2

426.1 425.9

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2009Y 2010Y 2011Y 2012Y 2013Y



74.8

63.8

78.1

52.9

84.0

0500

1,0001,5002,0002,5003,0003,5004,000

2009Y 2010Y 2011Y 2012Y 2013Y




Attorneys Insurance Mutual (Birmingham, AL)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -946 -1,267 -739 -1,626 -563Occupied Properties 873 846 820 794 767 Net Premiums Written 2,806 2,235 2,628 1,824 2,966Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -45 -61 -41 32 35Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,850 2,295 2,669 1,791 2,931

Total Real Estate 873 846 820 794 767 Net Adm Cash,Cash Equi, Short-Term Inv 5,315 2,893 1,717 5,734 4,178 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 15,768 14,832 14,452 15,048 13,876 Net Losses Paid - Commercial 517 1,083 228 162 -297Premiums & Considerations Due 72 69 71 93 97 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 21 0 960 263 249 Net Losses Paid 517 1,083 228 162 -297All Other Admitted Assets 419 256 240 242 71 Net LAE Paid 1,144 494 1,013 1,678 1,494Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 16,279 15,157 15,724 15,646 14,293 Change in Loss Reserves - Commercial -96 -561 26 -442 -216

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -352 -320 -269 -620 275

Unpaid Losses 3,115 2,554 2,580 2,138 1,922 Net Change in Loss and LAE Reserves -448 -881 -243 -1,062 59Unpaid Loss Adj Expenses 2,856 2,536 2,267 2,138 1,922 Losses and LAE Incurred 1,213 696 998 779 1,256

Loss & Loss Adj Exp Reserves 5,971 5,090 4,847 4,276 3,844 Other Underwriting Expense Incurred 1,872 1,875 1,696 1,635 1,605Unearned Premiums 1,202 1,142 1,100 1,133 1,168 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 566 541 918 1,717 986 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 345 384 405 431 443 Net Underwriting Gain (Loss) -235 -277 -25 -622 69Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 113 112 147 92 114 Total underwriting deductions 3,086 2,572 2,694 2,413 2,861


Income ($000)Total Capital and Surplus Net Investment Income 221 117 165 67 -31

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -69 150 -26 -2 2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 6,971 6,777 7,195 6,885 6,626 Income after cap gains (loss) before tax -83 -9 114 -557 40Other Including Gross Contributed 1,111 1,111 1,111 1,111 1,111 Federal Income Tax -78 -6 0 0 0

Capital & Surplus 8,082 7,888 8,306 7,996 7,738 Net Income -6 -3 114 -557 40

Total Liabilities and C&S 16,279 15,157 15,724 15,646 14,293 Pre-tax Operating Income -14 -159 140 -555 38


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 7,632 9,557 9,907 6,490 6,908Cash & Short Term Investments 0 0 0 0 0 Class 2 251 252 250 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 221 117 165 67 -31 Class 6 0 0 0 0 0R li d C it l G i 69 150 26 2 2Realized Capital Gains -69 150 -26 -2 2Unrealized Capital Gains 633 11 -253 249 -99Total Cash & Investments 15,768 14,832 14,452 15,048 13,876Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 7,883 9,809 10,158 6,490 6,908Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,697 1,283 1,758 2,030 2,023Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 873 846 820 794 767

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds 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 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) 100.00 100.00 100.00 100.00 100.00




Municipal SecuritiesIssued States & Territories ($000) 0 490 0 0 0Issued Political Subdivisions ($000) 1,052 348 0 0 0Issued State Rev Obligations ($000) 1,085 752 513 4,779 4,995Issued Industrial Development ($000) 792 770 766 1,031 1,042





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Alabama 3,488 1. Oth, Prod Liab Cmbnd 3,529 Cash/Invested Assets 33.71 19.50 11.88 38.10 30.112. Tennessee 42 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 10.80 10.73 9.87 9.93 9.923. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 5.53 5.71 5.67 5.27 5.53



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -1.44 -2.81 -4.10 -3.91 -1.88 All other admitted assets/Total Assets 2.57 1.69 1.53 1.55 0.50National DPW ($000) 3,752 3,502 3,367 3,450 3,529 Invested Assets/Total Assets 96.86 97.86 91.91 96.18 97.08Adjusted Loss Ratio 41.66 -7.54 54.04 5.86 -26.19 Investment Income/Total Assets 1.36 0.77 1.05 0.43 -0.22





Other Invstmts - 35.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Alabama - 98.8% Tennessee - 1.2%

Alaska - 0.0% Arkansas - 0.0%


Oth, Prod Liab Cmbnd - 100.0%


Aircraft - 0.0%



All Other - 0.0%


CARE RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 35,604 33,340 11,784 13,631 17,382Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,154 4,307 4,802 4,678 4,764Washington, DC 20007-4104 Geographic Focus: Regional - Southern Quadrant Total Liabilities 31,451 29,033 6,981 8,952 12,618

NAIC Ownership Structure: Risk Retention Group Net Income 346 155 535 87 27Tax Identification Number : 52-2395338 Total Revenue 1,626 1,356 1,249 3,094 6,750

Direct Premiums Written 6,928 6,124 4,802 6,186 7,517Net Premiums Written 1,386 1,225 960 5,084 6,944


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 24,588 23,749 4,323 5,570 8,526Demotech Financial Strength Rating A 03/10/14 Affirm Loss & LAE Reserves/ NPE (%) 1,629.34 1,892.51 631.45 159.94 106.20S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.32 6.80 16.70 2.72 0.16Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.33 0.28 0.20 1.09 1.46Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor Shores Tagman Butler & Co P.A.Phone : (802) 479-7801 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Daniel L. Hafendorfer




Cash, Short-Term Investments / Liabilities 23.52 26.08 35.26 37.90 64.76Cash, Common & Liquid Bonds / Liabilities 39.08 38.41 138.48 127.48 128.02Cash & Short-Term Investments / C&S 178.11 175.78 51.26 72.53 171.51Liabilities / Liquid Assets (IRIS Ratio) 310.00 306.00 72.00 78.00 85.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 112.22 116.30 598.23 314.63 186.38Cash From Underwriting ($000) 600 -416 252 2,132 2,882Net Cash From Operations ($000) 948 -574 285 1,923 3,263Underwriting Cash Flow Ratio 172.78 66.91 126.15 201.70 170.21Operating Cash Flow Ratio 143.44 90.37 138.45 218.69 164.90Unassigned Funds / Total Assets 4.90 5.69 20.30 16.64 13.54


GPW to Policyholders' Surplus3 900 --- 100 132 158NPW to Policyholders' Surplus 300 --- 20 109 146Change in Net Premiums Written 33 -33 -22 429* 37*Surplus Aid to Policyholders' Surplus 15 --- 12 6 0Two-Year Overall Operating Ratio 100 --- 59 70 92


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

310.0 306.0

72.0 78.0 85.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009Y 2010Y 2011Y 2012Y 2013Y


76.584.1

46.1

87.6

100.5

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 23.42 20.54 24.91 39.46 21.82 Gross Change in Policyholders' Surplus 50 -10 12 -3 2Net Commission Ratio -32.12 -21.60 -73.45 1.38 16.37 Net Change in Adj Policyholders' Surplus 25 -10 12 -3 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 72 78 85Tax, License & Fees Ratio 2.55 1.88 2.92 0.42 0.14 Agents' Bal to Policyholders' Surplus 40 --- 8 10 15Admin & Other Expense Ratio 67.95 47.05 86.65 15.80 11.80 1-Yr Resv Dev to Policyholders' Surplus 20 --- -18 -9 -19Gross Premiums Written ($000)3 6,928 6,124 4,802 6,186 7,521 2-Yr Resv Dev to Policyholders' Surplus 20 --- -31 -26 -34Loss & Loss Adj Expense ($000) 582 731 337 2,070 4,776 Est Curr Resv Defi/Policyholders' Surplus 25 --- 296* 546* 98*Other Underwriting Exp Incurred ($000) 532 335 155 894 1,966 *Indicates an unusual value.Net Underwriting Gains ($000) 412 221 630 -9 -122 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.00 20.00 20.00 82.18 92.32 complements of each ratio.Effective Tax Rate 32.32 46.51 29.57 30.96 -75.53


Admitted Assets Growth -5.17 -6.36 -64.66 15.67 27.52

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -5.38 -7.69 -75.95 28.23 40.94

Reinsurance Recoverable ex US Aff 21,443 21,894 19,091 14,334 6,614 Net Premiums Written Growth -24.54 -11.60 -21.59 429.34 36.59Retention Ratio (NPW/GPW) (%)3 20.00 20.00 20.00 82.18 92.32 Pre-Tax Operating Income Growth 470.01 -43.38 161.30 -82.83 -94.06Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth 484.54 -55.25 244.90 -83.82 -68.94Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.06 Loss & Loss Adj Exp Reserves Growth -4.76 -3.41 -81.80 28.84 53.06Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -24.54 -11.60 -21.59 28.82 21.53Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 67.73 47.06 -25.42 -23.83 -17.61

Capital & Surplus Five-year CAGR 32.26 13.50 5.81 1.97 2.06Admitted Assets Five-year CAGR 60.00 38.65 -19.04 -19.03 -14.27




Asbestos NA NA NA NA NA Capital and Surplus 4,154 4,307 4,802 4,678 4,764 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,154 4,307 4,802 4,678 4,764 Combined NA NA NA NA NA ACL Risk Based Capital 1,326 1,296 1,089 933 989



Change in Loss & LAE Resv / Reserves -4.76 -3.41 -81.80 28.84 53.06 Realized Capital Gains (Losses) 0 0 2 -5 81 Yr Loss Reserve Dev / 1Y Prior C&S -8.71 -2.29 -18.27 -9.02 -19.11 Net Unrealized Capital Gains (Losses) 4 -2 -39 89 602 Yr Loss Reserve Dev / 2Y Prior C&S -2.22 -11.20 -30.96 -25.58 -33.90 Dividends to Stockholders 0 0 0 -300 0Loss and LAE Reserves / NPE 1,629.34 1,892.51 631.45 159.94 106.20 Dividend Payout Ratio (%) 0.00 0.00 0.00 346.76 0.001 Yr Loss Reserve Development / NPE -24.57 -7.38 -70.20 -14.65 -13.50 Net Premiums Written / Avg C&S (%) 33.36 28.76 21.18 106.17 147.12IBNR/ Total Reserves 7.13 6.85 29.78 37.86 23.91 Liabilities / Capital & Surplus (%) 757.19 674.08 145.38 191.37 264.83Reserves/ Equity 591.95 551.40 90.02 119.07 178.94 Total Reins Recov Excl US Aff / C&S (%) 516.25 508.34 397.54 306.41 138.82


156.6 166.1

220.6250.7 240.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y



20.0 20.0 20.0

82.292.3

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013Y




CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 2,717 1,905 6,259 6,459 4,479 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,928 6,124 4,802 6,186 7,517Common Stocks 0 0 947 1,560 2,099 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -5,542 -4,899 -3,841 -1,102 -573Occupied Properties 0 0 0 0 0 Net Premiums Written 1,386 1,225 960 5,084 6,944Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -141 -62 -161 2,129 324Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,526 1,287 1,121 2,955 6,620

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,398 7,571 2,462 3,393 8,171 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 10,115 9,475 9,667 11,412 14,750 Net Losses Paid - Commercial 482 443 287 449 926Premiums & Considerations Due 1,121 637 371 454 718 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 20,502 19,462 850 490 0 Net Losses Paid 482 443 287 449 926All Other Admitted Assets 3,866 3,764 895 1,274 1,914 Net LAE Paid 442 439 470 374 895Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 35,604 33,340 11,784 13,631 17,382 Change in Loss Reserves - Commercial -257 24 -229 455 2,407

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -84 -174 -191 792 549

Unpaid Losses 15,943 15,987 2,965 3,419 5,826 Net Change in Loss and LAE Reserves -341 -151 -420 1,247 2,956Unpaid Loss Adj Expenses 8,644 7,762 1,359 2,151 2,700 Losses and LAE Incurred 582 731 337 2,070 4,776

Loss & Loss Adj Exp Reserves 24,588 23,749 4,323 5,570 8,526 Other Underwriting Expense Incurred 532 335 155 894 1,966Unearned Premiums 3,535 3,223 484 2,613 2,937 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,888 1,021 1,010 238 546 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 748 520 619 531 605 Net Underwriting Gain (Loss) 412 221 630 -9 -122Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 692 519 546 0 5 Total underwriting deductions 1,114 1,066 491 2,964 6,742



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains (Losses) 0 0 2 -5 8Preferred 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 -14Unassigned Surplus 1,743 1,896 2,392 2,268 2,354 Income after cap gains (loss) before tax 512 290 759 125 15Other Including Gross Contributed 1,411 1,411 1,411 1,411 1,411 Federal Income Tax 165 135 224 39 -12

Capital & Surplus 4,154 4,307 4,802 4,678 4,764 Net Income 346 155 535 87 27

Total Liabilities and C&S 35,604 33,340 11,784 13,631 17,382 Pre-tax Operating Income 512 290 757 130 8

Memo: Total Revenue 1,626 1,356 1,250 3,090 6,757Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,155 1,166 87 1,125 3,024

Bonds 0 0 0 0 0





Net Investment Income 100 69 128 139 144 Class 6 0 0 0 0 0R li d C it l G i 0 0 2 5 8Realized Capital Gains 0 0 2 -5 8Unrealized Capital Gains 4 -2 -39 89 60Total Cash & Investments 10,115 9,475 9,667 11,412 14,750Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,892 3,580 6,259 6,459 5,883Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 947 1,560 2,099Total 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 1,803 1,360 755






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 2,176 1. Med Prof Liab 7,517 Cash/Invested Assets 73.14 79.90 25.46 29.73 55.402. California 1,558 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,258 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 452 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 424 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 0.49 -13.99 -22.20 -16.27 -3.92 All other admitted assets/Total Assets 10.86 11.29 7.60 9.35 11.01National DPW ($000) 6,928 6,124 4,802 6,186 7,517 Invested Assets/Total Assets 28.41 28.42 82.04 83.73 84.85Adjusted Loss Ratio 18.28 35.09 4.82 -17.54 9.17 Investment Income/Total Assets 0.28 0.21 1.08 1.02 0.83





Other Invstmts - 55.4% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


New York - 28.9% California - 20.7%

Florida - 16.7% Kentucky - 6.0%




Aircraft - 0.0%



All Other - 0.0%


CareNext RRG Inc. (Purchase, NY)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

2500 Westchester Avenue NAIC Company Code : 15089 Total Assets NA NA NA NA 2,092Fourth Floor Business Focus : P&C Minimum NPW Policyholder Surplus NA NA NA NA 811Purchase, NY 10577-2540 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA NA NA 1,281

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA NA -36Tax Identification Number : 46-2358912 Total Revenue NA NA NA NA 555

Direct Premiums Written NA NA NA NA 1,467Net Premiums Written NA NA NA NA 768

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA NA 555

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA NA 413Demotech Financial Strength Rating A 03/07/14 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 0.95Fitch Financial Strength Rating -- -- -- --


Name : Lisa C. Harvan Auditor --Phone : (480) 682-4973 Actuary --Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Richard Kaplan


Net Yield on Invested Assets NA NA NA NA NANet Investment Income/Earned Premiums NA NA NA NA 0.00Return 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 45.78Expense Ratio NA NA NA NA 46.30Loss Ratio NA NA NA NA 22.89Combined Ratio NA NA NA NA 92.07Operating Ratio NA NA NA NA 92.07Investment ratio NA NA NA NA 0.00

Policyholder Dividend Ratio NA NA NA NA 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Cash, Short-Term Investments / Liabilities NA NA NA NA 108.87Cash, Common & Liquid Bonds / Liabilities NA NA NA NA 108.87Cash & Short-Term Investments / C&S NA NA NA NA 172.11Liabilities / Liquid Assets (IRIS Ratio) NA NA NA NA 92.00Affiliated Investments / Capital & Surplus NA NA NA NA 0.00Reserve coverage2 NA NA NA NA 143.05Cash From Underwriting ($000) NA NA NA NA 648Net Cash From Operations ($000) NA NA NA NA 648Underwriting Cash Flow Ratio NA NA NA NA 283.79Operating Cash Flow Ratio NA NA NA NA 283.79Unassigned Funds / Total Assets NA NA NA NA -1.73


GPW to Policyholders' Surplus3 900 --- NA NA 181NPW to Policyholders' Surplus 300 --- NA NA 95Change in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 NA

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y I t t Yi ld 6 5 3 NA NA NA

MSA: New York-Newark-Jersey City, NY-NJ-PA (Metro)

Distribution Channel: --

92.0

0

500

1,000

1,500

2,000

2,500

2009Y 2010Y 2011Y 2012Y 2013Y


92.1

0.000.100.200.300.400.500.600.700.800.901.00

2009Y 2010Y 2011Y 2012Y 2013Y



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Investment Yield 6.5 3 NA NA NA

Loss Adjustment Expense Ratio NA NA NA NA 22.89 Gross Change in Policyholders' Surplus 50 -10 NA NA 999*Net Commission Ratio NA NA NA NA 0.41 Net Change in Adj Policyholders' Surplus 25 -10 NA NA 999*Salaries & Benefits Ratio NA NA NA NA 0.00 Liabilities to Liquid Assets 100 --- NA NA 92Tax, License & Fees Ratio NA NA NA NA 3.69 Agents' Bal to Policyholders' Surplus 40 --- NA NA 0Admin & Other Expense Ratio NA NA NA NA 42.20 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NAGross Premiums Written ($000)3 NA NA NA NA 1,467 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA NA 254 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA NA 356 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA NA -55 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA NA 52.38 complements of each ratio.Effective Tax Rate NA NA NA NA NM

Pre-Tax Operating Margin NA NA NA NA -9.85 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth NA NA NA NA NA

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA NA NA

Reinsurance Recoverable ex US Aff NA NA NA NA 0 Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA NA 52.38 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 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA NA NAReinsurance Payable on Losses, LAE NA NA NA NA 0 Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA 0 Total Liabilities Five-year CAGR NA NA NA NA NA

Capital & Surplus Five-year CAGR NA NA NA NA NAAdmitted Assets Five-year CAGR NA NA NA NA NA




Asbestos NA NA NA NA NA Capital and Surplus NA NA NA NA 811 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA 811 Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA 171

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA NA 474.94

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA NA 237.47

Change in Loss & LAE Resv / Reserves NA NA NA NA NA Realized Capital Gains (Losses) NA NA NA NA 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA NA 02 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA NA 0.00 Dividends to Stockholders NA NA NA NA 0Loss and LAE Reserves / NPE NA NA NA NA NA Dividend Payout Ratio (%) NA NA NA NA 0.001 Yr Loss Reserve Development / NPE NA NA NA NA 0.00 Net Premiums Written / Avg C&S (%) NA NA NA NA NAIBNR/ Total Reserves NA NA NA NA 30.66 Liabilities / Capital & Surplus (%) NA NA NA NA 158.10Reserves/ Equity NA NA NA NA 50.94 Total Reins Recov Excl US Aff / C&S (%) NA NA NA NA 0.00


237.5

0100200300400500600700800900

2009Y 2010Y 2011Y 2012Y 2013Y



52.4

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013Y




CareNext RRG Inc. (Purchase, NY)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds NA NA NA NA 0 Personal P&C Direct Premiums NA NA NA NA 0Preferred Stocks NA NA NA NA 0 Commercial P&C Direct Premiums NA NA NA NA 1,467Common Stocks NA NA NA NA 0 Accident & Health Direct Premiums NA NA NA NA 0

First Lien Real Estate Loans NA NA NA NA 0 Direct Premiums Written NA NA NA NA 1,467Real 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 -698Occupied Properties NA NA NA NA 0 Net Premiums Written NA NA NA NA 768Income Generating Properties NA NA NA NA 0 Change in U/E Premiums Reserve NA NA NA NA 213Properties for Sale NA NA NA NA 0 Net Premiums Earned NA NA NA NA 555

Total Real Estate NA NA NA NA 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA NA 1,395 Underwriting Deductions ($000)Other Investments NA NA NA NA 0 Net Losses Paid - Personal NA NA NA NA 0Subtotals, Cash & Invested Assets NA NA NA NA 1,395 Net Losses Paid - Commercial NA NA NA NA 0Premiums & Considerations Due NA NA NA NA 0 Net Losses Paid - A&H NA NA NA NA 0Reinsurance Recoverable NA NA NA NA 508 Net Losses Paid NA NA NA NA 0All Other Admitted Assets NA NA NA NA 189 Net LAE Paid NA NA NA NA 0Separate Account Assets NA NA NA NA 0 Change in Loss Reserves - Personal NA NA NA NA 0Total Net Admitted Assets NA NA NA NA 2,092 Change in Loss Reserves - Commercial NA NA NA NA 127

Change in Loss Reserves - A&H NA NA NA NA 0Liabilities Change in LAE Reserves NA NA NA NA 127

Unpaid Losses NA NA NA NA 206 Net Change in Loss and LAE Reserves NA NA NA NA 254Unpaid Loss Adj Expenses NA NA NA NA 206 Losses and LAE Incurred NA NA NA NA 254

Loss & Loss Adj Exp Reserves NA NA NA NA 413 Other Underwriting Expense Incurred NA NA NA NA 356Unearned Premiums NA NA NA NA 562 Other Underwriting Deductions NA NA NA NA 0Total Reinsurance Liabilities NA NA NA NA 233 Net Income Protected Cells NA NA NA NA 0Commissions, Other Exp & Taxes NA NA NA NA 46 Net Underwriting Gain (Loss) NA NA NA NA -55Payable to Parent, Subs & Affiliates NA NA NA NA 0 Policyholder Dividends (PHD) NA NA NA NA 0Other Liabilities NA NA NA NA 27 Total underwriting deductions NA NA NA NA 610

Total Liabilities NA NA NA NA 1,281

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA NA 0

Common Capital Stock NA NA NA NA 147 Net Realized Capital Gains (Losses) NA NA NA NA 0Preferred Capital Stock NA NA NA NA 0 Finance Service Charges NA NA NA NA 0Surplus Notes NA NA NA NA 600 All Other Income NA NA NA NA 0Unassigned Surplus NA NA NA NA -36 Income after cap gains (loss) before tax NA NA NA NA -55Other Including Gross Contributed NA NA NA NA 100 Federal Income Tax NA NA NA NA -19

Capital & Surplus NA NA NA NA 811 Net Income NA NA NA NA -36

Total Liabilities and C&S NA NA NA NA 2,092 Pre-tax Operating Income NA NA NA NA -55

Memo: Total Revenue NA NA NA NA 555Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA NA 310

Bonds NA NA NA NA 0

Preferred Stocks NA NA NA NA 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA NA NA 0 Investment GradeMortgage Loans NA NA NA NA 0 Class 1 NA NA NA NA 0Cash & Short Term Investments NA NA NA NA 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA NA 0 Non - Investment Grade

Total Affiliated Investments NA NA NA NA 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA NA 0

Net Investment Income NA NA NA NA 0 Class 6 NA NA NA NA 0R li d C it l G i NA NA NA NA 0Realized Capital Gains NA NA NA NA 0Unrealized Capital Gains NA NA NA NA 0Total Cash & Investments NA NA NA NA 1,395Affiliated Cash & Investments NA NA NA NA 0Total Bonds (incl Short-Term) NA NA NA NA 0Total Preferred Stock (incl Nonadmitted) NA NA NA NA 0Total Common Stock (incl Nonadmitted) NA NA NA NA 0Total Mortgage Loans (incl Nonadmitted) NA NA NA NA 0Total Real Estate (incl Nonadmitted) NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0


LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S NA NA NA NA 0.00Class 5 and 6 Bonds / C&S NA NA NA NA 0.00Bonds/Invested Assets NA NA NA NA 0.00Common Stocks / C&S NA NA NA NA 0.00Unaff common stock/Invested Assets NA NA NA NA 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA NA 0.001. New York 1,467 1. Med Prof Liab 1,467 Cash/Invested Assets NA NA NA NA 100.002. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA NA NA 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA NA NA 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA NA NA 0.00

All Other 0 All Other 0 Other Investments/Invested Assets NA NA NA NA 0.00Premiums & Cons due/Total Assets NA NA NA NA 0.00

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA NA NA 24.28

Market Share Ratio NA NA NA NA 0.00 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 9.04National DPW ($000) NA NA NA NA 1,467 Invested Assets/Total Assets NA NA NA NA 66.69Adjusted Loss Ratio NA NA NA NA 21.95 Investment Income/Total Assets NA NA NA NA 0.00





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


New York - 100.0% Alaska - 0.0%





Aircraft - 0.0%



All Other - 0.0%


Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

2700 North Third Street NAIC Company Code : 11976 Total Assets 10,547 12,979 14,707 15,755 16,228Suite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,973 5,653 6,096 8,402 8,289Phoenix, AZ 85004-1229 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,574 7,325 8,611 7,353 7,940

NAIC Ownership Structure: Stock Company Net Income 1,420 505 816 2,924 575Tax Identification Number : 20-1145017 Total Revenue 3,816 4,311 4,055 4,043 3,627



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 3,507 5,457 6,516 4,717 4,575Demotech Financial Strength Rating A 03/10/14 Affirm Loss & LAE Reserves/ NPE (%) 107.01 106.54 162.36 176.20 143.04S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 57.29 12.10 19.58 58.82 8.46Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.75 0.77 0.58 0.43 0.38Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Cas Actuarial Consultants Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President Vicente M. Juan


Net Yield on Invested Assets 3.14 2.58 2.56 2.07 1.85Net Investment Income/Earned Premiums 5.85 5.27 7.81 7.19 7.54Return on Average Equity (C&S) 36.99 9.27 13.83 44.01 6.69Return on Avg Assets 14.89 4.34 5.84 18.96 3.66Loss and LAE Ratio 23.96 69.50 53.23 -18.79 63.44Expense Ratio 20.32 18.77 25.12 23.27 23.97Loss Ratio 23.50 52.26 42.52 -26.22 34.77Combined Ratio 44.28 88.27 78.35 4.48 87.41Operating Ratio 38.26 82.67 71.04 -2.43 80.49Investment ratio 6.03 5.60 7.32 6.92 6.92


Cash, Short-Term Investments / Liabilities 28.46 19.31 18.56 71.68 9.66Cash, Common & Liquid Bonds / Liabilities 144.07 134.53 136.06 246.26 166.14Cash & Short-Term Investments / C&S 31.89 25.02 26.22 62.73 9.26Liabilities / Liquid Assets (IRIS Ratio) 69.00 74.00 73.00 56.00 61.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 162.02 138.27 148.69 219.82 230.53Cash From Underwriting ($000) 2,176 2,358 2,201 1,637 -791Net Cash From Operations ($000) 2,068 1,453 2,232 1,713 -1,757Underwriting Cash Flow Ratio 243.87 238.61 216.78 181.16 74.41Operating Cash Flow Ratio 265.76 305.93 228.98 192.35 113.77Unassigned Funds / Total Assets 22.50 23.53 23.77 36.83 35.05


GPW to Policyholders' Surplus3 900 --- 67 45 66NPW to Policyholders' Surplus 300 --- 58 43 38Change in Net Premiums Written 33 -33 -18 3 -14Surplus Aid to Policyholders' Surplus 15 --- 0 0 2Two-Year Overall Operating Ratio 100 --- 77 34 37




69.074.0 73.0

56.061.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013Y


44.3

88.378.4

4.5

87.4

0.005.00

10.0015.0020.0025.0030.0035.0040.0045.0050.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 0.46 17.24 10.72 7.43 28.67 Gross Change in Policyholders' Surplus 50 -10 8 38 -1Net Commission Ratio 9.21 9.21 11.51 10.35 5.16 Net Change in Adj Policyholders' Surplus 25 -10 8 38* -1Salaries & Benefits Ratio 3.64 3.20 4.65 5.12 6.97 Liabilities to Liquid Assets 100 --- 73 56 61Tax, License & Fees Ratio 1.82 1.58 2.17 1.46 2.66 Agents' Bal to Policyholders' Surplus 40 --- 3 1 3Admin & Other Expense Ratio 5.65 4.77 6.78 6.33 9.19 1-Yr Resv Dev to Policyholders' Surplus 20 --- -11 -40 -10Gross Premiums Written ($000)3 3,825 4,399 4,099 3,751 5,463 2-Yr Resv Dev to Policyholders' Surplus 20 --- -35 -42 -47Loss & Loss Adj Expense ($000) 862 2,837 2,011 -710 2,152 Est Curr Resv Defi/Policyholders' Surplus 25 --- -55 -15 -15Other Underwriting Exp Incurred ($000) 754 814 889 846 747 *Indicates an unusual value.Net Underwriting Gains ($000) 1,982 431 878 3,646 493 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 97.04 98.59 86.32 96.95 57.03 complements of each ratio.Effective Tax Rate 33.80 27.10 31.41 30.21 20.29



REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 10.20 31.43 17.55 -14.61 7.98

Reinsurance Recoverable ex US Aff 200 293 332 402 375 Net Premiums Written Growth 22.18 16.85 -18.42 2.78 -14.32Retention Ratio (NPW/GPW) (%)3 97.04 98.59 86.32 96.95 57.03 Pre-Tax Operating Income Growth 164.34 -70.01 75.07 238.43 -81.37Unauthorized Net Recov. (ex US Aff) (%) 25.00 24.91 25.60 25.37 -0.53 Net Income Growth 871.34 -64.42 61.44 258.49 -80.33Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 5.80 55.58 19.40 -27.60 -3.02Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 20.58 15.01 -6.83 -8.49 45.64Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 85.77 29.87 18.91 11.58 9.44





Asbestos NA NA NA NA NA Capital and Surplus 4,973 5,653 6,096 8,402 8,289 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,973 5,653 6,096 8,402 8,289 Combined NA NA NA NA NA ACL Risk Based Capital 394 689 653 457 358

Risk Based Capital Ratio (TAC/ACL RBC) 1,262.29 821.04 933.09 1,839.90 2,315.26

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) 631.15 410.52 466.54 919.95 1,157.63

Change in Loss & LAE Resv / Reserves 5.80 55.58 19.40 -27.60 -3.02 Realized Capital Gains (Losses) -54 33 35 282 -61 Yr Loss Reserve Dev / 1Y Prior C&S -39.16 -18.58 -11.18 -40.44 -10.50 Net Unrealized Capital Gains (Losses) 118 175 47 -127 -892 Yr Loss Reserve Dev / 2Y Prior C&S -40.91 -53.01 -34.94 -41.82 -46.96 Dividends to Stockholders 0 0 -420 -490 -600Loss and LAE Reserves / NPE 107.01 106.54 162.36 176.20 143.04 Dividend Payout Ratio (%) 0.00 0.00 51.49 16.76 104.301 Yr Loss Reserve Development / NPE -37.37 -22.64 -16.73 -65.18 -26.02 Net Premiums Written / Avg C&S (%) 96.69 79.58 60.01 54.74 36.21IBNR/ Total Reserves 27.09 22.54 25.24 31.19 34.85 Liabilities / Capital & Surplus (%) 112.08 129.57 141.27 87.51 95.79Reserves/ Equity 70.52 96.52 106.89 56.14 55.19 Total Reins Recov Excl US Aff / C&S (%) 4.02 5.18 5.45 4.78 4.52


631.1

410.5 466.5

919.9

1,157.6

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2009Y 2010Y 2011Y 2012Y 2013Y



97.0 98.686.3

96.9

57.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 5,407 6,415 7,997 7,866 10,679 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 3,825 4,399 4,099 3,751 5,463Common Stocks 1,036 1,949 2,120 0 1,411 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -113 -62 -561 -115 -2,347Occupied Properties 0 0 0 0 0 Net Premiums Written 3,712 4,337 3,538 3,636 3,116Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 113 255 -240 -145 -276Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,599 4,082 3,778 3,782 3,392

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,586 1,414 1,598 5,271 767 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 8,030 9,779 11,716 13,136 12,857 Net Losses Paid - Commercial 232 370 396 487 1,520Premiums & Considerations Due 105 228 183 84 272 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 45 Net Losses Paid 232 370 396 487 1,520All Other Admitted Assets 2,412 2,972 2,808 2,534 3,054 Net LAE Paid 438 517 556 601 774Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 10,547 12,979 14,707 15,755 16,228 Change in Loss Reserves - Commercial 614 1,763 1,210 -1,478 -341

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -422 186 -151 -320 198

Unpaid Losses 2,370 4,133 5,343 3,865 3,524 Net Change in Loss and LAE Reserves 192 1,949 1,059 -1,798 -143Unpaid Loss Adj Expenses 1,137 1,323 1,172 852 1,050 Losses and LAE Incurred 862 2,837 2,011 -710 2,152

Loss & Loss Adj Exp Reserves 3,507 5,457 6,516 4,717 4,575 Other Underwriting Expense Incurred 754 814 889 846 747Unearned Premiums 1,572 1,827 1,587 1,442 1,165 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -93 -245 259 154 1,638 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 157 250 214 165 290 Net Underwriting Gain (Loss) 1,982 431 878 3,646 493Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 430 37 35 875 271 Total underwriting deductions 1,617 3,651 2,900 136 2,899



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) -54 33 35 282 -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 2,373 3,053 3,496 5,802 5,689 Income after cap gains (loss) before tax 2,145 693 1,189 4,190 722Other Including Gross Contributed 2,000 2,000 2,000 2,000 2,000 Federal Income Tax 725 188 374 1,266 146

Capital & Surplus 4,973 5,653 6,096 8,402 8,289 Net Income 1,420 505 816 2,924 575

Total Liabilities and C&S 10,547 12,979 14,707 15,755 16,228 Pre-tax Operating Income 2,199 660 1,155 3,908 728


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 5,407 6,492 7,997 12,837 9,672Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 1,340All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 217 228 276 262 235 Class 6 0 0 0 0 0R li d C it l G i 54 33 35 282 6Realized Capital Gains -54 33 35 282 -6Unrealized Capital Gains 118 175 47 -127 -89Total Cash & Investments 8,030 9,779 11,716 13,136 12,857Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,407 6,492 7,997 12,837 11,013Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,036 1,949 2,120 0 1,411Total 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 0 783 4,748Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 2,424 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Arizona 2,625 1. Med Prof Liab 5,463 Cash/Invested Assets 19.75 14.46 13.64 40.12 5.972. Texas 2,081 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 597 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 160 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alaska 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 76.29 18.13 10.26 10.60 11.48 All other admitted assets/Total Assets 22.87 22.90 19.09 16.09 18.82National DPW ($000) 3,825 4,399 4,099 3,751 5,463 Invested Assets/Total Assets 76.13 75.34 79.66 83.38 79.23Adjusted Loss Ratio 22.23 50.76 48.23 -25.22 28.29 Investment Income/Total Assets 2.06 1.76 1.88 1.66 1.45





Other Invstmts - 6.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Arizona - 48.1% Texas - 38.1% Florida - 10.9%

Michigan - 2.9% Alaska - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Charitable Svc Prvdrs Recpl (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

15255 North 40th Street NAIC Company Code : 12167 Total Assets 2,458 3,257 3,521 3,779 3,396Suite 109 Business Focus : P&C Minimum NPW Policyholder Surplus 2,117 2,899 3,244 3,430 2,790Phoenix, AZ 85032-4638 Geographic Focus: Geography Minimum NPW Total Liabilities 342 358 277 349 606

NAIC Ownership Structure: Risk Retention Group Net Income 714 683 579 573 302Tax Identification Number : 20-8095873 Total Revenue 1,124 1,116 985 958 921

Direct Premiums Written 1,349 1,327 1,338 1,088 1,106Net Premiums Written 1,093 1,048 916 898 861

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,093 1,048 916 898 861

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 314 325 206 210 382Demotech Financial Strength Rating A 03/26/14 Affirm Loss & LAE Reserves/ NPE (%) 23.27 32.07 46.71 26.78 38.43S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 37.50 26.87 18.55 16.34 9.47Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.52 0.36 0.28 0.26 0.31Fitch Financial Strength Rating -- -- -- --


Name : Richard P. Marshall Auditor Brown Smith Wallace LLCPhone : (602) 952-9532 Actuary Milliman Inc.Fax : (602) 952-8789 CEO --Email : [email protected] CFO Matthew Luger

President David Barger Ellis




Cash, Short-Term Investments / Liabilities 55.38 41.13 69.80 49.44 13.54Cash, Common & Liquid Bonds / Liabilities 664.46 836.86 NM 990.34 515.90Cash & Short-Term Investments / C&S 8.93 5.08 5.95 5.03 2.94Liabilities / Liquid Assets (IRIS Ratio) 15.00 12.00 8.00 10.00 19.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 764.50 958.58 1,714.21 1,696.73 894.64Cash From Underwriting ($000) 572 559 538 245 456Net Cash From Operations ($000) 632 648 651 333 548Underwriting Cash Flow Ratio 262.09 228.17 196.59 155.89 206.03Operating Cash Flow Ratio 254.38 228.17 196.59 160.25 210.30Unassigned Funds / Total Assets 72.72 78.90 82.80 82.06 72.47


GPW to Policyholders' Surplus3 900 --- 41 32 40NPW to Policyholders' Surplus 300 --- 28 26 31Change in Net Premiums Written 33 -33 -13 -2 -4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 39 41 55



Distribution Channel: Independent Agency

15.0

12.0

8.0

10.0

19.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013Y


38.842.5

49.0 47.6

76.6

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 0.38 4.22 5.81 2.69 11.84 Gross Change in Policyholders' Surplus 50 -10 12 6 -19*Net Commission Ratio 0.00 0.00 0.00 -0.13 -0.09 Net Change in Adj Policyholders' Surplus 25 -10 12 6 -19*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 8 10 19Tax, License & Fees Ratio 1.70 5.35 1.72 1.57 1.80 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 27.41 31.94 32.27 42.14 46.08 1-Yr Resv Dev to Policyholders' Surplus 20 --- -1 -6 2Gross Premiums Written ($000)3 1,349 1,327 1,338 1,088 1,106 2-Yr Resv Dev to Policyholders' Surplus 20 --- -4 -2 -6Loss & Loss Adj Expense ($000) 106 54 138 36 248 Est Curr Resv Defi/Policyholders' Surplus 25 --- 1 -2 -9Other Underwriting Exp Incurred ($000) 318 391 311 391 411 *Indicates an unusual value.Net Underwriting Gains ($000) 669 603 467 470 201 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 81.00 78.98 68.49 82.50 77.80 complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 3.38 9.78


Admitted Assets Growth 26.22 32.46 8.11 7.35 -10.15

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 2.99 4.81 -22.73 26.18 73.53

Reinsurance Recoverable ex US Aff 132 120 148 107 289 Net Premiums Written Growth 41.28 -4.04 -12.59 -2.05 -4.11Retention Ratio (NPW/GPW) (%)3 81.00 78.98 68.49 82.50 77.80 Pre-Tax Operating Income Growth 88.34 -4.28 -20.01 -1.01 -50.68Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth 160.41 -4.24 -15.34 -0.89 -47.26Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 24.81 3.48 -36.70 2.07 81.66Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 1.14 -1.59 0.80 -18.69 1.69Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -23.30 -6.28 1.14 -0.37 12.80






Risk Based Capital Ratio (TAC/ACL RBC) 1,917.71 1,878.52 2,485.35 2,069.33 1,539.97

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) 958.85 939.26 1,242.68 1,034.66 769.99

Change in Loss & LAE Resv / Reserves 24.81 3.48 -36.70 2.07 81.66 Realized Capital Gains (Losses) 13 13 42 63 731 Yr Loss Reserve Dev / 1Y Prior C&S -12.68 -6.76 -0.93 -5.52 1.72 Net Unrealized Capital Gains (Losses) 44 98 57 48 172 Yr Loss Reserve Dev / 2Y Prior C&S -12.03 -12.68 -3.87 -2.13 -5.61 Dividends to Stockholders 0 0 -290 -324 -959Loss and LAE Reserves / NPE 23.27 32.07 46.71 26.78 38.43 Dividend Payout Ratio (%) 0.00 0.00 50.10 56.57 316.981 Yr Loss Reserve Development / NPE -18.76 -13.64 -2.95 -19.94 6.85 Net Premiums Written / Avg C&S (%) 58.49 42.02 31.70 27.62 31.13IBNR/ Total Reserves 40.38 43.17 65.78 57.89 38.59 Liabilities / Capital & Surplus (%) 16.13 12.35 8.53 10.17 21.71Reserves/ Equity 14.84 11.21 6.34 6.12 13.67 Total Reins Recov Excl US Aff / C&S (%) 6.24 4.14 4.56 3.12 10.36


958.9 939.3

1,242.7

1,034.7

770.0

0500

1,0001,5002,0002,5003,0003,5004,000

2009Y 2010Y 2011Y 2012Y 2013Y



81.0 79.068.5

82.577.8

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013Y




Charitable Svc Prvdrs Recpl (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 1,737 2,386 2,512 2,605 2,283 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,349 1,327 1,338 1,088 1,106Common Stocks 344 462 674 679 759 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -256 -279 -422 -190 -246Occupied Properties 0 0 0 0 0 Net Premiums Written 1,093 1,048 916 898 861Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,093 1,048 916 898 861

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 189 147 193 173 82 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 2,269 2,996 3,379 3,456 3,124 Net Losses Paid - Commercial 12 1 195 1 0Premiums & Considerations Due 0 0 0 0 0 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 162 215 56 250 224 Net Losses Paid 12 1 195 1 0All Other Admitted Assets 27 46 86 73 47 Net LAE Paid 31 43 62 31 76Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 2,458 3,257 3,521 3,779 3,396 Change in Loss Reserves - Commercial 89 9 -111 11 146

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -27 1 -8 -7 26

Unpaid Losses 237 246 135 147 292 Net Change in Loss and LAE Reserves 62 11 -119 4 172Unpaid Loss Adj Expenses 77 79 70 63 89 Losses and LAE Incurred 106 54 138 36 248

Loss & Loss Adj Exp Reserves 314 325 206 210 382 Other Underwriting Expense Incurred 318 391 311 391 411Unearned Premiums 0 0 0 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 25 23 53 19 76 Net Underwriting Gain (Loss) 669 603 467 470 201Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 2 10 17 120 148 Total underwriting deductions 424 445 449 428 659

Total Liabilities 342 358 277 349 606


Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 13 13 42 63 73Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 125 125 125 125 125 All Other Income 0 0 0 0 0Unassigned Surplus 1,788 2,570 2,915 3,101 2,461 Income after cap gains (loss) before tax 714 683 579 593 335Other Including Gross Contributed 204 204 204 204 204 Federal Income Tax 0 0 0 20 33



Memo: Total Revenue 1,137 1,129 1,028 1,021 995Memo: Affiliated Investments ($000) Memo: Paid Expenses 343 436 343 458 443

Bonds 0 0 0 0 0





Net Investment Income 32 67 69 61 61 Class 6 0 0 0 0 0R li d C it l G i 13 13 42 63 73Realized Capital Gains 13 13 42 63 73Unrealized Capital Gains 44 98 57 48 17Total Cash & Investments 2,269 2,996 3,379 3,456 3,124Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,737 2,386 2,512 2,605 2,283Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 344 462 674 679 759Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0







LT Bond 2,283 2,283 2,276 2,121 8,963Common Stock 759 759 574 -- 2,093Preferred Stock 0 0 0 -- 0Total 3,042 3,042 2,850 2,121 --



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 725 1. Med Prof Liab 1,106 Cash/Invested Assets 8.33 4.91 5.71 4.99 2.622. Colorado 381 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 0.68 174.09 0.45 -4.65 -3.67 All other admitted assets/Total Assets 1.10 1.41 2.43 1.93 1.39National DPW ($000) 1,349 1,327 1,338 1,088 1,106 Invested Assets/Total Assets 92.31 91.99 95.98 91.45 92.01Adjusted Loss Ratio 6.04 0.13 14.49 0.45 27.86 Investment Income/Total Assets 1.29 2.07 1.96 1.61 1.78





Other Invstmts - 2.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


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%


Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

18835 North Thompson Peak Parkway NAIC Company Code : 14388 Total Assets NA NA NA 4,775 9,365Suite 210 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus NA NA NA 1,512 2,103Scottsdale, AZ 85255-6254 Geographic Focus: National Total Liabilities NA NA NA 3,263 7,262

NAIC Ownership Structure: Stock Company Net Income NA NA NA -133 672Tax Identification Number : 45-5591447 Total Revenue NA NA NA 937 4,490

Direct Premiums Written NA NA NA 3,964 5,433Net Premiums Written NA NA NA 2,806 4,240

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 937 4,486

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 710 4,185Demotech Financial Strength Rating A 03/27/14 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA 52.36S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA 61.32Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 1.86 2.02Fitch Financial Strength Rating -- -- -- --


Name : Andrew Scott Marson Auditor Saslow Lufkin & Buggy LLPPhone : (480) 682-4983 Actuary Walter Haner & Assoc. Inc.Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Michael Walter Gregory


Net Yield on Invested Assets NA NA NA NA 0.16Net Investment Income/Earned Premiums NA NA NA 0.02 0.11Return on Average Equity (C&S) NA NA NA NA 40.34Return on Avg Assets NA NA NA NA 10.36Loss and LAE Ratio NA NA NA 75.91 79.72Expense Ratio NA NA NA 7.66 -2.52Loss Ratio NA NA NA 37.12 36.72Combined Ratio NA NA NA 83.57 77.20Operating Ratio NA NA NA 83.52 77.09Investment ratio NA NA NA 0.06 0.10

Policyholder Dividend Ratio NA NA NA 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Cash, Short-Term Investments / Liabilities NA NA NA 34.18 15.05Cash, Common & Liquid Bonds / Liabilities NA NA NA 79.93 69.16Cash & Short-Term Investments / C&S NA NA NA 73.78 51.97Liabilities / Liquid Assets (IRIS Ratio) NA NA NA 172.00 180.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 86.76 71.96Cash From Underwriting ($000) NA NA NA 691 2,570Net Cash From Operations ($000) NA NA NA 540 2,065Underwriting Cash Flow Ratio NA NA NA 880.13 2,022.43Operating Cash Flow Ratio NA NA NA 1,049.38 2,411.35Unassigned Funds / Total Assets NA NA NA 0.25 6.44


GPW to Policyholders' Surplus3 900 --- NA 262 258NPW to Policyholders' Surplus 300 --- NA 186 202Change in Net Premiums Written 33 -33 NA NA 51*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 NA 80

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y I t t Yi ld 6 5 3 NA NA 0 2*



172.0

180.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2009Y 2010Y 2011Y 2012Y 2013Y


83.6

77.2

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

2009Y 2010Y 2011Y 2012Y 2013Y



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Investment Yield 6.5 3 NA NA 0.2*

Loss Adjustment Expense Ratio NA NA NA 38.79 43.00 Gross Change in Policyholders' Surplus 50 -10 NA 999* 50*Net Commission Ratio NA NA NA 0.83 1.69 Net Change in Adj Policyholders' Surplus 25 -10 NA 999* 50*Salaries & Benefits Ratio NA NA NA 0.00 0.00 Liabilities to Liquid Assets 100 --- NA 172* 180*Tax, License & Fees Ratio NA NA NA 1.87 4.34 Agents' Bal to Policyholders' Surplus 40 --- NA 171* 145*Admin & Other Expense Ratio NA NA NA 4.96 -8.56 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA 0 18Gross Premiums Written ($000)3 NA NA NA 3,964 5,433 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA 0Loss & Loss Adj Expense ($000) NA NA NA 711 3,576 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA 215 493 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA 11 1,017 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 70.78 78.05 complements of each ratio.Effective Tax Rate NA NA NA NM 35.28

Pre-Tax Operating Margin NA NA NA 1.19 22.75 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth NA NA NA NA 96.13

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA NA 122.54

Reinsurance Recoverable ex US Aff NA NA NA 345 674 Net Premiums Written Growth NA NA NA NA 51.13Retention Ratio (NPW/GPW) (%)3 NA NA NA 70.78 78.05 Pre-Tax Operating Income Growth NA NA NA NA NMUnauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 0.00 Net Income Growth NA NA NA NA NMNonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA NA 489.43Reinsurance Payable on Losses, LAE NA NA NA 0 0 Direct Premiums Written Growth NA NA NA NA 37.05Reinsurance on Known Case Reserves NA NA NA 0 0 Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 1,512 2,103 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,512 2,103 Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 157 570



Change in Loss & LAE Resv / Reserves NA NA NA NA 489.43 Realized Capital Gains (Losses) NA NA NA 0 171 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA 16.54 Net Unrealized Capital Gains (Losses) NA NA NA 0 242 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA 0.00 0.00 Dividends to Stockholders NA NA NA 0 0Loss and LAE Reserves / NPE NA NA NA NA 52.36 Dividend Payout Ratio (%) NA NA NA 0.00 0.001 Yr Loss Reserve Development / NPE NA NA NA 0.00 5.57 Net Premiums Written / Avg C&S (%) NA NA NA NA 254.59IBNR/ Total Reserves NA NA NA 36.24 41.74 Liabilities / Capital & Surplus (%) NA NA NA 215.83 345.25Reserves/ Equity NA NA NA 46.96 198.95 Total Reins Recov Excl US Aff / C&S (%) NA NA NA 22.82 32.04


482.3

184.5

0

500

1,000

1,500

2,000

2,500

2009Y 2010Y 2011Y 2012Y 2013Y



70.8

78.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds NA NA NA 411 2,389 Personal P&C Direct Premiums NA NA NA 0 0Preferred Stocks NA NA NA 0 0 Commercial P&C Direct Premiums NA NA NA 3,964 5,433Common Stocks NA NA NA 366 555 Accident & Health Direct Premiums NA NA NA 0 0

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 3,964 5,433Real Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -1,158 -1,192Occupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 2,806 4,240Income Generating Properties NA NA NA 0 0 Change in U/E Premiums Reserve NA NA NA 1,869 -245Properties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 937 4,486

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 1,115 1,093 Underwriting Deductions ($000)Other Investments NA NA NA 0 -16 Net Losses Paid - Personal NA NA NA 0 0Subtotals, Cash & Invested Assets NA NA NA 1,893 4,020 Net Losses Paid - Commercial NA NA NA 0 25Premiums & Considerations Due NA NA NA 2,582 3,586 Net Losses Paid - A&H NA NA NA 0 0Reinsurance Recoverable NA NA NA 0 1,281 Net Losses Paid NA NA NA 0 25All Other Admitted Assets NA NA NA 300 478 Net LAE Paid NA NA NA 363 1,929Separate Account Assets NA NA NA 0 0 Change in Loss Reserves - Personal NA NA NA 0 0Total Net Admitted Assets NA NA NA 4,775 9,365 Change in Loss Reserves - Commercial NA NA NA 348 1,622

Change in Loss Reserves - A&H NA NA NA 0 0Liabilities Change in LAE Reserves NA NA NA 0 0

Unpaid Losses NA NA NA 348 2,042 Net Change in Loss and LAE Reserves NA NA NA 348 1,622Unpaid Loss Adj Expenses NA NA NA 362 2,143 Losses and LAE Incurred NA NA NA 711 3,576

Loss & Loss Adj Exp Reserves NA NA NA 710 4,185 Other Underwriting Expense Incurred NA NA NA 215 493Unearned Premiums NA NA NA 1,869 2,339 Other Underwriting Deductions NA NA NA 0 -600Total Reinsurance Liabilities NA NA NA 557 607 Net Income Protected Cells NA NA NA 0 0Commissions, Other Exp & Taxes NA NA NA 128 131 Net Underwriting Gain (Loss) NA NA NA 11 1,017Payable to Parent, Subs & Affiliates NA NA NA 0 0 Policyholder Dividends (PHD) NA NA NA 0 0Other Liabilities NA NA NA 0 0 Total underwriting deductions NA NA NA 926 3,469

Total Liabilities NA NA NA 3,263 7,262

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA 1 5

Common Capital Stock NA NA NA 1,500 1,500 Net Realized Capital Gains (Losses) NA NA NA 0 17Preferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 0Surplus Notes NA NA NA 0 0 All Other Income NA NA NA 0 0Unassigned Surplus NA NA NA 12 603 Income after cap gains (loss) before tax NA NA NA 11 1,038Other Including Gross Contributed NA NA NA 0 0 Federal Income Tax NA NA NA 144 366

Capital & Surplus NA NA NA 1,512 2,103 Net Income NA NA NA -133 672

Total Liabilities and C&S NA NA NA 4,775 9,365 Pre-tax Operating Income NA NA NA 11 1,021

Memo: Total Revenue NA NA NA 937 4,507Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA 578 2,422

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA 1,127 3,375Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA 0 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA 0 0Class 4 NA NA NA 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA 0 0

Net Investment Income NA NA NA 1 5 Class 6 NA NA NA 0 0R li d C it l G i NA NA NA 0 17Realized Capital Gains NA NA NA 0 17Unrealized Capital Gains NA NA NA 0 24Total Cash & Investments NA NA NA 1,893 4,020Affiliated Cash & Investments NA NA NA 0 0Total Bonds (incl Short-Term) NA NA NA 1,127 3,375Total Preferred Stock (incl Nonadmitted) NA NA NA 0 0Total Common Stock (incl Nonadmitted) NA NA NA 366 555Total Mortgage Loans (incl Nonadmitted) NA NA NA 0 0Total Real Estate (incl Nonadmitted) NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 0.00Privately Placed Bonds / C&S (%) NA NA NA 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA 0 0Issued Political Subdivisions ($000) NA NA NA 0 0Issued State Rev Obligations ($000) NA NA NA 0 0Issued Industrial Development ($000) NA NA NA 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S NA NA NA 0.00 0.00Class 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 21.74 59.42Common Stocks / C&S NA NA NA 24.19 26.37Unaff common stock/Invested Assets NA NA NA 19.33 13.80

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA 0.00 0.001. Tennessee 497 Cash/Invested Assets NA NA NA 58.94 27.192. New Jersey 460 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Delaware 378 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Pennsylvania 349 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. Arizona 343 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 3,407 All Other Other Investments/Invested Assets NA NA NA 0.00 -0.41Premiums & Cons due/Total Assets NA NA NA 54.08 38.29

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA NA 0.00 13.68

Market Share Ratio NA NA NA 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 6.28 5.11National DPW ($000) NA NA NA 3,964 5,433 Invested Assets/Total Assets NA NA NA 39.63 42.93Adjusted Loss Ratio NA NA NA 31.39 33.36 Investment Income/Total Assets NA NA NA 0.01 0.05





Other Invstmts - 26.8% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Tennessee - 9.1% New Jersey - 8.5%

Delaware - 7.0% Pennsylvania - 6.4%



Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

2386 Airport Road NAIC Company Code : 10075 Total Assets 6,772 6,252 5,674 5,365 5,369Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,643 3,589 3,405 3,373 3,305

Geographic Focus: Geography Minimum NPW Total Liabilities 3,129 2,664 2,269 1,992 2,063NAIC Ownership Structure: Risk Retention Group Net Income -187 13 -64 15 -52Tax Identification Number : 03-0310577 Total Revenue 831 821 685 547 490

Direct Premiums Written 1,522 1,326 1,166 944 1,226Net Premiums Written 640 616 561 405 493

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 677 679 602 496 443

AM Best Financial Strength Rating B 04/03/12 -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,450 2,065 1,820 1,641 1,629Demotech Financial Strength Rating A 03/14/14 Affirm Loss & LAE Reserves/ NPE (%) 380.31 368.61 347.05 360.71 375.62S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -5.39 -1.39 -7.21 -3.90 -6.27Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.18 0.17 0.16 0.12 0.15Fitch Financial Strength Rating -- -- -- --


Name : Paula A. French Auditor Johnson Lambert LLPPhone : (802) 371-2321 Actuary Financial Risk Analysts LLCFax : (802) 229-6280 CEO --Email : [email protected] CFO --

President D. Christopher Cathcart


Net Yield on Invested Assets 2.54 2.34 1.49 1.09 0.99Net Investment Income/Earned Premiums 24.05 23.09 14.80 12.53 9.54Return on Average Equity (C&S) -5.31 0.36 -1.84 0.44 -1.58Return on Avg Assets -2.74 0.19 -1.05 0.27 -0.96Loss and LAE Ratio 74.84 45.50 60.07 29.08 45.26Expense Ratio 80.27 91.28 102.30 131.91 100.88Loss Ratio -3.61 17.09 -50.18 22.51 -31.81Combined Ratio 155.11 136.78 162.37 160.99 146.14Operating Ratio 132.36 115.83 148.58 150.78 135.52Investment ratio 22.75 20.95 13.79 10.22 10.62


Cash, Short-Term Investments / Liabilities 47.92 53.40 67.35 66.76 75.04Cash, Common & Liquid Bonds / Liabilities 227.85 261.92 277.99 272.92 282.01Cash & Short-Term Investments / C&S 41.15 39.64 44.87 39.43 46.84Liabilities / Liquid Assets (IRIS Ratio) 53.00 46.00 45.00 45.00 45.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 499.24 344.04 364.60 377.08 358.13Cash From Underwriting ($000) -960 -418 -833 -780 124Net Cash From Operations ($000) -648 -143 -696 -697 204Underwriting Cash Flow Ratio 41.25 60.06 41.83 34.91 137.77Operating Cash Flow Ratio 32.05 50.04 41.83 34.91 137.10Unassigned Funds / Total Assets 44.44 48.96 52.93 55.90 54.85


GPW to Policyholders' Surplus3 900 --- 34 28 37NPW to Policyholders' Surplus 300 --- 16 12 15Change in Net Premiums Written 33 -33 -9 -28 22Surplus Aid to Policyholders' Surplus 15 --- 2 2 2Two-Year Overall Operating Ratio 100 --- 131* 149* 141*


MSA: Barre, VT (Micro)

Distribution Channel: General Agnt/Managing General Agnt

53.0

46.045.0 45.0 45.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009Y 2010Y 2011Y 2012Y 2013Y


155.1

136.8

162.4 161.0

146.1

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 78.44 28.41 110.25 6.58 77.07 Gross Change in Policyholders' Surplus 50 -10 -5 -1 -2Net Commission Ratio 8.38 18.07 18.16 20.15 14.04 Net Change in Adj Policyholders' Surplus 25 -10 -2 0 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 45 45 45Tax, License & Fees Ratio 3.84 4.09 14.18 10.65 6.45 Agents' Bal to Policyholders' Surplus 40 --- 2 2 4Admin & Other Expense Ratio 68.05 69.12 69.96 101.11 80.40 1-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -5 -3Gross Premiums Written ($000)3 1,522 1,326 1,166 944 1,226 2-Yr Resv Dev to Policyholders' Surplus 20 --- -19 -10 -7Loss & Loss Adj Expense ($000) 506 309 362 144 201 Est Curr Resv Defi/Policyholders' Surplus 25 --- -9 -10 -11Other Underwriting Exp Incurred ($000) 514 562 574 534 498 *Indicates an unusual value.Net Underwriting Gains ($000) -344 -192 -334 -182 -255 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 42.06 46.41 48.13 42.87 40.24 complements of each ratio.Effective Tax Rate NM 58.78 NM -3.79 NM

Pre-Tax Operating Margin -22.83 -6.09 -36.59 -23.99 -42.44 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth -3.07 -7.68 -9.25 -5.45 0.07

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -8.15 -14.87 -14.83 -12.19 3.57

Reinsurance Recoverable ex US Aff 8,357 2,565 2,734 2,604 2,212 Net Premiums Written Growth -32.84 -3.83 -8.86 -27.89 21.91Retention Ratio (NPW/GPW) (%)3 42.06 46.41 48.13 42.87 40.24 Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -9.83 -15.70 -11.86 -9.87 -0.68Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -27.22 -12.84 -12.11 -19.05 29.87Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 3.61 -1.38 -6.24 -8.93 -9.54

Capital & Surplus Five-year CAGR -1.52 -0.98 -2.83 -3.81 -1.58Admitted Assets Five-year CAGR 0.65 -1.15 -4.28 -5.91 -5.13







Change in Loss & LAE Resv / Reserves -9.83 -15.70 -11.86 -9.87 -0.68 Realized Capital Gains (Losses) -134 81 119 146 811 Yr Loss Reserve Dev / 1Y Prior C&S -9.44 -11.25 -11.93 -4.79 -3.08 Net Unrealized Capital Gains (Losses) 297 25 6 -42 -32 Yr Loss Reserve Dev / 2Y Prior C&S -9.90 -7.15 -18.99 -10.14 -7.21 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 380.31 368.61 347.05 360.71 375.62 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -49.95 -60.43 -71.11 -32.86 -23.47 Net Premiums Written / Avg C&S (%) 18.19 17.18 16.13 12.02 14.88IBNR/ Total Reserves 40.62 45.30 19.52 23.29 9.41 Liabilities / Capital & Surplus (%) 85.88 74.23 66.62 59.07 62.42Reserves/ Equity 67.25 57.55 53.46 48.65 49.30 Total Reins Recov Excl US Aff / C&S (%) 229.38 71.48 80.29 77.21 66.92


319.8

456.1 438.7 464.3496.9

0500

1,0001,5002,0002,5003,0003,5004,000

2009Y 2010Y 2011Y 2012Y 2013Y



42.1

46.4

48.1

42.9

40.2

0200400600800

1,0001,2001,4001,600

2009Y 2010Y 2011Y 2012Y 2013Y




Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 2,888 3,218 2,608 2,497 2,320 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,522 1,326 1,166 944 1,226Common Stocks 1,535 1,095 884 567 705 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,522 1,326 1,166 944 1,226Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -882 -711 -605 -539 -732Occupied Properties 0 0 0 0 0 Net Premiums Written 640 616 561 405 493Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -37 -63 -41 -92 50Properties for Sale 0 0 0 0 0 Net Premiums Earned 677 679 602 496 443

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,499 1,422 1,528 1,330 1,548 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 5,922 5,735 5,020 4,393 4,573 Net Losses Paid - Commercial 373 343 255 260 38Premiums & Considerations Due 108 100 76 51 131 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 401 171 299 646 258 Net Losses Paid 373 343 255 260 38All Other Admitted Assets 340 247 278 275 406 Net LAE Paid 537 351 352 64 174Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 6,772 6,252 5,674 5,365 5,369 Change in Loss Reserves - Commercial -398 -227 -557 -148 -179

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -7 -158 312 -31 168

Unpaid Losses 1,339 1,112 555 407 228 Net Change in Loss and LAE Reserves -404 -385 -245 -180 -11Unpaid Loss Adj Expenses 1,111 953 1,265 1,234 1,401 Losses and LAE Incurred 506 309 362 144 201

Loss & Loss Adj Exp Reserves 2,450 2,065 1,820 1,641 1,629 Other Underwriting Expense Incurred 514 562 574 534 498Unearned Premiums 410 347 306 215 265 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 17 22 36 25 63 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 252 229 106 111 105 Net Underwriting Gain (Loss) -344 -192 -334 -182 -255Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 1,020 871 936 678 698



Common Capital Stock 41 39 38 36 36 Net Realized Capital Gains (Losses) -134 81 119 146 81Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 3,010 3,061 3,003 2,999 2,945 Income after cap gains (loss) before tax -324 31 -132 14 -127Other Including Gross Contributed 592 489 364 338 325 Federal Income Tax -137 18 -68 -1 -74

Capital & Surplus 3,643 3,589 3,405 3,373 3,305 Net Income -187 13 -64 15 -52

Total Liabilities and C&S 6,772 6,252 5,674 5,365 5,369 Pre-tax Operating Income -190 -50 -251 -131 -208

Memo: Total Revenue 696 902 804 692 571Memo: Affiliated Investments ($000) Memo: Paid Expenses 865 948 1,063 603 683

Bonds 0 0 0 0 0





Net Investment Income 154 142 83 51 47 Class 6 0 0 0 0 0R li d C it l G i 134 81 119 146 81Realized Capital Gains -134 81 119 146 81Unrealized Capital Gains 297 25 6 -42 -3Total Cash & Investments 5,922 5,735 5,020 4,393 4,573Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,095 4,459 3,894 3,541 3,566Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,535 1,095 884 567 705Total 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 327 1. Oth, Prod Liab Cmbnd 1,225 Cash/Invested Assets 25.32 24.80 30.44 30.27 33.862. Wisconsin 213 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Illinois 122 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 69 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 -5.18 -7.86 -14.45 -17.25 -10.13 All other admitted assets/Total Assets 5.03 3.95 4.91 5.12 7.57National DPW ($000) 1,522 1,326 1,166 944 1,226 Invested Assets/Total Assets 87.45 91.73 88.48 81.89 85.18Adjusted Loss Ratio 299.57 3.04 -53.59 -103.26 -31.30 Investment Income/Total Assets 2.27 2.27 1.46 0.94 0.88





Other Invstmts - 33.9% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Colorado - 26.7% Wisconsin - 17.4%

Illinois - 9.9% Texas - 5.7%

California - 5.6% All other - 34.7%



Aircraft - 0.0%



All Other - 0.0%


Continuing Care RRG Inc. (Moncks Corner, SC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

223-B Heatley Street NAIC Company Code : 11798 Total Assets 6,166 3,635 4,595 3,695 4,383Moncks Corner, SC 29461-3781 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,804 2,561 3,365 2,937 2,855

Geographic Focus: Regional - Western Quadrant Total Liabilities 2,362 1,074 1,230 758 1,528NAIC Ownership Structure: Risk Retention Group Net Income -394 -1,329 787 -451 -217Tax Identification Number : 20-0221911 Total Revenue 4,898 5,218 3,890 2,733 3,226



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 0 412 535 98 13Demotech Financial Strength Rating A 03/10/14 Affirm Loss & LAE Reserves/ NPE (%) 22.06 32.21 39.99 37.20 21.73S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -14.29 -49.34 23.31 -18.47 -7.10Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.28 2.04 1.16 0.93 1.13Fitch Financial Strength Rating -- -- -- --


Name : Katie Gray Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 1.23 0.01 0.03 -0.08 -0.08Net Investment Income/Earned Premiums 0.52 0.00 0.02 -0.05 -0.02Return on Average Equity (C&S) -9.54 -43.40 26.80 -14.71 -7.28Return on Avg Assets -5.37 -19.31 14.20 -8.78 -4.26Loss and LAE Ratio 68.40 89.41 39.25 55.43 77.24Expense Ratio 44.33 39.61 43.19 65.35 29.30Loss Ratio 39.50 69.06 21.20 45.78 47.53Combined Ratio 112.73 129.02 82.44 120.77 106.54Operating Ratio 112.21 129.02 82.42 120.83 106.56Investment ratio 0.52 0.00 0.02 -0.05 -0.02


Cash, Short-Term Investments / Liabilities 46.05 187.57 205.07 68.20 116.41Cash, Common & Liquid Bonds / Liabilities 46.05 187.57 205.07 68.20 116.41Cash & Short-Term Investments / C&S 28.59 78.66 74.96 17.60 62.33Liabilities / Liquid Assets (IRIS Ratio) 217.00 53.00 49.00 147.00 86.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 NA 508.10 468.43 536.75 5,693.07Cash From Underwriting ($000) -1,204 838 489 -2,178 1,129Net Cash From Operations ($000) -1,170 840 491 -2,177 1,128Underwriting Cash Flow Ratio 77.71 113.00 115.57 55.68 136.27Operating Cash Flow Ratio 77.71 113.00 115.57 55.68 136.27Unassigned Funds / Total Assets -16.45 -64.49 -33.87 -58.36 -54.15


GPW to Policyholders' Surplus3 900 --- 127 109 119NPW to Policyholders' Surplus 300 --- 116 93 113Change in Net Premiums Written 33 -33 -25 -30 18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 109* 98 113*


MSA: Charleston-North Charleston, SC (Metro)

Distribution Channel: Broker

217.0

53.0 49.0

147.0

86.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013Y


112.7

129.0

82.4

120.8106.5

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 28.90 20.35 18.06 9.64 29.71 Gross Change in Policyholders' Surplus 50 -10 31 -13* -3Net Commission Ratio 8.83 9.08 9.24 9.78 8.72 Net Change in Adj Policyholders' Surplus 25 -10 31* -18* -7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 49 147* 86Tax, License & Fees Ratio 4.69 4.74 4.51 5.25 1.75 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 30.81 25.79 29.44 50.31 18.83 1-Yr Resv Dev to Policyholders' Surplus 20 --- 3 -12 -3Gross Premiums Written ($000)3 5,453 5,820 4,276 3,209 3,383 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -12 -15Loss & Loss Adj Expense ($000) 3,330 4,663 1,526 1,514 2,492 Est Curr Resv Defi/Policyholders' Surplus 25 --- -10 -1 0Other Underwriting Exp Incurred ($000) 2,158 2,066 1,679 1,785 945 *Indicates an unusual value.Net Underwriting Gains ($000) -620 -1,514 683 -568 -211 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 89.27 89.62 90.92 85.13 95.36 complements of each ratio.Effective Tax Rate NM NM -14.96 NM NM

Pre-Tax Operating Margin -12.05 -28.96 17.61 -20.72 -6.56 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth 9.14 -41.05 26.43 -19.59 18.61

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 40.49 -54.54 14.55 -38.36 101.60

Reinsurance Recoverable ex US Aff -817 79 -15 10 -1,012 Net Premiums Written Growth 8.35 7.14 -25.47 -29.72 18.10Retention Ratio (NPW/GPW) (%)3 89.27 89.62 90.92 85.13 95.36 Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NM NM 29.93 -81.66 -86.27Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 0.22 6.72 -26.53 -24.94 5.42Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -3.43 -19.75 -12.10 -21.07 -1.89

Capital & Surplus Five-year CAGR 23.49 -5.27 -1.70 -6.79 -6.38Admitted Assets Five-year CAGR 8.31 -11.20 -5.23 -11.08 -4.95





Risk Based Capital Ratio (TAC/ACL RBC) 507.26 370.34 577.88 426.80 1,032.78


Change in Loss & LAE Resv / Reserves NM NM 29.93 -81.66 -86.27 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -0.25 0.00 3.44 -12.15 -3.20 Net Unrealized Capital Gains (Losses) 2 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S -4.91 -0.25 0.00 -11.87 -14.94 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 22.06 32.21 39.99 37.20 21.73 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -0.21 0.00 2.26 -14.97 -2.91 Net Premiums Written / Avg C&S (%) 117.87 170.27 132.28 89.11 108.31IBNR/ Total Reserves NA 48.27 40.21 23.13 0.66 Liabilities / Capital & Surplus (%) 62.09 41.93 36.55 25.81 53.54Reserves/ Equity 0.00 16.09 15.91 3.34 0.47 Total Reins Recov Excl US Aff / C&S (%) -21.48 3.08 -0.45 0.34 -35.45


253.6185.2

288.9

213.4

516.4

0500

1,0001,5002,0002,5003,0003,5004,000

2009Y 2010Y 2011Y 2012Y 2013Y



89.3 89.690.9

85.1

95.4

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013Y




Continuing Care RRG Inc. (Moncks Corner, SC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,453 5,820 4,276 3,209 3,383Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -585 -604 -388 -477 -157Occupied Properties 0 0 0 0 0 Net Premiums Written 4,868 5,216 3,887 2,732 3,227Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,868 5,216 3,887 2,732 3,227

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,088 2,014 2,523 517 1,779 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 1,088 2,014 2,523 517 1,779 Net Losses Paid - Commercial 1,932 3,248 892 1,447 1,609Premiums & Considerations Due 0 9 0 -18 -13 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 216 0 0 0 0 Net Losses Paid 1,932 3,248 892 1,447 1,609All Other Admitted Assets 4,863 1,611 2,073 3,196 2,617 Net LAE Paid 1,408 1,003 510 516 968Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 6,166 3,635 4,595 3,695 4,383 Change in Loss Reserves - Commercial -9 354 -68 -197 -76

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -1 58 192 -252 -9

Unpaid Losses 0 354 285 89 13 Net Change in Loss and LAE Reserves -10 412 123 -449 -85Unpaid Loss Adj Expenses 0 58 250 9 0 Losses and LAE Incurred 3,330 4,663 1,526 1,514 2,492

Loss & Loss Adj Exp Reserves 0 412 535 98 13 Other Underwriting Expense Incurred 2,158 2,066 1,679 1,785 945Unearned Premiums 0 0 0 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,033 -79 15 -10 1,012 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 1,299 695 680 658 494 Net Underwriting Gain (Loss) -620 -1,514 683 -568 -211Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 30 46 0 12 9 Total underwriting deductions 5,488 6,729 3,205 3,300 3,437

Total Liabilities 2,362 1,074 1,230 758 1,528

Income ($000)Total Capital and Surplus Net Investment Income 25 0 1 -1 -1

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 4 2 1 3 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -1,015 -2,344 -1,557 -2,157 -2,373 Income after cap gains (loss) before tax -590 -1,511 685 -566 -212Other Including Gross Contributed 4,819 4,905 4,922 5,094 5,228 Federal Income Tax -196 -182 -102 -115 5

Capital & Surplus 3,804 2,561 3,365 2,937 2,855 Net Income -394 -1,329 787 -451 -217

Total Liabilities and C&S 6,166 3,635 4,595 3,695 4,383 Pre-tax Operating Income -590 -1,511 685 -566 -212


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 0 0Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 25 0 1 -1 -1 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 2 0 0 0 0Total Cash & Investments 1,088 2,014 2,523 517 1,779Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 0 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds 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 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA








Bond Avg Asset Quality (1-6) (Actual) NA NA 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 2,070 1. Med Prof Liab 2,538 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 1,008 2. Oth, Prod Liab Cmbnd 846 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 137 3. Total Cmbnd A&H 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Maryland 79 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. New Mexico 42 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 48 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.00 0.26 0.00 -0.48 -0.30


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 26.52 7.91 -3.19 -10.35 -9.07 All other admitted assets/Total Assets 78.86 44.32 45.11 86.49 59.70National DPW ($000) 5,453 5,820 4,276 3,209 3,383 Invested Assets/Total Assets 17.64 55.42 54.89 13.99 40.60Adjusted Loss Ratio 35.26 61.89 19.27 38.98 45.33 Investment Income/Total Assets 0.41 0.00 0.02 -0.04 -0.02





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


California - 61.2% Arizona - 29.8%

North Carolina - 4.1% Maryland - 2.3%

New Mexico - 1.2% All other - 1.4%




Aircraft - 0.0%


All Other - 0.0%


Doctors & Surgeons Natl RRG (Lawrenceville, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

3370 Sugarloaf Parkway NAIC Company Code : 13018 Total Assets 2,918 4,828 7,583 9,956 10,976Suite G-2/302 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,276 2,033 2,209 2,589 2,123Lawrenceville, GA 30044-5486 Geographic Focus: National Total Liabilities 1,642 2,795 5,375 7,367 8,853

NAIC Ownership Structure: Risk Retention Group Net Income 6 168 76 279 -449Tax Identification Number : 68-0656137 Total Revenue 1,014 2,360 3,157 4,013 5,323

Direct Premiums Written 1,294 3,928 5,146 6,538 6,978Net Premiums Written 798 2,549 4,008 4,896 5,308

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 958 2,283 3,007 3,839 5,158

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 764 1,753 2,941 3,386 4,927Demotech Financial Strength Rating A 11/14/13 Affirm Loss & LAE Reserves/ NPE (%) 46.46 53.41 72.14 82.29 83.24S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.75 17.10 7.48 17.34 -25.54Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.63 1.25 1.81 1.89 2.50Fitch Financial Strength Rating -- -- -- --


Name : Robert A. Zack Auditor Munninghoff Lange & CompanyPhone : (941) 377-3200 Actuary Merlinos & Associates Inc.Fax : (941) 377-3066 CEO --Email : [email protected] CFO --

President William Peter Graper


Net Yield on Invested Assets 1.98 1.63 2.46 2.59 1.94Net Investment Income/Earned Premiums 6.23 2.10 3.00 3.56 3.11Return on Average Equity (C&S) 0.51 11.35 3.49 11.33 -17.61Return on Avg Assets 0.21 3.93 1.22 3.19 -4.15Loss and LAE Ratio 63.87 52.70 51.33 53.09 73.48Expense Ratio 49.30 35.45 36.22 31.60 41.16Loss Ratio 45.36 36.15 20.45 31.65 29.69Combined Ratio 113.17 88.16 87.55 84.69 114.64Operating Ratio 107.99 85.81 83.55 80.16 111.44Investment ratio 5.19 2.35 4.00 4.54 3.20


Cash, Short-Term Investments / Liabilities 135.53 30.91 8.55 8.13 8.32Cash, Common & Liquid Bonds / Liabilities 253.53 131.47 104.97 97.85 95.20Cash & Short-Term Investments / C&S 174.46 42.50 20.80 23.13 34.68Liabilities / Liquid Assets (IRIS Ratio) 62.00 75.00 95.00 102.00 104.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 193.53 164.43 124.92 121.10 111.16Cash From Underwriting ($000) 614 837 1,997 1,956 910Net Cash From Operations ($000) 651 769 2,083 2,170 1,256Underwriting Cash Flow Ratio 514.74 174.99 225.74 168.42 120.27Operating Cash Flow Ratio 514.74 189.20 231.20 168.42 117.02Unassigned Funds / Total Assets 4.74 6.35 5.14 6.72 1.85


GPW to Policyholders' Surplus3 900 --- 233 253 329NPW to Policyholders' Surplus 300 --- 181 189 250Change in Net Premiums Written 33 -33 57* 22 8Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 81 98


MSA: Atlanta-Sandy Springs-Roswell, GA (Metro)


62.0

75.0

95.0102.0 104.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013Y


113.2

88.2 87.6 84.7

114.6

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 18.52 16.55 30.88 21.44 43.79 Gross Change in Policyholders' Surplus 50 -10 9 17 -18*Net Commission Ratio 18.33 12.81 14.67 16.05 19.03 Net Change in Adj Policyholders' Surplus 25 -10 4 13 -18*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 95 102* 104*Tax, License & Fees Ratio 1.25 0.82 0.61 0.66 0.56 Agents' Bal to Policyholders' Surplus 40 --- 54* 60* 62*Admin & Other Expense Ratio 29.71 21.82 20.95 14.89 21.57 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -2 11Gross Premiums Written ($000)3 1,294 3,928 5,146 6,538 6,978 2-Yr Resv Dev to Policyholders' Surplus 20 --- 20* -1 22*Loss & Loss Adj Expense ($000) 612 1,203 1,544 2,038 3,790 Est Curr Resv Defi/Policyholders' Surplus 25 --- -8 -3 22Other Underwriting Exp Incurred ($000) 393 904 1,452 1,547 2,184 *Indicates an unusual value.Net Underwriting Gains ($000) -47 176 12 254 -817 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 61.70 64.90 77.88 74.88 76.06 complements of each ratio.Effective Tax Rate 34.00 33.87 53.42 33.99 NM

Pre-Tax Operating Margin 0.87 10.74 5.13 10.66 -12.24 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y



Reinsurance Recoverable ex US Aff 199 776 472 537 474 Net Premiums Written Growth -31.40 219.39 57.21 22.16 8.42Retention Ratio (NPW/GPW) (%)3 61.70 64.90 77.88 74.88 76.06 Pre-Tax Operating Income Growth -95.65 NM -36.13 164.26 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 48.58 0.00 0.00 0.00 Net Income Growth -91.84 NM -55.07 269.67 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 1,920.03 129.36 67.74 15.13 45.51Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -9.55 203.64 31.02 27.04 6.74Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR NA NM 368.52 266.41 54.39

Capital & Surplus Five-year CAGR NA 26.35 21.67 20.77 11.74Admitted Assets Five-year CAGR NA 67.96 65.17 57.76 37.56




Asbestos NA NA NA NA NA Capital and Surplus 1,276 2,033 2,209 2,589 2,123 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,276 2,033 2,209 2,589 2,123 Combined NA NA NA NA NA ACL Risk Based Capital 174 423 658 804 1,047



Change in Loss & LAE Resv / Reserves 1,920.03 129.36 67.74 15.13 45.51 Realized Capital Gains (Losses) 0 1 0 -4 211 Yr Loss Reserve Dev / 1Y Prior C&S 0.41 27.98 0.10 -2.13 11.05 Net Unrealized Capital Gains (Losses) 0 0 0 0 -172 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 16.32 20.15 -0.79 21.60 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 46.46 53.41 72.14 82.29 83.24 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.52 15.64 0.07 -1.22 5.54 Net Premiums Written / Avg C&S (%) 67.11 171.98 185.26 198.40 208.02IBNR/ Total Reserves 40.47 28.27 23.35 37.78 30.65 Liabilities / Capital & Surplus (%) 128.72 137.48 243.37 284.54 417.00Reserves/ Equity 59.92 86.24 133.16 130.77 232.05 Total Reins Recov Excl US Aff / C&S (%) 15.60 38.17 21.37 20.74 22.33


365.9

240.3

167.9 161.0

101.4

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013Y



61.7 64.9

77.9 74.9 76.1

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013Y




Doctors & Surgeons Natl RRG (Lawrenceville, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 351 2,787 5,145 6,327 7,487 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,294 3,928 5,146 6,538 6,978Common Stocks 33 24 38 283 291 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -495 -1,379 -1,139 -1,642 -1,671Occupied Properties 0 0 0 0 0 Net Premiums Written 798 2,549 4,008 4,896 5,308Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -160 266 1,000 1,057 149Properties for Sale 0 0 0 0 0 Net Premiums Earned 958 2,283 3,007 3,839 5,158

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,226 864 459 599 736 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 2,610 3,674 5,642 7,209 8,514 Net Losses Paid - Commercial -145 233 60 803 1,306Premiums & Considerations Due 36 632 1,192 1,547 1,306 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 30 29 0 0 0 Net Losses Paid -145 233 60 803 1,306All Other Admitted Assets 242 493 749 1,014 885 Net LAE Paid 31 105 172 791 944Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 2,918 4,828 7,583 9,956 10,976 Change in Loss Reserves - Commercial 580 592 555 412 226

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 147 272 757 32 1,315

Unpaid Losses 589 1,182 1,737 2,149 2,375 Net Change in Loss and LAE Reserves 727 865 1,312 445 1,541Unpaid Loss Adj Expenses 175 572 1,204 1,237 2,552 Losses and LAE Incurred 612 1,203 1,544 2,038 3,790

Loss & Loss Adj Exp Reserves 764 1,753 2,941 3,386 4,927 Other Underwriting Expense Incurred 393 904 1,452 1,547 2,184Unearned Premiums 687 953 1,953 3,010 3,160 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 109 349 231 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 87 88 308 590 536 Net Underwriting Gain (Loss) -47 176 12 254 -817Payable to Parent, Subs & Affiliates 20 0 63 -36 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 84 0 0 68 0 Total underwriting deductions 1,006 2,107 2,995 3,585 5,975



Common Capital Stock 500 500 500 500 500 Net Realized Capital Gains (Losses) 0 1 0 -4 21Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 6 24 30 0 0Unassigned Surplus 138 307 390 669 203 Income after cap gains (loss) before tax 9 254 162 423 -630Other Including Gross Contributed 638 1,226 1,319 1,420 1,420 Federal Income Tax 3 86 87 144 -181

Capital & Surplus 1,276 2,033 2,209 2,589 2,123 Net Income 6 168 76 279 -449

Total Liabilities and C&S 2,918 4,828 7,583 9,956 10,976 Pre-tax Operating Income 9 253 162 428 -652

Memo: Total Revenue 1,015 2,361 3,158 4,008 5,344Memo: Affiliated Investments ($000) Memo: Paid Expenses 340 1,056 1,517 1,925 3,186

Bonds 0 0 0 0 0





Net Investment Income 50 54 120 174 165 Class 6 0 0 0 0 0R li d C it l G i 0 1 0 4 21Realized Capital Gains 0 1 0 -4 21Unrealized Capital Gains 0 0 0 0 -17Total Cash & Investments 2,610 3,674 5,642 7,209 8,514Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 1,904 2,787 5,145 6,327 7,487Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 33 24 38 283 291Total 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 2,822 3,684 3,228






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 2,912 1. Med Prof Liab 6,978 Cash/Invested Assets 85.27 23.51 8.14 8.31 8.652. Michigan 1,150 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,113 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. New Jersey 262 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Indiana 152 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 1.87 2.47DPW 5 Yr CAGR NA NA NA NA 37.30 All other admitted assets/Total Assets 8.29 10.21 9.88 10.19 8.06National DPW ($000) 1,294 3,928 5,146 6,538 6,978 Invested Assets/Total Assets 89.45 76.11 74.40 72.40 77.57Adjusted Loss Ratio 29.77 25.30 14.79 23.47 24.09 Investment Income/Total Assets 1.70 1.11 1.59 1.75 1.50





Other Invstmts - 8.6% 0.00 0.50 1.00 1.50

2009Y2010Y

2011Y

2012Y

2013Y


New York - 41.7% Michigan - 16.5%

Florida - 16.0% New Jersey - 3.7%

Indiana - 2.2% All other - 19.9%



Aircraft - 0.0%



All Other - 0.0%


Emergency Cap Mgmt LLC A RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets NA NA NA 2,743 3,316Suite Six Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus NA NA NA 1,802 1,900Washington, DC 20009-1013 Geographic Focus: Regional - Midwestern Quadrant Total Liabilities NA NA NA 941 1,416

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA -11 25Tax Identification Number : 45-4057491 Total Revenue NA NA NA 1,012 678

Direct Premiums Written NA NA NA 3,023 3,200Net Premiums Written NA NA NA 1,004 669

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 1,004 669

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 769 1,311Demotech Financial Strength Rating A 03/10/14 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA 155.09S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA 3.17Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 0.56 0.35Fitch Financial Strength Rating -- -- -- --


Name : Melissa Anne Hancock Auditor Saslow Lufkin & Buggy LLPPhone : (202) 802-1439 Actuary RMS Solutions Inc.Fax : -- CEO --Email : [email protected] CFO --

President Rodney W. Smith


Net Yield on Invested Assets NA NA NA NA 0.27Net Investment Income/Earned Premiums NA NA NA 0.81 1.37Return on Average Equity (C&S) NA NA NA NA 1.34Return on Avg Assets NA NA NA NA 0.70Loss and LAE Ratio NA NA NA 76.57 81.64Expense Ratio NA NA NA 18.88 10.85Loss Ratio NA NA NA 38.77 22.34Combined Ratio NA NA NA 95.45 92.49Operating Ratio NA NA NA 94.63 91.11Investment ratio NA NA NA 0.81 1.37

Policyholder Dividend Ratio NA NA NA 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Cash, Short-Term Investments / Liabilities NA NA NA 114.64 94.51Cash, Common & Liquid Bonds / Liabilities NA NA NA 250.64 232.78Cash & Short-Term Investments / C&S NA NA NA 59.88 70.45Liabilities / Liquid Assets (IRIS Ratio) NA NA NA 40.00 45.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 526.49 496.10Cash From Underwriting ($000) NA NA NA 632 816Net Cash From Operations ($000) NA NA NA 596 787Underwriting Cash Flow Ratio NA NA NA 2,034.89 522.86Operating Cash Flow Ratio NA NA NA 2,237.00 557.83Unassigned Funds / Total Assets NA NA NA 0.97 3.77


GPW to Policyholders' Surplus3 900 --- NA 168 168NPW to Policyholders' Surplus 300 --- NA 56 35Change in Net Premiums Written 33 -33 NA NA -33*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 NA 93

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y I t t Yi ld 6 5 3 NA NA 0 3*



40.0

45.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009Y 2010Y 2011Y 2012Y 2013Y


95.4

92.5

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2009Y 2010Y 2011Y 2012Y 2013Y



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Investment Yield 6.5 3 NA NA 0.3*

Loss Adjustment Expense Ratio NA NA NA 37.79 59.30 Gross Change in Policyholders' Surplus 50 -10 NA 3 5Net Commission Ratio NA NA NA -13.29 -28.71 Net Change in Adj Policyholders' Surplus 25 -10 NA 2 5Salaries & Benefits Ratio NA NA NA 0.00 0.00 Liabilities to Liquid Assets 100 --- NA 40 45Tax, License & Fees Ratio NA NA NA 9.57 12.85 Agents' Bal to Policyholders' Surplus 40 --- NA 0 0Admin & Other Expense Ratio NA NA NA 22.61 26.70 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA 0 -7Gross Premiums Written ($000)3 NA NA NA 3,023 3,200 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA 0Loss & Loss Adj Expense ($000) NA NA NA 769 546 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA 190 73 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA 46 50 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 33.22 20.91 complements of each ratio.Effective Tax Rate NA NA NA 118.29 52.60

Pre-Tax Operating Margin NA NA NA 5.32 8.77 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth NA NA NA NA 20.91

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA NA 50.49

Reinsurance Recoverable ex US Aff NA NA NA 1,689 3,356 Net Premiums Written Growth NA NA NA NA -33.40Retention Ratio (NPW/GPW) (%)3 NA NA NA 33.22 20.91 Pre-Tax Operating Income Growth NA NA NA NA 10.29Unauthorized Net Recov. (ex US Aff) (%) NA NA NA 0.00 0.00 Net Income Growth NA NA NA NA NMNonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA NA 70.47Reinsurance Payable on Losses, LAE NA NA NA 0 0 Direct Premiums Written Growth NA NA NA NA 5.83Reinsurance on Known Case Reserves NA NA NA 0 0 Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 1,802 1,900 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 1,802 1,900 Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 377 390



Change in Loss & LAE Resv / Reserves NA NA NA NA 70.47 Realized Capital Gains (Losses) NA NA NA 6 -61 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA -7.27 Net Unrealized Capital Gains (Losses) NA NA NA 9 282 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA 0.00 0.00 Dividends to Stockholders NA NA NA 0 0Loss and LAE Reserves / NPE NA NA NA NA 155.09 Dividend Payout Ratio (%) NA NA NA 0.00 0.001 Yr Loss Reserve Development / NPE NA NA NA 0.00 -19.59 Net Premiums Written / Avg C&S (%) NA NA NA NA 35.66IBNR/ Total Reserves NA NA NA 44.14 10.97 Liabilities / Capital & Surplus (%) NA NA NA 52.23 74.54Reserves/ Equity NA NA NA 42.68 68.99 Total Reins Recov Excl US Aff / C&S (%) NA NA NA 93.75 176.63


239.0

243.4

0200400600800

1,0001,2001,4001,6001,8002,000

2009Y 2010Y 2011Y 2012Y 2013Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))33.2

20.9

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009Y 2010Y 2011Y 2012Y 2013Y




Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds NA NA NA 1,050 1,352 Personal P&C Direct Premiums NA NA NA 0 0Preferred Stocks NA NA NA 0 0 Commercial P&C Direct Premiums NA NA NA 3,023 3,200Common Stocks NA NA NA 229 456 Accident & Health Direct Premiums NA NA NA 0 0

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 3,023 3,200Real Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -2,019 -2,531Occupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 1,004 669Income Generating Properties NA NA NA 0 0 Change in U/E Premiums Reserve NA NA NA 0 0Properties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 1,004 669

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 1,079 1,338 Underwriting Deductions ($000)Other Investments NA NA NA 1 1 Net Losses Paid - Personal NA NA NA 0 0Subtotals, Cash & Invested Assets NA NA NA 2,359 3,147 Net Losses Paid - Commercial NA NA NA 0 0Premiums & Considerations Due NA NA NA 0 0 Net Losses Paid - A&H NA NA NA 0 0Reinsurance Recoverable NA NA NA 350 61 Net Losses Paid NA NA NA 0 0All Other Admitted Assets NA NA NA 33 108 Net LAE Paid NA NA NA 0 4Separate Account Assets NA NA NA 0 0 Change in Loss Reserves - Personal NA NA NA 0 0Total Net Admitted Assets NA NA NA 2,743 3,316 Change in Loss Reserves - Commercial NA NA NA 389 149

Change in Loss Reserves - A&H NA NA NA 0 0Liabilities Change in LAE Reserves NA NA NA 380 392

Unpaid Losses NA NA NA 389 539 Net Change in Loss and LAE Reserves NA NA NA 769 542Unpaid Loss Adj Expenses NA NA NA 380 772 Losses and LAE Incurred NA NA NA 769 546

Loss & Loss Adj Exp Reserves NA NA NA 769 1,311 Other Underwriting Expense Incurred NA NA NA 190 73Unearned Premiums NA NA NA 0 0 Other Underwriting Deductions NA NA NA 0 0Total Reinsurance Liabilities NA NA NA 0 1 Net Income Protected Cells NA NA NA 0 0Commissions, Other Exp & Taxes NA NA NA 167 102 Net Underwriting Gain (Loss) NA NA NA 46 50Payable to Parent, Subs & Affiliates NA NA NA 2 0 Policyholder Dividends (PHD) NA NA NA 0 0Other Liabilities NA NA NA 3 3 Total underwriting deductions NA NA NA 959 619

Total Liabilities NA NA NA 941 1,416

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA 8 9

Common Capital Stock NA NA NA 0 0 Net Realized Capital Gains (Losses) NA NA NA 6 -6Preferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 0Surplus Notes NA NA NA 0 0 All Other Income NA NA NA 0 0Unassigned Surplus NA NA NA 27 125 Income after cap gains (loss) before tax NA NA NA 60 53Other Including Gross Contributed NA NA NA 1,775 1,775 Federal Income Tax NA NA NA 70 28

Capital & Surplus NA NA NA 1,802 1,900 Net Income NA NA NA -11 25

Total Liabilities and C&S NA NA NA 2,743 3,316 Pre-tax Operating Income NA NA NA 54 59

Memo: Total Revenue NA NA NA 1,018 672Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA 64 -146

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA 1,050 1,502Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA 0 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA 0 0Class 4 NA NA NA 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA 0 0

Net Investment Income NA NA NA 8 9 Class 6 NA NA NA 0 0R li d C it l G i NA NA NA 6 6Realized Capital Gains NA NA NA 6 -6Unrealized Capital Gains NA NA NA 9 28Total Cash & Investments NA NA NA 2,359 3,147Affiliated Cash & Investments NA NA NA 0 0Total Bonds (incl Short-Term) NA NA NA 1,050 1,502Total Preferred Stock (incl Nonadmitted) NA NA NA 0 0Total Common Stock (incl Nonadmitted) NA NA NA 229 456Total Mortgage Loans (incl Nonadmitted) NA NA NA 0 0Total Real Estate (incl Nonadmitted) NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 0.00Privately Placed Bonds / C&S (%) NA NA NA 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA 0 0Issued Political Subdivisions ($000) NA NA NA 0 0Issued State Rev Obligations ($000) NA NA NA 0 0Issued Industrial Development ($000) NA NA NA 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S NA NA NA 0.00 0.00Class 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 44.52 42.96Common Stocks / C&S NA NA NA 12.73 24.00Unaff common stock/Invested Assets NA NA NA 9.72 14.49

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA 0.00 0.001. Illinois 1,191 1. Med Prof Liab 3,200 Cash/Invested Assets NA NA NA 45.72 42.532. Ohio 544 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Indiana 543 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 359 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. Delaware 281 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 283 All Other 0 Other Investments/Invested Assets NA NA NA 0.04 0.02Premiums & Cons due/Total Assets NA NA NA 0.00 0.00

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA NA 12.75 1.85

Market Share Ratio NA NA NA 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 1.22 3.25National DPW ($000) NA NA NA 3,023 3,200 Invested Assets/Total Assets NA NA NA 86.03 94.90Adjusted Loss Ratio NA NA NA 46.59 49.39 Investment Income/Total Assets NA NA NA 0.30 0.28





Other Invstmts - 42.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Illinois - 37.2% Ohio - 17.0%

Indiana - 17.0% Michigan - 11.2%

Delaware - 8.8% All other - 8.8%



Aircraft - 0.0%



All Other - 0.0%


Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

9550 South Eastern Avenue NAIC Company Code : 12003 Total Assets 12,525 13,729 22,902 21,100 22,605Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,649 4,823 6,324 6,002 6,759Las Vegas, NV 89123-8042 Geographic Focus: National Total Liabilities 8,877 8,906 16,578 15,098 15,846

NAIC Ownership Structure: Risk Retention Group Net Income -392 400 635 -301 816Tax Identification Number : 20-1141933 Total Revenue 4,163 6,042 6,147 4,273 4,093



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,343 6,531 7,770 7,739 6,949Demotech Financial Strength Rating A 03/07/14 Affirm Loss & LAE Reserves/ NPE (%) 147.87 109.18 121.30 198.92 203.94S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -4.84 4.84 12.51 -11.54 17.50Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.17 1.14 1.01 0.62 0.68Fitch Financial Strength Rating -- -- -- --


Name : Andrew Carlton Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 2.45 2.63 2.14 1.62 1.93Net Investment Income/Earned Premiums 4.63 4.47 3.54 6.12 5.57Return on Average Equity (C&S) -11.01 9.44 11.42 -4.74 12.69Return on Avg Assets -3.14 2.85 3.80 -1.32 3.72Loss and LAE Ratio 56.74 50.83 45.01 56.42 0.92Expense Ratio 48.85 52.77 43.57 52.50 56.39Loss Ratio 44.83 29.78 16.66 21.08 -8.46Combined Ratio 105.60 103.60 88.58 128.33 66.37Operating Ratio 100.62 99.37 84.76 122.74 59.72Investment ratio 4.98 4.22 3.82 5.59 6.65


Cash, Short-Term Investments / Liabilities 28.63 7.00 24.09 22.29 21.26Cash, Common & Liquid Bonds / Liabilities 103.03 95.60 70.02 74.08 91.05Cash & Short-Term Investments / C&S 69.66 12.93 63.15 56.06 49.84Liabilities / Liquid Assets (IRIS Ratio) 96.00 104.00 142.00 130.00 105.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 179.54 179.02 181.35 156.62 171.86Cash From Underwriting ($000) 1,296 -19 1,961 -2,119 3,537Net Cash From Operations ($000) 1,535 256 2,226 -2,533 3,476Underwriting Cash Flow Ratio 152.44 99.64 141.26 62.97 277.95Operating Cash Flow Ratio 146.49 99.64 141.26 55.92 236.58Unassigned Funds / Total Assets -9.02 -4.42 2.24 1.13 5.10


GPW to Policyholders' Surplus3 900 --- 138 74 87NPW to Policyholders' Surplus 300 --- 101 62 68Change in Net Premiums Written 33 -33 17 -42* 24Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 100 92


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


96.0104.0

142.0130.0

105.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013Y


105.6 103.6

88.6

128.3

66.4

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 11.91 21.04 28.35 35.33 9.38 Gross Change in Policyholders' Surplus 50 -10 31 -5 13Net Commission Ratio 12.62 11.48 9.82 9.57 2.90 Net Change in Adj Policyholders' Surplus 25 -10 23 -4 15Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 142* 130* 105*Tax, License & Fees Ratio 4.28 3.66 5.55 5.66 5.31 Agents' Bal to Policyholders' Surplus 40 --- 6 5 8Admin & Other Expense Ratio 31.95 37.63 28.20 37.27 48.18 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -9 -46Gross Premiums Written ($000)3 7,303 7,715 8,724 4,452 5,904 2-Yr Resv Dev to Policyholders' Surplus 20 --- 12 -22 -47Loss & Loss Adj Expense ($000) 2,250 2,947 2,665 2,283 35 Est Curr Resv Defi/Policyholders' Surplus 25 --- 6 -56 -45Other Underwriting Exp Incurred ($000) 2,085 2,891 2,787 1,938 2,585 *Indicates an unusual value.Net Underwriting Gains ($000) -369 -40 469 -174 1,217 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 58.43 71.00 73.32 82.93 77.64 complements of each ratio.Effective Tax Rate NM -27.06 32.10 NM 28.65

Pre-Tax Operating Margin -4.13 3.39 11.31 -17.17 27.49 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth 7.08 9.61 66.82 -7.87 7.13

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 11.31 0.33 86.15 -8.93 4.96

Reinsurance Recoverable ex US Aff 5,426 5,779 5,980 2,988 889 Net Premiums Written Growth 13.79 28.35 16.77 -42.28 24.16Retention Ratio (NPW/GPW) (%)3 58.43 71.00 73.32 82.93 77.64 Pre-Tax Operating Income Growth NM NM 239.05 NM NMUnauthorized Net Recov. (ex US Aff) (%) 72.82 69.44 78.08 55.02 74.02 Net Income Growth NM NM 58.69 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 3.44 0.47 0.00 Loss & Loss Adj Exp Reserves Growth 23.24 2.96 18.98 -0.40 -10.20Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 3.76 5.64 9.18 -47.40 33.23Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 36.22 12.57 22.89 16.53 14.72








Change in Loss & LAE Resv / Reserves 23.24 2.96 18.98 -0.40 -10.20 Realized Capital Gains (Losses) -316 110 240 120 191 Yr Loss Reserve Dev / 1Y Prior C&S -8.68 25.46 -9.56 -9.44 -46.30 Net Unrealized Capital Gains (Losses) 642 123 -67 26 982 Yr Loss Reserve Dev / 2Y Prior C&S -13.87 -31.35 12.11 -22.22 -47.29 Dividends to Stockholders 24 0 0 0 0Loss and LAE Reserves / NPE 147.87 109.18 121.30 198.92 203.94 Dividend Payout Ratio (%) NM 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -8.14 16.02 -7.79 -14.75 -72.41 Net Premiums Written / Avg C&S (%) 119.98 129.21 115.09 58.08 71.31IBNR/ Total Reserves 8.98 13.40 21.62 25.86 23.27 Liabilities / Capital & Surplus (%) 243.28 184.67 262.16 251.55 234.45Reserves/ Equity 173.84 135.42 122.88 128.95 102.82 Total Reins Recov Excl US Aff / C&S (%) 148.71 119.83 94.57 49.78 13.15


168.5 165.7

211.6

258.8 250.0

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013Y



58.4

71.0 73.382.9

77.6

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2009Y 2010Y 2011Y 2012Y 2013Y




Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,036 -2,238 -2,028 -739 -1,320Occupied Properties 0 0 0 0 0 Net Premiums Written 4,268 5,478 6,396 3,692 4,584Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 302 -320 475 -356 746Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,966 5,797 5,921 4,047 3,838

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,542 623 3,993 3,365 3,368 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 9,145 8,514 11,609 11,597 15,040 Net Losses Paid - Commercial 362 1,817 560 1,308 442Premiums & Considerations Due 493 558 357 322 545 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 82 260 754 611 367 Net Losses Paid 362 1,817 560 1,308 442All Other Admitted Assets 2,805 4,397 10,182 8,571 6,653 Net LAE Paid 692 942 866 1,006 384Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 12,525 13,729 22,902 21,100 22,605 Change in Loss Reserves - Commercial 1,416 -90 427 -455 -766

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -220 278 812 424 -24

Unpaid Losses 4,655 4,564 4,991 4,536 3,770 Net Change in Loss and LAE Reserves 1,196 188 1,239 -31 -790Unpaid Loss Adj Expenses 1,688 1,967 2,779 3,203 3,180 Losses and LAE Incurred 2,250 2,947 2,665 2,283 35

Loss & Loss Adj Exp Reserves 6,343 6,531 7,770 7,739 6,949 Other Underwriting Expense Incurred 2,085 2,891 2,787 1,938 2,585Unearned Premiums 1,773 1,453 1,929 1,573 2,319 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 374 84 27 2,670 2,058 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 350 838 943 170 322 Net Underwriting Gain (Loss) -369 -40 469 -174 1,217Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 786 348Other Liabilities 37 0 5,910 2,945 4,198 Total underwriting deductions 4,335 5,837 5,452 4,221 2,620



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -316 110 240 120 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 -1,130 -607 514 239 1,153 Income after cap gains (loss) before tax -488 315 935 -613 1,144Other Including Gross Contributed 4,778 5,429 5,810 5,763 5,606 Federal Income Tax -97 -85 300 -312 328

Capital & Surplus 3,649 4,823 6,324 6,002 6,759 Net Income -392 400 635 -301 816

Total Liabilities and C&S 12,525 13,729 22,902 21,100 22,605 Pre-tax Operating Income -172 205 695 -734 1,125


Bonds 0 0 0 0 0





Net Investment Income 197 245 226 226 255 Class 6 0 0 0 0 0R li d C it l G i 316 110 240 120 19Realized Capital Gains -316 110 240 120 19Unrealized Capital Gains 642 123 -67 26 98Total Cash & Investments 9,145 8,514 11,609 11,597 15,040Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,617 4,631 6,106 4,711 6,754Total Preferred Stock (incl Nonadmitted) 0 0 0 412 626Total Common Stock (incl Nonadmitted) 1,987 3,260 1,510 3,109 4,306Total 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 1,237

Municipal SecuritiesIssued States & Territories ($000) 3,386 2,264 3,574 2,598 2,484Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 6,739 6,739 6,836 6,431 26,746Common Stock 4,306 4,306 3,769 -- 12,382Preferred Stock 626 626 657 -- 1,909Total 11,671 11,671 11,263 6,431 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 6.87 9.261. Washington 1,175 1. Med Prof Liab 5,904 Cash/Invested Assets 27.79 7.32 34.40 29.01 22.402. Indiana 1,171 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 868 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Florida 852 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 619 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 28.52 12.35 4.79 -9.05 -3.46 All other admitted assets/Total Assets 22.39 32.03 44.46 40.62 29.43National DPW ($000) 7,303 7,715 8,424 4,431 5,904 Invested Assets/Total Assets 73.02 62.02 50.69 54.96 66.53Adjusted Loss Ratio 50.96 36.14 12.12 28.24 -5.99 Investment Income/Total Assets 1.58 1.78 0.99 1.07 1.13





Other Invstmts - 22.4% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Washington - 19.9% Indiana - 19.8%

Ohio - 14.7% Florida - 14.4%

California - 10.5% All other - 20.6%



Aircraft - 0.0%



All Other - 0.0%


Global Hawk Insurance Co. RRG (Burlington, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

84 Pine Street NAIC Company Code : 11948 Total Assets 5,914 7,474 9,768 14,224 24,579Suite 450 Business Focus : Commercial Property Focus Policyholder Surplus 3,117 4,171 4,348 4,671 6,664Burlington, VT 05401-4467 Geographic Focus: Regional - Western Quadrant Total Liabilities 2,797 3,303 5,419 9,553 17,915

NAIC Ownership Structure: Risk Retention Group Net Income -28 1,387 221 294 207Tax Identification Number : 20-0073152 Total Revenue 671 2,734 4,047 6,218 11,729



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,426 1,327 2,076 4,035 8,820Demotech Financial Strength Rating A 04/23/14 Affirm Loss & LAE Reserves/ NPE (%) 240.71 55.46 48.39 44.36 55.48S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -0.99 40.45 5.74 6.29 1.10Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.60 0.87 1.15 1.75 2.24Fitch Financial Strength Rating -- -- -- --


Name : Stephen M. Brown Auditor Saslow Lufkin & Buggy LLPPhone : (802) 651-0168 Actuary CapRisk Consulting GroupFax : (802) 651-0175 CEO --Email : [email protected] CFO --

President Jasbir S. Thandi


Net Yield on Invested Assets 0.64 0.41 0.61 0.25 0.36Net Investment Income/Earned Premiums 1.28 0.55 0.82 0.27 0.34Return on Average Equity (C&S) -0.99 40.45 5.74 6.29 4.15Return on Avg Assets -0.57 20.82 2.66 2.54 1.07Loss and LAE Ratio 48.06 13.14 62.88 64.25 76.62Expense Ratio 20.74 27.42 26.16 23.76 18.25Loss Ratio -37.90 1.06 47.92 47.66 64.55Combined Ratio 68.79 40.57 89.04 88.01 94.88Operating Ratio 65.08 39.83 88.01 87.65 94.44Investment ratio 3.71 0.74 1.03 0.36 0.44


Cash, Short-Term Investments / Liabilities 36.03 190.17 138.55 113.06 88.19Cash, Common & Liquid Bonds / Liabilities 133.04 190.17 138.55 113.06 107.11Cash & Short-Term Investments / C&S 32.33 150.63 172.67 231.24 237.06Liabilities / Liquid Assets (IRIS Ratio) 52.00 53.00 72.00 88.00 93.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 146.65 190.43 142.24 115.35 109.28Cash From Underwriting ($000) -677 2,870 1,809 3,211 7,121Net Cash From Operations ($000) -643 2,882 1,834 3,218 7,172Underwriting Cash Flow Ratio 52.04 297.26 158.08 182.07 205.93Operating Cash Flow Ratio 51.33 297.26 158.62 182.59 205.93Unassigned Funds / Total Assets -29.82 -10.44 -7.45 -3.05 -0.81


GPW to Policyholders' Surplus3 900 --- 124 188 240NPW to Policyholders' Surplus 300 --- 115 175 224Change in Net Premiums Written 33 -33 38* 64* 83*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 69 88 92


MSA: Burlington-South Burlington, VT (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

52.0 53.0

72.0

88.093.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2009Y 2010Y 2011Y 2012Y 2013Y


68.8

40.6

89.0 88.094.9

-5.000.005.00

10.0015.0020.0025.0030.0035.0040.0045.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 85.95 12.08 14.96 16.59 12.07 Gross Change in Policyholders' Surplus 50 -10 4 7 43Net Commission Ratio 6.14 11.22 14.14 16.66 13.71 Net Change in Adj Policyholders' Surplus 25 -10 1 7 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 72 88 93Tax, License & Fees Ratio 1.10 2.19 2.41 2.22 2.57 Agents' Bal to Policyholders' Surplus 40 --- 25 30 29Admin & Other Expense Ratio 13.50 14.01 9.61 4.89 1.97 1-Yr Resv Dev to Policyholders' Surplus 20 --- 6 -4 15Gross Premiums Written ($000)3 2,081 3,637 5,403 8,790 15,975 2-Yr Resv Dev to Policyholders' Surplus 20 --- 1 11 2Loss & Loss Adj Expense ($000) 311 357 2,519 3,981 8,948 Est Curr Resv Defi/Policyholders' Surplus 25 --- 83* -11 -18Other Underwriting Exp Incurred ($000) 388 990 1,307 1,943 2,726 *Indicates an unusual value.Net Underwriting Gains ($000) -52 1,367 180 272 4 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.00 99.27 92.44 93.03 93.48 complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 -276.56

Pre-Tax Operating Margin -4.19 50.73 5.47 4.73 0.47 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y



Reinsurance Recoverable ex US Aff 167 287 -129 -272 -426 Net Premiums Written Growth 149.60 92.75 38.34 63.72 82.62Retention Ratio (NPW/GPW) (%)3 90.00 99.27 92.44 93.03 93.48 Pre-Tax Operating Income Growth NM NM -84.04 32.89 -81.34Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM NM -84.04 32.89 -29.72Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -34.71 -6.89 56.43 94.34 118.58Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth NM 74.75 48.56 62.69 81.74Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 254.44 4.36 -2.35 4.47 50.94





Asbestos NA NA NA NA NA Capital and Surplus 3,117 4,171 4,348 4,671 6,664 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 3,117 4,171 4,348 4,671 6,664 Combined NA NA NA NA NA ACL Risk Based Capital 244 288 376 917 1,574

Risk Based Capital Ratio (TAC/ACL RBC) 1,279.96 1,446.27 1,157.14 509.49 423.38


Change in Loss & LAE Resv / Reserves -34.71 -6.89 56.43 94.34 118.58 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -3.02 -13.83 6.43 -3.70 15.01 Net Unrealized Capital Gains (Losses) 0 0 0 0 282 Yr Loss Reserve Dev / 2Y Prior C&S 13.32 -23.87 1.05 11.21 2.16 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 240.71 55.46 48.39 44.36 55.48 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -9.09 -15.89 6.70 -2.60 6.00 Net Premiums Written / Avg C&S (%) 66.20 105.30 129.52 174.96 299.63IBNR/ Total Reserves 67.41 27.30 26.70 13.40 16.46 Liabilities / Capital & Surplus (%) 89.73 79.21 124.63 204.53 268.81Reserves/ Equity 45.74 31.83 47.75 86.39 132.35 Total Reins Recov Excl US Aff / C&S (%) 5.36 6.88 -2.97 -5.82 -6.39


640.0723.1

578.6

254.7211.7

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013Y



90.0

99.3

92.4 93.0 93.5

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

2009Y 2010Y 2011Y 2012Y 2013Y




Global Hawk Insurance Co. RRG (Burlington, VT)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,081 3,637 5,403 8,790 15,975Common Stocks 2,713 0 0 0 3,390 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -208 -26 -408 -613 -1,041Occupied Properties 0 0 0 0 0 Net Premiums Written 1,873 3,610 4,995 8,177 14,934Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 1,226 897 989 1,981 3,256Properties for Sale 0 0 0 0 0 Net Premiums Earned 647 2,714 4,006 6,196 11,678

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,008 6,282 7,508 10,801 15,799 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 3,721 6,282 7,508 10,801 19,188 Net Losses Paid - Commercial 715 227 1,321 1,662 3,216Premiums & Considerations Due 1,571 601 1,087 1,412 1,916 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 0 0 0 871 1,612 Net Losses Paid 715 227 1,321 1,662 3,216All Other Admitted Assets 622 591 1,150 1,139 1,862 Net LAE Paid 268 314 449 360 947Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 5,914 7,474 9,768 14,224 24,579 Change in Loss Reserves - Commercial -960 -198 599 1,291 4,322


Unpaid Losses 1,197 998 1,597 2,888 7,210 Net Change in Loss and LAE Reserves -672 -184 749 1,959 4,785Unpaid Loss Adj Expenses 229 329 480 1,147 1,610 Losses and LAE Incurred 311 357 2,519 3,981 8,948

Loss & Loss Adj Exp Reserves 1,426 1,327 2,076 4,035 8,820 Other Underwriting Expense Incurred 388 990 1,307 1,943 2,726Unearned Premiums 1,226 2,122 3,111 5,093 8,349 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -30 -286 129 272 426 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 149 139 100 153 320 Net Underwriting Gain (Loss) -52 1,367 180 272 4Payable to Parent, Subs & Affiliates 0 1 2 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 27 0 0 0 0 Total underwriting deductions 700 1,347 3,825 5,924 11,674



Common Capital Stock 1,142 1,212 1,337 1,567 0 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 302 202 202 0 300 All Other Income 0 0 0 0 0Unassigned Surplus -1,764 -781 -728 -434 -199 Income after cap gains (loss) before tax -28 1,387 221 294 55Other Including Gross Contributed 3,438 3,538 3,538 3,538 6,563 Federal Income Tax 0 0 0 0 -152

Capital & Surplus 3,117 4,171 4,348 4,671 6,664 Net Income -28 1,387 221 294 207

Total Liabilities and C&S 5,914 7,474 9,768 14,224 24,579 Pre-tax Operating Income -28 1,387 221 294 55

Memo: Total Revenue 671 2,734 4,047 6,218 11,729Memo: Affiliated Investments ($000) Memo: Paid Expenses 615 1,314 1,794 2,251 3,506

Bonds 0 0 0 0 0





Net Investment Income 24 20 41 22 51 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 28Total Cash & Investments 3,721 6,282 7,508 10,801 19,188Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 0 0 0Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,713 0 0 0 3,390Total 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 0.00Bonds 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 0.00Mortgages 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 3,390 3,390 3,347 -- 10,126Preferred Stock 0 0 0 -- 0Total 3,390 3,390 3,347 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 87.05 0.00 0.00 0.00 50.86Unaff common stock/Invested Assets 72.92 0.00 0.00 0.00 17.66

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 8,114 1. Comm'l Auto St 15,975 Cash/Invested Assets 27.08 100.00 100.00 100.00 82.342. California 7,651 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Washington 210 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.23 0.00 0.00DPW 5 Yr CAGR NA 1.21 0.27 8.13 -269.26 All other admitted assets/Total Assets 10.51 7.90 11.78 8.01 7.58National DPW ($000) 2,081 3,637 5,403 8,790 15,975 Invested Assets/Total Assets 62.92 84.05 76.87 75.93 78.07Adjusted Loss Ratio -34.24 1.00 43.49 43.38 59.27 Investment Income/Total Assets 0.41 0.27 0.42 0.16 0.21





Other Invstmts - 82.3% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Texas - 50.8% California - 47.9%

Washington - 1.3% Alaska - 0.0%

Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


HlthCare Industry Liab Recpl (Ann Arbor, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

201 South Main Street NAIC Company Code : 11832 Total Assets 136,164 154,307 158,899 42,070 47,791Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,226 7,484 8,688 9,127 15,262Ann Arbor, MI 48104-2153 Geographic Focus: National Total Liabilities 129,939 146,823 150,211 32,944 32,528

NAIC Ownership Structure: Risk Retention Group Net Income 744 1,147 1,162 375 882Tax Identification Number : 43-2032415 Total Revenue 2,861 3,436 4,153 4,016 3,900



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 95,933 103,129 107,924 9,198 9,286Demotech Financial Strength Rating A 03/19/14 Affirm Loss & LAE Reserves/ NPE (%) 3,135.50 3,133.13 2,843.53 574.35 259.35S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 21.51 23.43 22.01 5.12 8.68Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.48 0.48 0.43 0.41 0.22Fitch Financial Strength Rating -- -- -- --


Name : Peter M. Feeney Auditor BDO USA LLPPhone : (734) 996-2700 Actuary Demotech Inc.Fax : (734) 996-1261 CEO --Email : [email protected] CFO --

President Peter M. Feeney


Net Yield on Invested Assets 0.20 1.77 2.54 1.90 1.28Net Investment Income/Earned Premiums 0.85 7.48 11.90 9.50 9.17Return on Average Equity (C&S) 12.58 16.55 14.30 4.11 6.23Return on Avg Assets 0.58 0.81 0.76 0.73 2.09Loss and LAE Ratio 73.08 75.00 79.79 110.12 75.43Expense Ratio -16.28 -15.81 -15.93 -12.84 -1.00Loss Ratio 57.59 52.50 57.91 69.13 50.43Combined Ratio 56.80 59.19 63.86 97.28 74.43Operating Ratio 55.91 50.78 51.87 87.56 65.70Investment ratio 0.89 8.41 11.99 9.72 8.72


Cash, Short-Term Investments / Liabilities 7.52 2.07 2.09 10.38 9.16Cash, Common & Liquid Bonds / Liabilities 10.93 11.15 12.47 59.53 80.66Cash & Short-Term Investments / C&S 157.00 40.66 36.17 37.48 19.52Liabilities / Liquid Assets (IRIS Ratio) 832.00 805.00 721.00 101.00 72.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 94.59 96.15 96.57 1,084.97 1,175.59Cash From Underwriting ($000) 3,389 2,297 2,537 824 1,680Net Cash From Operations ($000) 2,843 2,275 2,373 1,101 1,334Underwriting Cash Flow Ratio -629.00 2,056.51 959.49 132.15 278.45Operating Cash Flow Ratio -758.05 2,439.75 1,213.55 138.00 299.69Unassigned Funds / Total Assets 3.76 4.14 4.78 19.08 18.13


GPW to Policyholders' Surplus3 900 --- 490 469 263NPW to Policyholders' Surplus 300 --- 43 41 22Change in Net Premiums Written 33 -33 5 0 -9Surplus Aid to Policyholders' Surplus 15 --- 76* 75* 44*Two-Year Overall Operating Ratio 100 --- 51 70 77


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

832.0 805.0

721.0

101.0 72.00

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2009Y 2010Y 2011Y 2012Y 2013Y


56.8 59.2 63.9

97.3

74.4

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 15.49 22.50 21.88 40.99 25.00 Gross Change in Policyholders' Surplus 50 -10 16 5 67*Net Commission Ratio -23.04 -19.54 -19.70 -17.24 -12.85 Net Change in Adj Policyholders' Surplus 25 -10 16 5 7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 721* 101* 72Tax, License & Fees Ratio 1.01 0.38 0.52 0.76 0.73 Agents' Bal to Policyholders' Surplus 40 --- 21 34 12Admin & Other Expense Ratio 5.75 3.35 3.26 3.64 11.13 1-Yr Resv Dev to Policyholders' Surplus 20 --- 4 10 -3Gross Premiums Written ($000)3 35,305 40,767 42,568 42,796 40,091 2-Yr Resv Dev to Policyholders' Surplus 20 --- 3 12 5Loss & Loss Adj Expense ($000) 2,072 2,377 2,959 4,031 2,705 Est Curr Resv Defi/Policyholders' Surplus 25 --- 177* 1,146* 311*Other Underwriting Exp Incurred ($000) -483 -564 -595 -481 -34 *Indicates an unusual value.Net Underwriting Gains ($000) 1,246 1,356 1,345 110 915 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 8.40 8.75 8.78 8.75 8.52 complements of each ratio.Effective Tax Rate 41.51 29.98 37.77 16.16 22.86


Admitted Assets Growth 10.30 13.32 2.98 -73.52 13.60

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 10.18 12.99 2.31 -78.07 -1.26

Reinsurance Recoverable ex US Aff 92,840 103,693 106,689 101,581 104,478 Net Premiums Written Growth -0.06 20.16 4.78 0.25 -8.84Retention Ratio (NPW/GPW) (%)3 8.40 8.75 8.78 8.75 8.52 Pre-Tax Operating Income Growth -25.35 27.61 10.25 -73.93 163.40Unauthorized Net Recov. (ex US Aff) (%) 88.93 85.68 87.88 86.02 87.72 Net Income Growth -34.21 54.13 1.34 -67.76 135.47Nonaffiliated Reins Assumed / GPW (%) 0.00 0.97 1.02 1.03 0.00 Loss & Loss Adj Exp Reserves Growth 15.97 7.50 4.65 -91.48 0.95Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 1.37 14.35 4.38 0.52 -5.35Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 21.50 19.75 13.07 -20.95 -22.71

Capital & Surplus Five-year CAGR 29.77 27.80 21.81 15.78 22.57Admitted Assets Five-year CAGR 21.83 20.08 13.46 -17.65 -17.29




Asbestos NA NA NA NA NA Capital and Surplus 6,226 7,484 8,688 9,127 15,262 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 9,127 15,262 Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 6,017 6,139



Change in Loss & LAE Resv / Reserves 15.97 7.50 4.65 -91.48 0.95 Realized Capital Gains (Losses) 0 15 78 -20 -851 Yr Loss Reserve Dev / 1Y Prior C&S 3.59 -1.93 3.98 10.34 -3.45 Net Unrealized Capital Gains (Losses) -36 112 42 64 -2462 Yr Loss Reserve Dev / 2Y Prior C&S 7.82 3.00 2.70 12.50 4.65 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 3,135.50 3,133.13 2,843.53 574.35 259.35 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 6.98 -3.79 8.04 24.53 -8.78 Net Premiums Written / Avg C&S (%) 50.18 51.47 45.97 41.09 24.13IBNR/ Total Reserves 3.44 3.17 3.16 40.37 40.53 Liabilities / Capital & Surplus (%) 2,087.09 1,961.85 1,728.88 360.97 213.13Reserves/ Equity 1,540.89 1,378.01 1,242.17 100.78 60.84 Total Reins Recov Excl US Aff / C&S (%) NM NM NM NM 684.55


75.8

124.3

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

2009Y 2010Y 2011Y 2012Y 2013Y



8.4

8.7 8.8 8.8

8.5

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2009Y 2010Y 2011Y 2012Y 2013Y




HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -32,338 -36,804 -38,400 -38,609 -36,676Occupied Properties 0 0 0 0 0 Net Premiums Written 2,967 3,565 3,736 3,745 3,414Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 132 396 28 85 -172Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,836 3,170 3,708 3,660 3,587

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 9,775 3,043 3,142 3,421 2,978 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 14,149 16,511 18,965 19,931 26,187 Net Losses Paid - Commercial 322 803 1,458 2,436 1,785Premiums & Considerations Due 13,050 16,618 14,501 15,756 15,533 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 89,072 95,384 99,623 289 237 Net Losses Paid 322 803 1,458 2,436 1,785All Other Admitted Assets 19,893 25,794 25,810 6,094 5,833 Net LAE Paid 423 414 1,264 1,625 206Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 136,164 154,307 158,899 42,070 47,791 Change in Loss Reserves - Commercial 1,311 861 689 95 24

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 16 299 -453 -124 690

Unpaid Losses 71,996 81,585 84,019 7,084 7,108 Net Change in Loss and LAE Reserves 1,326 1,160 237 -30 714Unpaid Loss Adj Expenses 23,937 21,544 23,904 2,114 2,178 Losses and LAE Incurred 2,072 2,377 2,959 4,031 2,705

Loss & Loss Adj Exp Reserves 95,933 103,129 107,924 9,198 9,286 Other Underwriting Expense Incurred -483 -564 -595 -481 -34Unearned Premiums 17,171 21,884 22,197 2,002 1,829 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 11,910 15,218 13,217 14,367 14,151 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 4,180 5,605 5,948 6,410 6,472 Net Underwriting Gain (Loss) 1,246 1,356 1,345 110 915Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 745 987 926 967 790 Total underwriting deductions 1,589 1,813 2,364 3,550 2,671



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 15 78 -20 -85Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 5,500 All Other Income 0 0 0 0 0Unassigned Surplus 5,126 6,384 7,588 8,027 8,662 Income after cap gains (loss) before tax 1,272 1,638 1,867 447 1,143Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal Income Tax 528 491 705 72 261

Capital & Surplus 6,226 7,484 8,688 9,127 15,262 Net Income 744 1,147 1,162 375 882

Total Liabilities and C&S 136,164 154,307 158,899 42,070 47,791 Pre-tax Operating Income 1,272 1,623 1,789 466 1,228

Memo: Total Revenue 2,861 3,451 4,231 3,997 3,815Memo: Affiliated Investments ($000) Memo: Paid Expenses 32 -1,370 175 714 156

Bonds 0 0 0 0 0





Net Investment Income 25 267 445 356 313 Class 6 0 0 0 0 0R li d C it l G i 0 15 78 20 85Realized Capital Gains 0 15 78 -20 -85Unrealized Capital Gains -36 112 42 64 -246Total Cash & Investments 14,149 16,511 18,965 19,931 26,187Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 4,430 13,327 15,594 16,191 23,259Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 121 4,486 2,000 1,043 1,760

RMBS ExposureTotal: LT Bond, Res MBS 0 694 2,449 3,264 2,218

Municipal SecuritiesIssued States & Territories ($000) 0 0 2,709 3,836 5,480Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 1,533 0Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Michigan 5,975 Cash/Invested Assets 69.08 18.43 16.57 17.16 11.372. Illinois 4,890 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 2,753 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. North Carolina 2,556 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Colorado 2,018 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 21,899 All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 9.58 10.77 9.13 37.45 32.50


Market Share Ratio 0.01 0.01 0.01 0.01 0.01 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 5.73 3.59 2.14 2.85 All other admitted assets/Total Assets 14.61 16.72 16.24 14.48 12.21National DPW ($000) 35,305 40,369 42,136 42,354 40,091 Invested Assets/Total Assets 10.39 10.70 11.93 47.38 54.80Adjusted Loss Ratio 53.63 52.50 50.04 63.50 57.28 Investment Income/Total Assets 0.02 0.17 0.28 0.85 0.65





Other Invstmts - 11.4% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Michigan - 14.9% Illinois - 12.2%

Ohio - 6.9% North Carolina - 6.4%

Colorado - 5.0% All other - 54.6%


Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

9550 South Eastern Avenue NAIC Company Code : 13014 Total Assets 6,273 7,994 12,880 16,579 17,951Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 1,058 2,006 2,774 3,728 4,517Las Vegas, NV 89123-8042 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,214 5,987 10,106 12,851 13,434

NAIC Ownership Structure: Risk Retention Group Net Income 221 337 86 -451 -1,397Tax Identification Number : 26-1479165 Total Revenue 1,833 4,983 6,278 9,217 9,059



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 818 2,113 4,057 7,020 7,622Demotech Financial Strength Rating A 03/28/14 Affirm Loss & LAE Reserves/ NPE (%) 24.02 29.97 48.25 60.49 82.54S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 47.55 32.01 5.36 -20.84 -49.27Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 4.60 2.69 2.33 2.45 1.93Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President Alan Joseph Iezzi


Net Yield on Invested Assets 0.36 1.45 0.49 0.85 0.72Net Investment Income/Earned Premiums 0.13 1.18 0.48 0.86 1.12Return on Average Equity (C&S) 32.12 21.09 3.46 -13.88 -32.18Return on Avg Assets 7.05 4.94 0.88 -3.31 -7.84Loss and LAE Ratio 41.34 54.46 58.89 74.58 85.13Expense Ratio 15.39 33.16 38.72 34.96 42.16Loss Ratio 22.42 35.76 21.49 22.12 42.06Combined Ratio 56.74 87.63 97.61 109.54 127.29Operating Ratio 56.40 86.32 97.11 108.67 126.19Investment ratio 0.33 1.30 0.50 0.87 1.10


Cash, Short-Term Investments / Liabilities 70.03 78.94 75.73 81.33 90.68Cash, Common & Liquid Bonds / Liabilities 70.03 78.94 78.96 89.00 105.14Cash & Short-Term Investments / C&S 345.02 235.57 275.91 280.35 269.71Liabilities / Liquid Assets (IRIS Ratio) 143.00 127.00 132.00 118.00 102.00Affiliated Investments / Capital & Surplus 0.00 0.00 11.77 14.93 20.70Reserve coverage2 95.50 116.15 124.07 129.25 144.47Cash From Underwriting ($000) 2,721 362 2,842 1,768 -79Net Cash From Operations ($000) 2,713 257 2,563 2,173 354Underwriting Cash Flow Ratio 279.96 112.03 168.73 124.81 99.30Operating Cash Flow Ratio 280.85 117.63 177.80 122.38 97.38Unassigned Funds / Total Assets 2.99 6.56 4.88 1.99 -4.34


GPW to Policyholders' Surplus3 900 --- 318 304 277NPW to Policyholders' Surplus 300 --- 233 245 193Change in Net Premiums Written 33 -33 20 41* -5Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 103* 116*


MSA: Las Vegas-Henderson-Paradise, NV (Metro)

Distribution Channel: Broker, Direct Response

143.0

127.0 132.0118.0

102.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2009Y 2010Y 2011Y 2012Y 2013Y


56.7

87.697.6

109.5

127.3

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 18.92 18.71 37.39 52.46 43.07 Gross Change in Policyholders' Surplus 50 -10 38 34 21Net Commission Ratio 4.55 10.39 16.04 10.55 17.86 Net Change in Adj Policyholders' Surplus 25 -10 5 -11* -30*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 2.14 Liabilities to Liquid Assets 100 --- 132* 118* 102*Tax, License & Fees Ratio 0.69 1.49 0.83 0.24 0.53 Agents' Bal to Policyholders' Surplus 40 --- 102* 82* 26Admin & Other Expense Ratio 10.16 21.28 21.85 24.17 21.63 1-Yr Resv Dev to Policyholders' Surplus 20 --- 9 40* 33*Gross Premiums Written ($000)3 5,499 5,805 8,826 11,327 12,501 2-Yr Resv Dev to Policyholders' Surplus 20 --- 7 39* 79*Loss & Loss Adj Expense ($000) 755 2,679 3,640 6,697 7,532 Est Curr Resv Defi/Policyholders' Surplus 25 --- -40 -17 20Other Underwriting Exp Incurred ($000) 750 1,793 2,504 3,197 3,667 *Indicates an unusual value.Net Underwriting Gains ($000) 322 447 37 -914 -2,351 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 88.60 93.11 73.27 80.73 69.57 complements of each ratio.Effective Tax Rate 32.45 34.10 35.43 NM NM

Pre-Tax Operating Margin 17.88 10.26 2.12 -7.35 -23.62 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y



Reinsurance Recoverable ex US Aff 392 2,261 2,250 3,061 2,758 Net Premiums Written Growth 653.26 10.94 19.63 41.40 -4.89Retention Ratio (NPW/GPW) (%)3 88.60 93.11 73.27 80.73 69.57 Pre-Tax Operating Income Growth NM 55.96 -73.94 NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM 52.14 -74.46 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 591.14 158.31 91.98 73.01 8.58Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 750.13 5.57 52.03 28.34 10.36Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR NA NA 143.70 107.12 80.65

Capital & Surplus Five-year CAGR NA NA 75.71 64.32 54.60Admitted Assets Five-year CAGR NA NA 120.00 92.41 71.51




Asbestos NA NA NA NA NA Capital and Surplus 1,058 2,006 2,774 3,728 4,517 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,058 2,006 2,774 3,728 4,517 Combined NA NA NA NA NA ACL Risk Based Capital 314 798 1,199 1,566 1,946



Change in Loss & LAE Resv / Reserves 591.14 158.31 91.98 73.01 8.58 Realized Capital Gains (Losses) 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S -19.95 22.02 9.27 39.61 32.66 Net Unrealized Capital Gains (Losses) 0 0 17 153 2892 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 -22.49 7.18 39.24 78.68 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 24.02 29.97 48.25 60.49 82.54 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -5.58 4.74 3.01 12.24 13.76 Net Premiums Written / Avg C&S (%) 706.83 338.50 260.24 281.36 200.27IBNR/ Total Reserves 45.03 47.86 28.04 32.94 30.76 Liabilities / Capital & Surplus (%) 492.71 298.40 364.33 344.70 297.43Reserves/ Equity 77.31 105.33 146.27 188.29 168.75 Total Reins Recov Excl US Aff / C&S (%) 37.04 112.68 81.11 82.11 61.06


168.5

125.7115.7 119.0 116.1

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2009Y 2010Y 2011Y 2012Y 2013Y



88.6 93.1

73.380.7

69.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013Y




Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 0 0 0 0 71 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,499 5,805 8,826 11,327 12,501Common Stocks 0 0 326 985 1,871 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -627 -400 -2,359 -2,183 -3,803Occupied Properties 0 0 0 0 0 Net Premiums Written 4,873 5,406 6,467 9,145 8,697Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 3,045 487 285 165 -150Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,827 4,919 6,182 8,980 8,848

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,651 4,727 7,653 10,452 12,182 Underwriting Deductions ($000)Other Investments 0 0 0 200 200 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 3,651 4,727 7,980 11,637 14,324 Net Losses Paid - Commercial 5 1,001 483 869 3,264Premiums & Considerations Due 1,334 1,756 2,834 3,048 1,184 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 394 Net Losses Paid 5 1,001 483 869 3,264All Other Admitted Assets 1,287 1,511 2,066 1,894 2,049 Net LAE Paid 51 383 1,214 2,866 3,666Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 6,273 7,994 12,880 16,579 17,951 Change in Loss Reserves - Commercial 405 758 846 1,117 457

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 295 537 1,098 1,845 145

Unpaid Losses 493 1,252 2,098 3,215 3,673 Net Change in Loss and LAE Reserves 700 1,295 1,944 2,962 603Unpaid Loss Adj Expenses 325 862 1,960 3,804 3,950 Losses and LAE Incurred 755 2,679 3,640 6,697 7,532

Loss & Loss Adj Exp Reserves 818 2,113 4,057 7,020 7,622 Other Underwriting Expense Incurred 750 1,793 2,504 3,197 3,667Unearned Premiums 3,416 3,903 4,188 4,352 4,202 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 131 -1,447 -35 -127 489 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 343 647 1,046 894 352 Net Underwriting Gain (Loss) 322 447 37 -914 -2,351Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 506 771 851 712 770 Total underwriting deductions 1,505 4,471 6,144 9,894 11,199



Common Capital Stock 298 29 27 28 30 Net Realized Capital Gains (Losses) 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 65 159 114Surplus Notes 75 75 75 75 75 All Other Income 0 0 0 0 0Unassigned Surplus 188 524 628 330 -779 Income after cap gains (loss) before tax 328 511 133 -677 -2,140Other Including Gross Contributed 497 1,378 2,044 3,295 5,190 Federal Income Tax 106 174 47 -226 -742

Capital & Surplus 1,058 2,006 2,774 3,728 4,517 Net Income 221 337 86 -451 -1,397

Total Liabilities and C&S 6,273 7,994 12,880 16,579 17,951 Pre-tax Operating Income 328 511 133 -677 -2,140


Bonds 0 0 0 0 0





Net Investment Income 6 64 31 78 97 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Unrealized Capital Gains 0 0 17 153 289Total Cash & Investments 3,651 4,727 7,980 11,637 14,324Affiliated Cash & Investments 0 0 326 557 935Total Bonds (incl Short-Term) 0 0 0 0 71Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 326 985 1,871Total 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 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA








Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.50Common Stocks / C&S 0.00 0.00 11.77 26.42 41.42Unaff common stock/Invested Assets 0.00 0.00 0.00 3.68 6.53

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 6,476 1. Med Prof Liab 12,501 Cash/Invested Assets 100.00 100.00 95.91 89.82 85.052. California 2,960 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 920 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 591 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 435 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 80.81 All other admitted assets/Total Assets 20.52 18.90 16.04 11.42 11.41National DPW ($000) 5,499 5,805 8,826 11,327 12,501 Invested Assets/Total Assets 58.21 59.13 61.96 70.19 79.80Adjusted Loss Ratio 23.50 36.90 22.13 26.35 35.62 Investment Income/Total Assets 0.10 0.80 0.24 0.47 0.54





Other Invstmts - 92.5% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Florida - 51.8% California - 23.7%

Michigan - 7.4% Georgia - 4.7%




Aircraft - 0.0%



All Other - 0.0%


National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,323 6,958 6,955 7,604 8,158Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,978 2,981 3,088 3,493 3,868Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,345 3,978 3,868 4,111 4,291






Name : Rose Patrick Auditor Porter Keadle Moore LLCPhone : (770) 255-4913 Actuary Merlinos & Associates Inc.Fax : (770) 246-8536 CEO --Email : [email protected] CFO --

President Guy Stephen Pierce




Cash, Short-Term Investments / Liabilities 159.60 23.91 12.99 13.12 4.68Cash, Common & Liquid Bonds / Liabilities 174.55 170.33 174.08 177.80 184.02Cash & Short-Term Investments / C&S 179.25 31.91 16.27 15.44 5.20Liabilities / Liquid Assets (IRIS Ratio) 57.00 61.00 59.00 56.00 55.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 182.20 187.15 193.10 201.72 201.34Cash From Underwriting ($000) 225 526 -48 344 536Net Cash From Operations ($000) 142 579 -4 457 621Underwriting Cash Flow Ratio 113.80 135.70 96.90 130.52 145.15Operating Cash Flow Ratio 120.83 138.98 104.13 135.80 150.49Unassigned Funds / Total Assets 9.79 13.07 15.27 19.37 22.32


GPW to Policyholders' Surplus3 900 --- 50 42 45NPW to Policyholders' Surplus 300 --- 50 42 45Change in Net Premiums Written 33 -33 -18 -5 18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 86 73



Distribution Channel: Direct Response, General Agnt/Managing General Agnt

57.0

61.0

59.0

56.0

55.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009Y 2010Y 2011Y 2012Y 2013Y


77.7

96.7 99.191.1

75.8

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 21.60 15.77 20.80 15.77 13.48 Gross Change in Policyholders' Surplus 50 -10 4 13 11Net Commission Ratio 8.80 10.01 10.90 9.76 8.79 Net Change in Adj Policyholders' Surplus 25 -10 2 12 10Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 59 56 55Tax, License & Fees Ratio 5.02 6.16 6.74 6.20 5.29 Agents' Bal to Policyholders' Surplus 40 --- 3 2 2Admin & Other Expense Ratio 27.24 30.88 36.78 31.15 30.64 1-Yr Resv Dev to Policyholders' Surplus 20 --- -15 -12 -20Gross Premiums Written ($000)3 2,001 1,873 1,540 1,462 1,724 2-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -21 -35Loss & Loss Adj Expense ($000) 670 967 782 633 467 Est Curr Resv Defi/Policyholders' Surplus 25 --- -34 -35 -28Other Underwriting Exp Incurred ($000) 822 881 838 689 771 *Indicates an unusual value.Net Underwriting Gains ($000) 335 99 130 118 262 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 100.00 100.00 100.00 complements of each ratio.Effective Tax Rate 28.45 36.38 22.45 15.94 20.42


Admitted Assets Growth 4.36 10.05 -0.04 9.33 7.29

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -4.22 18.92 -2.76 6.28 4.37

Reinsurance Recoverable ex US Aff 0 0 0 0 0 Net Premiums Written Growth 12.05 -6.41 -17.80 -5.03 17.86Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 100.00 Pre-Tax Operating Income Growth 21.38 -40.84 16.43 19.72 34.98Unauthorized Net Recov. (ex US Aff) (%) NA NA NA NA NA Net Income Growth -30.16 7.41 55.98 10.20 15.02Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -8.90 16.17 4.79 7.16 1.23Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 12.05 -6.41 -17.80 -5.03 17.86Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 28.38 18.85 13.70 6.96 4.20








Change in Loss & LAE Resv / Reserves -8.90 16.17 4.79 7.16 1.23 Realized Capital Gains (Losses) -139 53 93 50 211 Yr Loss Reserve Dev / 1Y Prior C&S -28.01 -12.86 -15.37 -12.24 -20.01 Net Unrealized Capital Gains (Losses) 326 83 -161 195 222 Yr Loss Reserve Dev / 2Y Prior C&S -42.69 -39.11 -26.02 -20.69 -34.75 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 137.02 126.31 158.53 203.92 209.93 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -39.34 -19.67 -26.17 -26.24 -46.60 Net Premiums Written / Avg C&S (%) 78.97 68.95 52.49 44.48 49.60IBNR/ Total Reserves 62.27 69.38 68.54 74.87 68.33 Liabilities / Capital & Surplus (%) 112.31 133.44 125.27 117.67 110.93Reserves/ Equity 75.06 87.11 88.13 83.47 76.33 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 0.00


375.0

202.5 187.9 195.0

261.0

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2009Y 2010Y 2011Y 2012Y 2013Y



100.0 100.0 100.0 100.0

100.0

0

500

1,000

1,500

2,000

2,500

2009Y 2010Y 2011Y 2012Y 2013Y




National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 500 1,401 1,015 899 1,453 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,001 1,873 1,540 1,462 1,724Common Stocks 0 4,183 5,061 5,870 6,164 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 2,001 1,873 1,540 1,462 1,724Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 174 -74 -210 22 224Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,828 1,947 1,750 1,440 1,500

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,338 951 502 539 201 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 5,838 6,536 6,578 7,309 7,818 Net Losses Paid - Commercial 518 336 367 248 167Premiums & Considerations Due 169 76 90 76 86 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Net Losses Paid 518 336 367 248 167All Other Admitted Assets 315 347 288 219 254 Net LAE Paid 370 270 291 190 264Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 6,323 6,958 6,955 7,604 8,158 Change in Loss Reserves - Commercial -243 324 51 158 97

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 24 37 73 37 -61

Unpaid Losses 1,710 2,034 2,085 2,243 2,341 Net Change in Loss and LAE Reserves -218 361 124 195 36Unpaid Loss Adj Expenses 526 563 636 673 611 Losses and LAE Incurred 670 967 782 633 467

Loss & Loss Adj Exp Reserves 2,235 2,597 2,721 2,916 2,952 Other Underwriting Expense Incurred 822 881 838 689 771Unearned Premiums 969 895 685 707 931 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 119 118 120 134 Net Underwriting Gain (Loss) 335 99 130 118 262Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 34 367 343 368 273 Total underwriting deductions 1,492 1,848 1,620 1,322 1,238



Common Capital Stock 2,329 2,420 2,454 2,502 2,528 Net Realized Capital Gains (Losses) -139 53 93 50 21Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 30 30 30 30 30 All Other Income -8 0 -35 0 0Unassigned Surplus 619 909 1,062 1,473 1,821 Income after cap gains (loss) before tax 220 265 339 345 419Other Including Gross Contributed 0 -378 -458 -511 -511 Federal Income Tax 62 97 76 55 86



Memo: Total Revenue 1,712 2,113 1,959 1,667 1,657Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,228 1,247 1,254 986 1,153

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 500 1,641 1,170 899 1,530Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 31 114 152 177 136 Class 6 0 0 0 0 0R li d C it l G i 139 53 93 50 21Realized Capital Gains -139 53 93 50 21Unrealized Capital Gains 326 83 -161 195 22Total Cash & Investments 5,838 6,536 6,578 7,309 7,818Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 500 1,641 1,170 899 1,530Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 4,183 5,061 5,870 6,164Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 991 1. Oth, Prod Liab Cmbnd 1,724 Cash/Invested Assets 91.44 14.55 7.64 7.38 2.572. North Carolina 570 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 83 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. South Carolina 43 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 33 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 15.86 6.54 -0.75 -4.75 -0.71 All other admitted assets/Total Assets 4.99 4.99 4.14 2.88 3.11National DPW ($000) 2,001 1,873 1,540 1,462 1,724 Invested Assets/Total Assets 92.33 93.92 94.57 96.12 95.83Adjusted Loss Ratio 15.07 33.91 23.88 28.18 17.63 Investment Income/Total Assets 0.49 1.63 2.19 2.33 1.67





Other Invstmts - 2.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Florida - 57.5% North Carolina - 33.0%

Georgia - 4.8% South Carolina - 2.5%

Virginia - 1.9% All other - 0.2%



Aircraft - 0.0%



All Other - 0.0%


National Guardian RRG Inc. (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 15,912 16,442 15,823 16,314 16,356Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,662 4,626 5,529 5,980 5,983

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 12,250 11,816 10,294 10,334 10,373NAIC Ownership Structure: Risk Retention Group Net Income 127 889 890 516 25Tax Identification Number : 38-2848487 Total Revenue 716 2,607 2,672 2,744 2,135

Direct Premiums Written 11,335 11,953 12,140 13,150 13,937Net Premiums Written 676 2,102 2,555 2,507 1,999


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 10,419 9,980 9,295 8,820 8,947Demotech Financial Strength Rating A 03/11/14 Affirm Loss & LAE Reserves/ NPE (%) 2,104.56 437.85 392.75 348.77 450.33S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 5.93 29.95 24.30 12.87 0.03Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.18 0.45 0.46 0.42 0.33Fitch Financial Strength Rating -- -- -- --


Name : Mark A. Burnheimer Auditor Johnson Lambert LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik K. KingEmail : [email protected] CFO --

President Mark A. Burnheimer


Net Yield on Invested Assets 1.03 1.89 1.21 1.39 1.33Net Investment Income/Earned Premiums 19.79 10.52 5.66 6.33 6.78Return on Average Equity (C&S) 3.59 22.94 18.12 9.24 0.42Return on Avg Assets 0.65 5.22 5.25 3.04 0.15Loss and LAE Ratio 32.59 44.67 43.48 70.82 99.06Expense Ratio 46.78 18.12 14.82 7.74 7.64Loss Ratio -25.89 12.16 14.60 34.88 59.87Combined Ratio 79.37 62.79 58.30 78.56 106.70Operating Ratio 56.42 53.53 52.58 72.42 99.92Investment ratio 22.95 9.27 5.72 6.14 6.78


Cash, Short-Term Investments / Liabilities 10.25 34.94 29.18 39.07 11.00Cash, Common & Liquid Bonds / Liabilities 101.27 123.12 130.90 141.86 88.85Cash & Short-Term Investments / C&S 34.27 89.24 54.33 67.51 19.07Liabilities / Liquid Assets (IRIS Ratio) 94.00 86.00 85.00 70.00 105.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 113.56 126.29 125.34 139.84 93.59Cash From Underwriting ($000) -2,114 450 -1,282 652 -3,818Net Cash From Operations ($000) -1,891 834 -1,638 737 -3,766Underwriting Cash Flow Ratio 48.29 158.53 63.12 157.87 -79.81Operating Cash Flow Ratio 52.56 139.65 82.17 180.52 -69.33Unassigned Funds / Total Assets 13.59 19.01 25.46 27.46 27.41


GPW to Policyholders' Surplus3 900 --- 223 222 223NPW to Policyholders' Surplus 300 --- 46 42 33Change in Net Premiums Written 33 -33 22 -2 -20Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 53 63 84


MSA: Traverse City, MI (Micro)


94.086.0 85.0

70.0

105.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013Y


79.4

62.8 58.3

78.6

106.7

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 58.48 32.51 28.88 35.94 39.20 Gross Change in Policyholders' Surplus 50 -10 20 8 0Net Commission Ratio -140.19 -26.30 -21.06 -35.49 -38.41 Net Change in Adj Policyholders' Surplus 25 -10 20 8 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 85 70 105*Tax, License & Fees Ratio 44.36 15.58 12.54 13.28 15.78 Agents' Bal to Policyholders' Surplus 40 --- 0 0 44*Admin & Other Expense Ratio 142.61 28.85 23.35 29.94 30.26 1-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -7 -9Gross Premiums Written ($000)3 12,197 12,259 12,348 13,259 13,362 2-Yr Resv Dev to Policyholders' Surplus 20 --- -71 -30 -16Loss & Loss Adj Expense ($000) 190 1,066 1,099 1,831 1,980 Est Curr Resv Defi/Policyholders' Surplus 25 --- 223* 6 -41Other Underwriting Exp Incurred ($000) 316 381 379 194 153 *Indicates an unusual value.Net Underwriting Gains ($000) 77 939 1,050 560 -134 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 5.54 17.15 20.69 18.91 14.96 complements of each ratio.Effective Tax Rate 54.08 32.55 30.35 27.93 NM


Admitted Assets Growth -12.72 3.33 -3.76 3.10 0.26

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -16.93 -3.54 -12.88 0.38 0.38

Reinsurance Recoverable ex US Aff -351 -868 -142 -125 -199 Net Premiums Written Growth -83.00 211.20 21.55 -1.88 -20.27Retention Ratio (NPW/GPW) (%)3 5.54 17.15 20.69 18.91 14.96 Pre-Tax Operating Income Growth -46.10 451.56 2.91 -39.79 -99.77Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth -72.92 597.90 0.17 -42.04 -95.15Nonaffiliated Reins Assumed / GPW (%) 7.07 2.49 1.69 0.82 -4.30 Loss & Loss Adj Exp Reserves Growth -20.14 -4.21 -6.86 -5.11 1.44Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -0.16 5.45 1.56 8.32 5.99Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 7.87 2.62 -3.29 -5.57 -6.80

Capital & Surplus Five-year CAGR 5.62 9.23 12.18 14.39 11.42Admitted Assets Five-year CAGR 7.32 4.25 0.70 -0.60 -2.15







Change in Loss & LAE Resv / Reserves -20.14 -4.21 -6.86 -5.11 1.44 Realized Capital Gains (Losses) 67 158 84 -3 -21 Yr Loss Reserve Dev / 1Y Prior C&S -65.05 -46.91 -25.94 -6.89 -9.10 Net Unrealized Capital Gains (Losses) 18 13 13 0 02 Yr Loss Reserve Dev / 2Y Prior C&S -89.60 -111.60 -70.70 -30.30 -16.40 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 2,104.56 437.85 392.75 348.77 450.33 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -388.99 -72.00 -47.48 -14.74 -27.21 Net Premiums Written / Avg C&S (%) 19.05 54.25 51.98 44.89 33.16IBNR/ Total Reserves 42.88 40.29 39.65 38.22 40.02 Liabilities / Capital & Surplus (%) 334.52 255.43 186.19 172.80 173.37Reserves/ Equity 284.50 215.73 168.12 147.49 149.54 Total Reins Recov Excl US Aff / C&S (%) -9.58 -18.76 -2.57 -2.09 -3.33


123.7

168.1

210.2236.5 242.6

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013Y



5.5

17.1

20.718.9

15.0

02,0004,0006,0008,000

10,00012,00014,00016,000

2009Y 2010Y 2011Y 2012Y 2013Y




National Guardian RRG Inc. (Traverse City, MI)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -10,660 -9,851 -9,584 -10,643 -11,938Occupied Properties 0 0 0 0 0 Net Premiums Written 676 2,102 2,555 2,507 1,999Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 93 -284 28 -78 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 583 2,386 2,527 2,585 1,999

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,255 4,128 3,004 4,037 1,141 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 12,562 13,535 11,891 12,459 8,573 Net Losses Paid - Commercial 1,440 523 903 1,175 1,157Premiums & Considerations Due 361 76 83 1,535 3,953 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 2,027 2,075 3,109 1,661 3,121 Net Losses Paid 1,440 523 903 1,175 1,157All Other Admitted Assets 963 756 741 660 709 Net LAE Paid 1,377 982 880 1,131 697Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 15,912 16,442 15,823 16,314 16,356 Change in Loss Reserves - Commercial -1,591 -233 -534 -273 40

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves -1,037 -206 -150 -202 87

Unpaid Losses 6,665 6,433 5,899 5,625 5,666 Net Change in Loss and LAE Reserves -2,627 -439 -684 -475 127Unpaid Loss Adj Expenses 3,753 3,547 3,396 3,195 3,281 Losses and LAE Incurred 190 1,066 1,099 1,831 1,980

Loss & Loss Adj Exp Reserves 10,419 9,980 9,295 8,820 8,947 Other Underwriting Expense Incurred 316 381 379 194 153Unearned Premiums 334 50 78 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 880 868 142 125 199 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 192 204 232 184 207 Net Underwriting Gain (Loss) 77 939 1,050 560 -134Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 425 715 548 1,204 1,020 Total underwriting deductions 506 1,447 1,478 2,025 2,133



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains (Losses) 67 158 84 -3 -2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 500 500 500 500 500 All Other Income 0 0 0 0 0Unassigned Surplus 2,162 3,126 4,029 4,480 4,483 Income after cap gains (loss) before tax 277 1,318 1,278 716 0Other Including Gross Contributed 400 400 400 400 400 Federal Income Tax 150 429 388 200 -25


Total Liabilities and C&S 15,912 16,442 15,823 16,314 16,356 Pre-tax Operating Income 210 1,160 1,194 719 2

Memo: Total Revenue 783 2,765 2,756 2,741 2,133Memo: Affiliated Investments ($000) Memo: Paid Expenses 1,648 1,408 1,287 1,420 874

Bonds 0 0 0 0 0





Net Investment Income 134 221 145 159 136 Class 6 0 0 0 0 0R li d C it l G i 67 158 84 3 2Realized Capital Gains 67 158 84 -3 -2Unrealized Capital Gains 18 13 13 0 0Total Cash & Investments 12,562 13,535 11,891 12,459 8,573Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 11,222 10,441 10,471 10,622 8,076Total Preferred Stock (incl Nonadmitted) 117 137 0 0 0Total Common Stock (incl Nonadmitted) 0 0 0 0 0Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 1,065 895 606

Municipal SecuritiesIssued States & Territories ($000) 292 288 304 279 275Issued Political Subdivisions ($000) 106 216 664 2,428 2,289Issued State Rev Obligations ($000) 0 21 271 518 3,329Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 3.19 2.95 0.00 0.00 0.001. Illinois 3,558 1. Med Prof Liab 13,937 Cash/Invested Assets 9.99 30.50 25.26 32.41 13.312. Missouri 2,444 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 2,044 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 1,589 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Delaware 1,085 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 0.77 -2.25 -4.52 -0.30 4.19 All other admitted assets/Total Assets 6.05 4.60 4.68 4.04 4.34National DPW ($000) 11,335 11,953 12,140 13,150 13,937 Invested Assets/Total Assets 78.95 82.32 75.15 76.37 52.41Adjusted Loss Ratio 46.38 30.29 23.36 36.87 46.24 Investment Income/Total Assets 0.84 1.34 0.91 0.97 0.83





Other Invstmts - 13.3% 0.00 0.20 0.40 0.60 0.80

2009Y2010Y

2011Y

2012Y

2013Y


Illinois - 25.5% Missouri - 17.5% Virginia - 14.7%

Ohio - 11.4% Delaware - 7.8% All other - 23.1%



Aircraft - 0.0%



All Other - 0.0%


Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 15,317 14,503 9,363 12,554 12,361Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 13,945 12,444 7,654 10,807 10,584Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 1,372 2,059 1,709 1,747 1,778

NAIC Ownership Structure: Risk Retention Group Net Income -197 77 28 28 67Tax Identification Number : 99-0319305 Total Revenue 1,455 -134 1,016 816 837

Direct Premiums Written 748 622 501 953 875Net Premiums Written 629 505 390 843 765

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,321 -422 841 696 694

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 320 25 20 20 0Demotech Financial Strength Rating A 03/14/14 Affirm Loss & LAE Reserves/ NPE (%) 33.17 NM 2.60 2.87 1.25S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -2.57 2.33 -1.33 -0.40 0.55Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.05 0.04 0.05 0.08 0.07Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor PricewaterhouseCoopers LLPPhone : (802) 479-7801 Actuary GPW Actuarial Services Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Mark H. Mishler


Net Yield on Invested Assets 0.92 2.02 1.48 1.17 1.23Net Investment Income/Earned Premiums 21.37 56.97 44.85 14.20 18.70Return on Average Equity (C&S) -1.40 0.56 0.29 0.32 0.63Return on Avg Assets -1.24 0.51 0.23 0.26 0.54Loss and LAE Ratio 77.22 NM 29.30 13.03 0.94Expense Ratio 126.62 -159.72 230.06 90.21 100.87Loss Ratio 77.22 NM 29.30 13.03 0.94Combined Ratio 203.84 NM 259.37 103.24 101.81Operating Ratio 193.66 NM 238.58 86.03 81.20Investment ratio 10.18 NA 20.79 17.20 20.61


Cash, Short-Term Investments / Liabilities 729.52 322.65 389.41 392.82 379.73Cash, Common & Liquid Bonds / Liabilities NM 680.42 538.25 686.31 640.28Cash & Short-Term Investments / C&S 71.78 53.38 86.96 63.50 63.79Liabilities / Liquid Assets (IRIS Ratio) 10.00 15.00 19.00 15.00 16.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 1,121.70 738.18 635.96 753.87 694.14Cash From Underwriting ($000) -1,527 790 -603 -118 -458Net Cash From Operations ($000) -269 1,156 -346 -4 -287Underwriting Cash Flow Ratio 24.93 -262.80 43.85 87.49 62.15Operating Cash Flow Ratio 24.73 -204.19 41.76 87.49 62.15Unassigned Funds / Total Assets 63.93 57.17 37.39 28.82 27.46


GPW to Policyholders' Surplus3 900 --- 7 9 8NPW to Policyholders' Surplus 300 --- 5 8 7Change in Net Premiums Written 33 -33 -23 116* -9Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 42 137* 83




10.0

15.0

19.0

15.016.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013Y


203.8

0.0

259.4

103.2 101.8

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 -38* 41 -2Net Commission Ratio 13.00 10.04 4.93 0.77 0.19 Net Change in Adj Policyholders' Surplus 25 -10 -38* 2 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 19 15 16Tax, License & Fees Ratio 7.23 8.73 11.72 6.51 18.49 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 106.38 -178.49 213.41 82.92 82.19 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Gross Premiums Written ($000)3 739 615 500 953 875 2-Yr Resv Dev to Policyholders' Surplus 20 --- -2 0 0Loss & Loss Adj Expense ($000) 1,020 349 246 91 7 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 0Other Underwriting Exp Incurred ($000) 797 716 864 761 772 *Indicates an unusual value.Net Underwriting Gains ($000) -496 35 -302 -155 -84 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 85.12 82.10 77.99 88.46 87.43 complements of each ratio.Effective Tax Rate NM 56.28 0.00 0.00 0.00

Pre-Tax Operating Margin -24.82 NM -12.54 -4.35 7.05 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth -7.21 -5.31 -35.44 34.08 -1.53

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -40.19 50.05 -16.98 2.21 1.77

Reinsurance Recoverable ex US Aff 0 0 -32 -13 0 Net Premiums Written Growth 22.68 -19.79 -22.76 116.39 -9.28Retention Ratio (NPW/GPW) (%)3 85.12 82.10 77.99 88.46 87.43 Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) NA NA 0.00 0.00 NA Net Income Growth NM NM -64.06 0.56 139.42Nonaffiliated Reins Assumed / GPW (%) -1.26 -1.15 -0.20 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -39.79 -92.18 -20.00 0.00 -98.00Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 17.37 -16.94 -19.45 90.39 -8.21Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -25.13 -19.65 -22.41 -16.43 -4.97

Capital & Surplus Five-year CAGR 5.50 -0.16 -10.45 -4.90 -5.73Admitted Assets Five-year CAGR -1.48 -4.95 -13.53 -7.14 -5.62






RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) 1,889.12 1,838.43 944.04 1,688.12 1,594.21

Change in Loss & LAE Resv / Reserves -39.79 -92.18 -20.00 0.00 -98.00 Realized Capital Gains (Losses) -12 -146 155 63 81 Yr Loss Reserve Dev / 1Y Prior C&S -2.22 -2.29 -0.04 0.00 -0.19 Net Unrealized Capital Gains (Losses) -51 111 214 51 -2902 Yr Loss Reserve Dev / 2Y Prior C&S -3.86 -3.73 -2.29 -0.04 -0.26 Dividends to Stockholders 0 0 -5,000 0 0Loss and LAE Reserves / NPE 33.17 NM 2.60 2.87 1.25 Dividend Payout Ratio (%) 0.00 0.00 NM 0.00 0.001 Yr Loss Reserve Development / NPE -23.92 NM -0.59 0.00 -2.88 Net Premiums Written / Avg C&S (%) 4.47 3.65 4.08 9.60 7.17IBNR/ Total Reserves 100.00 100.00 100.00 100.00 100.00 Liabilities / Capital & Surplus (%) 9.84 16.54 22.33 16.17 16.80Reserves/ Equity 2.29 0.20 0.26 0.19 0.00 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 -0.42 -0.12 0.00


1,889.1 1,838.4

944.0

1,688.1 1,594.2

02,0004,0006,0008,000

10,00012,00014,00016,000

2009Y 2010Y 2011Y 2012Y 2013Y



85.1

82.1

78.0

88.587.4

0

200

400

600

800

1,000

1,200

2009Y 2010Y 2011Y 2012Y 2013Y




Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 3,612 6,705 2,318 4,944 4,437 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 748 622 501 953 875Common Stocks 580 661 226 183 195 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 748 622 501 953 875Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -119 -117 -111 -110 -110Occupied Properties 0 0 0 0 0 Net Premiums Written 629 505 390 843 765Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -692 926 -451 147 71Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,321 -422 841 696 694

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 10,010 6,643 6,656 6,862 6,751 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 14,201 14,008 9,200 11,989 11,383 Net Losses Paid - Commercial 1,231 643 251 91 26Premiums & Considerations Due 116 49 0 0 0 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 87 87 88 88 88 Net Losses Paid 1,231 643 251 91 26All Other Admitted Assets 405 282 40 45 80 Net LAE Paid 0 0 0 0 0Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 15,317 14,503 9,363 12,554 12,361 Change in Loss Reserves - Commercial -211 -295 -5 0 -20


Unpaid Losses 320 25 20 20 0 Net Change in Loss and LAE Reserves -211 -295 -5 0 -20Unpaid Loss Adj Expenses 0 0 0 0 0 Losses and LAE Incurred 1,020 349 246 91 7

Loss & Loss Adj Exp Reserves 320 25 20 20 0 Other Underwriting Expense Incurred 797 716 864 761 772Unearned Premiums 946 1,873 1,422 1,569 1,640 Other Underwriting Deductions 0 -1,522 32 0 0Total Reinsurance Liabilities 0 0 33 13 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 161 235 146 138 Net Underwriting Gain (Loss) -496 35 -302 -155 -84Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 1,817 -457 1,143 851 778



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains (Losses) -12 -146 155 63 8Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 9,792 8,292 3,501 3,618 3,394 Income after cap gains (loss) before tax -373 177 28 28 67Other Including Gross Contributed 4,122 4,122 4,122 7,159 7,159 Federal Income Tax -176 100 0 0 0

Capital & Surplus 13,945 12,444 7,654 10,807 10,584 Net Income -197 77 28 28 67

Total Liabilities and C&S 15,317 14,503 9,363 12,554 12,361 Pre-tax Operating Income -361 323 -127 -35 59

Memo: Total Revenue 1,444 -280 1,171 879 845Memo: Affiliated Investments ($000) Memo: Paid Expenses 803 660 819 874 794

Bonds 0 0 0 0 0





Net Investment Income 134 287 175 120 143 Class 6 0 0 0 0 0R li d C it l G i 12 146 155 63 8Realized Capital Gains -12 -146 155 63 8Unrealized Capital Gains -51 111 214 51 -290Total Cash & Investments 14,201 14,008 9,200 11,989 11,383Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 3,612 6,705 2,318 4,944 4,437Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 580 661 226 183 195Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 2,435 0 1,802 2,946 2,710Issued Political Subdivisions ($000) 0 5,341 67 1,163 1,108Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 633 0 448 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 191 1. Oth, Prod Liab Cmbnd 875 Cash/Invested Assets 70.48 47.42 72.35 57.24 59.312. Arizona 109 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 43 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 41 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 40 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 3.31 0.53 0.38 3.44 6.55DPW 5 Yr CAGR -22.95 -13.34 -18.68 -9.75 6.54 All other admitted assets/Total Assets 2.65 1.94 0.43 0.36 0.65National DPW ($000) 748 622 501 953 875 Invested Assets/Total Assets 92.72 96.59 98.26 95.50 92.09Adjusted Loss Ratio -33.46 NM 0.00 0.00 0.00 Investment Income/Total Assets 0.88 1.98 1.87 0.95 1.16





Other Invstmts - 59.3% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Texas - 21.9% Arizona - 12.4% Michigan - 4.9%

Georgia - 4.7% Virginia - 4.6% All other - 51.6%



Aircraft - 0.0%



All Other - 0.0%


Onyx Insurance Co. Inc. A RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

15255 North 40th Street NAIC Company Code : 15208 Total Assets NA NA NA NA 4,946Suite 109 Business Focus : P&C Minimum NPW Policyholder Surplus NA NA NA NA 2,526Phoenix, AZ 85032-4636 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA NA NA 2,420

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA NA -296Tax Identification Number : 46-2878950 Total Revenue NA NA NA NA 365

Direct Premiums Written NA NA NA NA 2,555Net Premiums Written NA NA NA NA 2,236

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA NA 415

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA NA 375Demotech Financial Strength Rating A 03/14/14 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 0.89Fitch Financial Strength Rating -- -- -- --


Name : Richard P. Marshall Auditor --Phone : (602) 952-9532 Actuary --Fax : (602) 952-8789 CEO --Email : [email protected] CFO --

President Peter Hinman Foley


Net Yield on Invested Assets NA NA NA NA NANet Investment Income/Earned Premiums NA NA NA NA -2.23Return 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 95.18Expense Ratio NA NA NA NA 11.90Loss Ratio NA NA NA NA 85.20Combined Ratio NA NA NA NA 107.08Operating Ratio NA NA NA NA 119.08Investment ratio NA NA NA NA -12.00

Policyholder Dividend Ratio NA NA NA NA 0.00 CASH FLOW & LIQUIDITY (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Cash, Short-Term Investments / Liabilities NA NA NA NA 132.70Cash, Common & Liquid Bonds / Liabilities NA NA NA NA 132.70Cash & Short-Term Investments / C&S NA NA NA NA 127.11Liabilities / Liquid Assets (IRIS Ratio) NA NA NA NA 75.00Affiliated Investments / Capital & Surplus NA NA NA NA 0.00Reserve coverage2 NA NA NA NA 143.56Cash From Underwriting ($000) NA NA NA NA 925Net Cash From Operations ($000) NA NA NA NA 875Underwriting Cash Flow Ratio NA NA NA NA 517.32Operating Cash Flow Ratio NA NA NA NA 517.32Unassigned Funds / Total Assets NA NA NA NA -5.98


GPW to Policyholders' Surplus3 900 --- NA NA 101NPW to Policyholders' Surplus 300 --- NA NA 89Change in Net Premiums Written 33 -33 NA NA NASurplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 0 NA

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y I t t Yi ld 6 5 3 NA NA NA


Distribution Channel: --

75.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y


107.1

0.000.100.200.300.400.500.600.700.800.901.00

2009Y 2010Y 2011Y 2012Y 2013Y



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Investment Yield 6.5 3 NA NA NA

Loss Adjustment Expense Ratio NA NA NA NA 9.98 Gross Change in Policyholders' Surplus 50 -10 NA NA 999*Net Commission Ratio NA NA NA NA 0.20 Net Change in Adj Policyholders' Surplus 25 -10 NA NA 999*Salaries & Benefits Ratio NA NA NA NA 0.01 Liabilities to Liquid Assets 100 --- NA NA 75Tax, License & Fees Ratio NA NA NA NA 0.62 Agents' Bal to Policyholders' Surplus 40 --- NA NA 49*Admin & Other Expense Ratio NA NA NA NA 11.07 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NAGross Premiums Written ($000)3 NA NA NA NA 2,555 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NALoss & Loss Adj Expense ($000) NA NA NA NA 395 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA NAOther Underwriting Exp Incurred ($000) NA NA NA NA 266 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA NA -246 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA NA 87.52 complements of each ratio.Effective Tax Rate NA NA NA NA 0.00

Pre-Tax Operating Margin NA NA NA NA -80.98 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth NA NA NA NA NA

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA NA NA

Reinsurance Recoverable ex US Aff NA NA NA NA -59 Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA NA 87.52 Pre-Tax Operating Income Growth NA NA NA NA NAUnauthorized Net Recov. (ex US Aff) (%) NA NA NA NA 0.00 Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA NA 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA NA NAReinsurance Payable on Losses, LAE NA NA NA NA 0 Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA 0 Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA NA 2,526 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA NA 2,526 Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA NA 92

Risk Based Capital Ratio (TAC/ACL RBC) NA NA NA NA 2,730.83

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA NA NA 1,365.42

Change in Loss & LAE Resv / Reserves NA NA NA NA NA Realized Capital Gains (Losses) NA NA NA NA 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Unrealized Capital Gains (Losses) NA NA NA NA 02 Yr Loss Reserve Dev / 2Y Prior C&S NA NA NA NA 0.00 Dividends to Stockholders NA NA NA NA 0Loss and LAE Reserves / NPE NA NA NA NA NA Dividend Payout Ratio (%) NA NA NA NA 0.001 Yr Loss Reserve Development / NPE NA NA NA NA 0.00 Net Premiums Written / Avg C&S (%) NA NA NA NA NAIBNR/ Total Reserves NA NA NA NA 30.68 Liabilities / Capital & Surplus (%) NA NA NA NA 95.79Reserves/ Equity NA NA NA NA 14.84 Total Reins Recov Excl US Aff / C&S (%) NA NA NA NA -2.34


1,365.4

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013Y



87.5

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013Y




Onyx Insurance Co. Inc. A RRG (Phoenix, AZ)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds NA NA NA NA 0 Personal P&C Direct Premiums NA NA NA NA 0Preferred Stocks NA NA NA NA 0 Commercial P&C Direct Premiums NA NA NA NA 2,555Common Stocks NA NA NA NA 0 Accident & Health Direct Premiums NA NA NA NA 0

First Lien Real Estate Loans NA NA NA NA 0 Direct Premiums Written NA NA NA NA 2,555Real 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 -319Occupied Properties NA NA NA NA 0 Net Premiums Written NA NA NA NA 2,236Income Generating Properties NA NA NA NA 0 Change in U/E Premiums Reserve NA NA NA NA 1,821Properties for Sale NA NA NA NA 0 Net Premiums Earned NA NA NA NA 415

Total Real Estate NA NA NA NA 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA NA 3,211 Underwriting Deductions ($000)Other Investments NA NA NA NA 0 Net Losses Paid - Personal NA NA NA NA 0Subtotals, Cash & Invested Assets NA NA NA NA 3,211 Net Losses Paid - Commercial NA NA NA NA -2Premiums & Considerations Due NA NA NA NA 1,249 Net Losses Paid - A&H NA NA NA NA 0Reinsurance Recoverable NA NA NA NA 0 Net Losses Paid NA NA NA NA -2All Other Admitted Assets NA NA NA NA 486 Net LAE Paid NA NA NA NA 41Separate Account Assets NA NA NA NA 0 Change in Loss Reserves - Personal NA NA NA NA 0Total Net Admitted Assets NA NA NA NA 4,946 Change in Loss Reserves - Commercial NA NA NA NA 356

Change in Loss Reserves - A&H NA NA NA NA 0Liabilities Change in LAE Reserves NA NA NA NA 0

Unpaid Losses NA NA NA NA 356 Net Change in Loss and LAE Reserves NA NA NA NA 356Unpaid Loss Adj Expenses NA NA NA NA 19 Losses and LAE Incurred NA NA NA NA 395

Loss & Loss Adj Exp Reserves NA NA NA NA 375 Other Underwriting Expense Incurred NA NA NA NA 266Unearned Premiums NA NA NA NA 1,821 Other Underwriting Deductions NA NA NA NA 0Total Reinsurance Liabilities NA NA NA NA 159 Net Income Protected Cells NA NA NA NA 0Commissions, Other Exp & Taxes NA NA NA NA 65 Net Underwriting Gain (Loss) NA NA NA NA -246Payable to Parent, Subs & Affiliates NA NA NA NA 0 Policyholder Dividends (PHD) NA NA NA NA 0Other Liabilities NA NA NA NA 0 Total underwriting deductions NA NA NA NA 661

Total Liabilities NA NA NA NA 2,420

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA NA -50

Common Capital Stock NA NA NA NA 322 Net Realized Capital Gains (Losses) NA NA NA NA 0Preferred Capital Stock NA NA NA NA 0 Finance Service Charges NA NA NA NA 0Surplus Notes NA NA NA NA 2,500 All Other Income NA NA NA NA 0Unassigned Surplus NA NA NA NA -296 Income after cap gains (loss) before tax NA NA NA NA -296Other Including Gross Contributed NA NA NA NA 0 Federal Income Tax NA NA NA NA 0

Capital & Surplus NA NA NA NA 2,526 Net Income NA NA NA NA -296

Total Liabilities and C&S NA NA NA NA 4,946 Pre-tax Operating Income NA NA NA NA -296

Memo: Total Revenue NA NA NA NA 365Memo: Affiliated Investments ($000) Memo: Paid Expenses NA NA NA NA 307

Bonds NA NA NA NA 0

Preferred Stocks NA NA NA NA 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA NA NA 0 Investment GradeMortgage Loans NA NA NA NA 0 Class 1 NA NA NA NA 0Cash & Short Term Investments NA NA NA NA 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA NA 0 Non - Investment Grade

Total Affiliated Investments NA NA NA NA 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA NA 0

Net Investment Income NA NA NA NA -50 Class 6 NA NA NA NA 0R li d C it l G i NA NA NA NA 0Realized Capital Gains NA NA NA NA 0Unrealized Capital Gains NA NA NA NA 0Total Cash & Investments NA NA NA NA 3,211Affiliated Cash & Investments NA NA NA NA 0Total Bonds (incl Short-Term) NA NA NA NA 0Total Preferred Stock (incl Nonadmitted) NA NA NA NA 0Total Common Stock (incl Nonadmitted) NA NA NA NA 0Total Mortgage Loans (incl Nonadmitted) NA NA NA NA 0Total Real Estate (incl Nonadmitted) NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0




Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S NA NA NA NA 0.00Class 5 and 6 Bonds / C&S NA NA NA NA 0.00Bonds/Invested Assets NA NA NA NA 0.00Common Stocks / C&S NA NA NA NA 0.00Unaff common stock/Invested Assets NA NA NA NA 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA NA 0.001. California 2,257 1. Comm'l Auto St 2,555 Cash/Invested Assets NA NA NA NA 100.002. New Jersey 209 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S NA NA NA NA 0.003. Georgia 56 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. North Carolina 32 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets NA NA NA NA 0.005. Alaska 0 5. Fidelity & Surety 0 Real Estate/Invested Assets NA NA NA NA 0.00

All Other 0 All Other 0 Other Investments/Invested Assets NA NA NA NA 0.00Premiums & Cons due/Total Assets NA NA NA NA 25.25

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA NA NA 0.00

Market Share Ratio NA NA NA NA 0.00 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 9.83National DPW ($000) NA NA NA NA 2,555 Invested Assets/Total Assets NA NA NA NA 64.92Adjusted Loss Ratio NA NA NA NA 61.82 Investment Income/Total Assets NA NA NA NA -1.01





Other Invstmts - 100.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


California - 88.3% New Jersey - 8.2%

Georgia - 2.2% North Carolina - 1.3%

Alaska - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

1715 Aaron Brenner Drive NAIC Company Code : 44130 Total Assets 21,244 22,091 23,250 23,274 23,468Suite 512 Business Focus : Commercial Property Focus Policyholder Surplus 8,003 8,552 9,170 10,580 11,800Memphis, TN 38120-1443 Geographic Focus: National Total Liabilities 13,240 13,539 14,080 12,694 11,668

NAIC Ownership Structure: Risk Retention Group Net Income 233 442 604 1,093 374Tax Identification Number : 36-3584321 Total Revenue 3,309 3,404 3,546 3,498 3,625



AM Best Financial Strength Rating A- 02/21/13 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 10,275 10,200 10,200 8,100 7,400Demotech Financial Strength Rating A' 03/14/14 Affirm Loss & LAE Reserves/ NPE (%) 391.87 389.52 366.83 344.52 253.38S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 4.67 4.36 8.44 13.97 -0.65Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.34 0.32 0.33 0.28 0.28Fitch Financial Strength Rating -- -- -- --


Name : Anita M. Perkins Auditor Faulkner Mackie & Cochran P.C.Phone : (802) 371-2219 Actuary --Fax : (802) 371-2225 CEO --Email : [email protected] CFO --

President William Hamilton Smythe III


Net Yield on Invested Assets 3.68 3.41 3.02 2.68 2.28Net Investment Income/Earned Premiums 24.19 24.12 20.37 19.18 14.38Return on Average Equity (C&S) 3.31 5.51 6.80 11.06 3.31Return on Avg Assets 1.17 2.08 2.70 4.69 1.61Loss and LAE Ratio 49.27 45.90 22.09 -17.37 49.01Expense Ratio 39.09 28.99 29.73 29.62 26.88Loss Ratio 41.62 42.28 17.46 -22.75 32.09Combined Ratio 110.97 111.30 94.58 71.92 115.43Operating Ratio 85.98 87.27 73.48 52.56 100.20Investment ratio 24.99 24.03 21.10 19.37 15.24


Cash, Short-Term Investments / Liabilities 8.00 15.69 15.22 12.16 22.77Cash, Common & Liquid Bonds / Liabilities 144.48 153.21 153.19 171.35 188.44Cash & Short-Term Investments / C&S 13.23 24.84 23.37 14.58 22.51Liabilities / Liquid Assets (IRIS Ratio) 62.00 59.00 58.00 52.00 46.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.56 211.37 223.87 294.09 229.78Cash From Underwriting ($000) 202 1,003 983 650 -335Net Cash From Operations ($000) 252 1,074 390 -357 -1,320Underwriting Cash Flow Ratio 106.85 162.28 164.39 124.31 90.05Operating Cash Flow Ratio 90.59 120.76 111.33 95.52 55.93Unassigned Funds / Total Assets 19.28 20.38 21.39 26.75 30.96


GPW to Policyholders' Surplus3 900 --- 50 44 44NPW to Policyholders' Surplus 300 --- 33 28 28Change in Net Premiums Written 33 -33 11 -2 13Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 80 63 78

UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y I t t Yi ld 6 5 3 3 0 2 7* 2 3*

MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, Independent Agency

62.059.0 58.0

52.046.0

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013Y


111.0 111.3

94.6

71.9

115.4

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2009Y 2010Y 2011Y 2012Y 2013Y



UNDERWRITING ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Investment Yield 6.5 3 3.0 2.7* 2.3*

Loss Adjustment Expense Ratio 7.65 3.62 4.63 5.38 16.91 Gross Change in Policyholders' Surplus 50 -10 7 15 12Net Commission Ratio 1.46 1.67 1.77 1.72 1.85 Net Change in Adj Policyholders' Surplus 25 -10 6 14 10Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 58 52 46Tax, License & Fees Ratio 6.30 4.73 6.30 6.03 6.35 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 31.34 22.59 21.65 21.87 18.68 1-Yr Resv Dev to Policyholders' Surplus 20 --- -22 -36 -10Gross Premiums Written ($000)3 4,304 4,162 4,570 4,665 5,201 2-Yr Resv Dev to Policyholders' Surplus 20 --- -40 -61 -40Loss & Loss Adj Expense ($000) 1,308 1,261 646 -509 1,549 Est Curr Resv Defi/Policyholders' Surplus 25 --- -20 -18 0Other Underwriting Exp Incurred ($000) 1,072 793 900 877 900 *Indicates an unusual value.Net Underwriting Gains ($000) 274 693 1,377 2,565 711 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 63.73 65.74 66.26 63.47 64.40 complements of each ratio.Effective Tax Rate 32.43 19.08 29.77 30.93 -10.67

Pre-Tax Operating Margin 9.94 10.29 21.14 39.46 -2.04 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 1.77 2.26 3.99 -9.85 -8.08

Reinsurance Recoverable ex US Aff 5,877 4,465 5,444 7,453 0 Net Premiums Written Growth -3.24 -0.25 10.69 -2.24 13.14Retention Ratio (NPW/GPW) (%)3 63.73 65.74 66.26 63.47 64.40 Pre-Tax Operating Income Growth -53.21 6.43 114.14 84.09 NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 NA Net Income Growth 82.63 89.81 36.59 80.85 -65.78Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -1.49 -0.73 0.00 -20.59 -8.64Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 2.55 -3.31 9.82 2.06 11.51Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 2.19 1.80 1.33 -1.35 -2.15







RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) 525.11 643.48 629.95 761.18 1,102.99

Change in Loss & LAE Resv / Reserves -1.49 -0.73 0.00 -20.59 -8.64 Realized Capital Gains (Losses) 16 197 111 202 4121 Yr Loss Reserve Dev / 1Y Prior C&S -24.51 -17.96 -21.54 -35.76 -9.56 Net Unrealized Capital Gains (Losses) 455 145 -32 151 4282 Yr Loss Reserve Dev / 2Y Prior C&S -37.70 -40.58 -39.77 -60.60 -39.71 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 391.87 389.52 366.83 344.52 253.38 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -59.78 -52.32 -63.01 -111.81 -31.99 Net Premiums Written / Avg C&S (%) 38.89 34.08 34.09 29.97 29.64IBNR/ Total Reserves 67.89 65.20 63.56 56.41 48.66 Liabilities / Capital & Surplus (%) 165.43 158.32 153.54 119.98 98.89Reserves/ Equity 128.38 119.27 111.23 76.56 62.71 Total Reins Recov Excl US Aff / C&S (%) 73.43 52.21 59.37 70.44 0.00


525.1643.5 629.9

761.2

1,103.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013Y



63.7

65.766.3

63.5

64.4

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,561 -1,426 -1,542 -1,704 -1,852Occupied Properties 0 0 0 0 0 Net Premiums Written 2,743 2,736 3,028 2,961 3,350Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 88 -11 105 28 189Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,655 2,747 2,923 2,933 3,161

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,059 2,125 2,143 1,543 2,656 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 18,702 20,146 20,857 21,004 21,061 Net Losses Paid - Commercial 1,237 1,143 550 1,335 1,952Premiums & Considerations Due 1,586 1,548 1,871 1,699 1,967 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 508 0 19 238 109 Net Losses Paid 1,237 1,143 550 1,335 1,952All Other Admitted Assets 447 398 504 333 332 Net LAE Paid 226 192 96 256 297Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 21,244 22,091 23,250 23,274 23,468 Change in Loss Reserves - Commercial -132 18 -40 -2,002 -937


Unpaid Losses 10,011 10,028 9,989 7,987 7,049 Net Change in Loss and LAE Reserves -155 -75 0 -2,100 -700Unpaid Loss Adj Expenses 265 172 211 113 351 Losses and LAE Incurred 1,308 1,261 646 -509 1,549

Loss & Loss Adj Exp Reserves 10,275 10,200 10,200 8,100 7,400 Other Underwriting Expense Incurred 1,072 793 900 877 900Unearned Premiums 1,454 1,443 1,548 1,576 1,765 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 448 336 319 456 183 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 164 174 213 227 181 Net Underwriting Gain (Loss) 274 693 1,377 2,565 711Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 600 1,000 1,250 1,750 1,250Other Liabilities 898 1,385 1,800 2,334 2,139 Total underwriting deductions 2,380 2,054 1,546 368 2,449



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 16 197 111 202 412Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income -9 -3 6 -3 -17Unassigned Surplus 4,095 4,502 4,974 6,226 7,267 Income after cap gains (loss) before tax 345 547 860 1,582 338Other Including Gross Contributed 3,908 4,050 4,196 4,354 4,533 Federal Income Tax 112 104 256 489 -36

Capital & Surplus 8,003 8,552 9,170 10,580 11,800 Net Income 233 442 604 1,093 374

Total Liabilities and C&S 21,244 22,091 23,250 23,274 23,468 Pre-tax Operating Income 329 350 750 1,380 -74


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 14,888 15,193 14,903 14,565 13,157Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 670 1,119 883All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 663 660 617 568 482 Class 6 0 0 0 0 0R li d C it l G i 16 197 111 202 412Realized Capital Gains 16 197 111 202 412Unrealized Capital Gains 455 145 -32 151 428Total Cash & Investments 18,702 20,146 20,857 21,004 21,061Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 14,888 15,193 15,573 15,685 14,040Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 3,183 3,427 3,853 4,523 5,292Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 1,247 472 300







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 796 1. Comm'l Auto St 5,201 Cash/Invested Assets 5.66 10.55 10.27 7.35 12.612. Utah 619 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 527 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 500 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nebraska 392 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 12.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Virginia - 15.3% Utah - 11.9% Ohio - 10.1%

Kentucky - 9.6% Nebraska - 7.5% All other - 45.5%



Aircraft - 0.0%



All Other - 0.0%


PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

1605 Main Street NAIC Company Code : 11973 Total Assets 11,225 10,373 8,566 8,169 9,174Suite 800 Business Focus : Commercial General Liability Focus Policyholder Surplus 1,720 2,520 2,538 3,383 3,067Sarasota, FL 34236-5823 Geographic Focus: National Total Liabilities 9,505 7,853 6,028 4,786 6,107

NAIC Ownership Structure: Risk Retention Group Net Income -1,667 537 32 609 -509Tax Identification Number : 20-1065673 Total Revenue 4,466 3,102 2,360 2,676 1,301

Direct Premiums Written 4,834 3,561 3,009 3,167 3,061Net Premiums Written 4,510 2,447 2,280 2,505 980


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 7,049 6,119 4,187 3,123 2,642Demotech Financial Strength Rating A 03/10/14 Affirm Loss & LAE Reserves/ NPE (%) 118.56 231.21 215.71 145.72 258.53S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -98.51 42.83 -1.15 29.41 -29.36Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.62 0.97 0.90 0.74 0.32Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 955-0793 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 1.08 0.89 0.67 0.94 0.83Net Investment Income/Earned Premiums 1.79 2.92 2.28 2.78 6.21Return on Average Equity (C&S) -65.61 28.15 1.26 20.28 -15.34Return on Avg Assets -15.70 4.92 0.36 7.35 -5.73Loss and LAE Ratio 120.52 41.77 57.27 12.75 101.70Expense Ratio 35.14 41.00 46.82 45.54 113.85Loss Ratio 79.39 22.45 42.97 22.39 97.74Combined Ratio 157.90 83.29 104.10 70.57 215.54Operating Ratio 156.07 80.94 101.85 67.90 210.21Investment ratio 1.84 2.35 2.25 2.67 5.33


Cash, Short-Term Investments / Liabilities 41.17 69.17 32.49 24.61 28.26Cash, Common & Liquid Bonds / Liabilities 122.18 130.39 137.38 167.53 131.56Cash & Short-Term Investments / C&S 227.59 215.59 77.17 34.81 56.27Liabilities / Liquid Assets (IRIS Ratio) 119.00 94.00 81.00 64.00 87.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 102.29 128.91 155.75 212.74 215.49Cash From Underwriting ($000) 693 -663 -862 -211 -553Net Cash From Operations ($000) 487 202 -903 -295 -860Underwriting Cash Flow Ratio 123.83 82.42 76.14 90.38 84.91Operating Cash Flow Ratio 125.85 60.85 78.85 98.05 86.08Unassigned Funds / Total Assets -4.98 0.98 0.77 10.22 4.63


GPW to Policyholders' Surplus3 900 --- 119 94 100NPW to Policyholders' Surplus 300 --- 90 74 32Change in Net Premiums Written 33 -33 -7 10 -61*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 90 84 107*


MSA: North Port-Bradenton-Sarasota, FL (Metro)


119.0

94.0

81.0

64.0

87.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2009Y 2010Y 2011Y 2012Y 2013Y


157.9

83.3104.1

70.6

215.5

-80.00

-60.00

-40.00

-20.00

0.00

20.00

40.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 41.13 19.32 14.30 -9.64 3.95 Gross Change in Policyholders' Surplus 50 -10 1 33 -9Net Commission Ratio 15.93 26.51 20.34 19.02 47.19 Net Change in Adj Policyholders' Surplus 25 -10 -1 30* -12*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 81 64 87Tax, License & Fees Ratio 2.34 5.44 4.56 4.44 9.94 Agents' Bal to Policyholders' Surplus 40 --- 7 6 8Admin & Other Expense Ratio 16.86 9.05 21.92 22.08 56.72 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -53 -20Gross Premiums Written ($000)3 4,834 3,561 3,009 3,167 3,061 2-Yr Resv Dev to Policyholders' Surplus 20 --- -53 -46 -59Loss & Loss Adj Expense ($000) 5,285 1,266 1,322 332 1,160 Est Curr Resv Defi/Policyholders' Surplus 25 --- -12 18 -47Other Underwriting Exp Incurred ($000) 1,445 1,143 1,067 1,141 1,115 *Indicates an unusual value.Net Underwriting Gains ($000) -2,485 761 -81 1,134 -1,135 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 93.30 68.70 75.77 79.07 32.00 complements of each ratio.Effective Tax Rate NM 33.99 -715.67 31.85 NM

Pre-Tax Operating Margin -56.04 26.34 -1.24 33.00 -74.84 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth 14.46 -7.59 -17.42 -4.63 12.31

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 40.17 -17.38 -23.24 -20.61 27.62

Reinsurance Recoverable ex US Aff 1,688 1,640 1,121 1,744 907 Net Premiums Written Growth 21.54 -45.76 -6.82 9.86 -60.88Retention Ratio (NPW/GPW) (%)3 93.30 68.70 75.77 79.07 32.00 Pre-Tax Operating Income Growth NM NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 19.96 20.00 20.61 16.34 13.12 Net Income Growth NM NM -94.03 1,799.28 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 94.12 -13.19 -31.57 -25.43 -15.40Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 2.99 -26.33 -15.51 5.27 -3.35Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 76.40 56.52 15.94 -2.84 -2.07

Capital & Surplus Five-year CAGR 24.36 24.94 13.67 6.06 0.28Admitted Assets Five-year CAGR 58.15 44.20 15.24 0.30 -1.32




Asbestos NA NA NA NA NA Capital and Surplus 1,720 2,520 2,538 3,383 3,067 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 1,720 2,520 2,538 3,383 3,067 Combined NA NA NA NA NA ACL Risk Based Capital 1,056 899 776 710 712



Change in Loss & LAE Resv / Reserves 94.12 -13.19 -31.57 -25.43 -15.40 Realized Capital Gains (Losses) -1 -4 33 10 1321 Yr Loss Reserve Dev / 1Y Prior C&S 73.52 -48.97 -6.79 -52.74 -19.96 Net Unrealized Capital Gains (Losses) 125 124 -67 160 992 Yr Loss Reserve Dev / 2Y Prior C&S 68.80 72.06 -53.11 -46.39 -59.10 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 118.56 231.21 215.71 145.72 258.53 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 50.71 -27.79 -7.41 -51.35 -59.21 Net Premiums Written / Avg C&S (%) 177.54 128.27 89.46 83.41 29.54IBNR/ Total Reserves 23.16 21.52 25.96 47.76 38.27 Liabilities / Capital & Surplus (%) 552.76 311.69 237.51 141.45 199.14Reserves/ Equity 409.90 242.85 164.99 92.30 86.13 Total Reins Recov Excl US Aff / C&S (%) 98.16 65.09 44.17 51.55 29.57


81.4

140.1163.5

238.1215.3

0500

1,0001,5002,0002,5003,0003,5004,000

2009Y 2010Y 2011Y 2012Y 2013Y


Capital and Surplus Co. Action Level RBC (TAC/(ACL RBC*2))93.3

68.775.8 79.1

32.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -324 -1,115 -729 -663 -2,082Occupied Properties 0 0 0 0 0 Net Premiums Written 4,510 2,447 2,280 2,505 980Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 125 -584 -28 -102 -161Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,385 3,030 2,308 2,607 1,141

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,914 5,432 1,958 1,178 1,726 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 7,970 8,351 7,425 7,448 7,021 Net Losses Paid - Commercial 858 2,102 1,768 857 1,370Premiums & Considerations Due 409 147 181 208 243 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 583 1,112 326 0 930 Net Losses Paid 858 2,102 1,768 857 1,370All Other Admitted Assets 2,262 763 634 513 981 Net LAE Paid 524 546 450 540 271Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 11,225 10,373 8,566 8,169 9,174 Change in Loss Reserves - Commercial 2,623 -1,422 -776 -273 -255

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 1,280 39 -120 -792 -226

Unpaid Losses 4,968 3,938 2,409 2,136 1,881 Net Change in Loss and LAE Reserves 3,903 -1,382 -896 -1,065 -481Unpaid Loss Adj Expenses 2,081 2,181 1,778 986 761 Losses and LAE Incurred 5,285 1,266 1,322 332 1,160

Loss & Loss Adj Exp Reserves 7,049 6,119 4,187 3,123 2,642 Other Underwriting Expense Incurred 1,445 1,143 1,067 1,141 1,115Unearned Premiums 2,393 1,632 1,300 1,198 1,037 Other Underwriting Deductions 140 -140 0 0 0Total Reinsurance Liabilities -624 -226 278 -17 1,949 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 547 319 263 270 273 Net Underwriting Gain (Loss) -2,485 761 -81 1,134 -1,135Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 98 16 0 320 0Other Liabilities 140 9 0 212 206 Total underwriting deductions 6,870 2,269 2,389 1,473 2,275



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) -1 -4 33 10 132Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 100Unassigned Surplus -559 101 66 835 425 Income after cap gains (loss) before tax -2,504 813 4 894 -842Other Including Gross Contributed 2,279 2,418 2,472 2,548 2,642 Federal Income Tax -837 276 -28 285 -333

Capital & Surplus 1,720 2,520 2,538 3,383 3,067 Net Income -1,667 537 32 609 -509

Total Liabilities and C&S 11,225 10,373 8,566 8,169 9,174 Pre-tax Operating Income -2,503 817 -29 883 -974


Bonds 0 0 0 0 0





Net Investment Income 81 71 52 70 61 Class 6 0 0 0 0 0R li d C it l G i 1 4 33 10 132Realized Capital Gains -1 -4 33 10 132Unrealized Capital Gains 125 124 -67 160 99Total Cash & Investments 7,970 8,351 7,425 7,448 7,021Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 5,642 2,911 4,531 4,420 4,278Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 2,058 1,897 1,792 2,420 2,030Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 409 407 396 316 306Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 1,489 508 3,160 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Washington 731 1. Oth, Prod Liab Cmbnd 3,061 Cash/Invested Assets 49.10 65.04 26.37 15.81 24.582. Pennsylvania 580 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 282 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 275 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Maryland 156 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 24.6% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Washington - 23.9% Pennsylvania - 18.9%

Georgia - 9.2% Michigan - 9.0%

Maryland - 5.1% All other - 33.9%



Aircraft - 0.0%



All Other - 0.0%


Ponce De Leon LTC RRG Inc. (Alpharetta, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

3655 Brookside Parkway NAIC Company Code : 11809 Total Assets 18,528 18,727 16,789 14,352 13,200Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 9,165 8,622 8,194 7,831 6,342Alpharetta, GA 30022-1429 Geographic Focus: Regional - Southern Quadrant Total Liabilities 9,363 10,104 8,595 6,521 6,858

NAIC Ownership Structure: Risk Retention Group Net Income 140 -523 -527 -471 -2,057Tax Identification Number : 02-0650614 Total Revenue 5,385 5,246 5,249 3,841 2,727



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,524 5,918 5,249 4,801 5,795Demotech Financial Strength Rating A 04/16/14 Affirm Loss & LAE Reserves/ NPE (%) 125.57 113.56 118.50 144.64 203.78S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.43 -8.79 -11.41 -6.32 -43.30Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.51 0.63 0.51 0.32 0.30Fitch Financial Strength Rating -- -- -- --


Name : Chrisy Ann Moultrie Auditor Johnson Lambert LLPPhone : (678) 781-2445 Actuary Milliman Inc.Fax : (678) 781-2450 CEO --Email : [email protected] CFO --

President Jack Mease Norton


Net Yield on Invested Assets 2.97 2.20 2.14 1.77 1.75Net Investment Income/Earned Premiums 10.41 6.62 7.85 10.05 12.00Return on Average Equity (C&S) 1.71 -5.99 -6.50 -5.77 -28.42Return on Avg Assets 0.80 -2.95 -3.04 -3.05 -14.69Loss and LAE Ratio 41.24 79.38 83.17 74.83 177.37Expense Ratio 51.26 39.91 50.03 70.15 75.61Loss Ratio 13.60 43.80 38.13 30.30 96.68Combined Ratio 92.50 119.29 133.20 144.98 252.98Operating Ratio 82.30 111.94 126.55 137.88 243.94Investment ratio 10.20 7.35 6.64 7.10 9.04


Cash, Short-Term Investments / Liabilities 26.39 12.96 6.17 19.28 18.85Cash, Common & Liquid Bonds / Liabilities 181.95 160.80 167.06 203.17 170.66Cash & Short-Term Investments / C&S 26.96 15.19 6.47 16.05 20.39Liabilities / Liquid Assets (IRIS Ratio) 55.00 62.00 59.00 49.00 58.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.58 179.76 190.35 219.09 182.80Cash From Underwriting ($000) -418 -886 -2,352 -2,031 -2,598Net Cash From Operations ($000) -98 -723 -1,746 -1,198 -2,279Underwriting Cash Flow Ratio 90.81 84.81 65.82 58.28 47.23Operating Cash Flow Ratio 98.80 88.87 62.55 49.31 47.23Unassigned Funds / Total Assets 8.03 7.32 5.12 5.80 -5.06


GPW to Policyholders' Surplus3 900 --- 55 35 41NPW to Policyholders' Surplus 300 --- 51 32 30Change in Net Premiums Written 33 -33 -23 -41* -24Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 118* 129* 180*



Distribution Channel: Direct Response, General Agnt/Managing General Agnt

55.0

62.059.0

49.0

58.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2009Y 2010Y 2011Y 2012Y 2013Y


92.5119.3

133.2 145.0

253.0

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 27.64 35.59 45.04 44.53 80.69 Gross Change in Policyholders' Surplus 50 -10 -5 -4 -19*Net Commission Ratio 11.59 5.55 5.69 3.63 1.89 Net Change in Adj Policyholders' Surplus 25 -10 -6 0 -19*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 59 49 58Tax, License & Fees Ratio 3.68 2.37 2.68 2.84 3.41 Agents' Bal to Policyholders' Surplus 40 --- 10 1 0Admin & Other Expense Ratio 36.00 31.99 41.67 63.68 70.31 1-Yr Resv Dev to Policyholders' Surplus 20 --- 2 -4 6Gross Premiums Written ($000)3 5,191 5,597 4,524 2,754 2,578 2-Yr Resv Dev to Policyholders' Surplus 20 --- 17 -4 0Loss & Loss Adj Expense ($000) 1,969 3,859 4,091 2,621 4,436 Est Curr Resv Defi/Policyholders' Surplus 25 --- 18 -13 -41Other Underwriting Exp Incurred ($000) 2,398 2,154 2,084 1,737 1,424 *Indicates an unusual value.Net Underwriting Gains ($000) 407 -1,152 -1,256 -855 -3,359 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.11 96.46 92.07 89.89 73.07 complements of each ratio.Effective Tax Rate 75.66 NM NM 0.00 NM

Pre-Tax Operating Margin 18.91 -14.63 -17.63 -13.43 -114.89 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth 0.94 1.07 -10.35 -14.51 -8.03

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -11.22 7.92 -14.94 -24.13 5.17

Reinsurance Recoverable ex US Aff -144 -83 50 105 127 Net Premiums Written Growth -10.89 15.42 -22.86 -40.55 -23.93Retention Ratio (NPW/GPW) (%)3 90.11 96.46 92.07 89.89 73.07 Pre-Tax Operating Income Growth -8.19 NM NM NM NMUnauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth -75.20 NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -12.12 7.15 -11.31 -8.54 20.71Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -7.42 7.83 -19.18 -39.11 -6.42Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 14.51 4.91 -3.57 -10.43 -8.25

Capital & Surplus Five-year CAGR 4.74 2.88 1.27 -0.24 -4.08Admitted Assets Five-year CAGR 9.03 3.95 -1.39 -5.69 -6.38







Change in Loss & LAE Resv / Reserves -12.12 7.15 -11.31 -8.54 20.71 Realized Capital Gains (Losses) -442 -59 171 45 621 Yr Loss Reserve Dev / 1Y Prior C&S -14.91 11.96 2.37 -3.78 5.68 Net Unrealized Capital Gains (Losses) 305 394 4 150 2212 Yr Loss Reserve Dev / 2Y Prior C&S -19.86 -7.85 17.16 -3.70 -0.30 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 125.57 113.56 118.50 144.64 203.78 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -24.38 22.55 4.16 -8.84 17.79 Net Premiums Written / Avg C&S (%) 57.06 61.84 51.37 30.30 26.03IBNR/ Total Reserves 37.31 54.33 53.56 54.82 42.43 Liabilities / Capital & Surplus (%) 102.16 117.19 104.90 83.27 108.14Reserves/ Equity 60.27 68.64 64.06 61.31 91.38 Total Reins Recov Excl US Aff / C&S (%) -1.57 -0.96 0.61 1.34 2.00


467.2 476.0 453.2 481.4

357.3

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2009Y 2010Y 2011Y 2012Y 2013Y



90.196.5 92.1 89.9

73.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Ponce De Leon LTC RRG Inc. (Alpharetta, GA)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -513 -198 -359 -278 -694Occupied Properties 0 0 0 0 0 Net Premiums Written 4,677 5,399 4,165 2,476 1,884Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve -96 538 -753 -1,026 -618Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,773 4,861 4,918 3,502 2,501

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,471 1,310 530 1,257 1,293 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 17,036 16,248 14,359 13,249 11,704 Net Losses Paid - Commercial 1,261 1,648 2,652 1,507 1,752Premiums & Considerations Due 691 1,127 782 105 8 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 462 606 537 316 0 Net Losses Paid 1,261 1,648 2,652 1,507 1,752All Other Admitted Assets 339 747 1,111 682 1,488 Net LAE Paid 1,469 1,816 2,108 1,562 1,690Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 18,528 18,727 16,789 14,352 13,200 Change in Loss Reserves - Commercial -612 481 -776 -445 666


Unpaid Losses 4,737 5,217 4,441 3,996 4,662 Net Change in Loss and LAE Reserves -761 395 -669 -448 994Unpaid Loss Adj Expenses 787 701 808 805 1,133 Losses and LAE Incurred 1,969 3,859 4,091 2,621 4,436

Loss & Loss Adj Exp Reserves 5,524 5,918 5,249 4,801 5,795 Other Underwriting Expense Incurred 2,398 2,154 2,084 1,737 1,424Unearned Premiums 2,536 3,074 2,321 1,295 677 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 312 296 317 0 29 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 887 816 708 426 357 Net Underwriting Gain (Loss) 407 -1,152 -1,256 -855 -3,359Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 105 0 0 0 0 Total underwriting deductions 4,366 6,013 6,174 4,358 5,861



Common Capital Stock 18 19 20 20 20 Net Realized Capital Gains (Losses) -442 -59 171 45 62Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 5,806 5,358 5,350 4,980 4,976 All Other Income 124 27 4 91 0Unassigned Surplus 1,487 1,372 859 832 -668 Income after cap gains (loss) before tax 577 -827 -754 -471 -3,071Other Including Gross Contributed 1,853 1,874 1,965 1,999 2,013 Federal Income Tax 437 -303 -227 0 -1,014

Capital & Surplus 9,165 8,622 8,194 7,831 6,342 Net Income 140 -523 -527 -471 -2,057

Total Liabilities and C&S 18,528 18,727 16,789 14,352 13,200 Pre-tax Operating Income 1,019 -768 -925 -516 -3,133


Bonds 0 0 0 0 0





Net Investment Income 487 357 327 249 226 Class 6 0 0 0 0 0R li d C it l G i 442 59 171 45 62Realized Capital Gains -442 -59 171 45 62Unrealized Capital Gains 305 394 4 150 221Total Cash & Investments 17,036 16,248 14,359 13,249 11,704Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 12,828 12,815 11,668 9,579 7,203Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 1,737 2,123 2,161 2,413 3,208Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 0Total Real Estate (incl Nonadmitted) 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 1,384 653


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 2,412 1,941 1,787 1,137Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 2,578 Cash/Invested Assets 14.50 8.06 3.69 9.49 11.052. 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 3.73 6.02 4.66 0.73 0.06







Other Invstmts - 11.0% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Florida - 100.0% Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% Arizona - 0.0% All other - 0.0%


Premier Physicians Ins Co. (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

575 South Saliman Road NAIC Company Code : 12613 Total Assets 10,008 11,467 12,457 14,318 13,387Carson City, NV 89701-5000 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,340 2,802 3,056 3,533 3,659

Geographic Focus: Regional - Western Quadrant Total Liabilities 6,667 8,665 9,401 10,785 9,728NAIC Ownership Structure: Risk Retention Group Net Income 399 -131 238 393 163Tax Identification Number : 20-3831358 Total Revenue 5,957 4,272 5,663 4,631 5,299



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,979 2,934 3,952 3,574 3,592Demotech Financial Strength Rating A 03/07/14 Affirm Loss & LAE Reserves/ NPE (%) 47.66 87.53 64.23 89.45 73.60S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 19.40 -3.84 14.26 18.24 3.37Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.93 1.46 1.99 1.39 1.22Fitch Financial Strength Rating -- -- -- --


Name : Jessica Contreras Auditor Casey Neilon & Associates LLCPhone : (775) 887-2480 Actuary Bickerstaff, Whatley, RyanFax : (775) 887-2481 CEO K. Warren VolkerEmail : [email protected] CFO --

President --


Net Yield on Invested Assets 1.32 1.11 1.02 0.96 1.16Net Investment Income/Earned Premiums 1.41 2.20 1.46 1.98 2.71Return on Average Equity (C&S) 12.44 -4.12 8.75 12.17 4.54Return on Avg Assets 4.19 -1.24 2.08 3.06 1.24Loss and LAE Ratio 41.82 51.71 53.10 36.45 52.91Expense Ratio 44.63 54.47 38.14 48.75 54.81Loss Ratio 26.33 19.85 15.09 1.67 13.90Combined Ratio 86.45 106.18 91.24 85.20 107.72Operating Ratio 84.89 104.02 89.64 83.06 105.39Investment ratio 1.55 2.16 1.59 2.14 2.33


Cash, Short-Term Investments / Liabilities 115.72 24.32 25.83 39.26 30.45Cash, Common & Liquid Bonds / Liabilities 115.72 38.56 101.51 101.77 105.49Cash & Short-Term Investments / C&S 230.99 75.20 79.45 119.88 80.96Liabilities / Liquid Assets (IRIS Ratio) 86.00 100.00 98.00 98.00 95.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 122.82 103.24 105.74 111.15 114.44Cash From Underwriting ($000) 990 2,155 477 1,626 -1,342Net Cash From Operations ($000) 781 2,113 670 1,538 -1,057Underwriting Cash Flow Ratio 118.58 150.91 111.19 135.08 73.52Operating Cash Flow Ratio 124.30 154.91 111.31 140.83 71.33Unassigned Funds / Total Assets 6.44 0.73 2.19 5.18 6.97


GPW to Policyholders' Surplus3 900 --- 236 196 149NPW to Policyholders' Surplus 300 --- 199 139 122Change in Net Premiums Written 33 -33 48* -19 -9Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 95 87 95


MSA: Carson City, NV (Metro)


86.0

100.098.0 98.0

95.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2009Y 2010Y 2011Y 2012Y 2013Y


86.4

106.2

91.285.2

107.7

-6.00-4.00-2.000.002.004.006.008.00

10.0012.0014.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 15.48 31.86 38.01 34.78 39.01 Gross Change in Policyholders' Surplus 50 -10 9 16 4Net Commission Ratio 3.90 7.38 6.73 7.76 11.65 Net Change in Adj Policyholders' Surplus 25 -10 4 10 1Salaries & Benefits Ratio 9.48 19.04 13.45 16.26 15.78 Liabilities to Liquid Assets 100 --- 98 98 95Tax, License & Fees Ratio 0.58 1.13 0.86 1.02 2.27 Agents' Bal to Policyholders' Surplus 40 --- 1 1 10Admin & Other Expense Ratio 30.67 26.92 17.09 23.71 25.11 1-Yr Resv Dev to Policyholders' Surplus 20 --- -17 -41 14Gross Premiums Written ($000)3 6,459 6,297 7,217 6,929 5,446 2-Yr Resv Dev to Policyholders' Surplus 20 --- -43 -9 -25Loss & Loss Adj Expense ($000) 2,453 2,162 2,960 1,652 2,740 Est Curr Resv Defi/Policyholders' Surplus 25 --- -52 -29 6Other Underwriting Exp Incurred ($000) 2,883 2,232 2,315 2,389 2,439 *Indicates an unusual value.Net Underwriting Gains ($000) 531 -212 300 492 0 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 65.06 84.10 70.73 81.71 complements of each ratio.Effective Tax Rate 35.91 NM 40.93 34.03 34.37

Pre-Tax Operating Margin 10.44 -2.86 6.86 12.72 2.28 GROWTH RATES & TRENDS (%) 2009Y 2010Y 2011Y 2012Y 2013Y

Admitted Assets Growth 5.00 14.58 8.64 14.94 -6.50

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 5.10 29.96 8.50 14.73 -9.80

Reinsurance Recoverable ex US Aff -177 -2,433 -1,589 -2,628 -2,481 Net Premiums Written Growth 11.51 -36.57 48.14 -19.25 -9.21Retention Ratio (NPW/GPW) (%)3 100.00 65.06 84.10 70.73 81.71 Pre-Tax Operating Income Growth NM NM NM 51.63 -79.52Unauthorized Net Recov. (ex US Aff) (%) 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM NM NM 64.92 -58.58Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 6.95 -1.52 34.70 -9.58 0.51Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 11.51 -2.50 14.60 -3.99 -21.41Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 43.71 40.14 33.15 21.44 8.93





Asbestos NA NA NA NA NA Capital and Surplus 3,340 2,802 3,056 3,533 3,659 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 3,056 3,533 3,659 Combined NA NA NA NA NA ACL Risk Based Capital NA NA 925 1,016 1,089

Risk Based Capital Ratio (TAC/ACL RBC) NA NA 330.45 347.52 336.09

RESERVE ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Co. Action Level RBC (TAC/(ACL RBC*2)) NA NA 165.22 173.76 168.05

Change in Loss & LAE Resv / Reserves 6.95 -1.52 34.70 -9.58 0.51 Realized Capital Gains (Losses) 0 -37 15 7 1271 Yr Loss Reserve Dev / 1Y Prior C&S 11.98 -42.75 -16.70 -40.87 13.84 Net Unrealized Capital Gains (Losses) 0 116 -49 76 292 Yr Loss Reserve Dev / 2Y Prior C&S 5.43 -12.49 -43.14 -8.74 -24.86 Dividends to Stockholders -188 0 0 0 0Loss and LAE Reserves / NPE 47.66 87.53 64.23 89.45 73.60 Dividend Payout Ratio (%) 47.27 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 6.51 -34.15 -8.40 -27.55 9.44 Net Premiums Written / Avg C&S (%) 201.51 128.75 222.81 151.84 124.20IBNR/ Total Reserves 0.00 0.00 0.00 0.00 0.00 Liabilities / Capital & Surplus (%) 199.61 309.24 307.61 305.31 265.87Reserves/ Equity 89.20 104.72 129.33 101.16 98.16 Total Reins Recov Excl US Aff / C&S (%) -5.30 -86.83 -51.99 -74.39 -67.80


165.2

173.8

168.0

0500

1,0001,5002,0002,5003,0003,5004,000

2009Y 2010Y 2011Y 2012Y 2013Y



100.0

65.1

84.170.7

81.7

01,0002,0003,0004,0005,0006,0007,0008,000

2009Y 2010Y 2011Y 2012Y 2013Y




Premier Physicians Ins Co. (Carson City, NV)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 0 5,295 5,924 5,030 3,671 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,459 6,297 7,217 6,929 5,446Common Stocks 0 1,234 1,190 1,711 3,629 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 -2,200 -1,148 -2,028 -996Occupied Properties 0 0 0 0 0 Net Premiums Written 6,459 4,097 6,069 4,901 4,449Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 592 -84 495 367 -729Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,866 4,181 5,574 4,533 5,178

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,716 2,107 2,428 4,235 2,962 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 7,716 8,636 9,542 10,976 10,263 Net Losses Paid - Commercial 1,384 616 77 238 680Premiums & Considerations Due 47 4 30 21 352 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 349 65 463 1,550 1,600 Net Losses Paid 1,384 616 77 238 680All Other Admitted Assets 1,896 2,762 2,421 1,770 1,173 Net LAE Paid 876 1,592 1,864 1,793 2,042Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 10,008 11,467 12,457 14,318 13,387 Change in Loss Reserves - Commercial 161 214 764 -163 40

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 32 -260 254 -216 -22

Unpaid Losses 1,782 1,997 2,761 2,598 2,638 Net Change in Loss and LAE Reserves 194 -45 1,018 -379 18Unpaid Loss Adj Expenses 1,197 937 1,192 976 954 Losses and LAE Incurred 2,453 2,162 2,960 1,652 2,740

Loss & Loss Adj Exp Reserves 2,979 2,934 3,952 3,574 3,592 Other Underwriting Expense Incurred 2,883 2,232 2,315 2,389 2,439Unearned Premiums 3,158 3,074 3,569 3,937 3,208 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 257 2,433 1,589 2,912 2,667 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 117 39 37 106 102 Net Underwriting Gain (Loss) 531 -212 300 492 0Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 156 185 252 257 160 Total underwriting deductions 5,336 4,394 5,274 4,042 5,178



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains (Losses) 0 -37 15 7 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 0 0 0 0Unassigned Surplus 645 84 273 741 933 Income after cap gains (loss) before tax 622 -159 403 596 248Other Including Gross Contributed 2,695 2,718 2,783 2,791 2,726 Federal Income Tax 223 -28 165 203 85

Capital & Surplus 3,340 2,802 3,056 3,533 3,659 Net Income 399 -131 238 393 163

Total Liabilities and C&S 10,008 11,467 12,457 14,318 13,387 Pre-tax Operating Income 622 -122 388 589 121


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 5,924 5,030 3,671Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 91 90 89 97 121 Class 6 0 0 0 0 0R li d C it l G i 0 37 15 7 127Realized Capital Gains 0 -37 15 7 127Unrealized Capital Gains 0 116 -49 76 29Total Cash & Investments 7,716 8,636 9,542 10,976 10,263Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 0 5,924 5,030 3,671Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 1,234 1,190 1,711 3,629Total 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 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds 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 0.00Mortgages 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 0 114 392 381Issued State Rev Obligations ($000) 0 0 1,266 968 516Issued Industrial Development ($000) 0 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 61.31 62.09 45.83 35.77Common Stocks / C&S 0.00 44.04 38.93 48.44 99.19Unaff common stock/Invested Assets 0.00 14.29 12.47 15.59 35.36

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 5,194 1. Med Prof Liab 5,446 Cash/Invested Assets 100.00 24.40 25.44 38.58 28.872. California 178 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 73 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 17.24 6.66 -1.23 All other admitted assets/Total Assets 18.95 24.09 19.44 12.36 8.76National DPW ($000) 6,459 6,297 7,217 6,929 5,446 Invested Assets/Total Assets 77.10 75.31 76.60 76.66 76.66Adjusted Loss Ratio 48.15 26.16 11.99 7.38 20.36 Investment Income/Total Assets 0.91 0.79 0.71 0.68 0.90





Other Invstmts - 28.9% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Nevada - 95.4% California - 3.3% Arizona - 1.3%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%



Aircraft - 0.0%



All Other - 0.0%


Sigma RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 7,304 9,824 10,992 13,162 14,6501120 20th Street, NW, Suite 600 Business Focus : Commercial General Liability Focus Policyholder Surplus 1,898 3,532 4,592 5,461 5,642Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 5,406 6,292 6,400 7,701 9,007






Name : Emi Swaim Auditor Saslow Lufkin & Buggy LLPPhone : (202) 862-5339 Actuary Aon Global Risk ConsultingFax : (847) 953-3462 CEO Richard A. Graciano Jr.Email : [email protected] CFO --

President Ross J. Nese


Net Yield on Invested Assets 0.41 0.85 -0.12 0.91 1.55Net Investment Income/Earned Premiums 0.89 1.65 -0.37 3.69 6.84Return on Average Equity (C&S) 5.33 22.77 17.07 10.80 5.71Return on Avg Assets 1.44 7.25 6.90 4.75 2.44Loss and LAE Ratio 65.98 50.14 48.61 58.93 74.06Expense Ratio 14.35 9.53 11.88 10.88 12.09Loss Ratio -72.00 43.54 37.58 37.05 41.74Combined Ratio 80.33 59.67 60.49 69.81 86.15Operating Ratio 78.86 57.43 60.84 66.13 78.76Investment ratio 1.46 2.25 -0.35 3.68 7.39


Cash, Short-Term Investments / Liabilities 86.41 103.29 119.35 123.75 43.12Cash, Common & Liquid Bonds / Liabilities 86.41 112.11 131.81 135.23 144.53Cash & Short-Term Investments / C&S 246.08 183.99 166.33 174.50 68.83Liabilities / Liquid Assets (IRIS Ratio) 116.00 89.00 76.00 74.00 59.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 95.38 121.01 134.89 140.58 134.19Cash From Underwriting ($000) 664 1,299 1,628 1,691 1,673Net Cash From Operations ($000) 376 1,287 1,044 1,592 1,461Underwriting Cash Flow Ratio 260.32 265.07 281.02 438.11 300.77Operating Cash Flow Ratio 333.95 271.68 345.13 462.10 330.16Unassigned Funds / Total Assets 1.35 6.41 11.69 13.80 14.56


GPW to Policyholders' Surplus3 900 --- 51 43 45NPW to Policyholders' Surplus 300 --- 51 43 45Change in Net Premiums Written 33 -33 -17 0 9Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 59 63 72




116.0

89.0

76.0 74.0

59.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2009Y 2010Y 2011Y 2012Y 2013Y


80.3

59.7 60.569.8

86.2

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2009Y 2010Y 2011Y 2012Y 2013Y




Loss Adjustment Expense Ratio 137.98 6.60 11.03 21.88 32.32 Gross Change in Policyholders' Surplus 50 -10 30 19 3Net Commission Ratio 0.00 0.00 0.00 0.00 0.00 Net Change in Adj Policyholders' Surplus 25 -10 19 12 6Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 76 74 59Tax, License & Fees Ratio 2.43 2.21 2.90 2.69 4.00 Agents' Bal to Policyholders' Surplus 40 --- 48* 43* 0Admin & Other Expense Ratio 11.92 7.32 8.98 8.18 8.09 1-Yr Resv Dev to Policyholders' Surplus 20 --- -23 -13 -10Gross Premiums Written ($000)3 2,120 2,849 2,351 2,344 2,545 2-Yr Resv Dev to Policyholders' Surplus 20 --- -6 -38 -17Loss & Loss Adj Expense ($000) 713 1,051 1,234 1,384 1,744 Est Curr Resv Defi/Policyholders' Surplus 25 --- 18 -45 -46Other Underwriting Exp Incurred ($000) 254 272 279 255 308 *Indicates an unusual value.Net Underwriting Gains ($000) 114 774 1,025 709 303 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 83.49 100.00 100.00 100.00 100.00 complements of each ratio.Effective Tax Rate 42.05 33.70 35.30 33.68 34.00




Reinsurance Recoverable ex US Aff -23 0 0 0 0 Net Premiums Written Growth -49.65 60.99 -17.49 -0.28 8.57Retention Ratio (NPW/GPW) (%)3 83.49 100.00 100.00 100.00 100.00 Pre-Tax Operating Income Growth 562.42 534.04 23.74 -21.65 -40.03Unauthorized Net Recov. (ex US Aff) (%) 0.00 NA NA NA NA Net Income Growth 221.69 608.30 23.21 -18.87 -40.44Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 25.30 18.16 17.72 28.51 24.05Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -45.34 34.41 -17.49 -0.28 8.57Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR NA NA 13.32 15.03 15.42

Capital & Surplus Five-year CAGR NA NA 51.40 42.53 33.65Admitted Assets Five-year CAGR NA NA 24.32 23.15 20.69





Risk Based Capital Ratio (TAC/ACL RBC) 464.14 711.89 779.62 720.28 1,077.70


Change in Loss & LAE Resv / Reserves 25.30 18.16 17.72 28.51 24.05 Realized Capital Gains (Losses) 0 -19 -4 5 21 Yr Loss Reserve Dev / 1Y Prior C&S -56.15 -24.28 -23.21 -13.37 -9.83 Net Unrealized Capital Gains (Losses) 0 0 0 0 02 Yr Loss Reserve Dev / 2Y Prior C&S 0.00 -77.53 -6.47 -38.27 -17.46 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 247.74 166.42 161.72 205.51 253.38 Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -68.76 -21.99 -32.31 -26.14 -22.80 Net Premiums Written / Avg C&S (%) 125.62 122.06 61.30 47.64 45.93IBNR/ Total Reserves 51.62 59.28 52.16 48.49 45.85 Liabilities / Capital & Surplus (%) 284.76 178.12 139.37 141.01 159.63Reserves/ Equity 153.82 97.68 88.45 95.58 114.75 Total Reins Recov Excl US Aff / C&S (%) -1.21 0.00 0.00 0.00 0.00


232.1

355.9389.8

360.1

538.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y



83.5

100.0 100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013Y




Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2009Y 2010Y 2011Y 2012Y 2013Y INCOME STATEMENT ($000) 2009Y 2010Y 2011Y 2012Y 2013Y

Assets RevenueBonds 0 555 283 133 124 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,120 2,849 2,351 2,344 2,545Common Stocks 0 0 514 751 7,223 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 648 Net Reinsurance Premiums5 -350 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 1,770 2,849 2,351 2,344 2,545Income Generating Properties 0 0 0 0 0 Change in U/E Premiums Reserve 689 752 -187 -4 190Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,081 2,097 2,538 2,349 2,355

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,671 6,499 7,638 9,530 3,884 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Net Losses Paid - Personal 0 0 0 0 0Subtotals, Cash & Invested Assets 4,671 7,054 8,436 10,414 11,879 Net Losses Paid - Commercial 0 215 343 50 86Premiums & Considerations Due 1,955 2,369 2,192 2,345 2,385 Net Losses Paid - A&H 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Net Losses Paid 0 215 343 50 86All Other Admitted Assets 678 402 364 403 386 Net LAE Paid 123 306 279 176 462Separate Account Assets 0 0 0 0 0 Change in Loss Reserves - Personal 0 0 0 0 0Total Net Admitted Assets 7,304 9,824 10,992 13,162 14,650 Change in Loss Reserves - Commercial -778 698 611 820 897

Change in Loss Reserves - A&H 0 0 0 0 0Liabilities Change in LAE Reserves 1,368 -168 1 338 299

Unpaid Losses 1,552 2,250 2,861 3,681 4,578 Net Change in Loss and LAE Reserves 590 530 611 1,158 1,196Unpaid Loss Adj Expenses 1,368 1,200 1,201 1,538 1,896 Losses and LAE Incurred 713 1,051 1,234 1,384 1,744

Loss & Loss Adj Exp Reserves 2,920 3,450 4,062 5,220 6,475 Other Underwriting Expense Incurred 254 272 279 255 308Unearned Premiums 1,953 2,379 2,192 2,188 2,378 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 350 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 129 135 137 118 82 Net Underwriting Gain (Loss) 114 774 1,025 709 303Payable to Parent, Subs & Affiliates 0 0 0 0 0 Policyholder Dividends (PHD) 0 0 0 0 0Other Liabilities 53 327 9 175 72 Total underwriting deductions 967 1,323 1,513 1,639 2,052


Income ($000)Total Capital and Surplus Net Investment Income 16 47 -9 87 174

Common Capital Stock 1,800 2,903 3,308 3,645 3,510 Net Realized Capital Gains (Losses) 0 -19 -4 5 2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 98 630 1,285 1,816 2,132 Income after cap gains (loss) before tax 129 802 1,012 801 479Other Including Gross Contributed 0 0 0 0 0 Federal Income Tax 54 270 357 270 163


Total Liabilities and C&S 7,304 9,824 10,992 13,162 14,650 Pre-tax Operating Income 129 821 1,016 796 477

Memo: Total Revenue 1,096 2,125 2,525 2,440 2,532Memo: Affiliated Investments ($000) Memo: Paid Expenses 380 581 565 579 699

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 555 283 133 1,911Cash & 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 47 -9 87 174 Class 6 0 0 0 0 0R li d C it l G i 0 19 4 5 2Realized Capital Gains 0 -19 -4 5 2Unrealized Capital Gains 0 0 0 0 0Total Cash & Investments 4,671 7,054 8,436 10,414 11,879Affiliated Cash & Investments 0 0 0 0 0Total Bonds (incl Short-Term) 0 555 283 133 1,911Total Preferred Stock (incl Nonadmitted) 0 0 0 0 0Total Common Stock (incl Nonadmitted) 0 0 514 751 7,223Total Mortgage Loans (incl Nonadmitted) 0 0 0 0 648Total Real Estate (incl Nonadmitted) 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA 0.00 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA 0.00Mortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA 100.00Real Estate Occupied / Total (%) NA NA NA NA NA








Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 7.87 3.35 1.28 1.05Common Stocks / C&S 0.00 0.00 11.20 13.75 128.02Unaff common stock/Invested Assets 0.00 0.00 6.10 7.21 60.81

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Pennsylvania 2,545 1. Med Prof Liab 2,545 Cash/Invested Assets 100.00 92.13 90.55 91.51 32.692. Alaska 0 2. Total Cmbnd A&H 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 11.483. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA 0.004. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 5.455. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA -8.08 All other admitted assets/Total Assets 9.28 4.09 3.31 3.06 2.63National DPW ($000) 2,120 2,849 2,351 2,344 2,545 Invested Assets/Total Assets 63.95 71.80 76.74 79.12 81.09Adjusted Loss Ratio -53.94 44.79 37.58 37.05 41.74 Investment Income/Total Assets 0.22 0.48 -0.08 0.66 1.19





Other Invstmts - 32.7% 0.00 0.20 0.40 0.60 0.80 1.00

2009Y2010Y

2011Y

2012Y

2013Y


Pennsylvania - 100.0% Alaska - 0.0%





Aircraft - 0.0%



All Other - 0.0%


®

®

Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty (P&C) insurers and Title underwriters. An FSR summarizes our opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes our opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle.

FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent. FSRs present our opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment of financial information.

Our focus is unique. While we acknowledge and recognize the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element in the assignment of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity. Quality and quantity of reinsurance, relative adequacy of loss and loss adjustment expense reserves, the liquidity and quality of assets and rate adequacy are some of the more critical items we evaluate.

Our rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet. FSRs are based upon a series of quantitative ratios and considerations that comprise our Financial Stability Analysis Model.

The Financial Stability Analysis Model is the major component of the FSR assignment process and can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP). The Financial Stability Analysis Model includes a tactile review as well as computation and analysis of critical financial ratios to determine the current and anticipated financial stability of the insurance company being reviewed. The Financial Stability Analysis Model cross checks and analyzes financial statement calculations and relationships.

A critical item to determine the financial stability of a P&C insurer is the calculation of financial stability ratios measured against our financial stability benchmarks. These ratios and benchmarks have been compiled on an industry-wide basis and have been substantiated by third parties.

Since our incorporation in 1985, Demotech has proactively responded to the challenges faced by the insurance industry. In 1989, Demotech gained acceptance from the Federal National Mortgage Association (Fannie Mae) for FSRs of A or better. In 1990, we received similar accreditation from Federal Home Loan Mortgage Corporation (Freddie Mac). In 1993, the United States Department of Housing and Urban Development (HUD) published its acceptance of FSRs of A or better. The acceptance of FSRs of A or better leveled the playing field for regional P&C insurance companies while simultaneously assisting insurance agents, reinsurers and insurance carriers through the elimination of reinsurance endorsements and cut-through endorsements.

Similarly, in 1996 we began reviewing newly formed P&C insurance companies incorporated in the State of Florida to facilitate their efforts to depopulate the Florida residual market mechanism. In 2005, FSRs of A or better were deemed acceptable for qualification under HUD’s Section 232 and 223 (f) Programs, thereby assisting financially stable risk retention groups writing nursing facility general and professional liability insurance.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution for your organization.

Financial stability is independent of size.

Solutions as Unique as Your OrganizationDemotech is committed to serving its clients while maintaining the highest standards. Innovative thinking, strategic analysis, commitment, insight and on-going involvement with the insurance industry allow us to provide solutions as unique as your organization.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution.

Contact Douglas Powell at [email protected] to discuss any needs or problems your organization is experiencing.

First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Fannie Mae. An FSR of A or better eliminates the need for property insurance cut-through endorsements by mortgage lenders.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.Began offering Property and Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.Addressed the National Association of Insurance Commissioners (NAIC) requirements for Property and Casualty insurers to submit actuarial opinions related to loss and loss adjustment expense reserves concurrent with the 1990 Property and Casualty annual statement.First to issue FSRs for Title underwriters.First to have Property and Casualty insurance company rating process formally reviewed and accepted by HUD.Fannie Mae issued Title underwriting guidelines, naming Demotech as an approved Title underwriter rating service.First to promulgate Commercial Real Estate Recommendations (CRERs) to provide additional financial due diligence of Title underwriters involved in larger real estate transactions.Contacted by the Florida Office of Insurance Regulation (OIR) when the property insurance market encountered newly established insurers that did not have the representative historical operating experience to meet traditional rating requirements. Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies. Coordinated the first seminar regarding the implementation of Statements of Actuarial Opinion for Title insurance companies on behalf of the Conference of Consulting Actuaries.HUD approved Demotech’s rating process for professional liability insurance under Notice H04-15, Professional Liability Insurance f or Section 232 and 223(f) Programs.Designated the Official Research Partner of Insurance Journal, providing research, actuarial and statistical support and collaborating on special joint reports pertaining to insurance industry performance and financial results.Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage.Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.Participated in a comprehensive examination of insurer financial strength authored by Florida State University and The University of North Texas.Achieved the milestone of more than 350 insurance entities being actively reviewed, rated and followed.FSRs added to SNL Financial website, www.snl.com.

Demotech, Inc. Corporate Milestones1986

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®

Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

Analysis of Risk Retention Groups - Year-End 2013

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