Demotech, Inc. · 2015-05-13 · ISSN 2168-7013 (online) Published May 14, 2015 SNL Center for Financial Education COPYRIGHT© 2015 Demotech, Inc. Analysis of Risk Retention Groups

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Analysis of Risk Retention GroupsYear-End 2014

Demotech, Inc.

May 2015

www.demotech.com Volume 5 Issue 2

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ISSN 2168-7013 (online) Published May 14, 2015 COPYRIGHT©

2015 Demotech, Inc.

Analysis of Risk Retention Groups – Year-End 2014 contains expert analysis from Demotech, Inc. as well as the reported financial data of RRGs.

Contents

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

RRGs Report Financially Stable Results at Year-End 2014 By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc.

Company Information and Financial Results of RRGs

Analysis of Risk Retention Groups May 2015 Volume 5 Issue 2

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

FINANCIAL ANALYSIS

W. Burke Coleman | Legal Counsel and Compliance Manager,

Demotech, Inc.

James Cutts | Publisher, Risk Retention Reporter

Joseph Deems | Executive Director, National Risk Retention Association

Melissa-Anne Duncan | Executive Director,

Insurance Industry Charitable Foundation

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

Barry Koestler | Chief Ratings Officer,

Demotech, Inc.

Josh Magden | Vice President of Insurance and Institutional Marketing,

Sage Advisory Services

Mechlin Moore | Communications Director, National Risk Retention Association

Paul Osborne | Senior Consultant,

Demotech, Inc.

Rachel Wilkins | Analyst, Demotech, Inc.

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

RRG AND FINANCIAL INFORMATION

A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to

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

The financial metrics and ratios presented below have been materially impacted by a Contribution Agreement and a merger made by separate companies. First, a Contribution Agreement of an RRG that transpired in the first quarter 2014. On January 1, 2014, Attorney’s Liability Assurance Society Inc., RRG (ALAS) entered into a Contribution Agreement with its parent, ALAS Investment Services Limited (AISL). ALAS assumed significant assets and liabilities of the parent. According to the filed first quarter 2014 statement of ALAS, as a result of the transaction, “loss reserves historically ceded by (ALAS) to the parent…were reassumed by the company.” More than $2 billion in total assets and more than $1.5 billion in total liabilities were contributed to ALAS. The most significant liability assumed by ALAS was $1.2 billion of loss reserves. The net capital contribution of this transaction was more than $513 million.

The second item materially impacting the financial metrics and ratios of RRGs occurred on May 1, 2014, as MCIC Vermont Inc. (A Risk Retention Group) executed two mergers. According to information found in its 2014 MD&A, “on May 1st, a series of transactions occurred which resulted in the merger of MCIC Ltd., MCIC Vermont and MCIC Vermont Holding, Inc. with MCIC Vermont as the surviving entity. Also on May 1st, [MCIC Vermont] re-organized itself as a reciprocal risk retention group,” thus changing its name to MCIC Vermont (A Reciprocal Risk Retention Group). Further, according to note 25 in the company’s filed year-end statement, due to the merger, “reserves previously reflected as recoverable from MCIC Bermuda are now part of the gross reserves. Bermuda reserves totaled $934,541,838 as of December 31, 2013 and now have been included in the beginning balance in the roll forward.”

For 2014, MCIC Vermont reported adverse one-year loss reserve development of $955.3 million (9,286.9 percent of prior year-

end surplus) and adverse two-year loss reserve development of $705.6 million (6,273.4 percent of second prior year-end surplus) on Schedule P – Part 2 Summary. These amounts were directly impacted by the mergers described above, and as such the financial information for MCIC Vermont was not included in the summary information that follows.

Balance Sheet Analysis

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

Since year-end 2010, cash and invested assets increased 51.1 percent and total admitted assets increased 41.1 percent. More importantly, over a five year period from year-end 2010 through year-end 2014, RRGs collectively increased policyholders’ surplus 44.4 percent. This increase represents the addition of nearly $1.3 billion to policyholders’ surplus. During this same time period, liabilities have increased 38.8 percent. 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 2014 was approximately 65.5 percent. A value less than 100 percent is considered favorable as it indicates that there was more than a dollar of net liquid assets for each dollar of total liabilities. This also indicates a diminishment for RRGs collectively as liquidity was reported at 62.3 percent at year-end 2013. This ratio had improved steadily in each of the previous five years.

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RRGs Report Financially Stable Results at Year-End 2014 Financial analysis of Risk Retention Groups based on reported historical results.

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

$4

$5

$6

$7

$8

$9

$10

Short‐term Assets

Net Admitted Assets

Liabilities

Policyholders Surplus

$‐

$1

$2

$3

20142013201220112010

Figure 1 - RRG Balance Sheet Metrics

Loss and loss adjustment expense (LAE) reserves represent the total reserves for unpaid losses and LAE. This includes reserves for any incurred but not reported losses as well as supplemental reserves established by the company. The cash and invested assets to loss and LAE reserves ratio measures liquidity in terms of the carried reserves. The cash and invested assets to loss and LAE reserves ratio for year-end 2014 was 233.8 percent and indicates an improvement over year-end 2013, as this ratio was 248.7 percent. These results indicate that RRGs remain conservative in terms of liquidity.

In evaluating individual RRGs, Demotech, Inc. prefers companies to report leverage of less than 300 percent. Leverage for all RRGs combined, as measured by total liabilities to policyholders’ surplus, for year-end 2014 was 137.9 percent and indicates a diminishment compared to year-end 2013, as this ratio was 118 percent.

The loss and LAE reserves to policyholders’ surplus ratio for year-end 2014 was 90 percent and indicates a diminishment compared to year-end 2013, as this ratio was 76.2 percent. The higher the ratio of loss reserves to surplus, the more an insurer’s stability is dependent on having and maintaining reserve adequacy.

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

Premium Written Analysis

Since RRGs are restricted to liability coverage, they tend to insure medical providers, product manufacturers, law enforcement officials and contractors, as well as other professional industries. RRGs reported direct premium written in eleven lines of business through year-end 2014.

RRGs collectively reported nearly $2.6 billion of direct premium written (DPW) through year-end 2014, an increase of 3.7 percent over 2013. RRGs reported over $1.5 billion of net premium written (NPW) through year-end 2014, an increase of 18.3 percent over 2013.

The DPW to policyholders’ surplus ratio for RRGs collectively through year-end 2014 was 62.6 percent, down from 69.9 percent in 2013. The NPW to policyholders’ surplus ratio for RRGs through year-end 2014 was 36.5 percent and indicates an increase over 2013, as this ratio was 35.7 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 2014 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 2014 was -3.7 percent and was slightly more favorable than 2013, when this ratio was reported at -3.3 percent. The two-year loss reserve development to second prior year-end policyholders’ surplus for 2014 was -6.5 percent and was less favorable than 2013, when this ratio was

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

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reported at -11.3 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. RRGs reported an aggregate underwriting gain for 2014 of $51.9 million, a decrease of 41.7 percent over 2013, and a net investment gain of $224.9 million, an increase of 4.9 percent over 2013. RRGs collectively reported net income of $224.2 million, a decrease of 7.5 percent over 2013. Looking further back, RRGs have collectively reported an annual underwriting gain since 2004 and positive net income at each year-end since 1996.

The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, through year-end 2014 was 70.4 percent, an increase over 2013, as the loss ratio was 64.8 percent. This ratio is a measure of an insurer’s underlying profitability on its book of business.

The expense ratio, as measured by other underwriting expenses incurred to net premiums written, through year-end 2014 was 24.7 percent and indicates a decrease compared to 2013, as the expense ratio was reported at 26.9 percent. This ratio measurers an insurer’s operational efficiency in underwriting its book of business.

The combined ratio, loss ratio plus expense ratio, through year-end 2014 was 95.1 percent and indicates an increase compared to 2013, as the combined ratio was reported at 91.7 percent. This ratio measures an insurer’s overall underwriting profitability. A combined ratio of less than 100 percent indicates an underwriting profit (figure 2).

Regarding RRGs collectively, the ratios pertaining to income statement analysis appear to be appropriate. Moreover, these ratios have remained within a profitable range.

Conclusions Based on 2014 Results

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

The results of RRGs indicate that these specialty insurers continue to exhibit financial stability. It is important to note again that while RRGs have reported net income, they have also continued to maintain adequate loss reserves while increasing

premium written year over year. RRGs continue to exhibit a great deal of financial stability.

Douglas A Powell is a Senior Financial Analyst at Demotech, Inc. Email your questions or comments to [email protected].

40%

50%

60%

70%

80%

90%

100% Combined Ratio Loss Ratio Expense Ratio

0%

10%

20%

30%

2010 2011 2012 2013 2014

Figure 2 - RRG Ratios at 12/31

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Company Information and Financial Results

Risk Retention Groups

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Company NameNAIC Address

Risk Retention Groups - Listing by Company Name

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

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

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 L. 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

ANGELA STODDARD 410-339-7263- DCPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 1010 WEST CHARLESTON BOULDEVARD LAS VEGAS, NV 89135

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 Other Liability - Occurrence 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

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

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

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

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

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

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

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

Analysis of Risk Retention Groups



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 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

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

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

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

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

ALICIA M. RUBALCABA (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




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

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

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

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

CALIFORNIA MEDICAL GRP INS CO RRG12180 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

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

NANCY VELASQUEZ 303-469-8450- MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 3877 NORTH SEVENTH STREET, SUITE 280, PHOENIX, AZ 85014-5074

JERRY MESSICK (405) 550-2651 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

MICHELE EMMONS (802) 371-2221 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




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

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

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

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

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

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

COMCARE PRO INS RECIPROCAL RRG11864 126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456

CHRISTOPHER PLUMPTON (802) 863-2281 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

COMMUNITY BLOOD CENTERS EXCH RRG13893 2600 MEIDINGER TOWER, 462 SOUTH FOURTH STREET, LOUISVILLE, KY 40202-3452

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

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

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

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

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

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

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

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

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

CONTINUING CARE RRG, INC.11798 BB&T PLAZA, 234 SEVEN FARMS DRIVE, SUITE 215, CHARLESTON, SC 29492-8109

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

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

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

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

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

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

MERISSA S. BUSHEY (802) 863-2398 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 307 FALLS STREET, SUITE A, GREENVILLE, SC 29601-2829

TOBIAS P. BURKE (802) 371-2258 KYPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

ELITE TRANSPORTATION RRG INC10125 2700 NORTH THIRD STREET, SUITE 3050, PHOENIX, AZ 85004-4620

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

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

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

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

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

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 13620 LINCOLN WAY, SUITE 230, AUBURN, CA 95603-3263

MICHAEL ANDREW KOLLATH (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

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

FAIRWAY PHYSICIANS INS CO RRG11840 30401 AGOURA ROAD, SUITE 101, AGOURA HILLS, CA 91301-2002

ROBERT KENNETH WILEY (818) 889-7240 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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




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

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

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

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

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

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

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

LEN ARTHUR 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

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

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

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

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

COURTNEY 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 CARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)

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

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

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

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 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 M. 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

MICHAEL ANTHONY HEISER (202) 326-5360 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) 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 (Occurrence) 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 (615) 610-1609 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) 652-1559 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 9550 S. EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123

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

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

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

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

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

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

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




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

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

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

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 EDWARD 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

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

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

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

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 1401 EYE STREET, NW, SUITE 600, WASHINGTON, DC 20005-2225

LEN ARTHUR 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 A-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


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

GERGANA PENCHEVA (843) 577-1360 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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




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

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

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

GAYLE ROBERTSON 775-887-2480 TNPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

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

ORANGE COUNTY MEDICAL RECIP INS RRG12183 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

P&S INSURANCE RISK RETENTION GROUP, INC.15583 ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441SCPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

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

PELICAN INS RRG11587 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

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

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

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

ANDREW CARLTON (941) 373-1113 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

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

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

JOSEPH JOHN CONNOLLY (802) 861-3043 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled




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

SHAWNA WILBER (843) 577-1364 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

SARAH J. ROLLINS (802) 371-2216 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 (941) 373-1113 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

PLICO RISK RETENTION GROUP, INC.14205 226 DEAN A. MCGEE AVENUE, SUITE 200, OKLAHOMA CITY, OK 73102-3459

STACY MCKAIG WILLIAMSON (405) 815-4823 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

GAYLE ROBERTSON 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

DANIEL SPERRY (770) 257-1512 DCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled




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

DUSTIN BLASIUS (808) 540-4318 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

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

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

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


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

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

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

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

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

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

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

SAGE RISK RETENTION GROUP, INC.15631 3651 LINDELL ROAD, SUITE D1152, LAS VEGAS, NV 89103-1254NVPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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


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

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

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

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

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


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

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

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

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

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

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




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

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

SPIRIT MOUNTAIN INSURANCE COMPANY 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

TAMARON LOGER (802) 264-4709 VTPhoneStatement Contact Primary Line of Business Medical Professional 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 M. 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

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

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

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

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

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

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

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

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

DANIEL S. SCOTT (802) 652-1559 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

STEPHEN CHONG (808) 540-4323 HIPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled




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

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

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


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

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

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

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

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

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

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

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

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

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


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 $1,877,125 $0 $3,074,578$1,197,453 $455,857 $81,773 $896,915$359,285 $2,177,663 ($24)($14)

ADVANCED PHYSICIANS INS RRG INC12166 $1,750,740 $0 $1,859,727$108,987 $68,357 $9,728 $164,982$86,897 $1,694,745 $0($82)

AEGIS HEALTHCARE RRG, INC.12252 $1,935,982 $880 $4,179,692$2,242,830 $1,055,657 ($251,511) $1,165,784$361,638 $3,013,908 ($1,152)($340)

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $4,270,964 $0 $5,071,534$800,570 $630,274 $0 $1,856,129$1,225,855 $3,215,402 $2($2)

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

13606 $1,638,973 $0 $3,465,291$1,826,318 $2,959,236 $0 $3,429,463$470,227 $35,829 $0$0

AGRI INSURANCE EXCHANGE RRG28380 $16,584,319 $0 $16,611,616$27,297 $2,268,000 $0 $3,049,408$781,408 $13,562,208 ($612)($472)

ALLEGIANT INS CO INC A RRG11965 $16,166,531 $2,165,411 $19,915,109$1,583,167 $9,573,009 $0 $13,809,764$4,236,755 $6,105,345 $2,597$1,563

ALLIANCE OF NONPROFITS FOR INS RRG10023 $57,096,185 $0 $73,473,942$16,377,757 $29,836,302 $12,864,166 $44,943,304$2,242,836 $28,530,638 $799$500

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $35,368,838 $919,964 $39,856,929$3,568,127 $16,268,567 $6,955,340 $25,546,015$2,322,108 $14,310,914 $4,544$3,913

ALLIED SERVICES RISK RETENTION GROUP12013 $6,796,999 $0 $7,329,649$532,650 $1,858,842 $503,329 $2,578,310$216,139 $4,751,339 ($1,474)($574)

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $41,090,862 $0 $42,532,870$1,442,008 $23,698,907 $3,483,309 $29,183,703$2,001,487 $13,349,167 ($7,000)($5,796)

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $993,146 $0 $993,146$0 $337,341 $0 $342,341$5,000 $650,805 ($3)$0

AMERICAN CONTRACTORS INS CO RRG12300 $8,363,051 $0 $21,419,974$13,056,923 $0 $0 $13,264,717$13,264,717 $8,155,257 $0$0

AMERICAN EXCESS INS EXCHANGE RRG10903 $387,184,371 $0 $389,535,351$2,350,980 $133,086,189 $9,581,304 $147,270,728$4,603,235 $242,264,623 ($25,730)($14,408)

AMERICAN FEED INDUSTRY INS CO RRG44202 $1,356,556 $0 $1,450,315$93,759 $0 $0 $164,068$164,068 $1,286,247 ($591)($200)

AMERICAN FOREST CASUALTY COMPANY RRG11590 $8,051,482 $0 $9,324,114$1,272,632 $2,951,631 $799,348 $5,241,527$1,490,548 $4,082,587 ($881)($162)

AMERICAN SAFETY RRG INC25448 $6,438,516 $0 $10,637,466$4,198,950 $3,423,350 $327,484 $3,879,338$128,504 $6,758,128 ($300)($347)

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $20,260,597 $368,812 $23,546,428$2,917,019 $10,085,447 $3,300,875 $16,696,753$3,310,431 $6,849,675 ($746)($10)

AMERIGUARD RRG INC12171 $11,080,027 $0 $11,745,546$665,519 $4,269,387 $0 $4,492,709$223,322 $7,252,837 $480($26)

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $91,000,538 $0 $122,367,506$31,366,968 $54,648,471 $24,365,821 $89,351,120$10,336,828 $33,016,386 ($5,321)($4,526)

ARCHITECTS & ENGINEERS INS CO RRG44148 $13,003,912 $0 $20,393,290$7,389,378 $4,201,516 $2,071,317 $11,821,820$5,548,987 $8,571,470 ($47)$132

ARCOA RISK RETENTION GROUP, INC.13177 $10,785,895 $0 $11,849,450$1,063,555 $7,069,026 $0 $7,674,201$605,175 $4,175,249 ($655)($774)

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $2,172,897 $0 $3,315,855$1,142,958 $150,000 $355,672 $813,915$308,243 $2,501,940 ($150)($150)

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,440,517 $0 $1,460,482$19,965 $479,221 $0 $514,221$35,000 $946,261 $42($107)


14425 $1,125,751 $0 $1,378,612$252,861 $4,296 $7,533 $378,612$366,783 $1,000,000 $0$0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $12,725,759 $14,975 $12,881,507$140,773 $3,519,990 $1,167,227 $5,591,579$904,362 $7,289,928 ($1,365)($1,031)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $14,558,741 $0 $15,040,477$481,736 $4,091,597 $1,727,237 $6,643,048$824,214 $8,397,428 ($1,345)($636)

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $2,002,960,174 $0 $2,036,038,978$33,078,804 $964,478,767 $558,114 $1,441,891,646$476,854,765 $594,147,332 $31,186$31,629

ATTORNEYS LIAB PROTECTION SOC RRG32450 $89,575,891 $0 $100,731,326$11,155,435 $45,324,148 $13,182,903 $64,584,144$6,077,093 $36,147,182 ($931)$333

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,422,961 $0 $1,849,554$426,593 $37,144 $32,051 $509,020$439,825 $1,340,534 $0$4

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $3,052,739 $0 $3,415,878$363,139 $664,999 $677,463 $1,940,818$598,356 $1,475,060 ($198)($179)

BAR VERMONT RISK RETENTION GROUP INC10174 $23,733,262 $0 $27,075,529$3,342,267 $4,593,724 $1,474,421 $10,330,438$4,262,293 $16,745,111 ($1,246)$148

BAY INSURANCE RISK RETENTION GROUP, INC.15582 $575,050 $0 $605,795$30,745 $0 $0 $100,678$100,678 $505,117 $0$0

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $24,686,502 $0 $37,647,182$12,960,680 $23,228,614 $0 $31,016,474$7,787,860 $6,630,708 ($374)($178)

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

13010 $2,807,121 $0 $3,424,947$617,826 $169,954 $1,073,230 $1,933,276$690,092 $1,491,671 ($5)($75)

BROADLINE RISK RETENTION GROUP, INC.13788 $82,225,819 $0 $106,932,966$24,707,147 $54,576,000 $9,351,611 $64,583,771$656,160 $42,349,195 ($4,442)($1,896)

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 $631,499 $0 $637,298$5,799 $0 $0 $135,857$135,857 $501,441 $0$0

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $106,776,229 $0 $124,828,470$18,052,241 $51,785,196 $8,006,613 $73,626,648$13,834,839 $51,201,822 ($14,106)($10,500)

CALIFORNIA MEDICAL GRP INS CO RRG12180 $10,163,742 $0 $12,458,882$2,295,140 $5,706,188 $1,540,716 $7,961,656$714,752 $4,497,226 ($3,151)($2,165)

CARE RRG, INC.11825 $14,146,523 $622,115 $18,787,801$4,019,163 $9,735,121 $3,367,696 $14,003,976$901,159 $4,783,825 ($1,244)($1,087)

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $2,216,228 $817,391 $3,364,053$330,434 $1,312,661 $837,848 $2,386,152$235,643 $977,901 $0($21)

CAREGIVERS UNITED LIAB INS CO RRG11544 $38,787,194 $0 $40,973,821$2,186,627 $11,456,149 $1,419,182 $14,166,086$1,290,755 $26,807,735 ($1,897)($1,079)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $56,753,278 $0 $106,522,615$49,769,337 $12,637,274 $419,061 $61,936,307$48,879,972 $44,586,308 ($1,923)($1,146)

CASSATT RISK RETENTION GROUP INC10808 $5,219,116 $0 $11,825,445$6,606,329 $59,254 $50,000 $7,922,989$7,813,735 $3,902,456 ($501)($2)

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $1,529,612 $0 $1,554,553$24,941 $0 $0 $72,571$72,571 $1,481,982 ($27)($22)

CENTRAL PA PHYSICIANS RRG INC11694 $59,989,788 $0 $62,593,599$2,603,811 $29,971,381 $5,061,923 $40,033,300$4,999,996 $22,560,299 ($789)($1,617)

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $16,589,469 $0 $19,840,857$3,251,388 $3,387,704 $1,265,697 $9,759,052$5,105,651 $10,081,805 ($1,584)($2,396)

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $0 $0 $0$0 $0 $0 $0$0 $0 ($62)($179)

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $7,152,652 $1,783,603 $12,572,230$3,635,975 $6,456,604 $3,076,225 $10,524,473$991,644 $2,047,757 $55($1,272)

CIRCLE STAR INS CO RRG11839 $2,741,352 $0 $2,861,013$119,661 $564,712 $0 $1,032,067$467,355 $1,828,946 ($198)($69)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,879,555 $0 $3,768,761$889,206 $761,741 $266,139 $1,650,038$622,158 $2,118,723 ($299)($240)

CLARIAN HLTH RRG INC11992 $2,863,342 $0 $6,602,125$3,738,783 $0 $0 $3,744,488$3,744,488 $2,857,637 $0$0

CLINIC MUTUAL INSURANCE CO RRG43770 $4,262,106 $0 $4,317,594$55,488 $0 $0 $198,005$198,005 $4,119,589 $0($71)

CMIC RISK RETENTION GROUP13756 $3,396,022 $0 $3,627,829$231,807 $247,188 $302,908 $885,401$335,305 $2,742,428 $0$0

COLLEGE LIABILITY INS CO A RECIP RRG44598 $12,382,407 $0 $14,484,337$2,101,930 $3,533,875 $1,094,926 $4,673,110$44,309 $9,811,227 ($1,510)($801)

COLLEGE RISK RETENTION GROUP, INC.13613 $18,596,611 $0 $18,867,699$271,088 $8,139,988 $3,469,848 $12,490,614$880,778 $6,377,085 $185($160)

COLUMBIA NATIONAL RRG INC10803 $1,579,425 $0 $1,674,863$95,438 $0 $258,100 $573,474$315,374 $1,101,389 $0$0

COMCARE PRO INS RECIPROCAL RRG11864 $4,292,512 $0 $4,853,257$560,745 $618,000 $570,431 $1,256,557$68,126 $3,596,700 $122$19

COMMUNITIES OF FAITH RRG INC11807 $12,908,360 $0 $13,230,310$321,950 $971,221 $0 $1,089,335$118,114 $12,140,975 ($532)($112)

COMMUNITY BLOOD CENTERS EXCH RRG13893 $21,139,655 $0 $22,183,296$1,043,641 $3,148,475 $1,434,575 $7,469,134$2,886,084 $14,714,162 ($2,520)($2,276)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $90,485,163 $0 $90,943,413$458,250 $49,095,378 $0 $79,494,361$30,398,983 $11,449,052 $21,626$4,545

COMMUNITY HOSPITAL RRG11259 $238,895,143 $0 $242,514,936$3,619,793 $132,965,375 $0 $135,752,953$2,787,578 $106,761,983 ($22,634)($17,095)

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,762,116 $101,506 $5,275,219$411,597 $1,558,291 $297,472 $2,038,646$182,883 $3,236,573 ($197)($162)

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.

15204 $506,785 $0 $582,017$75,232 $0 $0 $27,176$27,176 $554,841 $0$0

CONTINUING CARE RRG, INC.11798 $1,992,637 $0 $4,664,373$2,671,736 $1,383,394 $0 $2,506,824$1,123,430 $2,157,549 ($304)($409)

CONTRACTORS INS CO OF NORTH AMER RRG11603 $33,359,689 $0 $40,503,690$7,144,001 $5,673,955 $539,131 $12,274,716$6,061,630 $28,228,974 ($14,709)($14,487)

CONTROLLED RISK INS CO OF VT RRG10341 $54,253,970 $0 $55,437,233$1,183,263 $16,032,415 $0 $18,782,465$2,750,050 $36,654,768 ($1,827)($695)

COPIC, A RISK RETENTION GROUP14906 $766,210 $0 $785,538$19,328 $92 $455 $52,064$51,517 $733,474 $0$0

COVERYS RRG, INC.14160 $6,239,998 $0 $6,844,573$604,575 $360,234 $105,937 $2,146,080$1,679,909 $4,698,493 $0$48

CPA MUTUAL INS CO OF AMERICA RRG10164 $16,499,739 $0 $22,001,693$5,501,954 $8,177,810 $1,698,600 $13,088,318$3,211,908 $8,913,375 ($1,137)($271)

CROSSFIT RISK RETENTION GROUP, INC.13720 $4,115,902 $0 $4,747,679$631,777 $1,112,047 $1,129,218 $2,334,991$93,726 $2,412,688 $336$476

CRUDEN BAY RRG INC11676 $11,759,709 $0 $11,813,830$54,121 $7,492,101 $0 $7,590,057$97,956 $4,223,773 ($3,920)($3,402)

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $16,239,731 $0 $16,494,117$254,386 $5,686,096 $1,583,655 $12,666,567$5,396,816 $3,827,550 ($103)$556

DELAWARE PROFESSIONAL INSURANCE CO43125 $6,992,363 $0 $7,524,891$532,528 $4,611,000 $889,034 $5,543,995$43,961 $1,980,897 ($948)($941)

DOCTORS & SURGEONS NATIONAL RRG13018 $8,912,700 $0 $9,992,410$1,079,710 $6,230,588 $2,048,572 $9,047,856$768,696 $944,554 $904$654

DUBOIS MEDICAL RRG11842 $10,836,629 $0 $11,436,898$600,269 $2,280,217 $713,333 $3,154,723$161,173 $8,282,176 ($900)($1,021)

EASTERN DENTISTS INS CO RRG10115 $45,146,474 $225,466 $52,487,055$7,115,115 $21,661,000 $6,674,830 $30,879,200$2,543,370 $21,607,855 ($4,430)($1,968)

ELITE TRANSPORTATION RRG INC10125 $5,649,444 $0 $10,505,278$4,855,834 $6,700,998 $244,011 $8,999,959$2,054,950 $1,505,319 $774$565

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $4,003,339 $80,906 $4,164,017$79,772 $1,917,887 $0 $2,120,643$202,756 $2,043,374 ($154)$21

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $16,629,743 $306,624 $23,524,377$6,588,010 $7,508,022 $2,437,257 $15,974,208$6,028,929 $7,550,169 ($3,182)($473)

EMERGENCY MEDICINE RRG INC12015 $7,694,671 $0 $9,657,819$1,963,148 $4,028,985 $911,313 $5,008,527$68,229 $4,649,292 $926($166)

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 $31,853,692 $0 $33,738,615$1,884,923 $19,074,642 $2,048,397 $23,023,144$1,900,105 $10,715,471 ($2,114)($612)

EVERGREEN USA RRG INC38466 $10,767,892 $0 $13,111,594$2,343,702 $5,772,603 $631,458 $6,360,342($43,719) $6,751,252 ($418)($270)

EXCELA RECIPROCAL RRG15337 $5,212,300 $0 $5,255,801$43,501 $2,287,997 $0 $2,341,685$53,688 $2,914,116 $0$0

FAIRWAY PHYSICIANS INS CO RRG11840 $16,269,375 $2,158,014 $24,215,260$5,787,871 $13,395,445 $4,748,126 $18,601,678$458,107 $5,613,582 $897$728

FAITH AFFILIATED RRG INC11698 $9,216,398 $0 $9,890,742$674,344 $4,073,980 $616,617 $4,735,816$45,219 $5,154,923 $164$144





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

FIRST MEDICAL INS CO RRG11278 $101,287,701 $0 $101,935,720$648,019 $36,220,225 $5,152,797 $42,107,220$734,198 $59,828,499 ($7,710)($4,953)

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $4,345,693 $0 $4,483,610$137,917 $1,067,196 $387,472 $1,859,102$404,434 $2,624,508 ($118)($193)

FRANKLIN CASUALTY INS CO RRG10842 $5,593,341 $0 $31,864,676$26,271,335 $6,354,218 $1,642,842 $28,219,842$20,222,782 $3,644,834 ($699)$47

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $12,368,977 $0 $18,125,568$5,756,591 $5,423,792 $0 $5,871,510$447,718 $12,254,058 ($3,151)($2,105)

GABLES RISK RETENTION GROUP, INC.14032 $5,216,771 $0 $7,587,014$2,370,243 $3,378,623 $495,721 $4,285,330$410,986 $3,301,684 $815($868)

GEISINGER INS CORP RRG12000 $2,499,307 $0 $19,428,809$16,929,502 $500,000 $572,422 $7,940,821$6,868,399 $11,487,988 $100$0

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,088,203 $0 $2,238,321$150,118 $30,271 $22,951 $190,672$137,450 $2,047,649 ($2)($12)

GLOBAL HAWK INSURANCE COMPANY RRG11948 $27,714,387 $2,666,710 $35,399,956$5,018,859 $14,159,648 $11,909,937 $27,839,542$1,769,957 $7,560,414 $2,309$460

GOLDEN INS CO RRG11145 $6,449,634 $0 $9,063,881$2,614,247 $1,752,706 $3,555,325 $5,734,290$426,259 $3,329,591 $564$517

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $6,736,636 $0 $6,744,889$8,253 $2,802,698 $0 $2,828,297$25,599 $3,916,593 $522($134)

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $317,652 $0 $1,795,014$1,477,362 $0 $562,275 $1,206,049$643,774 $588,965 $0$0

GRACO RRG INC11581 $526,535 $7,068 $542,176$8,573 $0 $0 $40,294$40,294 $501,882 $0$0

GREEN HILLS INS CO RRG11941 $9,651,801 $0 $11,580,944$1,929,143 $4,687,015 $1,610,086 $6,884,872$587,771 $4,696,072 ($2,474)($2,523)

GUARDIAN RRG INC11696 $5,315,766 $0 $5,653,735$337,969 $2,762,527 $0 $2,940,173$177,646 $2,713,562 ($143)($89)

GUTHRIE RRG12014 $50,106,268 $0 $54,350,551$4,244,283 $28,384,789 $3,700,602 $32,367,574$282,183 $21,982,977 ($4,828)($826)

HAMDEN ASSURANCE RRG, INC.13057 $2,598,850 $0 $88,377,638$85,778,788 $0 $0 $86,704,039$86,704,039 $1,673,599 $0$0

HEALTH CARE CAS RRG INC12236 $11,556,320 $0 $14,639,771$3,083,451 $6,908,201 $1,285,902 $12,630,860$4,436,757 $2,008,911 ($2,111)($703)


11832 $27,188,670 $503,015 $48,637,804$20,946,119 $9,181,412 $2,080,066 $32,832,388$21,570,910 $15,805,416 ($149)$58

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,953,547 $0 $7,507,031$553,484 $2,800,400 $435,950 $4,185,647$949,297 $3,321,384 ($602)($559)

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $72,609,959 $0 $77,009,615$4,399,656 $17,523,003 $4,216,198 $22,492,426$753,225 $54,517,189 ($4,632)($2,796)

HEALTHCARE PROVIDERS INS CO RRG11683 $74,272,415 $0 $76,452,786$2,180,371 $20,667,481 $4,527,513 $29,977,938$4,782,944 $46,474,848 ($6,360)($3,368)

HEARTLAND HEALTHCARE RECIP RRG11998 $14,170,349 $0 $14,751,843$581,494 $5,561,264 $0 $5,793,961$232,697 $8,957,882 ($1,433)$246

HERITAGE WARRANTY INS RRG INC11097 $549,232 $0 $554,946$5,714 $2,300 $29,049 $52,152$20,803 $502,794 ($10)($5)

HOME CONSTRUCTION INS CO RRG11950 $6,012,031 $0 $6,067,279$55,248 $3,428,195 $0 $3,596,349$168,154 $2,470,930 $818$426

HOUSING AUTHORITY RRG INC26797 $300,535,498 $0 $313,220,865$12,685,367 $78,820,137 $13,337,009 $116,497,632$24,340,486 $196,723,233 ($29,699)($16,019)

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $449,712 $0 $449,712$0 $0 $0 $0$0 $449,712 $29,032$0

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $318,759,735 $1,917,900 $333,885,529$13,207,894 $50,980,393 $13,558,158 $84,307,772$19,769,221 $249,577,757 ($18,314)($9,671)

INDIANA HEALTHCARE RECIP RRG11692 $29,371,326 $0 $29,666,981$295,655 $13,416,496 $0 $14,089,313$672,817 $15,577,668 $353$670

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $3,845,193 $0 $4,918,861$1,073,668 $2,262,645 $715,767 $3,039,813$61,401 $1,879,048 $502$446

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $538,149 $0 $1,564,847$1,026,698 $201,567 $107,500 $338,891$29,824 $1,225,956 $0$8

IRONSHORE RISK RETENTION GROUP, INC.14375 $469,148 $0 $2,463,763$1,994,615 $171,953 $49,516 $1,521,793$1,300,324 $941,970 ($2)($11)

J.M. WOODWORTH RRG, INC.12594 $9,114,611 $2,477,284 $12,851,298$1,259,403 $10,396,020 $1,338,439 $12,058,085$323,626 $793,212 $2,273$693

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $41,192,569 $0 $44,091,947$2,899,378 $17,682,587 ($30,617) $18,577,566$925,596 $25,514,381 $1,378$2,108

KENTUCKY HOSPITAL INS CO RRG11939 $19,098,991 $0 $19,537,770$438,779 $10,460,101 $0 $11,171,818$711,717 $8,365,952 ($1,042)($309)

LAKE STREET RRG INC11803 $2,630,817 $0 $2,630,938$121 $784,994 $0 $823,718$38,724 $1,807,221 ($730)($702)

LAMMICO RRG, INC.14444 $5,806,579 $0 $5,897,317$90,738 $26,721 $8,470 $230,840$195,649 $5,666,477 ($20)($13)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $12,225,057 $1,881,536 $19,072,275$4,965,682 $8,041,469 $4,011,523 $14,303,148$2,250,156 $4,769,127 ($822)($1,739)

LENDERS PROTECTION ASSUR CO RRG11500 $2,364,494 $0 $2,414,709$50,215 $0 $0 $39,704$39,704 $2,375,005 $0$0

LIFE SERVICES NETWORK RECIP INS RRG11958 $8,050,450 $0 $8,190,729$140,279 $2,938,421 $0 $2,708,559($229,862) $5,482,170 ($60)$94

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $936,301 $0 $981,810$45,509 $40,370 $3,997 $232,410$188,043 $749,400 $0$0

LVHN RRG11684 $47,921,082 $0 $58,437,678$10,516,596 $0 $0 $53,437,678$53,437,678 $5,000,000 $12,172$6,614

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

12554 $2,887,244 $0 $3,929,097$1,041,853 $1,192,218 $577,822 $2,163,891$393,851 $1,765,206 ($172)($325)

MARATHON FIN INS CO INC RRG11117 $2,440,842 $0 $7,074,240$4,633,398 $35,000 $449,567 $4,737,255$4,252,688 $2,336,985 ($35)($25)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

MCIC VERMONT INC RRG10697 $1,660,957,060 $0 $1,675,215,357$14,258,297 $953,532,529 $0 $1,098,873,073$145,340,544 $576,342,284 $4$0

MD RISK RETENTION GROUP, INC.12355 $18,883,572 $466,537 $19,854,690$504,581 $5,352,767 $265,000 $7,344,038$1,726,271 $12,510,652 ($3,627)($2,424)

MED MAL RISK RETENTION GROUP, INC.14446 $5,409,645 $0 $5,491,239$81,594 $610,000 $0 $3,244,325$2,634,325 $2,246,914 $0$1

MEDAMERICA MUTUAL RRG INC26257 $85,090,626 $0 $88,367,339$3,276,713 $32,939,097 $0 $47,752,925$14,813,828 $40,614,415 ($9,448)($4,683)

MEDPRO RRG RISK RETENTION GROUP13589 $13,191,431 $0 $36,129,000$22,937,569 $3,911,674 $1,873,277 $28,082,314$22,297,363 $8,046,686 ($136)($119)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $0 $0 $0$0 $0 $0 $0$0 $0 ($952)($868)

MENTAL HEALTH RISK RETENTION GROUP44237 $25,178,504 $0 $26,327,013$1,148,509 $10,204,371 $1,372,453 $12,340,999$764,175 $13,986,014 ($3,684)($1,341)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,995,325 $0 $6,479,886$1,484,561 $3,391,114 $599,816 $4,479,905$488,975 $1,999,981 ($1,101)($507)

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $2,435,771 $0 $2,882,567$446,796 $1,179,086 $116,445 $1,796,455$500,924 $1,086,112 ($64)$191

MMIC RRG, INC.14062 $258,258 $0 $664,393$406,135 $0 $441 $27,522$27,081 $636,871 $0$0

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $916,926 $0 $2,298,209$1,381,283 $401,000 $79,333 $672,345$192,012 $1,625,864 ($239)($107)

MOUNTAIN LAUREL RRG INC11547 $19,569,029 $0 $24,894,421$5,325,392 $8,891,000 $2,693,800 $13,157,874$1,573,074 $11,736,547 ($4,595)($2,199)

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $108,179,510 $0 $109,535,205$1,355,695 $52,860,991 $1,000,000 $59,617,841$5,756,850 $49,917,364 ($3,327)($4,526)

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $31,009,871 $0 $31,125,838$115,967 $0 $0 $25,880,774$25,880,774 $5,244,761 ($7,589)($9,250)

NASW RISK RETENTION GROUP, INC.14366 $573,849 $199,850 $2,963,914$2,190,215 $90,538 $132,550 $1,658,110$1,435,022 $1,305,804 ($2)($14)

NATIONAL ASSISTED LIVING RRG, INC.11806 $8,152,317 $0 $8,534,292$381,975 $2,911,000 $952,990 $4,387,932$523,942 $4,146,360 ($1,716)($1,278)

NATIONAL BUILDERS & CONTRACTORS INS12235 $3,220,623 $0 $3,360,335$139,712 $1,655,405 $60,221 $1,668,164($47,462) $1,692,171 ($1,101)($1,282)

NATIONAL CATHOLIC RRG10083 $63,768,686 $0 $65,582,552$1,813,866 $38,142,872 $6,218,468 $46,872,690$2,511,350 $18,709,864 $2,702$86

NATIONAL CONTRACTORS INS CO INC RRG12293 $1,694,649 $869,627 $2,751,512$187,236 $2,843,843 $0 $2,878,890$35,047 ($127,378) $1,120$911

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $9,127,860 $2,684,437 $15,840,140$4,027,843 $8,846,882 $0 $9,354,636$507,754 $6,485,504 ($1,307)($1,042)

NATIONAL HOME INSURANCE CO RRG44016 $30,803,280 $0 $33,501,550$2,698,270 $7,024,608 $12,179,729 $22,042,529$2,838,192 $11,459,021 $24,943$5,180

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $6,018,100 $500,996 $11,690,257$5,171,161 $2,307,338 $1,681,601 $5,200,018$1,211,079 $6,490,238 ($198)$302

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

12529 $4,080,548 $78,613 $9,810,362$5,651,201 $0 $0 $6,456,786$6,456,786 $3,353,576 $0$0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $11,374,311 $88,409 $12,850,946$1,388,226 $0 $1,758,722 $1,869,257$110,535 $10,981,689 ($20)$0

NCMIC RISK RETENTION GROUP, INC.14130 $3,301,783 $0 $6,407,994$3,106,211 $841,625 $354,354 $2,470,351$1,274,372 $3,937,643 $0($20)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $1,857,954 $0 $1,981,435$123,481 $1,051,543 $276,842 $1,116,823($211,562) $864,612 ($913)($456)

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $13,928,279 $0 $16,010,214$2,081,935 $428,094 $7,285,893 $10,298,100$2,584,113 $5,712,114 $53$67

NEW STAR RISK RETENTION GROUP, INC.12532 $9,915,339 $0 $11,387,219$1,471,880 $2,786,215 $1,244,746 $6,246,210$2,215,249 $5,141,009 ($997)($936)

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $16,642,392 $0 $25,503,678$8,861,286 $16,457,046 $4,197,111 $20,784,389$130,232 $4,719,289 $3,867$2,181

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 $15,170,271 $0 $15,301,773$131,502 $8,225,798 $623,032 $13,192,413$4,343,583 $2,109,360 $32($1,025)

OASIS RECIPROCAL RISK RETENTION GROUP13644 $9,266,092 $0 $11,541,366$2,275,274 $5,235,021 $858,073 $8,132,584$2,039,490 $3,408,782 ($1,817)($812)

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $654,248 $0 $693,578$39,330 $310,804 $0 $320,304$9,500 $373,274 ($102)($57)

OCEANUS INS CO A RRG12189 $59,600,965 $0 $70,882,407$11,281,442 $40,800,000 $15,395,211 $57,384,200$1,188,989 $13,498,207 $10,048$4,104

OMS NATL INS CO RRG44121 $347,826,487 $305,909 $374,811,260$26,678,864 $107,663,068 $35,883,157 $159,744,483$16,198,258 $215,066,777 ($17,487)($2,741)

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $7,549,732 $0 $17,848,488$10,298,756 $2,753,291 $8,089,604 $13,343,747$2,500,852 $4,504,741 $0$236

OOIDA RISK RETENTION GROUP INC10353 $48,960,957 $0 $93,610,480$44,649,523 $33,105,444 $9,563,786 $74,475,061$31,805,831 $19,135,418 ($3,267)($381)

OPHTHALMIC MUTUAL INS CO RRG44105 $259,143,761 $0 $268,509,733$9,365,972 $41,001,223 $23,783,274 $85,653,202$20,868,705 $182,856,531 ($21,132)($14,725)

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $6,446,312 $0 $7,496,534$1,050,222 $1,196,660 $0 $1,521,150$324,490 $5,975,384 ($1,187)($1,205)

ORDINARY MUTUAL A RRG CORP10171 $8,580,169 $0 $8,480,383($99,786) $2,241,641 $0 $3,259,322$1,017,681 $5,221,061 ($2,806)($1,315)

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

14260 $11,303,234 $0 $16,220,601$4,917,367 $7,888,442 $3,544,549 $12,734,471$1,301,480 $3,486,130 $1,063($739)

P&S INSURANCE RISK RETENTION GROUP, INC.15583 $0 $0 $735,368$735,368 $0 $0 $234,398$234,398 $500,970 $0$0

PACE RRG INC11575 $4,669,839 $1,278,686 $8,336,094$2,387,569 $2,640,194 $0 $4,770,805$2,130,611 $3,565,289 $1,997$1,895





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

PALLADIUM RISK RETENTION GROUP, INC.15279 $29,140,665 $0 $29,228,799$88,134 $0 $26,072 $24,128,632$24,102,560 $5,100,167 $0$0

PARATRANSIT INSURANCE COMPANY, RRG44130 $21,116,646 $279,498 $23,869,759$2,473,615 $7,200,000 $1,909,641 $11,518,364$2,408,723 $12,351,395 ($990)$417

PCH MUTUAL INSURANCE COMPANY, RRG11973 $8,735,840 $28,250 $9,716,807$952,717 $2,980,707 $747,270 $7,102,498$3,374,521 $2,614,309 ($1,250)($1,048)

PEACE CHURCH RRG INC11846 $19,555,338 $0 $19,718,742$163,404 $4,466,493 $0 $4,732,834$266,341 $14,985,908 ($3,241)($1,174)

PELICAN INS RRG11587 $18,301,913 $370,408 $18,898,127$225,806 $3,029,000 $208,422 $3,764,193$526,771 $15,133,934 ($197)$393

PHOEBE RECIPROCAL RRG12004 $5,572,410 $0 $5,589,641$17,231 $1,266,559 $0 $1,334,473$67,914 $4,255,168 ($533)($271)

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $4,383,866 $0 $7,622,056$3,238,190 $2,167,227 $2,234,420 $6,082,654$1,681,007 $1,539,402 ($344)($500)

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $5,315,868 $970,659 $7,281,094$994,567 $2,542,154 $1,095,746 $5,767,929$2,130,029 $1,513,165 ($564)($98)

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $2,398,097 $0 $4,005,604$1,607,507 $1,249,860 $606,485 $2,399,315$542,970 $1,606,289 ($1,558)($1,938)

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

12507 $78,984,968 $0 $83,881,055$4,896,087 $38,588,151 $4,834,979 $60,921,592$17,498,462 $22,959,462 $3,219$6,446

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $36,771,587 $214,152 $39,319,455$2,333,716 $11,338,989 $6,185,905 $19,964,080$2,439,186 $19,355,376 ($5,123)($2,916)

PHYSICIANS REIMBURSEMENT RRG10934 $28,798,284 $0 $29,412,375$614,091 $17,981,711 $0 $18,459,380$477,669 $10,952,995 ($7,143)($4,756)

PHYSICIANS SPECIALTY LTD RRG11513 $11,796,055 $0 $14,855,588$3,059,533 $6,313,425 $0 $9,963,417$3,649,992 $4,892,171 ($177)($1,052)

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $1,335,466 $0 $2,140,106$804,640 $339,335 $199,203 $693,055$154,517 $1,447,051 $104($142)

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

13582 $12,281,430 $0 $12,460,980$179,550 $4,559,880 $0 $4,691,739$131,859 $7,769,241 ($259)($175)

PINE TREE INS RECIPROCAL RRG12348 $10,627,773 $0 $10,789,730$161,957 $6,229,404 $0 $7,403,293$1,173,889 $3,386,438 $3,621($109)

PINELANDS INS CO RRG INC12198 $0 $0 $0$0 $0 $0 $0$0 $0 $220$48

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $6,972,510 $0 $9,398,636$2,426,126 $1,986,344 $504,033 $5,049,183$2,558,806 $4,349,453 ($225)($99)

PLICO RISK RETENTION GROUP, INC.14205 $1,570,575 $0 $1,570,964$389 $0 $0 $0$0 $1,570,964 $0($2)

PONCE DE LEON LTC RRG, INC.11809 $9,392,516 $0 $9,916,062$523,546 $4,305,595 $262,952 $5,017,510$448,963 $4,898,552 $540($428)

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $41,279,392 $32,743,465 $106,686,763$32,663,906 $48,101,000 $13,662,873 $97,706,304$35,942,431 $8,980,458 $1,449$2,023

PREFERRED PHYSICIANS MEDICAL RRG44083 $195,879,313 $0 $200,600,420$4,721,107 $63,626,793 $8,259,631 $82,573,265$10,686,841 $118,027,145 ($10,074)($4,822)

PREFERRED PROFESSIONAL RRG14919 $629,338 $0 $744,296$114,958 $26,550 $12,261 $161,176$122,365 $583,120 $0($1)

PREMIER INSURANCE EXCHANGE RRG10101 $2,812,865 $0 $7,822,755$5,009,890 $345,500 $0 $418,550$73,050 $7,404,205 $7$3

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

12613 $10,647,770 $1,090,050 $13,299,795$1,561,975 $3,653,444 $2,903,886 $9,583,629$3,026,299 $3,716,165 $740$456

PROAIR RISK RETENTION GROUP, INC.13179 $0 $0 $0$0 $0 $0 $0$0 $0 ($67)($37)

PROBUILDERS SPECIALTY INS CO RRG11671 $14,028,970 $0 $35,489,117$21,460,147 $19,912,818 $0 $22,400,331$2,487,513 $13,088,787 ($10,252)($2,339)

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

14461 $4,808,103 $0 $4,845,159$37,056 $2,072,504 $0 $2,692,537$620,033 $2,152,622 $0$115


12608 $2,191,562 $0 $2,230,366$38,804 $82,901 $4,542 $145,624$58,181 $2,084,742 $37$36

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,171,868 $98,750 $2,752,801$482,183 $463,316 $0 $1,306,562$843,246 $1,446,239 ($55)$26

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $5,998,456 $94,890 $6,140,008$46,662 $698,194 $0 $942,265$244,071 $5,197,743 ($649)($444)

RED CLAY RISK RETENTION GROUP, INC.13078 $5,339,651 $0 $6,913,533$1,573,882 $2,559,979 $0 $3,168,996$609,017 $3,744,536 ($1,130)($697)

RED ROCK RISK RETENTION GROUP, INC.13736 $5,596,781 $0 $6,381,667$784,886 $2,727,831 $0 $2,844,367$116,536 $3,537,300 $1,531$945

REPUBLIC RRG12019 $1,341,696 $0 $1,841,696$500,000 $50,000 $0 $56,500$6,500 $1,785,196 $0$0

RESTORATION RISK RETENTION GROUP, INC.12209 $56,071,494 $0 $62,835,287$6,763,793 $32,999,875 $4,396,637 $43,058,128$5,661,616 $19,777,159 ($5,836)($2,668)

RPX RRG14135 $5,078,605 $78,953 $5,342,685$185,127 $432,114 $249,472 $1,241,066$559,480 $4,101,620 ($63)$494

SAGE RISK RETENTION GROUP, INC.15631 $0 $0 $1,000,000$1,000,000 $0 $0 $0$0 $1,000,000 $0$0

SAINT LUKE'S HLTH SYSTEM RRG11712 $15,134,451 $0 $15,653,424$518,973 $5,727,271 $385,263 $6,200,785$88,251 $9,452,639 ($644)$2,156

SAMARITAN RISK RETENTION GROUP, INC.12511 $27,770,594 $0 $30,482,823$2,712,229 $5,423,002 $5,383,545 $12,212,948$1,406,401 $18,269,875 ($81)($1,113)

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

12988 $12,355,430 $0 $13,657,957$1,302,527 $6,787,037 $1,462,669 $9,666,115$1,416,409 $3,991,837 ($263)($270)

SECURITY AMERICA RRG INC11267 $4,653,711 $0 $5,686,360$1,032,649 $1,780,696 $811,426 $3,056,811$464,689 $2,629,549 $320($41)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

SELECT MD RRG14136 $1,572,317 $177,124 $1,929,828$180,387 $616,207 $0 $1,022,454$406,247 $907,375 ($129)($143)

SENTINEL ASSUR RRG INC12005 $14,861,855 $0 $15,569,440$707,585 $5,814,638 $1,219,551 $7,165,902$131,713 $8,403,538 $2,165($674)

SIGMA RRG, INC.13557 $13,359,066 $0 $16,194,766$2,835,700 $6,936,595 $2,516,637 $9,734,250$281,018 $6,460,516 ($330)($293)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $73,067,985 $0 $76,928,899$3,860,914 $52,630,150 $0 $59,975,269$7,345,119 $16,953,631 $1,237$2,926

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $16,606,075 $0 $58,060,448$41,454,373 $26,538,085 $19,123,857 $47,987,659$2,325,717 $10,072,789 $1,002$5,374

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 $6,205,710 $0 $6,456,732$251,022 $1,602,347 $489,583 $3,122,075$1,030,145 $3,334,657 ($1,598)($975)

ST CHARLES INS CO RRG11114 $13,229,002 $0 $13,395,722$166,720 $1,792,153 $19,413 $2,564,701$753,135 $10,831,021 ($7,584)($5,584)

ST LUKES HEALTH NETWORK INS CO RRG11688 $52,910,509 $0 $66,816,912$13,906,403 $41,644,745 $11,369,477 $53,183,001$168,779 $13,633,911 $6,992$1,037

STATES SELF-INSURERS RRG44075 $23,807,182 $0 $24,295,973$488,791 $11,777,165 $880,277 $14,862,039$2,204,597 $9,433,934 $1,141$1,080

STICO MUT INS CO RRG10476 $22,155,424 $105,813 $24,491,992$2,230,755 $6,044,476 $5,677,838 $13,038,429$1,316,115 $11,453,563 ($733)($1,014)

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

13135 $707,439 $0 $1,108,694$401,255 $0 $0 $473,860$473,860 $634,834 $0$0

SUNLAND RISK RETENTION GROUP, INC.14026 $3,667,100 $0 $4,891,369$1,224,269 $506,581 $0 $3,662,561$3,155,980 $1,228,808 ($37)($46)

TERRA INS CO RRG10113 $23,050,546 $0 $28,295,396$5,244,850 $1,825,113 $0 $9,912,978$8,087,865 $18,382,418 $126$185

TERRAFIRMA RISK RETENTION GROUP LLC14395 $5,462,512 $0 $5,527,890$65,378 $701,558 $179,572 $938,754$57,624 $4,589,136 $0$83

THE HEALTHCARE UNDERWRITING CO RRG10152 $80,358,470 $0 $125,658,490$45,300,020 $83,409,961 $17,176,777 $102,799,795$2,213,057 $22,858,695 $6,057$3,656

TITAN INS CO INC RRG11153 $43,908,100 $0 $46,595,585$2,687,485 $0 $9,698,564 $11,619,309$1,920,745 $34,976,276 $0$0

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,295,674 $275,014 $6,350,713$780,025 $1,415,573 $291,935 $2,486,924$779,416 $3,863,789 ($741)($255)

UNITED CENTRAL PA RRG11548 $17,335,444 $0 $17,439,885$104,441 $8,942,802 $0 $9,012,166$69,364 $8,427,719 $974($784)

UNITED EDUCATORS INS RRG INC10020 $768,237,939 $0 $820,359,178$52,121,239 $411,479,760 $77,240,186 $538,603,659$49,883,713 $281,755,519 ($27,680)$0

UNITED HOME INSURANCE CO A RRG10712 $1,619,283 $0 $2,220,832$601,549 $0 $562,056 $631,662$69,606 $1,589,170 $0$0

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $3,707,433 $0 $4,517,486$810,053 $1,513,127 $821,088 $3,366,324$1,032,109 $1,151,162 $315$605

UV INSURANCE RISK RETENTION GROUP, INC.13988 $1,003,949 $0 $1,003,949$0 $357,182 $33,334 $395,148$4,632 $608,801 ($39)($28)

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

11063 $2,634,750 $0 $2,655,852$21,102 $0 $30,192 $68,862$38,670 $2,586,990 $0$0

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,320,375 $122,423 $1,560,579$117,781 $161,306 $0 $574,490$413,184 $986,089 ($297)($52)

WELLSPAN RRG11682 $17,191,523 $0 $23,807,944$6,616,421 $16,498,080 $0 $16,604,554$106,474 $7,203,390 ($3,656)($1,716)

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $4,871,045 $0 $6,362,422$1,491,377 $2,957,216 $984,790 $4,626,683$684,677 $1,735,739 ($71)$203

WESTERN PACIFIC MUT INS CO RRG40940 $140,923,018 $0 $142,722,255$1,799,237 $10,124,702 $16,436,874 $33,097,844$6,536,268 $109,624,411 ($11,287)($4,421)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,913,612 $0 $2,981,507$67,895 $150,275 $178,983 $442,738$113,480 $2,538,769 $0($1)

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

11796 $18,039,037 $0 $18,503,850$464,813 $6,000,000 $0 $12,618,640$6,618,640 $5,885,210 ($3,095)($1,781)


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 $422,397 $370,417 $148,450$362,265 ($96,707) $0 ($6,057)$310,522

ADVANCED PHYSICIANS INS RRG INC12166 $212,076 $212,076 ($81,844)$202,348 $119,972 $59,027 $179,503$164,220

AEGIS HEALTHCARE RRG, INC.12252 $1,628,615 $914,216 $2,091,693$3,667,541 $251,838 $265,120 $441,472$1,324,010

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $1,555,645 $373,878 $300,000$373,886 ($52,906) $89,848 $36,942$126,792

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $500,000 $500,000 ($466,299)$500,000 $966,299 $117,268 $1,083,567$0

AGRI INSURANCE EXCHANGE RRG28380 $903,159 $903,159 ($101,702)$903,159 $661,994 $614,317 $866,811$342,867

ALLEGIANT INS CO INC A RRG11965 $12,586,096 $4,470,462 $2,512,375$4,470,462 $1,127,996 $54,639 $1,159,980$830,091

ALLIANCE OF NONPROFITS FOR INS RRG10023 $36,256,979 $26,379,459 $16,676,429$23,441,377 ($624,477) $1,274,167 $810,298$7,389,425

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $22,549,095 $12,487,577 $10,747,081$14,168,574 ($2,224,423) $1,094,665 ($601,075)$5,645,917

ALLIED SERVICES RISK RETENTION GROUP12013 $1,015,000 $1,015,000 $166,711$1,015,000 $613,849 $107,576 $721,425$234,440

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $7,851,624 $6,304,121 $3,928,038$6,466,864 $350,273 $808,309 $418,778$2,188,553

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $0 $0 $0$0 ($79,463) $445 ($79,018)$79,463

AMERICAN CONTRACTORS INS CO RRG12300 $45,659,247 $0 $0$0 $778,543 $74,799 $563,921($778,543)

AMERICAN EXCESS INS EXCHANGE RRG10903 $24,538,998 $23,163,472 $2,676,522$23,448,841 $15,294,972 $22,808,482 $38,103,688$5,477,347

AMERICAN FEED INDUSTRY INS CO RRG44202 $0 $0 ($215,457)$0 ($129,370) $5,028 ($59,487)$344,827

AMERICAN FOREST CASUALTY COMPANY RRG11590 $2,229,756 $768,299 $1,056,257$757,263 ($950,364) $277,808 ($378,940)$651,370

AMERICAN SAFETY RRG INC25448 $800,045 ($342,773) ($90,394)$332,293 ($693,989) $94,892 ($377,872)$819,676

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $10,853,348 $7,422,770 $6,407,564$7,560,302 ($148,818) $968,040 $689,207$1,301,556

AMERIGUARD RRG INC12171 $2,637,980 $2,637,980 $2,139,784$2,641,796 $235,975 $20,086 $166,193$266,037

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $47,013,911 $39,026,120 $24,743,023$36,498,759 $102,118 $2,628,294 $2,345,973$11,653,618

ARCHITECTS & ENGINEERS INS CO RRG44148 $5,373,008 $2,066,341 $1,445,499$2,064,997 $997,491 $275,731 $968,300($377,993)

ARCOA RISK RETENTION GROUP, INC.13177 $10,687,836 $10,687,836 $3,949,453$10,687,836 $1,851,211 $228,785 $1,357,965$4,887,172

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $941,800 $842,243 $0$837,909 $362,985 $14,743 $376,728$474,924

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $0 ($91,529)$0 $49,872 $11,659 $61,531$41,657


14425 $326,197 $26,855 $4,296$19,322 ($27,720) $571 ($17,919)$42,746

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $3,592,350 $2,312,023 $934,295$2,312,716 ($299,071) $104,757 ($194,314)$1,677,492

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $5,043,392 $3,543,392 $2,231,283$3,597,101 ($58,889) $462,686 $521,422$1,424,707

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $360,455,688 $243,349,010 $270,858,273$242,815,161 ($57,129,238) $25,788,933 ($33,445,558)$29,086,126

ATTORNEYS LIAB PROTECTION SOC RRG32450 $43,214,070 $29,067,481 $19,997,038$28,507,237 ($735,320) $3,679,414 $2,109,217$9,245,519

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $905,358 $45,268 $28,423$29,054 ($45,611) $0 ($29,648)$46,242

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $3,250,600 $1,149,552 $284,530$1,004,555 $173,430 $2,683 $117,110$546,595

BAR VERMONT RISK RETENTION GROUP INC10174 $37,139,743 $1,971,295 $1,323,663$2,020,240 ($855,658) $1,632,014 $609,832$1,552,235

BAY INSURANCE RISK RETENTION GROUP, INC.15582 $0 $0 $0$0 ($42,128) $0 ($1,383)$42,128

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $17,404,096 $6,880,689 $6,315,372$6,880,689 $11,193 $121,018 $108,374$554,124

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $816,093 $693,337 $106,074$1,115,625 $239,667 $19,747 $172,006$769,885

BROADLINE RISK RETENTION GROUP, INC.13788 $21,440,059 $18,858,221 $16,665,915$19,129,409 $1,111,915 $47,572 $1,361,719$1,351,579

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 $0 $0 $0$0 ($54,282) $0 $1,441$54,282

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $24,723,189 $13,110,336 $9,030,612$12,832,581 $2,323,160 $2,557,036 $2,389,830$1,478,809

CALIFORNIA MEDICAL GRP INS CO RRG12180 $3,727,036 $3,751,016 $1,313,939$3,678,388 $1,495,977 $428,696 ($67,327)$868,472

CARE RRG, INC.11825 $8,965,776 $7,924,562 $4,808,029$7,493,578 ($202,115) $202,868 $51,316$2,887,664

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $2,250,005 $1,465,073 $612,044$1,174,768 $81,143 $11,261 $75,221$481,581

CAREGIVERS UNITED LIAB INS CO RRG11544 $5,829,495 $5,313,223 $4,341,260$5,302,193 $365,569 $1,340,385 $1,395,040$595,364

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $23,292,481 $8,156,624 $3,994,689$7,799,048 $2,734,151 $4,529,052 $3,995,615$1,070,207



Net Premium Written


EarnedLoss & Loss





Expenses

CASSATT RISK RETENTION GROUP INC10808 $19,937,009 $100,000 $103,999$100,000 ($194,745) $37,072 ($104,000)$190,746

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $597,803 $271,935 ($22,253)$271,935 $109,402 $903 $117,805$184,786

CENTRAL PA PHYSICIANS RRG INC11694 $12,972,437 $12,972,437 $9,723,663$12,649,563 ($597,387) $3,075,621 $1,848,705$3,523,287

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $6,883,783 $3,184,223 ($21,120)$3,083,824 $2,082,597 $285,080 $1,672,131$1,022,347

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

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $4,365,116 $3,438,001 $3,076,063$2,700,570 ($120,843) $23,081 ($156,436)$508,041

CIRCLE STAR INS CO RRG11839 $7,187,139 $359,357 $253,607$359,357 $547,970 ($25) $361,642($442,220)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,186,690 $540,225 $188,295$572,285 $115,590 $36,620 $194,912$268,400

CLARIAN HLTH RRG INC11992 $20,454,315 $0 $626,904$0 ($3,725,738) $3,577 $171,149$3,098,834

CLINIC MUTUAL INSURANCE CO RRG43770 $0 $1,122 $316$21,145 ($127,350) $178,597 $48,768$148,179

CMIC RISK RETENTION GROUP13756 $1,592,227 $57,663 $217,391($79,244) ($196,941) ($18,227) ($215,168)($99,694)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $2,208,000 $2,208,000 $1,563,084$2,182,710 $13,988 $644,497 $658,510$605,638

COLLEGE RISK RETENTION GROUP, INC.13613 $6,889,309 $5,258,337 $3,775,419$5,187,953 ($176,789) $283,413 $106,624$1,589,323

COLUMBIA NATIONAL RRG INC10803 $228,060 $228,060 $0$237,531 $99,517 $682 $65,129$138,014

COMCARE PRO INS RECIPROCAL RRG11864 $1,481,302 $1,481,302 $910,419$1,444,027 $121,383 $128,211 $249,594$412,225

COMMUNITIES OF FAITH RRG INC11807 $918,055 $918,055 $367,224$918,055 $48,523 $402,561 $476,850$502,308

COMMUNITY BLOOD CENTERS EXCH RRG13893 $3,249,944 $2,783,274 ($576,733)$2,752,205 $2,524,449 $473,806 $2,998,255$804,489

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $57,125 $57,125 $3,287,398$57,125 ($4,210,841) $1,515,895 ($2,797,032)$980,568

COMMUNITY HOSPITAL RRG11259 $48,736,716 $44,141,354 $19,479,877$44,141,354 $17,678,580 $7,672,178 $25,921,049$6,982,897

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $1,141,865 $566,575 $221,328$534,199 ($193,719) $103,665 ($60,918)$506,590

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 $0 $0 $0$0 ($130,307) ($5,855) ($89,867)$130,307

CONTINUING CARE RRG, INC.11798 $5,058,903 $3,452,110 $3,581,672$3,452,110 ($1,492,713) ($322) ($987,442)$1,363,151

CONTRACTORS INS CO OF NORTH AMER RRG11603 $7,425,931 $3,415,928 ($12,680,460)$3,290,515 $15,112,616 $40,242 $10,592,434$858,359

CONTROLLED RISK INS CO OF VT RRG10341 $123,457,803 $17,284,092 $6,703,156$17,284,092 $1,128,161 $3,231,372 $2,874,982$9,452,775

COPIC, A RISK RETENTION GROUP14906 $19,290 $579 $92$124 ($82,812) ($16,404) ($99,216)$82,844

COVERYS RRG, INC.14160 $3,999,230 $166,814 $311,158$118,223 ($141,201) $48,096 ($172,359)($51,734)

CPA MUTUAL INS CO OF AMERICA RRG10164 $8,235,279 $3,221,349 $3,483,005$2,971,772 ($1,369,867) $764,887 ($308,628)$858,634

CROSSFIT RISK RETENTION GROUP, INC.13720 $3,040,775 $2,280,924 $914,833$2,107,282 $273,922 $11,368 $162,587$918,527

CRUDEN BAY RRG INC11676 $2,000,000 $2,000,000 $2,270,927$2,000,000 ($478,315) $652,790 $174,475$207,388

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $7,868,909 $4,775,932 $2,962,945$4,442,489 $900,155 $163,204 $1,076,178$574,181

DELAWARE PROFESSIONAL INSURANCE CO43125 $683,711 $683,711 $1,432,660$989,653 ($1,155,700) $362,788 ($788,795)$712,693

DOCTORS & SURGEONS NATIONAL RRG13018 $5,301,278 $3,705,123 $3,702,085$4,737,688 ($1,679,950) $133,826 ($1,540,256)$2,715,553

DUBOIS MEDICAL RRG11842 $1,070,000 $1,070,000 $676,370$1,070,000 $146,796 $268,415 $420,704$246,834

EASTERN DENTISTS INS CO RRG10115 $11,962,976 $10,499,326 $5,016,886$10,602,856 $879,524 $1,137,902 $1,408,972$4,685,032

ELITE TRANSPORTATION RRG INC10125 $6,112,193 $3,637,549 $4,786,488$3,393,538 ($2,130,248) $79,803 ($428,070)$737,298

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,285,672 $851,673 $607,808$851,673 $137,504 $28,335 $147,817$106,361

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $6,360,574 $5,352,899 $3,112,779$5,234,729 ($78,814) $545,995 $494,090$2,200,764

EMERGENCY MEDICINE RRG INC12015 $1,628,474 $1,307,674 $640,060$1,448,122 $116,752 $310,414 $316,611$691,310

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 $5,754,676 $4,190,182 $2,862,759$4,816,352 ($112,410) $875,290 $458,535$2,066,003

EVERGREEN USA RRG INC38466 $3,345,629 $2,310,263 $1,769,294$3,505,973 ($236,964) $300,521 $114,610$1,973,643

EXCELA RECIPROCAL RRG15337 $2,505,317 $2,505,317 $2,306,637$2,505,317 ($136,503) $6,871 ($86,346)$335,183

FAIRWAY PHYSICIANS INS CO RRG11840 $12,644,179 $10,800,726 $8,681,337$11,614,724 ($1,048,554) $1,096,663 $3,441$3,981,941

FAITH AFFILIATED RRG INC11698 $1,387,457 $1,279,836 $1,249,905$1,270,320 ($212,716) $286,420 $51,295$233,131

FIRST MEDICAL INS CO RRG11278 $10,391,000 $10,391,000 $5,681,496$10,510,510 $4,291,045 $5,943,887 $10,234,932$537,969

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $906,057 $906,057 $147,794$944,041 $417,064 $21,988 $556,277$379,183



Net Premium Written


EarnedLoss & Loss





Expenses

FRANKLIN CASUALTY INS CO RRG10842 $43,235,872 $3,312,913 $1,677,022$3,354,826 $417,494 $13,271 $430,765$1,260,310

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $2,156,144 $2,156,144 ($155,730)$2,156,144 $2,068,099 $366,829 $684,928$243,775

GABLES RISK RETENTION GROUP, INC.14032 $3,128,750 $3,128,750 $955,283$2,958,575 $1,706,725 $4,613 $1,421,331$296,567

GEISINGER INS CORP RRG12000 $16,632,244 $1,191,193 $500,000$1,164,886 $104,060 $144 $104,204$560,826

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $122,320 $76,350 $3,959$84,426 ($112,422) $0 ($72,833)$192,889

GLOBAL HAWK INSURANCE COMPANY RRG11948 $23,486,736 $21,892,696 $13,211,932$18,331,460 $1,194,309 $44,945 $817,907$3,925,219

GOLDEN INS CO RRG11145 $4,236,580 $3,604,170 $1,403,846$3,275,047 $873,557 $100,526 $669,582$997,644

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $2,189,000 $2,189,000 $908,874$2,189,000 $1,081,371 $51,432 $1,132,281$198,755


13973 $816,978 $614,973 $29,306$525,453 $70,566 $144 $31,989$425,581

GRACO RRG INC11581 $1,654,141 $0 $0$0 ($1,910) $395 ($1,515)$1,910

GREEN HILLS INS CO RRG11941 $2,960,001 $513,872 ($709,424)$1,153,035 $1,027,146 $612 $710,069$835,313

GUARDIAN RRG INC11696 $1,116,485 $1,116,485 $1,724,490$1,116,485 ($824,177) $200,334 ($629,132)$216,172

GUTHRIE RRG12014 $7,441,871 $7,441,871 $4,452,726$7,586,865 $2,816,277 $2,334,450 $5,150,727$317,861

HAMDEN ASSURANCE RRG, INC.13057 $0 $0 $0$0 $26,745 $7,740 $34,485($26,745)

HEALTH CARE CAS RRG INC12236 $8,537,408 $3,247,159 $1,960,363$3,097,355 $85,381 $105,211 $144,612$1,051,611


11832 $42,316,014 $3,739,054 $2,748,134$3,488,351 $640,141 $66,881 $405,518$100,076

HEALTH NETWORK PROVIDERS MUT INS CO11813 $1,449,654 $1,421,274 $302,302$1,392,571 $689,263 $97,073 $361,292$401,006

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $7,914,286 $6,927,470 $1,522,965$6,353,962 $2,781,962 $2,034,695 $4,816,657$2,049,035

HEALTHCARE PROVIDERS INS CO RRG11683 $10,497,094 $9,839,451 $2,204,010$10,212,229 $4,628,344 $2,090,837 $6,767,923$3,379,875

HEARTLAND HEALTHCARE RECIP RRG11998 $2,566,037 $2,566,037 $2,080,705$2,566,037 ($430,265) $480,213 $59,385$915,597

HERITAGE WARRANTY INS RRG INC11097 $0 $0 $41,858$53,663 ($70,981) $1,035 ($42,378)$82,786

HOME CONSTRUCTION INS CO RRG11950 $0 $351,856 $450,164$351,856 ($280,604) $206,664 $16,410$182,296

HOUSING AUTHORITY RRG INC26797 $30,952,853 $29,787,349 $14,443,488$29,033,956 $5,377,429 $8,532,208 $7,987,512$9,213,039

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $0 $0 $27,157$0 ($261,451) $902,365 $640,914$0

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $88,091,318 $30,094,552 $5,426,181$29,130,209 $13,014,190 $8,912,341 $11,989,411$10,689,838

INDIANA HEALTHCARE RECIP RRG11692 $5,557,084 $5,557,084 $5,343,026$5,557,084 ($1,042,456) $842,955 ($179,921)$1,256,514

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $1,416,732 $1,416,732 $762,331$1,389,790 $104,207 $16,379 $121,131$523,252

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $430,000 $430,000 $100,941$430,000 $149,078 $0 $149,078$179,981

IRONSHORE RISK RETENTION GROUP, INC.14375 $2,126,887 $106,344 $65,651$93,305 ($168,162) $499 ($167,663)$195,816

J.M. WOODWORTH RRG, INC.12594 $4,604,316 $3,410,889 $3,998,058$5,579,125 ($956,597) $575,929 ($1,638,285)$2,537,664

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $1,556,904 $2,131,810 $3,154,316$3,127,708 ($1,239,925) $1,338,245 $116,964$1,213,317

KENTUCKY HOSPITAL INS CO RRG11939 $4,862,871 $2,849,938 $2,978,146$3,055,853 ($612,732) $687,732 $124,150$690,439

LAKE STREET RRG INC11803 $291,493 $291,493 ($303,101)$291,493 $455,906 $0 $455,906$138,688

LAMMICO RRG, INC.14444 $476,490 $20,087 $19,822$14,683 $5,525 ($73,496) ($91,971)($10,664)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $12,516,368 $6,427,621 $4,021,153$6,617,928 ($1,246,525) $117,792 ($676,545)$3,843,299

LENDERS PROTECTION ASSUR CO RRG11500 $323,927 $0 $0$0 ($44,905) $42,438 $10,125$33,430

LIFE SERVICES NETWORK RECIP INS RRG11958 $1,510,630 $2,297,562 $994,884$2,297,562 $836,989 $167,459 $1,009,562$465,689

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $505,767 $25,288 $40,370$21,756 ($67,617) ($43,588) ($111,205)$49,003

LVHN RRG11684 $0 $0 $6,653,838$0 ($2,122,218) $2,122,218 $0$730,792

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,914,966 $1,362,559 $808,259$1,211,677 $150,059 $25,933 $115,522$253,359

MARATHON FIN INS CO INC RRG11117 ($19,215,973) $1,084,145 $15,078$634,578 $509,467 $25,711 $324,605$110,033

MCIC VERMONT INC RRG10697 $228,516,942 $218,846,704 $1,167,745,083$218,846,704 ($47,465,018) $69,076,720 $21,780,971$33,156,297

MD RISK RETENTION GROUP, INC.12355 $4,781,664 $4,305,925 $568,248$4,040,925 $2,926,406 $302,350 $2,130,981$546,271



Net Premium Written


EarnedLoss & Loss





Expenses

MED MAL RISK RETENTION GROUP, INC.14446 $5,858,266 $540,464 $411,017$454,016 ($297,787) $10,437 ($193,329)$277,037

MEDAMERICA MUTUAL RRG INC26257 $27,381,905 $18,867,058 $12,984,506$18,867,058 $3,146,838 $2,415,412 $1,602,073$2,735,714

MEDPRO RRG RISK RETENTION GROUP13589 $56,743,863 $2,835,615 $2,001,712$1,991,390 $1,376,557 ($15,276) $888,296($1,386,879)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $0 $0 $0$0 $0 $0 $0$0

MENTAL HEALTH RISK RETENTION GROUP44237 $9,822,495 $3,932,475 $2,189,936$3,946,678 $1,308,391 $763,994 $950,536$448,351

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $2,312,776 $2,062,251 $943,556$1,893,537 $247,825 $132,642 $375,896$702,157

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $2,429,508 $1,234,620 $713,476$1,178,092 $70,555 $2,176 $30,954$394,061

MMIC RRG, INC.14062 $46,743 $1,508 $0$1,524 ($52,833) $0 ($34,870)$54,357

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $120,000 $120,000 $26,000$281,333 $155,560 $0 $252,997$182,439

MOUNTAIN LAUREL RRG INC11547 $52,264,858 $5,474,944 $722,146$5,546,752 $2,228,316 $402,975 $2,631,291$2,596,290

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $28,204,767 $26,192,185 $18,728,637$26,042,185 $4,388,354 $4,100,055 $4,573,027$2,925,194

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $5,751,334 $5,430,195 ($9,427,311)$5,430,195 ($2,582,519) $625,713 ($1,956,806)$741,458

NASW RISK RETENTION GROUP, INC.14366 $4,603,620 $276,144 $93,167$239,726 ($98,446) $0 ($98,446)$245,005

NATIONAL ASSISTED LIVING RRG, INC.11806 $1,915,871 $1,915,871 $660,321$1,893,812 $296,671 $325,362 $463,345$936,820

NATIONAL BUILDERS & CONTRACTORS INS12235 $538,109 $383,303 ($816,095)$427,128 $953,724 $75,833 $1,029,557$289,499

NATIONAL CATHOLIC RRG10083 $24,567,375 $11,471,085 $8,604,362$11,376,529 ($1,423,398) $1,702,057 $303,784$4,195,565

NATIONAL CONTRACTORS INS CO INC RRG12293 $28,396 $3,842 $1,743,556$380,318 ($1,855,022) $5,561 ($2,547,263)$491,784

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $12,723,296 $2,493,344 $1,252,090$2,493,344 $649,035 $123,243 $507,278$592,219

NATIONAL HOME INSURANCE CO RRG44016 $2,470 ($998,411) $632,412$1,249,990 ($219,547) $1,212,373 $951,229$837,125

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $7,099,984 $3,249,564 $1,553,435$2,811,467 ($48,306) $73,185 $14,883$1,306,338

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $3,780,744 $0 $351,057$0 ($727,314) $56,954 $43,692$376,257

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $903,692 $793,692 ($400)$674,488 $40,784 $178,072 $218,856$634,104

NCMIC RISK RETENTION GROUP, INC.14130 $9,998,142 $986,459 $581,800$824,042 $796,420 ($3,123) $93,367($554,178)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $741,557 $613,252 $24,588$631,790 $347,511 $36,047 $325,578$259,691

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $10,789,780 $2,651,673 $614,704$1,383,932 ($31,991) $43,958 ($68,963)$801,219

NEW STAR RISK RETENTION GROUP, INC.12532 $2,461,645 $2,461,645 $322,782$2,288,218 $1,310,583 $2,303 $793,439$654,853

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $11,457,308 $9,246,559 $6,103,056$9,040,759 ($224,462) $267,502 $65,105$3,162,165

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $4,286,950 $1,377,807 $876,423$1,319,480 ($322,164) $213,130 ($129,491)$765,221

OASIS RECIPROCAL RISK RETENTION GROUP13644 $425,162 $1,580,917 $1,268,504$2,674,016 $583,536 $132,984 $728,155$821,975

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 $0 $7,161 ($39,485)$7,161 ($156,692) ($697) ($157,389)$203,338

OCEANUS INS CO A RRG12189 $35,542,986 $24,613,617 $20,923,788$24,381,101 ($8,830,236) $1,371,358 ($4,833,711)$12,287,549

OMS NATL INS CO RRG44121 $66,326,514 $65,727,168 $44,540,027$65,564,049 $4,394,749 $7,749,509 $12,881,963$16,629,273

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $13,278,805 $12,450,705 $4,660,782$6,181,702 ($56,475) $56,116 ($1,144)$1,577,395

OOIDA RISK RETENTION GROUP INC10353 $51,246,915 $17,936,420 $19,273,905$17,729,927 ($7,700,616) $116,766 ($5,171,842)$6,156,638

OPHTHALMIC MUTUAL INS CO RRG44105 $44,139,753 $41,112,851 $3,611,226$41,117,427 $27,383,808 $8,810,718 $19,685,569$10,122,393

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $749,250 $749,250 $460,069$749,250 $90,701 $165,239 $255,940$198,480

ORDINARY MUTUAL A RRG CORP10171 $0 $0 $16,340$0 ($235,406) $270,162 $124,357$219,066

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $7,788,358 $5,706,118 $3,637,235$5,193,884 $180,109 $127,540 $203,049$1,376,540

P&S INSURANCE RISK RETENTION GROUP, INC.15583 $0 $0 $0$0 ($65,591) $0 $970$65,592

PACE RRG INC11575 $6,702,302 $100,895 ($497,819)$201,247 $690,052 $53,178 $254,464$9,014

PALLADIUM RISK RETENTION GROUP, INC.15279 $79,087 ($1,988,697) $0($2,463,771) ($4,755,359) $49,775 $50,167$2,291,588

PARATRANSIT INSURANCE COMPANY, RRG44130 $5,579,358 $3,620,901 $1,881,103$3,476,623 $645,162 $688,643 $297,992$950,358

PCH MUTUAL INSURANCE COMPANY, RRG11973 $3,198,925 $1,184,908 $1,208,444$1,474,981 ($1,025,150) $105,544 ($583,755)$1,291,687

PEACE CHURCH RRG INC11846 $3,268,022 $2,941,220 $741,104$2,941,220 $1,200,385 $606,713 $536,480$999,731

PELICAN INS RRG11587 $2,812,204 $2,383,739 $1,121,082$2,464,441 $78,203 $837,720 $915,923$1,265,156



Net Premium Written


EarnedLoss & Loss





Expenses

PHOEBE RECIPROCAL RRG12004 $410,861 $410,861 $21,367$410,861 $258,122 $129,514 $387,636$131,372

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $5,836,640 $4,647,601 $2,184,089$3,612,672 $137,976 ($1,611) $145,869$1,290,607

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $2,474,368 $2,160,177 $753,015$2,531,952 $506,912 $255,213 $807,216$1,272,025

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $1,785,117 $1,003,465 ($1,394,063)$906,201 $326,690 $37,260 $298,577$626,156

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $16,358,952 $10,548,730 $13,966,515$10,234,741 ($5,518,598) $1,924,492 ($1,891,207)$1,786,824

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $5,014,675 $4,126,092 $2,321,448$4,274,797 ($1,470,934) $1,414,835 $48,062$1,598,757

PHYSICIANS REIMBURSEMENT RRG10934 $2,769,013 $2,769,013 $2,005,273$2,769,013 ($898,858) $841,228 $71,101$1,662,598

PHYSICIANS SPECIALTY LTD RRG11513 $16,071,079 $1,456,664 $621,778$1,456,664 $748,287 $395,984 $823,141$86,599

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $0 $459,571 $116,323$438,209 $64,401 $2,574 $44,338$257,485

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $5,405,833 $4,219,093 $2,783,904$4,219,093 $897,577 $201,061 $1,099,238$537,612

PINE TREE INS RECIPROCAL RRG12348 $854,454 $672,474 $1,006,824$672,474 ($789,834) $1,166,958 $516,121$455,484

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

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $5,173,983 $1,016,421 $446,559$980,573 ($24,727) $63,257 $33,609$558,741

PLICO RISK RETENTION GROUP, INC.14205 $0 $0 ($3,950)$559 ($12,649) $6,900 ($5,749)$17,158

PONCE DE LEON LTC RRG, INC.11809 $882,045 $623,274 $1,103,175$1,255,203 ($555,842) $1,434,510 $878,668$707,870

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $30,943,619 $1,684,976 $10,437,434$9,452,721 ($2,520,656) $724,747 $850,003$1,535,942

PREFERRED PHYSICIANS MEDICAL RRG44083 $35,652,151 $28,170,416 $13,190,350$27,253,653 $7,464,120 $5,860,677 $9,776,521$4,629,691

PREFERRED PROFESSIONAL RRG14919 $180,958 $19,001 $21,761$24,819 ($50,219) $0 ($50,219)$53,277

PREMIER INSURANCE EXCHANGE RRG10101 $0 $0 $5,066$0 ($154,560) $16,499 ($138,026)$149,494

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $5,203,738 $4,329,153 $2,305,824$4,633,132 $194,415 $217,672 $281,831$2,132,893

PROAIR RISK RETENTION GROUP, INC.13179 $0 $0 $0$0 $0 $0 $0$0

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $0 $0$0 ($762,104) $213,366 ($542,678)$713,150

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 $3,444,480 $2,099,893 $1,258,557$2,099,893 $275,936 $1,525 $156,993$565,400


12608 ($10,980) ($549) $41,219$12,638 ($59,524) $0 ($61,947)$30,943

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $3,199,600 $377,701 $229,279$377,701 $55,993 $2,249 ($40,667)$92,429

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $1,503,009 $789,996 ($12,257)$789,996 $339,407 $70,354 $409,761$462,846

RED CLAY RISK RETENTION GROUP, INC.13078 $1,822,729 $1,439,956 $431,763$1,439,956 $643,340 $84,441 $767,952$374,676

RED ROCK RISK RETENTION GROUP, INC.13736 $184,712 $393,700 $1,794,222$393,700 ($1,813,637) $15,781 ($1,700,029)$413,115

REPUBLIC RRG12019 $0 $0 $20,000$0 ($94,128) $70,170 ($23,958)$74,128

RESTORATION RISK RETENTION GROUP, INC.12209 $13,532,196 $12,957,481 $10,889,586$12,557,277 ($750,409) $2,237,846 $1,250,537$2,418,100

RPX RRG14135 $1,852,899 $926,391 ($392,834)$1,478,272 $1,345,765 $0 $918,292$525,341

SAGE RISK RETENTION GROUP, INC.15631 $0 $0 $0$0 $0 $0 $0$0

SAINT LUKE'S HLTH SYSTEM RRG11712 $2,313,179 $3,473,189 $3,343,584$4,397,515 $304,696 $759,168 $1,316,090$749,235

SAMARITAN RISK RETENTION GROUP, INC.12511 $8,661,507 $8,661,507 $3,421,047$9,010,485 $4,399,038 $351,523 $3,027,999$1,190,400

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $7,368,959 $5,228,028 $3,765,689$5,617,368 ($753,198) $234,119 ($88,875)$2,604,877

SECURITY AMERICA RRG INC11267 $2,756,726 $2,018,089 $891,674$1,952,464 ($160,347) $20,815 ($114,953)$1,221,137

SELECT MD RRG14136 $1,593,649 $263,231 $292,017$263,231 ($148,247) $334 ($87,213)$119,461

SENTINEL ASSUR RRG INC12005 $4,552,182 $3,739,047 $2,009,410$3,692,795 $858,243 $327,133 $1,172,387$825,142

SIGMA RRG, INC.13557 $2,697,005 $2,697,005 $1,721,314$2,558,316 $566,527 $363,177 $615,558$270,475

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $4,480,625 $5,877,495 $9,775,354$7,831,245 ($2,476,190) $4,229,880 $2,869,155$532,081

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $47,069,172 $41,649,457 $30,562,636$32,788,490 ($6,133,265) $36,964 ($3,982,192)$8,359,119

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 $2,529,261 $2,218,156 ($1,090)$2,237,099 $1,071,642 $12,213 $95,448$1,166,547

ST CHARLES INS CO RRG11114 $1,438,213 $1,438,213 ($1,000,000)$1,433,828 $1,846,300 $444,730 $1,621,986$587,528

ST LUKES HEALTH NETWORK INS CO RRG11688 $14,090,399 $14,090,399 $13,034,771$11,768,609 ($2,400,780) $704,811 ($1,126,295)$1,134,618



Net Premium Written


EarnedLoss & Loss





Expenses

STATES SELF-INSURERS RRG44075 $10,630,037 $1,709,427 $3,132,845$1,793,188 ($1,056,736) $604,046 ($452,690)($328,707)

STICO MUT INS CO RRG10476 $4,350,942 $3,890,467 $1,490,944$3,683,847 $126,050 $838,508 $278,847$2,066,853

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $2,233,470 $0 $76,213$0 ($608,624) $682 $36,538$532,411

SUNLAND RISK RETENTION GROUP, INC.14026 $5,119,296 $511,930 $227,933$511,930 $110,585 ($6,572) $111,752$173,412

TERRA INS CO RRG10113 $10,313,382 $6,804,399 $671,858$6,804,399 $2,308,245 $408,864 $2,285,936$3,824,296

TERRAFIRMA RISK RETENTION GROUP LLC14395 $1,110,912 $1,110,912 $490,027$1,097,992 $181,751 $16,749 $202,400$426,214

THE HEALTHCARE UNDERWRITING CO RRG10152 $41,520,023 $41,520,023 $43,128,077$41,676,132 ($3,595,182) $20,273 ($2,785,591)$2,143,237

TITAN INS CO INC RRG11153 $26,186,174 $5,087,151 $0$3,600,059 $3,127,761 $558,402 $4,294,755$472,298

TITLE INDUSTRY ASSURANCE CO RRG10084 $6,494,440 $645,551 $484,012$676,782 $558,898 $16,066 $436,395($366,128)

UNITED CENTRAL PA RRG11548 $4,207,247 $4,207,247 $2,205,837$4,207,247 $1,658,374 $499,257 $2,157,631$343,036

UNITED EDUCATORS INS RRG INC10020 $159,279,448 $139,015,744 $100,930,907$130,631,917 $3,608,673 $21,726,303 $26,129,870$26,092,337

UNITED HOME INSURANCE CO A RRG10712 $0 $0 $0$397,253 $280,128 $5,004 $185,336$117,125

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $1,782,602 $887,225 $1,139,085$811,896 ($782,510) $1,315 ($494,764)$455,321

UV INSURANCE RISK RETENTION GROUP, INC.13988 $400,000 $400,000 $126,343$400,000 $21,485 $0 $21,485$252,172

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $125,882 $125,882 $0$185,758 $142,265 $85,580 $152,290$43,493

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,193,517 $342,779 ($33,968)$342,779 $195,717 $1,694 $59,667$181,030

WELLSPAN RRG11682 $7,696,800 $7,696,800 $6,009,160$7,696,800 $1,213,875 $371,530 $1,585,405$473,765

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $3,482,875 $2,020,098 $1,141,457$2,119,200 $405,428 $8,345 $465,917$572,315

WESTERN PACIFIC MUT INS CO RRG40940 $3,981,691 $3,326,641 $1,677,118$5,452,165 ($589,853) $4,199,002 $3,187,106$4,364,900

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $325,560 $325,560 $2,242$311,684 $69,190 $4,762 $73,952$240,252

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $6,303,220 $1,876,724 $1,204,375$1,876,724 ($1,720,480) $408,387 ($1,346,113)$2,392,829


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 47.78 411.78 20.9341.19 17.01 40.98 83.8319.40 124.81 -1.47-0.73

ADVANCED PHYSICIANS INS RRG INC12166 9.42 2,561.17 4.039.73 12.51 -40.45 77.4312.51 36.99 0.00-5.35

AEGIS HEALTHCARE RRG, INC.12252 60.22 183.39 35.0338.68 30.33 57.03 144.8254.04 201.86 -95.99-22.69

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 43.46 677.64 19.6057.73 11.63 80.24 33.9148.38 114.15 0.07-0.06

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 209.24 55.39 8,259.339,571.75 1,395.52 -93.26 0.001,395.52 -93.26 0.000.00

AGRI INSURANCE EXCHANGE RRG28380 18.39 731.23 16.7222.48 6.66 -11.26 37.966.66 26.70 -5.14-3.73

ALLEGIANT INS CO INC A RRG11965 85.42 168.88 156.80226.19 73.22 56.20 18.57206.15 74.77 51.9830.65

ALLIANCE OF NONPROFITS FOR INS RRG10023 78.72 191.36 104.58157.53 92.46 71.14 28.01127.08 99.15 2.871.85

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 72.23 217.41 113.68178.51 87.26 75.85 45.21157.57 121.06 34.9427.38

ALLIED SERVICES RISK RETENTION GROUP12013 37.93 365.66 39.1254.26 21.36 16.42 23.1021.36 39.52 -60.68-14.66

AMERICAN ASSOC OF OTHODONTISTS RRG10232 71.02 173.39 177.53218.62 47.22 60.74 34.7258.82 95.46 -64.11-48.68

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 34.47 294.40 51.8352.60 0.00 0.00 0.000.00 0.00 -0.400.00

AMERICAN CONTRACTORS INS CO RRG12300 158.61 0.00 0.00162.65 0.00 0.00 0.00559.88 0.00 0.000.00

AMERICAN EXCESS INS EXCHANGE RRG10903 38.04 290.93 54.9360.79 9.56 11.41 23.6510.13 35.06 -10.82-5.91

AMERICAN FEED INDUSTRY INS CO RRG44202 12.09 0.00 0.0012.76 0.00 0.00 0.000.00 0.00 -22.04-7.88

AMERICAN FOREST CASUALTY COMPANY RRG11590 65.10 272.78 72.30128.39 18.82 139.48 84.7854.62 224.26 -23.25-3.79

AMERICAN SAFETY RRG INC25448 60.25 188.08 50.6657.40 -5.07 -27.20 -239.1311.84 -266.33 -3.06-4.69

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 82.41 200.89 147.24243.76 108.37 84.75 17.53158.45 102.29 -16.87-0.18

AMERIGUARD RRG INC12171 40.55 259.52 58.8761.94 36.37 81.00 10.0836.37 91.08 6.39-0.37

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 98.19 166.52 165.52270.63 118.20 67.79 29.86142.40 97.65 -25.74-20.38

ARCHITECTS & ENGINEERS INS CO RRG44148 90.91 309.51 49.02137.92 24.11 70.00 -18.2962.68 51.71 -0.491.29

ARCOA RISK RETENTION GROUP, INC.13177 71.15 152.58 169.31183.80 255.98 36.95 45.73255.98 82.68 -29.76-29.02

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 37.46 1,448.60 6.0032.53 33.66 0.00 56.3937.64 56.39 -7.88-6.98

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 35.70 300.60 50.6454.34 0.00 0.00 0.000.00 0.00 4.01-15.84


14425 33.63 26,204.63 0.4337.86 2.69 22.23 159.1732.62 181.41 0.000.00

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 43.94 361.53 48.2976.70 31.72 40.40 72.5649.28 112.95 -17.07-13.32

ATTORNEYS INSURANCE MUTUAL RRG INC22670 45.63 355.82 48.7279.11 42.20 62.03 40.2160.06 102.24 -17.84-7.95

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 71.99 207.67 162.33242.68 40.96 111.55 11.9560.67 123.50 52.6539.38

ATTORNEYS LIAB PROTECTION SOC RRG32450 72.10 197.63 125.39178.67 80.41 70.15 31.81119.55 101.95 -2.770.93

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 35.77 3,830.93 2.7737.97 3.38 97.83 102.1567.54 199.98 0.000.29

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 63.58 459.06 45.08131.58 77.93 28.32 47.55220.37 75.87 -19.01-14.50

BAR VERMONT RISK RETENTION GROUP INC10174 43.53 516.65 27.4361.69 11.77 65.52 78.74221.79 144.26 -8.990.92

BAY INSURANCE RISK RETENTION GROUP, INC.15582 17.51 0.00 0.0019.93 0.00 0.00 0.000.00 0.00 0.000.00

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 125.64 106.28 350.32467.77 103.77 91.78 8.05262.48 99.84 -7.61-2.72

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 68.87 1,651.69 11.39129.60 46.48 9.51 111.0454.71 120.55 -0.43-5.71

BROADLINE RISK RETENTION GROUP, INC.13788 78.54 150.66 128.87152.50 44.53 87.12 7.1750.63 94.29 -14.81-5.10

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 21.51 0.00 0.0027.09 0.00 0.00 0.000.00 0.00 0.000.00

CALIFORNIA HEALTHCARE INS CO INC RRG44504 68.95 206.19 101.14143.80 25.61 70.37 11.2848.29 81.65 -31.07-22.01

CALIFORNIA MEDICAL GRP INS CO RRG12180 78.33 178.12 126.88177.03 83.41 35.72 23.1582.87 58.87 -46.74-38.09

CARE RRG, INC.11825 98.99 145.31 203.50292.74 165.65 64.16 36.44187.42 100.60 -26.59-22.81

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 107.67 168.83 134.23244.01 149.82 52.10 32.87230.09 84.97 0.00-2.59

CAREGIVERS UNITED LIAB INS CO RRG11544 36.52 338.57 42.7352.84 19.82 81.88 11.2121.75 93.08 -7.93-3.90

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 109.13 449.09 28.34138.91 18.29 51.22 13.1252.24 64.34 -5.49-2.95



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

CASSATT RISK RETENTION GROUP INC10808 151.81 8,808.04 1.52203.03 2.56 104.00 190.75510.88 294.75 -13.73-0.05

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 4.74 0.00 0.004.90 18.35 -8.18 67.9540.34 59.77 -2.32-1.62

CENTRAL PA PHYSICIANS RRG INC11694 66.73 200.16 132.85177.45 57.50 76.87 27.1657.50 104.03 -3.84-7.55

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 58.83 489.70 33.6096.80 31.58 -0.68 32.1168.28 31.42 -18.85-28.90

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 -2.14-5.52

CHEROKEE GUARANTEE COMPANY INC., RRG14388 147.14 110.78 315.30513.95 167.89 113.90 14.78213.17 128.68 3.92-60.48

CIRCLE STAR INS CO RRG11839 37.65 485.44 30.8856.43 19.65 70.57 -123.06392.97 -52.49 -14.96-4.70

CLAIM PROFESSIONALS LIAB INS CO RRG12172 57.30 378.02 35.9577.88 25.50 32.90 49.68103.21 82.59 -18.44-12.57

CLARIAN HLTH RRG INC11992 130.77 0.00 0.00131.03 0.00 0.00 0.00715.78 0.00 0.000.00

CLINIC MUTUAL INSURANCE CO RRG43770 4.65 0.00 0.004.81 0.03 1.49 13,206.680.00 13,208.18 0.00-1.93

CMIC RISK RETENTION GROUP13756 26.07 1,373.86 9.0132.29 2.10 -274.33 -172.8958.06 -447.22 0.000.00

COLLEGE LIABILITY INS CO A RECIP RRG44598 37.74 350.39 36.0247.63 22.50 71.61 27.4322.50 99.04 -16.52-8.00

COLLEGE RISK RETENTION GROUP, INC.13613 67.17 228.46 127.64195.87 82.46 72.77 30.22108.03 103.00 3.65-2.55

COLUMBIA NATIONAL RRG INC10803 36.31 0.00 0.0052.07 20.71 0.00 60.5220.71 60.52 0.000.00

COMCARE PRO INS RECIPROCAL RRG11864 29.27 694.58 17.1834.94 41.19 63.05 27.8341.19 90.88 4.650.58

COMMUNITIES OF FAITH RRG INC11807 8.44 1,329.09 8.008.97 7.56 40.00 54.717.56 94.71 -3.95-0.87

COMMUNITY BLOOD CENTERS EXCH RRG13893 35.33 671.43 21.4050.76 18.92 -20.96 28.9022.09 7.95 -19.27-17.46

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 87.85 184.30 428.82694.33 0.50 5,754.74 1,716.530.50 7,471.28 89.0631.42

COMMUNITY HOSPITAL RRG11259 56.83 179.67 124.54127.15 41.35 44.13 15.8245.65 59.95 -28.46-20.08

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 42.81 305.60 48.1562.99 17.51 41.43 89.4135.28 130.84 -5.84-4.90

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 5.36 0.00 0.004.90 0.00 0.00 0.000.00 0.00 0.000.00

CONTINUING CARE RRG, INC.11798 125.80 144.04 64.12116.19 160.00 103.75 39.49234.47 143.24 -11.87-12.15

CONTRACTORS INS CO OF NORTH AMER RRG11603 36.80 587.94 20.1043.48 12.10 -385.36 25.1326.31 -360.24 -87.01-80.34

CONTROLLED RISK INS CO OF VT RRG10341 34.62 338.40 43.7451.24 47.15 38.78 54.69336.81 93.47 -5.45-2.06

COPIC, A RISK RETENTION GROUP14906 6.80 832,836.96 0.017.10 0.08 74.19 14,308.122.63 14,382.31 0.000.00

COVERYS RRG, INC.14160 34.39 1,732.21 7.6745.68 3.55 263.20 -31.0185.12 232.18 0.000.99

CPA MUTUAL INS CO OF AMERICA RRG10164 79.32 201.76 91.75146.84 36.14 117.20 26.6592.39 143.86 -11.22-2.85

CROSSFIT RISK RETENTION GROUP, INC.13720 56.73 370.12 46.0996.78 94.54 43.41 40.27126.03 83.68 30.3530.11

CRUDEN BAY RRG INC11676 64.54 156.96 177.38179.70 47.35 113.55 10.3747.35 123.92 -56.31-37.59

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 78.00 285.60 148.56330.93 124.78 66.70 12.02205.59 78.72 -2.5619.97

DELAWARE PROFESSIONAL INSURANCE CO43125 79.29 151.65 232.77279.87 34.52 144.76 104.2434.52 249.00 -24.10-34.37

DOCTORS & SURGEONS NATIONAL RRG13018 101.52 143.05 659.63957.90 392.26 78.14 73.29561.25 151.43 34.9233.08

DUBOIS MEDICAL RRG11842 29.11 475.25 27.5338.09 12.92 63.21 23.0712.92 86.28 -24.80-24.64

EASTERN DENTISTS INS CO RRG10115 68.40 208.42 100.25142.91 48.59 47.32 44.6255.36 91.94 -23.55-9.92

ELITE TRANSPORTATION RRG INC10125 159.31 84.31 445.15597.88 241.65 141.05 20.27406.04 161.32 47.7727.74

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 52.97 208.74 93.86103.78 41.68 71.37 12.49160.80 83.85 -8.551.11

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 96.06 221.49 99.44211.57 70.90 59.46 41.1184.24 100.58 -53.02-7.00

EMERGENCY MEDICINE RRG INC12015 65.09 190.98 86.66107.73 28.13 44.20 52.8735.03 97.06 18.47-3.41

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 72.28 166.99 178.01214.86 39.10 59.44 49.3153.70 108.74 -23.78-6.13

EVERGREEN USA RRG INC38466 59.07 186.53 85.5094.21 34.22 50.47 85.4349.56 135.89 -6.52-4.07

EXCELA RECIPROCAL RRG15337 44.93 227.81 78.5180.36 85.97 92.07 13.3885.97 105.45 0.000.00

FAIRWAY PHYSICIANS INS CO RRG11840 114.34 121.45 238.63331.37 192.40 74.74 36.87225.24 111.61 13.7413.89

FAITH AFFILIATED RRG INC11698 51.38 226.23 79.0391.87 24.83 98.39 18.2226.92 116.61 3.392.89

FIRST MEDICAL INS CO RRG11278 41.57 279.64 60.5470.38 17.37 54.06 5.1817.37 59.23 -11.92-6.83

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 42.78 407.21 40.6670.84 34.52 15.66 41.8534.52 57.51 -6.47-9.17



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

FRANKLIN CASUALTY INS CO RRG10842 504.53 88.03 174.33774.24 90.89 49.99 38.041,186.22 88.03 -25.801.46

FREDERICKSBURG PROFESSIONAL RISK EXC12016 47.47 228.05 44.2647.91 17.60 -7.22 11.3117.60 4.08 -31.28-18.19

GABLES RISK RETENTION GROUP, INC.14032 82.15 154.41 102.33129.79 94.76 32.29 9.4894.76 41.77 47.89-46.21

GEISINGER INS CORP RRG12000 317.72 499.86 4.3569.12 10.37 42.92 47.08144.78 90.00 0.890.00

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 9.13 6,898.36 1.489.31 3.73 4.69 252.645.97 257.33 -0.10-0.57

GLOBAL HAWK INSURANCE COMPANY RRG11948 100.45 195.73 187.29368.23 289.57 72.07 17.93310.65 90.00 49.436.90

GOLDEN INS CO RRG11145 88.91 367.98 52.64172.22 108.25 42.86 27.68127.24 70.55 25.6521.15

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 41.98 240.36 71.5672.21 55.89 41.52 9.0855.89 50.60 22.07-4.82


13973 379.68 0.00 0.00204.77 104.42 5.58 69.20138.71 74.78 0.000.00

GRACO RRG INC11581 7.65 0.00 0.008.03 0.00 0.00 0.00329.59 0.00 0.000.00

GREEN HILLS INS CO RRG11941 71.33 205.93 99.81146.61 10.94 -61.53 162.5563.03 101.03 -17.69-14.93

GUARDIAN RRG INC11696 55.31 192.42 101.80108.35 41.14 154.46 19.3641.14 173.82 -4.60-2.73

GUTHRIE RRG12014 64.60 176.53 129.12147.24 33.85 58.69 4.2733.85 62.96 -28.05-3.62

HAMDEN ASSURANCE RRG, INC.13057 3,336.25 0.00 0.005,180.69 0.00 0.00 0.000.00 0.00 0.000.00

HEALTH CARE CAS RRG INC12236 109.30 167.28 343.88628.74 161.64 63.29 32.39424.98 95.68 -117.15-37.39


11832 120.76 296.13 58.09207.73 23.66 78.78 2.68267.73 81.46 -1.630.38

HEALTH NETWORK PROVIDERS MUT INS CO11813 60.19 248.31 84.31126.02 42.79 21.71 28.2143.65 49.92 -21.25-18.74

HEALTH PROVIDERS INS RECIPROCAL RRG10080 30.98 414.37 32.1441.26 12.71 23.97 29.5814.52 53.55 -9.66-5.48

HEALTHCARE PROVIDERS INS CO RRG11683 40.36 359.37 44.4764.50 21.17 21.58 34.3522.59 55.93 -15.64-7.77

HEARTLAND HEALTHCARE RECIP RRG11998 40.89 254.80 62.0864.68 28.65 81.09 35.6828.65 116.77 -17.182.72

HERITAGE WARRANTY INS RRG INC11097 9.50 23,879.65 0.4610.37 0.00 78.00 0.000.00 0.00 -1.45-0.88

HOME CONSTRUCTION INS CO RRG11950 59.82 175.37 138.74145.55 14.24 127.94 51.810.00 179.75 35.8516.94

HOUSING AUTHORITY RRG INC26797 38.76 381.29 40.0759.22 15.14 49.75 30.9315.73 80.68 -15.43-8.23

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 26.400.00

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 26.45 625.26 20.4333.78 12.06 18.63 35.5235.30 54.15 -8.15-4.10

INDIANA HEALTHCARE RECIP RRG11692 47.97 218.92 86.1390.45 35.67 96.15 22.6135.67 118.76 2.283.97

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 79.05 169.94 120.41161.77 75.40 54.85 36.9375.40 91.79 21.1618.42

IQS INSURANCE RISK RETENTION GROUP, INC.15080 62.97 266.98 16.4427.64 35.07 23.47 41.8635.07 65.33 0.000.76

IRONSHORE RISK RETENTION GROUP, INC.14375 324.37 272.84 18.25161.55 11.29 70.36 184.13225.79 254.50 -0.20-1.08

J.M. WOODWORTH RRG, INC.12594 132.29 87.67 1,310.621,520.16 430.01 71.66 74.40580.46 146.06 51.8047.59

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 45.10 232.96 69.3072.81 8.36 100.85 56.916.10 157.77 4.316.30

KENTUCKY HOSPITAL INS CO RRG11939 58.49 182.59 125.03133.54 34.07 97.46 24.2358.13 121.68 -11.03-3.77

LAKE STREET RRG INC11803 31.31 335.14 43.4445.58 16.13 -103.98 47.5816.13 -56.40 -44.93-43.84

LAMMICO RRG, INC.14444 3.98 21,730.40 0.474.07 0.35 135.00 -53.098.41 81.91 -3.35-1.83

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 117.00 152.03 168.62299.91 134.78 60.76 59.79262.45 120.56 -22.05-38.49

LENDERS PROTECTION ASSUR CO RRG11500 1.68 0.00 0.001.67 0.00 0.00 0.0013.64 0.00 0.000.00

LIFE SERVICES NETWORK RECIP INS RRG11958 33.64 273.97 53.6049.41 41.91 43.30 20.2727.56 63.57 -1.192.06

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 24.82 2,319.30 5.3931.01 3.37 185.56 193.7867.49 379.34 0.000.00

LVHN RRG11684 111.51 0.00 0.001,068.75 0.00 0.00 0.000.00 0.00 243.44132.28

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 74.95 242.17 67.54122.59 77.19 66.71 18.59108.48 85.30 -11.73-20.38

MARATHON FIN INS CO INC RRG11117 194.08 6,973.83 1.50202.71 46.39 2.38 10.15-822.25 12.53 -1.42-1.22

MCIC VERMONT INC RRG10697 66.16 174.19 165.45190.66 37.97 533.59 15.1539.65 548.74 0.040.00

MD RISK RETENTION GROUP, INC.12355 38.89 352.78 42.7958.70 34.42 14.06 12.6938.22 26.75 -41.68-23.77



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

MED MAL RISK RETENTION GROUP, INC.14446 59.97 886.83 27.15144.39 24.05 90.53 51.26260.72 141.79 0.000.04

MEDAMERICA MUTUAL RRG INC26257 56.12 258.33 81.10117.58 46.45 68.82 14.5067.42 83.32 -27.69-12.31

MEDPRO RRG RISK RETENTION GROUP13589 212.88 337.23 48.61348.99 35.24 100.52 -48.91705.18 51.61 -4.76-3.77

MEDSTAR LIABILITY LTD INS CO INC RRG10124 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 -103.26-82.43

MENTAL HEALTH RISK RETENTION GROUP44237 49.01 246.74 72.9688.24 28.12 55.49 11.4070.23 66.89 -31.68-10.17

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 89.68 147.31 169.56224.00 103.11 49.83 34.05115.64 83.88 -64.11-29.56

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 73.75 206.58 108.56165.40 113.67 60.56 31.92223.69 92.48 -7.1918.43

MMIC RRG, INC.14062 10.66 0.00 0.004.32 0.24 0.00 3,604.587.34 3,604.58 0.000.00

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 73.33 228.66 24.6641.35 7.38 9.24 152.037.38 161.27 -20.44-7.79

MOUNTAIN LAUREL RRG INC11547 67.24 220.10 75.75112.11 46.65 13.02 47.42445.32 60.44 -83.32-24.48

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 55.11 204.65 105.90119.43 52.47 71.92 11.1756.50 83.08 -7.64-9.82

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 83.46 0.00 0.00493.46 103.54 -173.61 13.65109.66 -159.95 -51.00-52.10

NASW RISK RETENTION GROUP, INC.14366 288.95 633.82 6.93126.98 21.15 38.86 88.72352.55 127.59 -0.14-1.05

NATIONAL ASSISTED LIVING RRG, INC.11806 53.82 280.05 70.21105.83 46.21 34.87 48.9046.21 83.77 -49.13-33.04

NATIONAL BUILDERS & CONTRACTORS INS12235 51.80 194.55 97.8398.58 22.65 -191.07 75.5331.80 -115.54 -78.73-200.36

NATIONAL CATHOLIC RRG10083 73.50 167.18 203.87250.52 61.31 75.63 36.58131.31 112.21 14.450.48

NATIONAL CONTRACTORS INS CO INC RRG12293 169.88 59.59 -2,232.60-2,260.12 -3.02 458.45 12,800.21-22.29 13,258.66 29.2622.83

NATIONAL GUARDIAN RISK RETENTION GROUP36072 102.48 103.18 136.41144.24 38.44 50.22 23.75196.18 73.97 -21.86-17.42

NATIONAL HOME INSURANCE CO RRG44016 71.56 438.51 61.30192.36 -8.71 50.59 -83.850.02 -33.25 131.1631.29

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 86.41 260.82 35.5580.12 50.07 55.25 40.20109.39 95.45 -3.654.97

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 158.23 0.00 0.00192.53 0.00 0.00 0.00112.74 0.00 0.000.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 16.43 0.00 0.0017.02 7.23 -0.06 79.898.23 79.83 -0.190.00

NCMIC RISK RETENTION GROUP, INC.14130 74.82 392.31 21.3762.74 25.05 70.60 -56.18253.91 14.42 0.00-1.11

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 60.11 176.69 121.62129.17 70.93 3.89 42.3585.77 46.24 -101.42-49.58

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 73.94 3,253.56 7.49180.29 46.42 44.42 30.22188.89 74.63 0.911.24

NEW STAR RISK RETENTION GROUP, INC.12532 63.00 355.87 54.20121.50 47.88 14.11 26.6047.88 40.71 -24.08-21.58

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 124.89 101.13 348.72440.41 195.93 67.51 34.20242.78 101.70 93.0951.33

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 86.96 184.42 389.97625.42 65.32 66.42 55.54203.23 121.96 1.89-46.50

OASIS RECIPROCAL RISK RETENTION GROUP13644 87.77 177.00 153.57238.58 46.38 47.44 51.9912.47 99.43 -89.50-27.64

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 48.96 210.50 83.2685.81 1.92 -551.39 2,839.520.00 2,288.13 -13.13-10.81

OCEANUS INS CO A RRG12189 96.28 146.08 302.26425.12 182.35 85.82 49.92263.32 135.74 49.0419.67

OMS NATL INS CO RRG44121 45.93 323.07 50.0674.28 30.56 67.93 25.3030.84 93.23 -10.50-1.43

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 176.74 274.21 61.12296.22 276.39 75.40 12.67294.77 88.07 0.008.95

OOIDA RISK RETENTION GROUP INC10353 152.11 147.89 173.01389.20 93.73 108.71 34.32267.81 143.03 -16.27-2.20

OPHTHALMIC MUTUAL INS CO RRG44105 33.05 632.04 22.4246.84 22.48 8.78 24.6224.14 33.40 -14.13-9.00

ORANGE COUNTY MEDICAL RECIP INS RRG12183 23.60 538.69 20.0325.46 12.54 61.40 26.4912.54 87.89 -46.94-39.30

ORDINARY MUTUAL A RRG CORP10171 37.99 382.76 42.9362.43 0.00 0.00 0.000.00 0.00 -18.61-15.69

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 112.66 143.29 226.28365.29 163.68 70.03 24.12223.41 94.15 31.61-24.51

P&S INSURANCE RISK RETENTION GROUP, INC.15583 0.00 0.00 0.0046.79 0.00 0.00 0.000.00 0.00 0.000.00

PACE RRG INC11575 102.16 176.87 74.05133.81 2.83 -247.37 8.93187.99 -238.43 212.3584.63

PALLADIUM RISK RETENTION GROUP, INC.15279 82.80 0.00 0.00473.09 -38.99 0.00 -115.231.55 -115.23 0.000.00

PARATRANSIT INSURANCE COMPANY, RRG44130 54.55 293.29 58.2993.26 29.32 54.11 26.2545.17 80.35 -9.363.53

PCH MUTUAL INSURANCE COMPANY, RRG11973 81.30 293.08 114.02271.68 45.32 81.93 109.01122.36 190.94 -36.95-34.18

PEACE CHURCH RRG INC11846 24.20 437.82 29.8031.58 19.63 25.20 33.9921.81 59.19 -24.71-8.10

PELICAN INS RRG11587 20.57 604.22 20.0124.87 15.75 45.49 53.0718.58 98.56 -1.392.47



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

PHOEBE RECIPROCAL RRG12004 23.95 439.96 29.7731.36 9.66 5.20 31.979.66 37.18 -15.01-7.13

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 138.75 202.28 140.78395.13 301.91 60.46 27.77379.15 88.23 -66.90-49.83

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 108.50 209.11 168.00381.18 142.76 29.74 58.89163.52 88.63 -55.14-15.32

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 100.05 191.87 77.81149.37 62.47 -153.84 62.40111.13 -91.44 -97.30-149.28

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 77.13 204.69 168.07265.34 45.95 136.46 16.9471.25 153.40 12.6626.50

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 54.29 324.29 58.58103.14 21.32 54.31 38.7525.91 93.05 -27.38-15.17

PHYSICIANS REIMBURSEMENT RRG10934 64.10 160.15 164.17168.53 25.28 72.42 60.0425.28 132.46 -66.23-43.60

PHYSICIANS SPECIALTY LTD RRG11513 84.46 186.84 129.05203.66 29.78 42.69 5.95328.51 48.63 -4.75-27.19

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 51.90 393.55 23.4547.89 31.76 26.55 56.030.00 82.57 6.97-10.65

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 38.20 269.34 58.6960.39 54.31 65.98 12.7469.58 78.73 -4.86-2.69

PINE TREE INS RECIPROCAL RRG12348 69.66 170.61 183.95218.62 19.86 149.72 67.7325.23 217.45 40.09-2.59

PINELANDS INS CO RRG INC12198 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 35.397.95

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 72.42 351.02 45.67116.09 23.37 45.54 54.97118.96 100.51 -5.51-2.29

PLICO RISK RETENTION GROUP, INC.14205 0.00 0.00 0.000.00 0.00 -706.62 0.000.00 0.00 0.00-0.14

PONCE DE LEON LTC RRG, INC.11809 53.42 218.15 87.90102.43 12.72 87.89 113.5718.01 201.46 6.90-8.34

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 236.70 85.82 535.621,087.99 18.76 110.42 91.16344.57 201.57 19.8723.26

PREFERRED PHYSICIANS MEDICAL RRG44083 42.16 307.86 53.9169.96 23.87 48.40 16.4330.21 64.83 -9.80-4.36

PREFERRED PROFESSIONAL RRG14919 25.61 2,370.39 4.5527.64 3.26 87.68 280.3931.03 368.07 0.00-0.16

PREMIER INSURANCE EXCHANGE RRG10101 14.88 814.14 4.675.65 0.00 0.00 0.000.00 0.00 0.090.04

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 90.01 291.44 98.31257.89 116.50 49.77 49.27140.03 99.04 20.9512.92

PROAIR RISK RETENTION GROUP, INC.13179 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 -12.46-7.17

PROBUILDERS SPECIALTY INS CO RRG11671 159.67 70.45 152.14171.14 0.00 0.00 0.000.00 0.00 -71.87-17.17

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 56.00 231.99 96.28125.08 97.55 59.93 26.93160.01 86.86 0.0018.22


12608 6.64 2,643.59 3.986.99 -0.03 326.15 -5,636.25-0.53 -5,310.10 1.661.68

PROFESSIONALS RISK RETENTION GROUP, INC.13067 60.16 468.77 32.0490.34 26.12 60.70 24.47221.24 85.18 -4.681.74

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 15.71 859.14 13.4318.13 15.20 -1.55 58.5928.92 57.04 -15.19-9.37

RED CLAY RISK RETENTION GROUP, INC.13078 59.35 208.58 68.3784.63 38.45 29.98 26.0248.68 56.00 -40.69-20.84

RED ROCK RISK RETENTION GROUP, INC.13736 50.82 205.17 77.1280.41 11.13 455.73 104.935.22 560.66 12.0718.36

REPUBLIC RRG12019 4.21 2,683.39 2.803.16 0.00 0.00 0.000.00 0.00 0.000.00

RESTORATION RISK RETENTION GROUP, INC.12209 76.79 169.91 166.86217.72 65.52 86.72 18.6668.42 105.38 -45.63-17.48

RPX RRG14135 24.44 1,175.29 10.5430.26 22.59 -26.57 56.7145.17 30.13 -1.6315.21

SAGE RISK RETENTION GROUP, INC.15631 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 40.97 264.25 60.5965.60 36.74 76.03 21.5724.47 97.61 -4.4415.04

SAMARITAN RISK RETENTION GROUP, INC.12511 43.98 512.09 29.6866.85 47.41 37.97 13.7447.41 51.71 -0.57-7.32

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 78.23 182.04 170.02242.15 130.97 67.04 49.83184.60 116.86 -6.78-7.01

SECURITY AMERICA RRG INC11267 65.69 261.34 67.72116.25 76.75 45.67 60.51104.84 106.18 12.18-1.63

SELECT MD RRG14136 65.03 255.16 67.91112.68 29.01 110.94 45.38175.63 156.32 -13.51-14.30

SENTINEL ASSUR RRG INC12005 48.22 255.59 69.1985.27 44.49 54.41 22.0754.17 76.48 20.59-8.50

SIGMA RRG, INC.13557 72.87 192.59 107.37150.67 41.75 67.28 10.0341.75 77.31 -6.04-5.19

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 82.08 138.83 310.44353.76 34.67 124.83 9.0526.43 133.88 9.7017.24

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 288.98 62.57 263.46476.41 413.48 93.21 20.07467.29 113.28 60.8881.68

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 50.31 387.29 48.0593.63 66.52 -0.05 52.5975.85 52.54 -55.39-30.07

ST CHARLES INS CO RRG11114 19.39 738.16 16.5523.68 13.28 -69.74 40.8513.28 -28.89 -109.76-64.03

ST LUKES HEALTH NETWORK INS CO RRG11688 100.52 127.05 305.45390.08 103.35 110.76 8.05103.35 118.81 56.267.15



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

STATES SELF-INSURERS RRG44075 62.43 202.15 124.84157.54 18.12 174.71 -19.23112.68 155.48 12.7110.91

STICO MUT INS CO RRG10476 58.85 366.54 52.77113.84 33.97 40.47 53.1337.99 93.60 -6.71-9.06

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 66.98 0.00 0.0074.64 0.00 0.00 0.00351.82 0.00 0.000.00

SUNLAND RISK RETENTION GROUP, INC.14026 99.88 723.89 41.23298.06 41.66 44.52 33.87416.61 78.40 -3.40-4.22

TERRA INS CO RRG10113 43.01 1,262.97 9.9353.93 37.02 9.87 56.2056.10 66.08 0.781.10

TERRAFIRMA RISK RETENTION GROUP LLC14395 17.19 778.63 15.2920.46 24.21 44.63 38.3724.21 83.00 0.001.90

THE HEALTHCARE UNDERWRITING CO RRG10152 127.93 96.34 364.89449.72 181.64 103.48 5.16181.64 108.65 22.9413.86

TITAN INS CO INC RRG11153 26.46 0.00 0.0033.22 14.54 0.00 9.2874.87 9.28 0.000.00

TITLE INDUSTRY ASSURANCE CO RRG10084 46.96 374.10 36.6464.36 16.71 71.52 -56.72168.08 14.80 -24.73-7.11

UNITED CENTRAL PA RRG11548 51.99 193.85 106.11106.93 49.92 52.43 8.1549.92 60.58 16.71-12.74

UNITED EDUCATORS INS RRG INC10020 70.11 186.70 146.04191.16 49.34 77.26 18.7756.53 96.03 -10.930.00

UNITED HOME INSURANCE CO A RRG10712 39.01 0.00 0.0039.75 0.00 0.00 0.000.00 0.00 0.000.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 90.80 245.02 131.44292.43 77.07 140.30 51.32154.85 191.62 21.5738.60

UV INSURANCE RISK RETENTION GROUP, INC.13988 39.36 281.07 58.6764.91 65.70 31.59 63.0465.70 94.63 -7.79-4.77

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 2.61 0.00 0.002.66 4.87 0.00 34.554.87 34.55 0.000.00

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 43.51 818.55 16.3658.26 34.76 -9.91 52.81121.04 42.90 -45.74-5.19

WELLSPAN RRG11682 96.59 104.20 229.03230.51 106.85 78.07 6.16106.85 84.23 -46.23-19.83

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 94.98 164.72 170.37266.55 116.38 53.86 28.33200.66 82.19 -4.9216.18

WESTERN PACIFIC MUT INS CO RRG40940 23.49 1,391.87 9.2430.19 3.03 30.76 131.213.63 161.97 -11.86-4.23

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 15.20 1,938.85 5.9217.44 12.82 0.72 73.8012.82 74.52 0.00-0.04

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 69.95 300.65 101.95214.41 31.89 64.17 127.50107.10 191.67 -55.69-23.96


®

Company Profiles Pages of RRGs Assigned a Financial Stability Rating®

Risk Retention Groups

®

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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 2,860 3,329 3,288 3,132 4,180Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,371 1,148 1,200 1,498 3,014

Geographic Focus: Geography Minimum NPW Total Liabilities 1,489 2,181 2,087 1,634 1,166NAIC Ownership Structure: Risk Retention Group Net Income 183 -224 85 302 112Tax Identification Number : 20-1516551 Revenue 1,094 652 1,045 989 1,002

Direct Premiums Written 1,624 1,561 1,602 1,660 1,629Net Premiums Written 978 615 890 977 975

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 978 615 890 977 975

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,385 1,785 1,675 1,466 1,056Demotech Financial Strength Rating A 03/05/15 Affirm Loss & LAE Reserves/ NPE (%) 136.76 239.78 191.14 163.27 149.87S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 20.42 -26.06 -1.41 35.18 9.19Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.71 0.54 0.74 0.65 0.32Fitch 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 (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Net Yield on Invested Assets 5.82 2.14 1.35 0.51 1.14Net Investment Income/Earned Premiums 9.42 6.05 3.22 1.19 2.55Return on Average Equity (C&S) 14.88 -17.36 7.45 23.27 6.87Return on Avg Assets 5.43 -6.29 2.22 7.90 2.86Loss and LAE Ratio 53.42 95.23 57.30 13.06 35.87Expense Ratio 30.35 65.55 47.73 41.35 51.33Loss Ratio 34.49 83.83 51.12 7.43 32.85Combined Ratio 83.77 160.78 105.03 54.41 87.20Operating Ratio 74.36 154.73 101.81 53.22 84.64Investment ratio 9.42 6.05 3.22 1.19 2.55

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Cash, Short-Term Investments / Liabilities 35.71 23.11 90.14 37.32 24.25Bonds: Liquid Investments/ Liabilities (%) 114.16 78.45 116.10 152.53 166.07Cash & Short-Term Investments / C&S 38.77 43.91 156.79 40.70 9.38Liabilities/ Invested Assets 88.00 127.00 90.00 72.00 60.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 122.77 95.89 148.07 175.01 268.73Cash From Underwriting ($000) 500 43 133 -5 -353Net Cash From Operations ($000) 339 80 271 -59 -312Underwriting Cash Flow Ratio 192.45 105.08 112.58 99.42 71.19Operating Cash Flow Ratio 239.17 105.08 102.10 108.27 71.19Unassigned Funds / Total Assets 21.17 11.48 12.76 22.91 19.93

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2012Y 2013Y 2014Y

GPW to Policyholders' Surplus3 900 --- 133 111 54NPW to Policyholders' Surplus 300 --- 74 65 32Change in Net Premiums Written 33 -33 45* 10 0Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 123* 76 69

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y I t t Yi ld 6 5 3 1 4* 0 5* 1 2*

MSA: Baltimore-Columbia-Towson, MD (Metro)

Distribution Channel: Direct Response

88.0

127.0

90.0

72.0

60.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2010Y 2011Y 2012Y 2013Y 2014Y

Liquidity ($000) Total Assets Total Liabilities Liabilities/ Invested Assets

83.8

160.8

105.0

54.4

87.2

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010Y 2011Y 2012Y 2013Y 2014Y

Profitability Ratios (%)Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y Investment Yield 6.5 3 1.4* 0.5* 1.2*

Loss Adjustment Expense Ratio 18.94 11.39 6.18 5.63 3.02 Gross Change in Policyholders' Surplus 50 -10 5 25 101*Net Commission Ratio 15.33 23.89 16.95 16.49 15.75 Net Change in Adj Policyholders' Surplus 25 -10 3 25* 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 90 72 60Tax, License & Fees Ratio 4.86 7.52 5.23 5.15 4.63 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 10.16 34.15 25.55 19.72 30.96 1-Yr Resv Dev to Policyholders' Surplus 20 --- -14 -47 -23Gross Premiums Written ($000)3 1,624 1,561 1,602 1,660 1,629 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -43 -96Loss & Loss Adj Expense ($000) 522 585 510 128 350 Est Curr Resv Defi/Policyholders' Surplus 25 --- 5 11 -7Other Underwriting Exp Incurred ($000) 297 403 425 404 501 *Indicates an unusual value.Net Underwriting Gains ($000) 159 -374 -45 445 125 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 60.20 39.39 55.53 58.84 59.90 complements of each ratio.Effective Tax Rate 33.57 NM 22.89 33.85 25.79

Pre-Tax Operating Margin 23.44 -51.60 -1.75 46.23 14.97 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth 15.72 16.40 -1.25 -4.73 33.45

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 19.11 46.49 -4.30 -21.73 -28.65

Reinsurance Recoverable ex US Aff 0 1 -31 -32 225 Net Premiums Written Growth -1.09 -37.11 44.71 9.82 -0.16Retention Ratio (NPW/GPW) (%)3 60.20 39.39 55.53 58.84 59.90 Pre-Tax Operating Income Growth 7.00 NM NM NM -67.22Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 11.39 NM NM 255.24 -62.93Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 26.22 28.95 -6.21 -12.48 -27.97Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -4.16 -3.88 2.64 3.65 -1.92Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 3.25 -2.69 -3.47 1.57 -1.39

Capital & Surplus Five-year CAGR 10.81 5.14 4.11 7.91 19.80Admitted Assets Five-year CAGR 6.48 -0.38 -1.09 4.32 11.08

ASBESTOS/ENVIRONMENTAL RESV 2010Y 2011Y 2012Y 2013Y 2014Y

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) 2010Y 2011Y 2012Y 2013Y 2014Y

Asbestos NA NA NA NA NA Capital and Surplus 1,371 1,148 1,200 1,498 3,014 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 0 1,200 1,498 3,014 Combined NA NA NA NA NA ACL Risk Based Capital 0 0 289 239 222

ACL RBC Ratio (%) (TAC/ACL RBC) 0.00 0.00 415.96 627.48 1,356.21

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 0.00 0.00 207.98 313.74 678.10

Loss & Loss Adj Exp Reserves Growth 26.22 28.95 -6.21 -12.48 -27.97 Net Realized Capital Gains Less Taxes 24 0 126 0 11 Yr Loss Reserve Dev / 1Y Prior C&S -22.36 -7.10 -13.60 -46.89 -22.69 Net Chg in Unrlzd Cap Gains Less Taxes -17 1 -37 -4 4Two Yr Loss Reserve Dev Total/ PHS -36.46 -46.11 -11.82 -43.31 -95.98 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 136.76 239.78 191.14 163.27 149.87 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -27.93 -15.85 -17.56 -57.59 -34.84 Net Premiums Written / Avg C&S (%) 79.61 47.61 77.86 75.21 59.83IBNR/ Total Reserves 53.19 36.44 48.91 53.36 63.35 Liabilities / Capital & Surplus (%) 108.58 189.97 173.93 109.05 38.68Reserves/ Equity 100.97 155.51 139.54 97.83 35.03 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.09 -2.58 -2.14 7.47

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)

0.0 0.0

208.0

313.7

678.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010Y 2011Y 2012Y 2013Y 2014Y

Capital ($000) & Capital Ratios (%)

ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))

60.2

39.4

55.558.8 59.9

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2010Y 2011Y 2012Y 2013Y 2014Y

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) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 0 0 442 1,465 1,390 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,624 1,561 1,602 1,660 1,629Common Stocks 1,168 1,207 0 191 263 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,624 1,561 1,602 1,660 1,629Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -646 -946 -712 -683 -653Occupied Properties 0 0 0 0 0 Net Premiums Written 978 615 890 977 975Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 978 615 890 977 975

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 532 504 1,882 610 283 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 1,700 1,711 2,323 2,266 1,936 Comm'l: Losses Paid Less Salvage 53 406 290 282 705Premiums & Considerations Due 0 0 0 0 0 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 276 0 0 1 Losses Paid Less Salvage 53 406 290 282 705All Other Admitted Assets 1,160 1,343 964 866 2,243 Loss Adj Expenses Paid 181 54 55 55 55Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 2,860 3,329 3,288 3,132 4,180 Comm'l: Chg in Unpaid Net Losses 284 110 165 -209 -384

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 4 16 0 0 -26

Unpaid Losses 1,290 1,675 1,564 1,355 971 Total Chg in Loss & LAE Reserves 288 125 165 -209 -410Unpaid Loss Adj Expenses 95 111 111 111 85 Losses and LAE Incurred 522 585 510 128 350

Loss & Loss Adj Exp Reserves 1,385 1,785 1,675 1,466 1,056 Other Underwriting Expense Incurred 297 403 425 404 501Unearned Premiums 0 0 -127 -189 -252 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 275 313 300 258 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 104 121 105 57 94 Net Underwriting Gain (Loss) 159 -374 -45 445 125Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 120 0 9 Total underwriting deductions 819 989 934 532 851

Total Liabilities 1,489 2,181 2,087 1,634 1,166

Income ($000)Total Capital and Surplus Net Investment Income 92 37 29 12 25

Common Capital Stock 154 146 151 151 151 Net Realized Capital Gains Less Taxes 24 0 126 0 1Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 605 382 419 717 833 Income after cap gains (loss) before tax 275 -336 110 457 151Other Including Gross Contributed 612 620 630 630 2,030 Federal & Foreign Income Taxes 92 -112 25 155 39

Capital & Surplus 1,371 1,148 1,200 1,498 3,014 Net Income 183 -224 85 302 112

Total Liabilities and C&S 2,860 3,329 3,288 3,132 4,180 Pre-tax Operating Income 251 -336 -16 457 150

Revenue 1,094 652 1,045 989 1,002Memo: Affiliated Investments ($000) Expenses Paid 488 450 484 520 531

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 542 1,691 1,390Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 0Class 4 0 0 0 0 0

INVESTMENT ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Class 5 0 0 0 0 0

Net Investment Income 92 37 29 12 25 Class 6 0 0 0 0 0R li d C it l G i 24 0 126 0 1Realized Capital Gains 24 0 126 0 1Net Chg in Unrlzd Cap Gains Less Taxes -17 1 -37 -4 4Net Adm Cash & Invested Assets 1,700 1,711 2,323 2,266 1,936Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 542 1,691 1,390Preferred Stock 0 0 0 0 0Common Stock 1,168 1,207 0 191 263Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 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 0.00 0.00Mortgages in Foreclosure / Total (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) 0.00 0.00 0.00 0.00 0.00Real Estate Occupied / Total (%) 0.00 0.00 0.00 0.00 0.00

Top 5 States by DPW - 2014Y Top Lines of Business by DPW - 2014Y SECURITIES ($000) - Annual Only62010Y 2011Y 2012Y 2013Y 2014Y

CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 0

Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0

LT BONDS & STOCKS SUMMARY ($000) Carr Value Fair Value Actual Cost Par Value Total

LT Bond 1,390 1,390 1,415 1,355 5,551Common Stock 263 263 258 -- 784Preferred Stock 0 0 0 -- 0Total 1,653 1,653 1,673 1,355 --

ASSET QUALITY (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Bond Avg Asset Quality (1-6) (Actual) 0.00 0.00 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 0.00 19.01 64.66 71.82Common Stocks / C&S 85.19 105.12 0.00 12.75 8.72Unaff common stock/Invested Assets 68.72 70.54 0.00 8.43 13.58

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Maryland 1,629 1. Oth, Prod Liab Cmbnd 1,629 Cash/Invested Assets 31.28 29.46 80.99 26.91 14.602. Alaska 0 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 0 All Other 0 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 (%) 2010Y 2011Y 2012Y 2013Y 2014Y Reinsurance recoverable/Total Assets 0.00 8.27 0.00 0.00 0.02

Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 1.90 -3.79 -1.86 17.02 -0.79 All other admitted assets/Total Assets 40.57 40.33 29.33 27.64 53.66National DPW ($000) 1,624 1,561 1,602 1,660 1,629 Invested Assets/Total Assets 59.43 51.39 70.67 72.36 46.32Adjusted Loss Ratio 20.76 33.02 28.39 4.37 19.67 Investment Income/Total Assets 3.22 1.12 0.87 0.37 0.60

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 (%) - 2014

Bonds - 71.8% Preferred Stocks - 0.0%

Common Stocks - 13.6% Mortgage Loans - 0.0%

Other Invstmts - 14.6%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y

Bonds Rated 3-6 / Total Bonds (%)

Maryland - 100.0% Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% Arizona - 0.0% All other - 0.0%

Oth, Prod Liab Cmbnd - 100.0% Acc & Health - 0.0%

Aircraft - 0.0% Comm'l Auto St - 0.0%

Comm'l Multi Prl - 0.0% All Other - 0.0%


Allied Professionals Ins Co. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 22,115 24,157 31,532 36,901 39,857Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 9,043 11,350 13,003 14,294 14,311Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 13,072 12,808 18,529 22,608 25,546

NAIC Ownership Structure: Risk Retention Group Net Income 940 2,235 1,422 1,047 -601Tax Identification Number : 86-1070645 Revenue 8,045 9,445 13,084 15,694 15,263

Direct Premiums Written 12,639 13,553 20,219 21,567 22,549Net Premiums Written 8,363 9,614 15,366 15,707 12,488

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 7,699 9,088 12,703 15,231 14,169

AM Best Financial Strength Rating A- 10/24/14 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 6,431 6,275 7,917 11,035 16,269Demotech Financial Strength Rating A 04/06/15 Downgrade Loss & LAE Reserves/ NPE (%) 74.64 73.02 52.59 62.37 96.45S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 16.21 31.77 19.64 11.43 -12.69Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.92 0.85 1.18 1.10 0.87Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Warfield & CompanyPhone : (714) 571-1864 Actuary Perr&Knight Inc.Fax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 1.80 1.67 1.50 1.51 1.33Net Investment Income/Earned Premiums 4.47 3.90 3.02 3.03 3.19Return on Average Equity (C&S) 11.06 21.71 11.77 7.68 -4.31Return on Avg Assets 4.40 9.55 5.06 3.03 -1.54Loss and LAE Ratio 37.93 20.93 34.61 49.93 75.85Expense Ratio 44.79 44.42 41.12 41.59 45.21Loss Ratio 14.29 8.37 13.83 23.88 33.79Combined Ratio 82.71 65.34 75.73 91.52 121.06Operating Ratio 78.24 61.44 72.70 88.48 117.87Investment ratio 4.47 3.90 3.02 3.03 3.19


Cash, Short-Term Investments / Liabilities 13.62 19.06 31.21 16.20 28.96Bonds: Liquid Investments/ Liabilities (%) 155.39 173.70 155.06 143.10 140.72Cash & Short-Term Investments / C&S 19.69 21.51 44.47 25.63 51.69Liabilities/ Invested Assets 64.00 57.00 64.00 69.00 72.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 197.29 209.45 195.43 197.38 193.97Cash From Underwriting ($000) 3,351 3,428 6,857 3,625 1,529Net Cash From Operations ($000) 3,760 2,958 6,678 4,162 2,634Underwriting Cash Flow Ratio 166.82 154.01 176.49 131.12 113.14Operating Cash Flow Ratio 171.31 173.71 187.64 134.81 113.57Unassigned Funds / Total Assets 36.59 43.05 32.52 31.28 26.50


GPW to Policyholders' Surplus3 900 --- 155 151 158NPW to Policyholders' Surplus 300 --- 118 110 87Change in Net Premiums Written 33 -33 60* 2 -20Surplus Aid to Policyholders' Surplus 15 --- 3 3 9Two-Year Overall Operating Ratio 100 --- 68 81 103*


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Broker

64.0

57.0

64.069.0

72.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2010Y 2011Y 2012Y 2013Y 2014Y


82.7

65.375.7

91.5

121.1

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 23.64 12.56 20.78 26.05 42.06 Gross Change in Policyholders' Surplus 50 -10 15 10 0Net Commission Ratio 19.00 19.19 25.24 25.33 24.41 Net Change in Adj Policyholders' Surplus 25 -10 15 10 -7Salaries & Benefits Ratio 0.00 0.03 0.17 0.00 0.00 Liabilities to Liquid Assets 100 --- 64 69 72Tax, License & Fees Ratio 3.92 4.07 3.44 3.75 6.14 Agents' Bal to Policyholders' Surplus 40 --- 10 15 11Admin & Other Expense Ratio 21.86 21.12 12.27 12.51 14.66 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 14 27*Gross Premiums Written ($000)3 12,639 13,553 20,219 21,567 22,549 2-Yr Resv Dev to Policyholders' Surplus 20 --- -11 5 35*Loss & Loss Adj Expense ($000) 2,920 1,902 4,397 7,605 10,747 Est Curr Resv Defi/Policyholders' Surplus 25 --- 8 4 -17Other Underwriting Exp Incurred ($000) 3,745 4,270 6,318 6,532 5,646 *Indicates an unusual value.Net Underwriting Gains ($000) 1,034 2,916 1,988 1,095 -2,224 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 66.17 70.94 76.00 72.83 55.38 complements of each ratio.Effective Tax Rate 31.85 31.71 40.00 32.78 NM

Pre-Tax Operating Margin 17.13 34.64 18.13 9.92 -12.12 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth 16.90 9.24 30.53 17.03 8.01

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 23.89 -2.02 44.67 22.02 13.00

Reinsurance Recoverable ex US Aff 2,185 2,412 2,632 6,477 9,678 Net Premiums Written Growth -1.75 14.96 59.82 2.22 -20.50Retention Ratio (NPW/GPW) (%)3 66.17 70.94 76.00 72.83 55.38 Pre-Tax Operating Income Growth -20.83 137.35 -27.47 -34.38 NMReinsurance Recoverable/Total Excl US Aff 20.32 27.07 32.48 16.21 11.74 Net Income Growth -21.40 137.66 -36.38 -26.38 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 31.30 -2.42 26.17 39.38 47.42Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 19.68 7.23 49.19 6.66 4.56Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 20.21 14.38 19.05 19.86 19.35

Capital & Surplus Five-year CAGR 28.60 23.75 17.40 14.96 11.33Admitted Assets Five-year CAGR 23.24 18.24 18.35 17.82 16.07




Asbestos NA NA NA NA NA Capital and Surplus 9,043 11,350 13,003 14,294 14,311 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 9,043 11,350 13,003 14,294 14,311 Combined NA NA NA NA NA ACL Risk Based Capital 1,588 1,780 2,789 1,436 2,391

ACL RBC Ratio (%) (TAC/ACL RBC) 569.34 637.62 466.27 995.67 598.49


Loss & Loss Adj Exp Reserves Growth 31.30 -2.42 26.17 39.38 47.42 Net Realized Capital Gains Less Taxes 2 2 -3 1 6421 Yr Loss Reserve Dev / 1Y Prior C&S -2.01 -9.90 0.27 13.70 27.38 Net Chg in Unrlzd Cap Gains Less Taxes 0 15 62 270 -553Two Yr Loss Reserve Dev Total/ PHS -11.93 -11.51 -10.66 4.96 34.94 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 74.64 73.02 52.59 62.37 96.45 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -2.18 -9.85 0.24 11.69 27.62 Net Premiums Written / Avg C&S (%) 98.35 93.38 127.19 115.30 89.45IBNR/ Total Reserves 19.97 26.09 26.15 19.86 22.55 Liabilities / Capital & Surplus (%) 144.55 112.85 142.49 158.17 178.51Reserves/ Equity 71.11 55.29 60.89 77.20 113.68 Total Reins Recov Excl US Aff / C&S (%) 24.16 21.25 20.24 45.31 67.63


284.7318.8

233.1

497.8

299.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))66.2

70.976.0

72.8

55.4

0

5,000

10,000

15,000

20,000

25,000

2010Y 2011Y 2012Y 2013Y 2014Y




Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 18,532 19,046 22,176 26,881 26,986 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 12,639 13,553 20,219 21,567 22,549Common Stocks 0 760 831 1,808 985 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -4,276 -3,939 -4,853 -5,860 -10,062Occupied Properties 0 0 0 0 0 Net Premiums Written 8,363 9,614 15,366 15,707 12,488Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 663 526 2,663 475 -1,681Properties for Sale 0 0 0 0 0 Net Premiums Earned 7,699 9,088 12,703 15,231 14,169

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,781 2,441 5,783 3,663 7,398 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 20,313 22,247 28,790 32,352 35,369 Comm'l: Losses Paid Less Salvage 493 728 957 1,928 2,214Premiums & Considerations Due 877 899 1,325 2,075 1,568 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 41 15 0 1,061 920 Losses Paid Less Salvage 493 728 957 1,928 2,214All Other Admitted Assets 883 996 1,417 1,414 1,968 Loss Adj Expenses Paid 894 1,329 1,797 2,559 3,299Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 22,115 24,157 31,532 36,901 39,857 Comm'l: Chg in Unpaid Net Losses 607 32 799 1,710 2,573

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 926 -187 843 1,408 2,660

Unpaid Losses 3,684 3,716 4,515 6,225 8,798 Total Chg in Loss & LAE Reserves 1,533 -155 1,642 3,118 5,233Unpaid Loss Adj Expenses 2,747 2,559 3,402 4,810 7,470 Losses and LAE Incurred 2,920 1,902 4,397 7,605 10,747

Loss & Loss Adj Exp Reserves 6,431 6,275 7,917 11,035 16,269 Other Underwriting Expense Incurred 3,745 4,270 6,318 6,532 5,646Unearned Premiums 4,972 5,498 8,161 8,636 6,955 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 688 194 900 1,052 1,060 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 327 282 374 806 183 Net Underwriting Gain (Loss) 1,034 2,916 1,988 1,095 -2,224Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 653 559 1,176 1,078 1,078 Total underwriting deductions 6,665 6,172 10,715 14,137 16,393



Common Capital Stock 600 600 2,400 2,400 2,400 Net Realized Capital Gains Less Taxes 2 2 -3 1 642Preferred 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 8,093 10,400 10,253 11,544 10,561 Income after cap gains (loss) before tax 1,380 3,273 2,370 1,557 -1,130Other Including Gross Contributed 350 350 350 350 1,350 Federal & Foreign Income Taxes 440 1,038 948 510 -529

Capital & Surplus 9,043 11,350 13,003 14,294 14,311 Net Income 940 2,235 1,422 1,047 -601

Total Liabilities and C&S 22,115 24,157 31,532 36,901 39,857 Pre-tax Operating Income 1,378 3,271 2,372 1,557 -1,772

Revenue 8,045 9,445 13,084 15,694 15,263Memo: Affiliated Investments ($000) Expenses Paid 4,640 5,601 8,122 8,460 9,603

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 17,855 17,704 19,136 26,595 27,385Cash & Short Term Investments 0 0 0 0 0 Class 2 677 1,343 2,979 287 181All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 344 354 384 462 453 Class 6 0 0 0 0 0R li d C it l G i 2 2 3 1 642Realized Capital Gains 2 2 -3 1 642Net Chg in Unrlzd Cap Gains Less Taxes 0 15 62 270 -553Net Adm Cash & Invested Assets 20,313 22,247 28,790 32,352 35,369Affiliated Cash & Investments 0 0 0 0 0Carrying Value 18,532 19,046 22,176 26,881 27,565Preferred Stock 0 0 0 0 0Common Stock 0 760 831 1,808 985Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 1,370 2,179 2,907 3,802 3,150Issued Political Subdivisions ($000) 7,194 7,094 7,981 8,467 7,401Issued State Rev Obligations ($000) 9,968 9,773 10,990 14,612 12,158Issued Industrial Development ($000) 0 0 297 0 4,277


LT Bond 26,986 27,086 28,400 25,505 107,978Common Stock 985 985 1,004 -- 2,974Preferred Stock 0 0 0 -- 0Total 27,971 28,071 29,404 25,505 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 4,611 1. Med Prof Liab 22,549 Cash/Invested Assets 8.77 10.97 20.09 11.32 20.922. New York 3,039 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,646 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Washington 1,205 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 1,094 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,954 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 3.97 3.72 4.20 5.62 3.93


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 0.08DPW 5 Yr CAGR 12.08 9.40 17.16 17.05 16.38 All other admitted assets/Total Assets 3.99 4.12 4.50 3.83 4.94National DPW ($000) 12,639 13,553 20,219 21,567 22,549 Invested Assets/Total Assets 91.85 92.09 91.30 87.67 88.74Adjusted Loss Ratio 21.88 9.27 17.56 33.03 28.12 Investment Income/Total Assets 1.56 1.47 1.22 1.25 1.14





Other Invstmts - 20.9%0.00 0.10 0.20 0.30

2010Y

2011Y

2012Y

2013Y

2014Y


California - 20.4% New York - 13.5% Florida - 7.3%

Washington - 5.3% Texas - 4.9% All other - 48.6%

Med Prof Liab - 100.0% Acc & Health - 0.0%




Amer Trucking & Transportation (Missoula, MT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

111 North Higgins Avenue NAIC Company Code : 11534 Total Assets 13,854 14,354 15,256 19,762 23,546Suite 300A Business Focus : Commercial Property Focus Policyholder Surplus 4,217 3,914 4,423 5,665 6,850Missoula, MT 59802-4401 Geographic Focus: Regional - Western Quadrant Total Liabilities 9,637 10,440 10,834 14,098 16,697

NAIC Ownership Structure: Risk Retention Group Net Income 607 -41 401 340 689Tax Identification Number : 33-1019877 Revenue 3,384 2,949 2,760 4,765 8,677



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,088 5,702 5,552 7,655 10,085Demotech Financial Strength Rating A 03/20/15 Affirm Loss & LAE Reserves/ NPE (%) 225.01 256.58 278.10 141.40 111.30S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 25.72 -8.25 6.56 5.40 4.76Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.79 0.67 0.49 0.81 1.08Fitch Financial Strength Rating -- -- -- --


Name : Patricia Lorraine Maloney Auditor Anderson ZurMuehlen & Co. P.CPhone : (406) 523-3908 Actuary Turner Consulting Inc.Fax : (406) 523-3935 CEO Kenneth Carl CrippenEmail : [email protected] CFO --

President Kenneth Carl Crippen


Net Yield on Invested Assets 3.56 3.01 2.71 1.91 1.61Net Investment Income/Earned Premiums 13.95 14.96 18.00 7.12 3.96Return on Average Equity (C&S) 17.15 -1.03 9.20 6.42 10.97Return on Avg Assets 4.72 -0.32 2.77 2.15 3.34Loss and LAE Ratio 59.05 97.69 70.32 81.47 84.75Expense Ratio 22.92 30.42 35.15 19.26 17.53Loss Ratio 10.57 51.02 -43.27 60.98 36.06Combined Ratio 81.98 128.11 105.48 100.73 102.29Operating Ratio 68.03 113.15 87.48 93.61 98.33Investment ratio 13.95 14.96 18.00 7.12 3.96


Cash, Short-Term Investments / Liabilities 24.45 22.12 27.11 40.25 18.89Bonds: Liquid Investments/ Liabilities (%) 133.58 126.25 128.98 136.14 120.36Cash & Short-Term Investments / C&S 55.87 59.00 66.41 100.16 46.05Liabilities/ Invested Assets 74.00 78.00 76.00 73.00 82.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 258.99 289.41 309.53 263.63 225.17Cash From Underwriting ($000) 3,494 335 -349 3,734 -280Net Cash From Operations ($000) 3,800 525 243 3,950 -139Underwriting Cash Flow Ratio 219.65 109.52 84.17 280.87 94.50Operating Cash Flow Ratio 224.52 116.58 75.94 290.96 99.96Unassigned Funds / Total Assets 13.83 11.77 14.90 17.23 15.90


GPW to Policyholders' Surplus3 900 --- 151 146 158NPW to Policyholders' Surplus 300 --- 49 81 108Change in Net Premiums Written 33 -33 -18 113* 62*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 99 89 95


MSA: Missoula, MT (Metro)


74.0

78.0

76.0

73.0

82.0

0

5,000

10,000

15,000

20,000

25,000

2010Y 2011Y 2012Y 2013Y 2014Y


82.0

128.1

105.5100.7 102.3

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 48.48 46.67 113.60 20.49 48.69 Gross Change in Policyholders' Surplus 50 -10 13 28 21Net Commission Ratio 1.45 -0.57 1.14 -0.36 -1.97 Net Change in Adj Policyholders' Surplus 25 -10 15 26* 8Salaries & Benefits Ratio 7.41 10.26 12.34 7.74 7.99 Liabilities to Liquid Assets 100 --- 76 73 82Tax, License & Fees Ratio 7.18 6.45 9.54 5.49 6.43 Agents' Bal to Policyholders' Surplus 40 --- 9 2 38Admin & Other Expense Ratio 6.88 14.28 12.13 6.39 5.09 1-Yr Resv Dev to Policyholders' Surplus 20 --- -14 -24 0Gross Premiums Written ($000)3 6,644 5,967 6,686 8,254 10,853 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -44 -17Loss & Loss Adj Expense ($000) 1,725 2,373 1,464 3,333 6,408 Est Curr Resv Defi/Policyholders' Surplus 25 --- -31 2 83*Other Underwriting Exp Incurred ($000) 768 801 757 884 1,302 *Indicates an unusual value.Net Underwriting Gains ($000) 428 -745 -139 -126 -149 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 50.41 44.11 32.20 55.62 68.39 complements of each ratio.Effective Tax Rate 31.92 NM 25.66 37.98 28.78

Pre-Tax Operating Margin 26.75 -11.66 11.42 6.35 3.73 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y


REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth -0.91 8.34 3.77 30.13 18.44

Reinsurance Recoverable ex US Aff 9,727 11,467 12,060 10,018 9,881 Net Premiums Written Growth 68.55 -21.41 -18.20 113.24 61.68Retention Ratio (NPW/GPW) (%)3 50.41 44.11 32.20 55.62 68.39 Pre-Tax Operating Income Growth 102.61 NM NM -0.07 4.58Reinsurance Recoverable/Total Excl US Aff 4.84 9.51 15.97 17.22 15.67 Net Income Growth 136.43 NM NM -15.23 102.75Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -4.87 -6.35 -2.63 37.90 31.74Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 37.10 -10.19 12.04 23.45 31.50Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 6.64 6.31 4.43 9.34 11.42





Asbestos NA NA NA NA NA Capital and Surplus 4,217 3,914 4,423 5,665 6,850 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 3,914 4,423 5,665 6,850 Combined NA NA NA NA NA ACL Risk Based Capital 0 1,219 1,010 1,239 1,484



Loss & Loss Adj Exp Reserves Growth -4.87 -6.35 -2.63 37.90 31.74 Net Realized Capital Gains Less Taxes -19 107 253 262 6691 Yr Loss Reserve Dev / 1Y Prior C&S 11.45 8.42 -14.23 -24.06 -0.18 Net Chg in Unrlzd Cap Gains Less Taxes 453 -249 224 1,076 -144Two Yr Loss Reserve Dev Total/ PHS -2.52 2.25 -12.16 -44.20 -16.86 Dividends to Stockholders -100 0 0 0 0Loss and LAE Reserves / NPE 225.01 256.58 278.10 141.40 111.30 Stockholder Dividends/ Net Income (%) 16.47 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 12.70 14.62 -26.76 -26.01 -0.13 Net Premiums Written / Avg C&S (%) 94.63 65.51 49.38 86.77 118.15IBNR/ Total Reserves 40.09 34.19 18.95 21.85 39.36 Liabilities / Capital & Surplus (%) 228.51 266.75 244.95 248.87 243.76Reserves/ Equity 144.36 145.68 125.52 135.14 147.24 Total Reins Recov Excl US Aff / C&S (%) 230.64 292.98 272.67 176.85 144.26


0.0

160.6

219.0228.6 230.8

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2010Y 2011Y 2012Y 2013Y 2014Y




50.444.1

32.2

55.6

68.4

0

2,000

4,000

6,000

8,000

10,000

12,000

2010Y 2011Y 2012Y 2013Y 2014Y




Amer Trucking & Transportation (Missoula, MT)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 7,268 7,546 7,301 7,152 9,973 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,644 5,967 6,686 8,254 10,853Common Stocks 3,316 3,477 3,982 6,403 7,133 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,295 -3,335 -4,533 -3,663 -3,431Occupied Properties 0 0 0 0 0 Net Premiums Written 3,349 2,632 2,153 4,591 7,423Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 428 203 71 500 -138Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,921 2,429 2,082 4,091 7,560

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,356 2,309 2,937 5,674 3,154 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 12,941 13,333 14,220 19,229 20,261 Comm'l: Losses Paid Less Salvage 658 1,099 243 124 2,349Premiums & Considerations Due 169 0 390 111 2,572 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 169 38 214 314 369 Losses Paid Less Salvage 658 1,099 243 124 2,349All Other Admitted Assets 576 984 433 108 345 Loss Adj Expenses Paid 1,378 1,660 1,371 1,105 1,629Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 13,854 14,354 15,256 19,762 23,546 Comm'l: Chg in Unpaid Net Losses -350 140 -1,143 2,371 378

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 38 -526 993 -267 2,052

Unpaid Losses 2,789 2,929 1,785 4,156 4,534 Total Chg in Loss & LAE Reserves -312 -387 -150 2,104 2,430Unpaid Loss Adj Expenses 3,300 2,773 3,766 3,500 5,552 Losses and LAE Incurred 1,725 2,373 1,464 3,333 6,408

Loss & Loss Adj Exp Reserves 6,088 5,702 5,552 7,655 10,085 Other Underwriting Expense Incurred 768 801 757 884 1,302Unearned Premiums 2,664 2,867 2,939 3,438 3,301 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 580 1,576 1,714 2,604 2,503 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 176 141 171 214 672 Net Underwriting Gain (Loss) 428 -745 -139 -126 -149Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 129 155 458 185 136 Total underwriting deductions 2,493 3,173 2,221 4,217 7,709



Common Capital Stock 2,072 2,072 2,072 2,222 3,022 Net Realized Capital Gains Less Taxes -19 107 253 262 669Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 75 50 51 32 100Surplus Notes 229 152 77 37 82 All Other Income 0 0 0 89 48Unassigned Surplus 1,917 1,690 2,273 3,405 3,745 Income after cap gains (loss) before tax 892 -224 539 548 968Other Including Gross Contributed 0 0 0 0 0 Federal & Foreign Income Taxes 285 -183 138 208 279

Capital & Surplus 4,217 3,914 4,423 5,665 6,850 Net Income 607 -41 401 340 689

Total Liabilities and C&S 13,854 14,354 15,256 19,762 23,546 Pre-tax Operating Income 910 -331 286 286 299


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 5,358 5,571 5,566 5,371 7,349Cash & Short Term Investments 0 0 0 0 0 Class 2 1,843 1,824 1,489 1,745 2,459All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 407 363 375 291 299 Class 6 0 0 0 0 0R li d C it l G i 19 107 253 262 669Realized Capital Gains -19 107 253 262 669Net Chg in Unrlzd Cap Gains Less Taxes 453 -249 224 1,076 -144Net Adm Cash & Invested Assets 12,941 13,333 14,220 19,229 20,261Affiliated Cash & Investments 0 0 0 0 0Carrying Value 7,268 7,546 7,301 7,152 9,973Preferred Stock 0 0 0 0 0Common Stock 3,316 3,477 3,982 6,403 7,133Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NM 2.32 1.35 0.69 0.50Privately Placed Bonds / C&S (%) -39.26 4.47 2.22 0.87 0.72Bonds Rated 3-6 / Total Bonds (%) 0.93 2.01 3.37 0.51 1.66Mortgages in Foreclosure / Total (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) 0.00 0.00 0.00 0.00 0.00Real Estate Occupied / Total (%) 0.00 0.00 0.00 0.00 0.00



RMBS ExposureTotal: LT Bond, Res MBS 948 785 249 766 1,259

Municipal SecuritiesIssued States & Territories ($000) 1,359 2,008 1,505 0 110Issued Political Subdivisions ($000) 0 0 0 100 595Issued State Rev Obligations ($000) 0 0 0 944 1,725Issued Industrial Development ($000) 0 0 0 100 0


LT Bond 9,973 10,203 10,011 9,763 39,951Common Stock 7,133 7,133 5,834 -- 20,101Preferred Stock 0 0 0 -- 0Total 17,107 17,336 15,846 9,763 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New Mexico 3,244 1. Comm'l Auto St 10,853 Cash/Invested Assets 18.21 17.32 20.65 29.51 15.572. Washington 2,463 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Montana 1,866 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Louisiana 1,429 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Oregon 1,069 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -1.01 -0.55 -0.30 5.30 17.50 All other admitted assets/Total Assets 4.16 6.85 2.84 0.55 1.46National DPW ($000) 6,644 5,967 6,686 8,254 10,853 Invested Assets/Total Assets 93.41 92.88 93.20 97.30 86.05Adjusted Loss Ratio -65.77 169.40 4.29 37.70 24.31 Investment Income/Total Assets 2.94 2.53 2.46 1.47 1.27





Other Invstmts - 15.6%0.00 1.00 2.00 3.00 4.00

2010Y

2011Y

2012Y

2013Y

2014Y


New Mexico - 29.9% Washington - 22.7%

Montana - 17.2% Louisiana - 13.2%

Oregon - 9.8% All other - 7.2%

Comm'l Auto St - 100.0% Acc & Health - 0.0%

Aircraft - 0.0% Comm'l Multi Prl - 0.0%

Fidelity & Surety - 0.0% All Other - 0.0%


Applied Medico-Legal Solutions (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 71,460 83,910 92,319 104,651 122,368Suite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 20,673 22,205 25,118 29,236 33,016Phoenix, AZ 85016-4264 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 50,787 61,705 67,202 75,414 89,351

NAIC Ownership Structure: Risk Retention Group Net Income 933 1,240 3,732 2,822 2,346Tax Identification Number : 81-0603029 Revenue 27,990 32,513 34,509 39,110 39,598



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 34,225 43,422 46,206 52,207 54,648Demotech Financial Strength Rating A' 04/03/15 Affirm Loss & LAE Reserves/ NPE (%) 120.78 138.20 152.45 143.56 149.97S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 5.68 6.73 17.55 10.75 8.22Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.35 1.38 1.31 1.29 1.18Fitch 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


Net Yield on Invested Assets 3.40 4.62 3.69 2.63 2.33Net Investment Income/Earned Premiums 6.18 9.35 8.35 5.84 5.56Return on Average Equity (C&S) 4.49 5.58 15.01 10.22 7.41Return on Avg Assets 1.39 1.56 4.13 2.83 2.09Loss and LAE Ratio 71.82 74.30 63.46 68.02 67.79Expense Ratio 28.86 29.60 29.47 29.07 29.86Loss Ratio 46.84 43.34 34.43 45.14 17.51Combined Ratio 100.68 103.90 92.93 97.09 97.65Operating Ratio 94.49 94.55 84.59 91.25 92.10Investment ratio 6.18 9.35 8.35 5.84 5.56




GPW to Policyholders' Surplus3 900 --- 162 154 142NPW to Policyholders' Surplus 300 --- 131 129 118Change in Net Premiums Written 33 -33 7 14 4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 88 87 90

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y I t t Yi ld 6 5 3 3 8 2 7* 2 3*

MSA: Phoenix-Mesa-Scottsdale, AZ (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

98.0 99.0

81.077.0

86.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2010Y 2011Y 2012Y 2013Y 2014Y


100.7

103.9

92.9

97.1 97.7

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2010Y 2011Y 2012Y 2013Y 2014Y


UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y Investment Yield 6.5 3 3.8 2.7* 2.3*

Loss Adjustment Expense Ratio 24.98 30.96 29.03 22.88 50.28 Gross Change in Policyholders' Surplus 50 -10 13 16 13Net Commission Ratio 20.60 20.10 20.26 20.02 20.07 Net Change in Adj Policyholders' Surplus 25 -10 -2 3 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 81 77 86Tax, License & Fees Ratio 1.55 1.44 1.89 1.87 2.48 Agents' Bal to Policyholders' Surplus 40 --- 2 4 2Admin & Other Expense Ratio 6.71 8.06 7.33 7.18 7.31 1-Yr Resv Dev to Policyholders' Surplus 20 --- -20 -9 -5Gross Premiums Written ($000)3 33,162 36,078 40,753 44,896 47,014 2-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -32 -21Loss & Loss Adj Expense ($000) 18,421 21,546 19,403 24,162 24,743 Est Curr Resv Defi/Policyholders' Surplus 25 --- -34 -15 -12Other Underwriting Exp Incurred ($000) 8,064 9,075 9,707 10,960 11,654 *Indicates an unusual value.Net Underwriting Gains ($000) -835 -1,622 1,465 398 102 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 84.26 84.99 80.82 83.98 83.01 complements of each ratio.Effective Tax Rate 37.99 34.46 30.88 29.21 26.71

Pre-Tax Operating Margin 4.26 4.66 13.04 7.79 6.67 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y


REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 24.15 21.50 8.91 12.22 18.48

Reinsurance Recoverable ex US Aff 5,937 7,039 11,898 12,119 11,823 Net Premiums Written Growth -3.16 9.73 7.41 14.47 3.51Retention Ratio (NPW/GPW) (%)3 84.26 84.99 80.82 83.98 83.01 Pre-Tax Operating Income Growth -48.31 26.85 191.80 -31.98 -12.36Reinsurance Recoverable/Total Excl US Aff 22.17 15.84 14.42 14.89 12.02 Net Income Growth -42.69 32.92 200.95 -24.37 -16.88Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 30.24 26.87 6.41 12.99 4.68Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 10.53 8.79 12.96 10.17 4.72Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 35.81 27.21 20.42 19.67 16.91








Loss & Loss Adj Exp Reserves Growth 30.24 26.87 6.41 12.99 4.68 Net Realized Capital Gains Less Taxes 325 397 1,036 1,019 6001 Yr Loss Reserve Dev / 1Y Prior C&S -5.19 -5.02 -20.38 -8.86 -4.79 Net Chg in Unrlzd Cap Gains Less Taxes 1,999 630 1,397 998 1,545Two Yr Loss Reserve Dev Total/ PHS 0.29 -13.54 -25.73 -31.63 -20.60 Dividends to Stockholders -3,949 -2,986 -4,769 -2,404 -2,498Loss and LAE Reserves / NPE 120.78 138.20 152.45 143.56 149.97 Stockholder Dividends/ Net Income (%) 423.27 240.79 127.81 85.18 106.481 Yr Loss Reserve Development / NPE -3.85 -3.58 -14.80 -6.26 -3.84 Net Premiums Written / Avg C&S (%) 134.55 137.92 132.49 136.55 123.28IBNR/ Total Reserves 28.93 26.68 18.99 18.33 9.67 Liabilities / Capital & Surplus (%) 245.67 277.89 267.54 257.95 270.63Reserves/ Equity 165.56 195.55 183.96 178.57 165.52 Total Reins Recov Excl US Aff / C&S (%) 28.72 31.70 47.37 41.45 0.00


217.5

187.2

246.5 238.5 237.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))84.385.0

80.8

84.0

83.0

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

2010Y 2011Y 2012Y 2013Y 2014Y




Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -5,218 -5,416 -7,817 -7,194 -7,988Occupied Properties 0 0 0 0 0 Net Premiums Written 27,943 30,663 32,936 37,702 39,026Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 2,293 1,664 2,361 2,182 2,527Properties for Sale 0 0 0 0 0 Net Premiums Earned 25,651 28,999 30,575 35,521 36,499

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,406 6,400 7,131 12,583 10,873 Underwriting Deductions ($000)Other Investments 9 -23 0 0 26 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 51,316 61,990 72,723 84,456 91,001 Comm'l: Losses Paid Less Salvage 5,014 5,376 8,702 9,420 13,552Premiums & Considerations Due 7,907 9,011 8,705 10,789 11,455 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 163 286 248 403 2,597 Losses Paid Less Salvage 5,014 5,376 8,702 9,420 13,552All Other Admitted Assets 12,073 12,624 10,643 9,002 17,315 Loss Adj Expenses Paid 5,461 6,972 7,916 8,742 8,032Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 71,460 83,910 92,319 104,651 122,368 Comm'l: Chg in Unpaid Net Losses 7,000 7,192 1,824 6,614 -7,160

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 946 2,006 960 -613 10,319

Unpaid Losses 28,018 35,210 37,034 43,648 36,489 Total Chg in Loss & LAE Reserves 7,946 9,198 2,784 6,001 3,159Unpaid Loss Adj Expenses 6,207 8,212 9,172 8,559 18,160 Losses and LAE Incurred 18,421 21,546 19,403 24,162 24,743

Loss & Loss Adj Exp Reserves 34,225 43,422 46,206 52,207 54,648 Other Underwriting Expense Incurred 8,064 9,075 9,707 10,960 11,654Unearned Premiums 15,632 17,296 19,657 21,838 24,366 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 2,066 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 590 444 543 818 888 Net Underwriting Gain (Loss) -835 -1,622 1,465 398 102Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 341 543 796 550 7,383 Total underwriting deductions 26,486 30,621 29,110 35,123 36,397


Income ($000)Total Capital and Surplus Net Investment Income 1,586 2,711 2,552 2,076 2,028

Common Capital Stock 19,071 21,566 24,925 28,285 31,363 Net Realized Capital Gains Less Taxes 325 397 1,036 1,019 600Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 428 343 288 290 263Surplus Notes 0 0 0 0 0 All Other Income 0 63 58 204 207Unassigned Surplus 3,920 2,446 1,408 1,826 1,674 Income after cap gains (loss) before tax 1,504 1,892 5,399 3,987 3,201Other Including Gross Contributed -2,318 -1,806 -1,215 -874 -20 Federal & Foreign Income Taxes 571 652 1,667 1,164 855

Capital & Surplus 20,673 22,205 25,118 29,236 33,016 Net Income 933 1,240 3,732 2,822 2,346

Total Liabilities and C&S 71,460 83,910 92,319 104,651 122,368 Pre-tax Operating Income 1,179 1,495 4,363 2,968 2,601


Bonds 0 0 0 0 0



Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 546 916Class 4 3,815 4,227 4,321 2,584 2,867


Net Investment Income 1,586 2,711 2,552 2,076 2,028 Class 6 0 0 0 0 0R li d C it l G i 325 397 1 036 1 019 600Realized Capital Gains 325 397 1,036 1,019 600Net Chg in Unrlzd Cap Gains Less Taxes 1,999 630 1,397 998 1,545Net Adm Cash & Invested Assets 51,316 61,990 72,723 84,456 91,001Affiliated Cash & Investments 0 0 0 0 0Carrying Value 42,826 50,141 53,195 51,653 64,453Preferred Stock 0 0 0 0 0Common Stock 5,102 9,672 17,297 20,219 22,549Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 1,328 1,713

RMBS ExposureTotal: LT Bond, Res MBS 5,352 2,679 2,036 1,109 849

Municipal SecuritiesIssued States & Territories ($000) 1,004 1,460 1,710 2,252 2,444Issued Political Subdivisions ($000) 2,410 2,001 1,121 1,193 1,109Issued State Rev Obligations ($000) 9,728 11,572 12,630 14,732 15,948Issued Industrial Development ($000) 0 0 0 457 498





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 24,158 1. Med Prof Liab 47,014 Cash/Invested Assets 10.54 10.32 9.81 14.90 11.952. Arizona 3,310 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 3,219 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Connecticut 2,866 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 2,859 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,602 All Other 0 Other Investments/Invested Assets 0.02 -0.04 0.00 0.00 0.03Premiums & Cons due/Total Assets 11.07 10.74 9.43 10.31 9.36







Other Invstmts - 12.0%0.00 2.00 4.00 6.00 8.00 10.00

2010Y

2011Y

2012Y

2013Y

2014Y


New York - 51.4% Arizona - 7.0% Florida - 6.8%

Connecticut - 6.1% Texas - 6.1% All other - 22.6%





Attorneys Insurance Mutual (Birmingham, AL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

200 Inverness Parkway NAIC Company Code : 33677 Total Assets 15,157 15,724 15,646 14,293 12,882Birmingham, AL 35242-4813 Business Focus : Commercial General Liability Focus Policyholder Surplus 7,888 8,306 7,996 7,738 7,290

Geographic Focus: Regional - Southern Quadrant Total Liabilities 7,269 7,418 7,649 6,556 5,592NAIC Ownership Structure: Risk Retention Group Net Income -3 114 -557 40 -194Tax Identification Number : 63-0980826 Revenue 2,562 2,808 1,856 2,901 2,417



AM Best Financial Strength Rating -- 08/22/13 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 5,090 4,847 4,276 3,844 3,520Demotech Financial Strength Rating A 03/16/15 Affirm Loss & LAE Reserves/ NPE (%) 255.11 199.40 264.92 137.67 165.45S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -2.06 1.76 -6.74 0.50 -3.35Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.28 0.32 0.23 0.38 0.32Fitch 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 0.78 1.10 0.45 -0.21 0.35Net Investment Income/Earned Premiums 5.10 6.16 3.74 -1.06 2.07Return on Average Equity (C&S) -0.04 1.43 -6.76 0.53 -2.60Return on Avg Assets -0.02 0.72 -3.56 0.27 -1.40Loss and LAE Ratio 30.34 37.38 43.46 42.87 40.40Expense Ratio 83.92 64.55 89.64 54.11 72.56Loss Ratio 22.74 9.50 -15.62 -17.50 38.57Combined Ratio 114.26 101.92 133.10 96.98 112.95Operating Ratio 109.16 95.76 129.36 98.05 110.88Investment ratio 5.10 6.16 3.74 -1.06 2.07


Cash, Short-Term Investments / Liabilities 39.80 23.15 74.96 63.73 73.53Bonds: Liquid Investments/ Liabilities (%) 192.41 183.78 186.34 199.97 214.33Cash & Short-Term Investments / C&S 36.68 20.67 71.71 54.00 56.40Liabilities/ Invested Assets 52.00 54.00 53.00 50.00 46.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 299.50 324.30 337.11 325.22 338.08Cash From Underwriting ($000) -1,479 -120 27 -1,326 -1,268Net Cash From Operations ($000) -883 -36 433 -901 -880Underwriting Cash Flow Ratio 61.15 95.23 100.79 63.38 56.54Operating Cash Flow Ratio 58.24 95.43 100.79 63.38 56.54Unassigned Funds / Total Assets 44.71 45.76 44.01 46.36 47.97


GPW to Policyholders' Surplus3 900 --- 43 46 49NPW to Policyholders' Surplus 300 --- 23 38 32Change in Net Premiums Written 33 -33 -31 63* -22Surplus Aid to Policyholders' Surplus 15 --- 0 1 0Two-Year Overall Operating Ratio 100 --- 110* 110* 104*


MSA: Birmingham-Hoover, AL (Metro)


52.0

54.053.0

50.0

46.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2010Y 2011Y 2012Y 2013Y 2014Y


114.3

101.9

133.1

97.0

113.0

-8.00

-7.00

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 7.60 27.88 59.08 60.36 1.83 Gross Change in Policyholders' Surplus 50 -10 -4 -3 -6Net Commission Ratio -2.01 -1.72 -2.65 -2.03 -2.37 Net Change in Adj Policyholders' Surplus 25 -10 -4 -3 -6Salaries & Benefits Ratio 27.69 23.79 35.92 21.87 29.00 Liabilities to Liquid Assets 100 --- 53 50 46Tax, License & Fees Ratio 6.13 5.52 9.61 4.69 6.34 Agents' Bal to Policyholders' Surplus 40 --- 1 1 1Admin & Other Expense Ratio 52.11 36.96 46.76 29.59 39.59 1-Yr Resv Dev to Policyholders' Surplus 20 --- -8 -7 -13Gross Premiums Written ($000)3 3,502 3,367 3,450 3,529 3,592 2-Yr Resv Dev to Policyholders' Surplus 20 --- -18 -18 -17Loss & Loss Adj Expense ($000) 696 998 779 1,256 934 Est Curr Resv Defi/Policyholders' Surplus 25 --- -18 14 -7Other Underwriting Exp Incurred ($000) 1,875 1,696 1,635 1,605 1,677 *Indicates an unusual value.Net Underwriting Gains ($000) -277 -25 -622 69 -299 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 63.82 78.06 52.86 84.04 64.36 complements of each ratio.Effective Tax Rate NM 0.00 0.00 0.00 0.00

Pre-Tax Operating Margin -6.61 4.93 -29.85 1.32 -10.64 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth -6.89 3.74 -0.50 -8.64 -9.88

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth -11.33 2.05 3.12 -14.30 -14.71

Reinsurance Recoverable ex US Aff 3,832 4,835 3,185 2,423 3,121 Net Premiums Written Growth -20.35 17.60 -30.62 62.64 -22.05Retention Ratio (NPW/GPW) (%)3 63.82 78.06 52.86 84.04 64.36 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl US Aff 16.73 2.79 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 -14.75 -4.77 -11.78 -10.10 -8.43Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -6.68 -3.85 2.46 2.29 1.79Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -4.67 -4.37 -2.45 -4.60 -7.37

Capital & Surplus Five-year CAGR -1.61 1.84 -2.23 0.09 -2.04Admitted Assets Five-year CAGR -3.15 -1.38 -2.34 -2.23 -4.57




Asbestos NA NA NA NA NA Capital and Surplus 7,888 8,306 7,996 7,738 7,290 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 7,888 8,306 7,996 7,738 7,290 Combined NA NA NA NA NA ACL Risk Based Capital 974 941 938 908 874



Loss & Loss Adj Exp Reserves Growth -14.75 -4.77 -11.78 -10.10 -8.43 Net Realized Capital Gains Less Taxes 150 -26 -2 2 571 Yr Loss Reserve Dev / 1Y Prior C&S -22.37 -23.85 -8.42 -7.18 -13.32 Net Chg in Unrlzd Cap Gains Less Taxes 11 -253 249 -99 -216Two Yr Loss Reserve Dev Total/ PHS -34.10 -40.00 -18.00 -17.60 -17.10 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 255.11 199.40 264.92 137.67 165.45 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -78.77 -70.46 -39.02 -19.59 -44.58 Net Premiums Written / Avg C&S (%) 28.87 33.10 22.14 38.96 30.88IBNR/ Total Reserves 23.32 38.46 39.50 30.98 47.43 Liabilities / Capital & Surplus (%) 92.15 89.31 95.66 84.72 76.70Reserves/ Equity 64.53 58.36 53.47 49.68 48.29 Total Reins Recov Excl US Aff / C&S (%) 48.58 58.21 39.83 31.31 42.81


405.0

441.2

426.1 425.9

416.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2010Y 2011Y 2012Y 2013Y 2014Y




78.1

52.9

84.0

64.4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y




Attorneys Insurance Mutual (Birmingham, AL)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,267 -739 -1,626 -563 -1,280Occupied Properties 846 820 794 767 741 Net Premiums Written 2,235 2,628 1,824 2,966 2,312Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -61 -41 32 35 -1Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,295 2,669 1,791 2,931 2,313

Total Real Estate 846 820 794 767 741 Net Adm Cash,Cash Equi, Short-Term Inv 2,893 1,717 5,734 4,178 4,112 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 14,832 14,452 15,048 13,876 12,726 Comm'l: Losses Paid Less Salvage 1,083 228 162 -297 369Premiums & Considerations Due 69 71 93 97 80 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 960 263 249 15 Losses Paid Less Salvage 1,083 228 162 -297 369All Other Admitted Assets 256 240 242 71 61 Loss Adj Expenses Paid 494 1,013 1,678 1,494 690Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 15,157 15,724 15,646 14,293 12,882 Comm'l: Chg in Unpaid Net Losses -561 26 -442 -216 524

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -320 -269 -620 275 -647

Unpaid Losses 2,554 2,580 2,138 1,922 2,445 Total Chg in Loss & LAE Reserves -881 -243 -1,062 59 -124Unpaid Loss Adj Expenses 2,536 2,267 2,138 1,922 1,074 Losses and LAE Incurred 696 998 779 1,256 934

Loss & Loss Adj Exp Reserves 5,090 4,847 4,276 3,844 3,520 Other Underwriting Expense Incurred 1,875 1,696 1,635 1,605 1,677Unearned Premiums 1,142 1,100 1,133 1,168 1,167 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 541 918 1,717 986 387 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 384 405 431 443 460 Net Underwriting Gain (Loss) -277 -25 -622 69 -299Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 112 147 92 114 58 Total underwriting deductions 2,572 2,694 2,413 2,861 2,612


Income ($000)Total Capital and Surplus Net Investment Income 117 165 67 -31 48

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 150 -26 -2 2 57Preferred 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 6,777 7,195 6,885 6,626 6,179 Income after cap gains (loss) before tax -9 114 -557 40 -194Other Including Gross Contributed 1,111 1,111 1,111 1,111 1,111 Federal & Foreign Income Taxes -6 0 0 0 0

Capital & Surplus 7,888 8,306 7,996 7,738 7,290 Net Income -3 114 -557 40 -194

Total Liabilities and C&S 15,157 15,724 15,646 14,293 12,882 Pre-tax Operating Income -159 140 -555 38 -251


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 9,557 9,907 6,490 6,908 6,219Cash & Short Term Investments 0 0 0 0 0 Class 2 252 250 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 117 165 67 -31 48 Class 6 0 0 0 0 0R li d C it l G i 150 26 2 2 57Realized Capital Gains 150 -26 -2 2 57Net Chg in Unrlzd Cap Gains Less Taxes 11 -253 249 -99 -216Net Adm Cash & Invested Assets 14,832 14,452 15,048 13,876 12,726Affiliated Cash & Investments 0 0 0 0 0Carrying Value 9,809 10,158 6,490 6,908 6,219Preferred Stock 0 0 0 0 0Common Stock 1,283 1,758 2,030 2,023 1,654Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 846 820 794 767 741




RMBS ExposureTotal: LT Bond, Res MBS 844 160 659 856 2,117

Municipal SecuritiesIssued States & Territories ($000) 490 0 0 0 0Issued Political Subdivisions ($000) 348 0 0 0 0Issued State Rev Obligations ($000) 752 513 4,779 4,995 2,849Issued Industrial Development ($000) 770 766 1,031 1,042 506





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Alabama 3,534 1. Oth, Prod Liab Cmbnd 3,592 Cash/Invested Assets 19.50 11.88 38.10 30.11 32.312. Tennessee 58 2. Acc & Health 0 Mortgage & Real Estate / C&S 10.73 9.87 9.93 9.92 10.173. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. 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 5.71 5.67 5.27 5.53 5.82



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -2.81 -4.10 -3.91 -1.88 -0.87 All other admitted assets/Total Assets 1.69 1.53 1.55 0.50 0.48National DPW ($000) 3,502 3,367 3,450 3,529 3,592 Invested Assets/Total Assets 97.86 91.91 96.18 97.08 98.79Adjusted Loss Ratio -7.54 54.04 5.86 -26.19 62.98 Investment Income/Total Assets 0.77 1.05 0.43 -0.22 0.37





Other Invstmts - 38.1%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Alabama - 98.4% Tennessee - 1.6% Alaska - 0.0%






CARE RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 33,340 11,784 13,631 17,382 18,788Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,307 4,802 4,678 4,764 4,784Washington, DC 20007-4104 Geographic Focus: National Total Liabilities 29,033 6,981 8,952 12,618 14,004

NAIC Ownership Structure: Risk Retention Group Net Income 155 535 87 27 51Tax Identification Number : 52-2395338 Revenue 1,356 1,250 3,090 6,757 7,696

Direct Premiums Written 6,124 4,802 6,186 7,517 8,966Net Premiums Written 1,225 960 5,084 6,944 7,925


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 23,749 4,323 5,570 8,526 9,735Demotech Financial Strength Rating A 03/10/15 Affirm Loss & LAE Reserves/ NPE (%) 1,892.51 631.45 159.94 106.20 125.85S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 6.80 16.70 2.72 0.16 1.00Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.28 0.20 1.09 1.46 1.66Fitch 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 26.08 35.26 37.90 64.76 49.33Bonds: Liquid Investments/ Liabilities (%) 38.41 138.48 127.48 128.02 135.46Cash & Short-Term Investments / C&S 175.78 51.26 72.53 171.51 144.41Liabilities/ Invested Assets 306.00 72.00 78.00 85.00 99.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 116.30 598.23 314.63 186.38 139.56Cash From Underwriting ($000) -416 252 2,132 2,882 -728Net Cash From Operations ($000) -574 285 1,923 3,263 -481Underwriting Cash Flow Ratio 66.91 126.15 201.70 170.21 90.90Operating Cash Flow Ratio 90.37 138.45 218.69 164.90 91.16Unassigned Funds / Total Assets 5.69 20.30 16.64 13.54 12.63


GPW to Policyholders' Surplus3 900 --- 132 158 187NPW to Policyholders' Surplus 300 --- 109 146 166Change in Net Premiums Written 33 -33 429* 37* 14Surplus Aid to Policyholders' Surplus 15 --- 6 0 0Two-Year Overall Operating Ratio 100 --- 70 92 98


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

306.0

72.0 78.0 85.099.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2010Y 2011Y 2012Y 2013Y 2014Y


84.1

46.1

87.6

100.5 100.6

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 20.54 24.91 39.46 21.82 36.84 Gross Change in Policyholders' Surplus 50 -10 -3 2 0Net Commission Ratio -21.60 -73.45 1.38 16.37 12.48 Net Change in Adj Policyholders' Surplus 25 -10 -3 2 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 78 85 99Tax, License & Fees Ratio 1.88 2.92 0.42 0.14 0.12 Agents' Bal to Policyholders' Surplus 40 --- 10 15 23Admin & Other Expense Ratio 47.05 86.65 15.80 11.80 23.84 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -19 -23Gross Premiums Written ($000)3 6,124 4,802 6,186 7,521 8,969 2-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -34 -27Loss & Loss Adj Expense ($000) 731 337 2,070 4,776 4,808 Est Curr Resv Defi/Policyholders' Surplus 25 --- 546* 98* -1Other Underwriting Exp Incurred ($000) 335 155 894 1,966 2,888 *Indicates an unusual value.Net Underwriting Gains ($000) 221 630 -9 -122 -202 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.00 20.00 82.18 92.32 88.36 complements of each ratio.Effective Tax Rate 46.51 29.57 30.96 -75.53 NM


Admitted Assets Growth -6.36 -64.66 15.67 27.52 8.09

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth -7.69 -75.95 28.23 40.94 10.99

Reinsurance Recoverable ex US Aff 21,894 19,091 14,334 6,614 4,140 Net Premiums Written Growth -11.60 -21.59 429.34 36.59 14.12Retention Ratio (NPW/GPW) (%)3 20.00 20.00 82.18 92.32 88.36 Pre-Tax Operating Income Growth -43.38 161.30 -82.83 -94.06 530.86Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth -55.25 244.90 -83.82 -68.94 90.98Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.06 0.03 Loss & Loss Adj Exp Reserves Growth -3.41 -81.80 28.84 53.06 14.18Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -11.60 -21.59 28.82 21.53 19.27Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 47.06 -25.42 -23.83 -17.61 -14.94

Capital & Surplus Five-year CAGR 13.50 5.81 1.97 2.06 2.87Admitted Assets Five-year CAGR 38.65 -19.04 -19.03 -14.27 -12.00




Asbestos NA NA NA NA NA Capital and Surplus 4,307 4,802 4,678 4,764 4,784 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,307 4,802 4,678 4,764 4,784 Combined NA NA NA NA NA ACL Risk Based Capital 1,296 1,089 933 989 1,584



Loss & Loss Adj Exp Reserves Growth -3.41 -81.80 28.84 53.06 14.18 Net Realized Capital Gains Less Taxes 0 2 -5 8 -481 Yr Loss Reserve Dev / 1Y Prior C&S -2.29 -18.27 -9.02 -19.11 -22.81 Net Chg in Unrlzd Cap Gains Less Taxes -2 -39 89 60 -32Two Yr Loss Reserve Dev Total/ PHS -11.20 -30.96 -25.58 -33.90 -26.59 Dividends to Stockholders 0 0 -300 0 0Loss and LAE Reserves / NPE 1,892.51 631.45 159.94 106.20 125.85 Stockholder Dividends/ Net Income (%) 0.00 0.00 346.76 0.00 0.001 Yr Loss Reserve Development / NPE -7.38 -70.20 -14.65 -13.50 -14.51 Net Premiums Written / Avg C&S (%) 28.76 21.18 106.17 147.12 163.45IBNR/ Total Reserves 6.85 29.78 37.86 23.91 30.11 Liabilities / Capital & Surplus (%) 674.08 145.38 191.37 264.83 292.74Reserves/ Equity 551.40 90.02 119.07 178.94 203.50 Total Reins Recov Excl US Aff / C&S (%) 508.34 397.54 306.41 138.82 86.54


166.1

220.6

250.7 240.9

151.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Y




20.0 20.0

82.2

92.388.4

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2010Y 2011Y 2012Y 2013Y 2014Y




CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 1,905 6,259 6,459 4,479 3,289 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 6,124 4,802 6,186 7,517 8,966Common Stocks 0 947 1,560 2,099 3,950 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -4,899 -3,841 -1,102 -573 -1,041Occupied Properties 0 0 0 0 0 Net Premiums Written 1,225 960 5,084 6,944 7,925Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -62 -161 2,129 324 431Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,287 1,121 2,955 6,620 7,494

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,571 2,462 3,393 8,171 6,908 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 9,475 9,667 11,412 14,750 14,147 Comm'l: Losses Paid Less Salvage 443 287 449 926 1,707Premiums & Considerations Due 637 371 454 718 1,098 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 19,462 850 490 0 622 Losses Paid Less Salvage 443 287 449 926 1,707All Other Admitted Assets 3,764 895 1,274 1,914 2,921 Loss Adj Expenses Paid 439 470 374 895 1,892Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 33,340 11,784 13,631 17,382 18,788 Comm'l: Chg in Unpaid Net Losses 24 -229 455 2,407 341

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -174 -191 792 549 868

Unpaid Losses 15,987 2,965 3,419 5,826 6,167 Total Chg in Loss & LAE Reserves -151 -420 1,247 2,956 1,209Unpaid Loss Adj Expenses 7,762 1,359 2,151 2,700 3,568 Losses and LAE Incurred 731 337 2,070 4,776 4,808

Loss & Loss Adj Exp Reserves 23,749 4,323 5,570 8,526 9,735 Other Underwriting Expense Incurred 335 155 894 1,966 2,888Unearned Premiums 3,223 484 2,613 2,937 3,368 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,021 1,010 238 546 277 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 520 619 531 605 624 Net Underwriting Gain (Loss) 221 630 -9 -122 -202Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 519 546 0 5 0 Total underwriting deductions 1,066 491 2,964 6,742 7,696



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains Less Taxes 0 2 -5 8 -48Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 -14 0Unassigned Surplus 1,896 2,392 2,268 2,354 2,373 Income after cap gains (loss) before tax 290 759 125 15 1Other Including Gross Contributed 1,411 1,411 1,411 1,411 1,411 Federal & Foreign Income Taxes 135 224 39 -12 -51

Capital & Surplus 4,307 4,802 4,678 4,764 4,784 Net Income 155 535 87 27 51

Total Liabilities and C&S 33,340 11,784 13,631 17,382 18,788 Pre-tax Operating Income 290 757 130 8 49

Revenue 1,356 1,250 3,090 6,757 7,696Memo: Affiliated Investments ($000) Expenses Paid 1,166 87 1,125 3,024 4,821

Bonds 0 0 0 0 0





Net Investment Income 69 128 139 144 251 Class 6 0 0 0 0 0R li d C it l G i 0 2 5 8 48Realized Capital Gains 0 2 -5 8 -48Net Chg in Unrlzd Cap Gains Less Taxes -2 -39 89 60 -32Net Adm Cash & Invested Assets 9,475 9,667 11,412 14,750 14,147Affiliated Cash & Investments 0 0 0 0 0Carrying Value 3,580 6,259 6,459 5,883 8,112Preferred Stock 0 0 0 0 0Common Stock 0 947 1,560 2,099 3,950Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 1,803 1,360 755 1,114






Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 3,383 1. Med Prof Liab 8,966 Cash/Invested Assets 79.90 25.46 29.73 55.40 48.832. California 1,959 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,014 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Kentucky 467 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 374 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -13.99 -22.20 -16.27 -3.92 5.29 All other admitted assets/Total Assets 11.29 7.60 9.35 11.01 15.55National DPW ($000) 6,124 4,802 6,186 7,517 8,966 Invested Assets/Total Assets 28.42 82.04 83.73 84.85 75.30Adjusted Loss Ratio 35.09 4.82 -17.54 9.17 12.79 Investment Income/Total Assets 0.21 1.08 1.02 0.83 1.34





Other Invstmts - 48.8%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


New York - 37.7% California - 21.8% Florida - 11.3%

Kentucky - 5.2% Texas - 4.2% All other - 19.7%





CareConcepts Ins Inc. A RRG (Greenwich, CT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Four Greenwich Office Park NAIC Company Code : 15089 Total Assets 0 0 0 2,092 3,364Second Floor Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 0 0 0 811 978Greenwich, CT 06831-5153 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 0 0 0 1,281 2,386

NAIC Ownership Structure: Risk Retention Group Net Income 0 0 0 -36 75Tax Identification Number : 46-2358912 Revenue 0 0 0 555 1,186

Direct Premiums Written 0 0 0 1,467 2,250Net Premiums Written 0 0 0 768 1,465

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 0 0 0 555 1,175

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 0 0 0 413 1,313Demotech Financial Strength Rating A 03/05/15 Affirm Loss & LAE Reserves/ NPE (%) 0.00 0.00 0.00 0.00 69.64S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.00 0.00 0.00 0.00 10.10Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 0.95 1.50Fitch Financial Strength Rating -- -- -- --


Name : Nancy Velasquez Auditor Saslow Lufkin & Buggy LLPPhone : (303) 469-8450 Actuary Oliver Wyman Actuarial CnsltgFax : (303) 469-8450 CEO --Email : [email protected] CFO --

President Michael J. Benenson


Net Yield on Invested Assets 0.00 0.00 0.00 0.00 0.69Net Investment Income/Earned Premiums NA NA NA 0.00 0.95Return on Average Equity (C&S) 0.00 0.00 0.00 0.00 8.23Return on Avg Assets 0.00 0.00 0.00 0.00 2.54Loss and LAE Ratio 0.00 0.00 0.00 45.78 52.10Expense Ratio 0.00 0.00 0.00 46.30 32.87Loss Ratio 0.00 0.00 0.00 22.89 26.65Combined Ratio 0.00 0.00 0.00 92.07 84.97Operating Ratio 0.00 0.00 0.00 92.07 84.02Investment ratio 0.00 0.00 0.00 0.00 0.95


Cash, Short-Term Investments / Liabilities 0.00 0.00 0.00 108.87 20.49Bonds: Liquid Investments/ Liabilities (%) 0.00 0.00 0.00 108.87 90.59Cash & Short-Term Investments / C&S 0.00 0.00 0.00 172.11 49.99Liabilities/ Invested Assets 999.00 999.00 999.00 92.00 107.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 NA NA NA 143.05 133.61Cash From Underwriting ($000) 0 0 0 648 904Net Cash From Operations ($000) 0 0 0 648 823Underwriting Cash Flow Ratio NA NA NA 283.79 284.63Operating Cash Flow Ratio NA NA NA 283.79 303.36Unassigned Funds / Total Assets NA NA NA -1.73 1.87


GPW to Policyholders' Surplus3 900 --- 0 181 230NPW to Policyholders' Surplus 300 --- 0 95 150Change in Net Premiums Written 33 -33 0 NM* 91*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 92 87


MSA: Bridgeport-Stamford-Norwalk, CT (Metro)


999.0 999.0 999.0

92.0 107.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y


0.0 0.0 0.0

92.185.0

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 0.00 0.00 0.00 22.89 25.45 Gross Change in Policyholders' Surplus 50 -10 0 NM* 21Net Commission Ratio 0.00 0.00 0.00 0.41 5.53 Net Change in Adj Policyholders' Surplus 25 -10 0 NM* 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 0 92 107*Tax, License & Fees Ratio 0.00 0.00 0.00 3.69 3.92 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 0.00 0.00 0.00 42.20 23.42 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 NM* -3Gross Premiums Written ($000)3 0 0 0 1,467 2,250 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 NM* NM*Loss & Loss Adj Expense ($000) 0 0 0 254 612 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 -49Other Underwriting Exp Incurred ($000) 0 0 0 356 482 *Indicates an unusual value.Net Underwriting Gains ($000) 0 0 0 -55 81 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 0.00 0.00 0.00 52.38 65.11 complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 NM 18.60

Pre-Tax Operating Margin 0.00 0.00 0.00 -9.85 7.79 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y



Reinsurance Recoverable ex US Aff 0 0 0 0 657 Net Premiums Written Growth 0.00 0.00 0.00 0.00 90.69Retention Ratio (NPW/GPW) (%)3 0.00 0.00 0.00 52.38 65.11 Pre-Tax Operating Income Growth 0.00 0.00 0.00 0.00 NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 0.00 0.00 0.00 0.00 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 0.00 217.93Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 0.00 0.00 0.00 0.00 53.40Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 0.00 0.00 0.00 0.00 0.00





Asbestos NA NA NA NA NA Capital and Surplus 0 0 0 811 978 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 0 0 811 978 Combined NA NA NA NA NA ACL Risk Based Capital 0 0 0 171 294



Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 0.00 217.93 Net Realized Capital Gains Less Taxes 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S 0.00 0.00 0.00 0.00 -2.59 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 17Two Yr Loss Reserve Dev Total/ PHS 0.00 0.00 0.00 0.00 0.00 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 0.00 0.00 0.00 0.00 69.64 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 0.00 0.00 0.00 -1.79 Net Premiums Written / Avg C&S (%) 0.00 0.00 0.00 0.00 160.24IBNR/ Total Reserves 0.00 0.00 0.00 30.66 18.86 Liabilities / Capital & Surplus (%) NA NA NA 158.10 244.01Reserves/ Equity 0.00 0.00 0.00 50.94 134.23 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 67.18


0.0 0.0 0.0

237.5

166.4

0

200

400

600

800

1,000

1,200

2010Y 2011Y 2012Y 2013Y 2014Y




65.1

0

500

1,000

1,500

2,000

2,500

2010Y 2011Y 2012Y 2013Y 2014Y




CareConcepts Ins Inc. A RRG (Greenwich, CT)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 0 0 0 0 205 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 62 Commercial P&C Direct Premiums 0 0 0 1,467 2,250Common Stocks 0 0 0 0 1,468 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 0 0 0 1,467 2,250Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 0 0 0 -698 -785Occupied Properties 0 0 0 0 0 Net Premiums Written 0 0 0 768 1,465Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 213 290Properties for Sale 0 0 0 0 0 Net Premiums Earned 0 0 0 555 1,175

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 0 0 0 1,395 489 Underwriting Deductions ($000)Other Investments 0 0 0 0 -7 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 0 0 0 1,395 2,216 Comm'l: Losses Paid Less Salvage 0 0 0 0 0Premiums & Considerations Due 0 0 0 0 0 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 508 817 Losses Paid Less Salvage 0 0 0 0 0All Other Admitted Assets 0 0 0 189 330 Loss Adj Expenses Paid 0 0 0 0 37Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 0 0 0 2,092 3,364 Comm'l: Chg in Unpaid Net Losses 0 0 0 127 313

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 0 0 0 127 262

Unpaid Losses 0 0 0 206 693 Total Chg in Loss & LAE Reserves 0 0 0 254 576Unpaid Loss Adj Expenses 0 0 0 206 620 Losses and LAE Incurred 0 0 0 254 612

Loss & Loss Adj Exp Reserves 0 0 0 413 1,313 Other Underwriting Expense Incurred 0 0 0 356 482Unearned Premiums 0 0 0 562 838 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 233 161 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 0 0 0 46 74 Net Underwriting Gain (Loss) 0 0 0 -55 81Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 27 0 Total underwriting deductions 0 0 0 610 1,094

Total Liabilities 0 0 0 1,281 2,386


Common Capital Stock 0 0 0 147 215 Net Realized Capital Gains Less Taxes 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 600 600 All Other Income 0 0 0 0 0Unassigned Surplus 0 0 0 -36 63 Income after cap gains (loss) before tax 0 0 0 -55 92Other Including Gross Contributed 0 0 0 100 100 Federal & Foreign Income Taxes 0 0 0 -19 17

Capital & Surplus 0 0 0 811 978 Net Income 0 0 0 -36 75

Total Liabilities and C&S 0 0 0 2,092 3,364 Pre-tax Operating Income 0 0 0 -55 92

Revenue 0 0 0 555 1,186Memo: Affiliated Investments ($000) Expenses Paid 0 0 0 310 490

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 205Cash & 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 0 0 0 0 11 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 0Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 17Net Adm Cash & Invested Assets 0 0 0 1,395 2,216Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 0 0 205Preferred Stock 0 0 0 0 62Common Stock 0 0 0 0 1,468Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0







LT Bond 205 198 205 0 607Common Stock 1,468 1,468 1,437 -- 4,374Preferred Stock 62 62 60 -- 183Total 1,734 1,727 1,702 0 --


Bond Avg Asset Quality (1-6) (Actual) 0.00 0.00 0.00 0.00 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 NA NA NA 0.00 9.23Common Stocks / C&S 0.00 0.00 0.00 0.00 150.13Unaff common stock/Invested Assets NA NA NA 0.00 66.25

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 6.291. New York 2,250 1. Med Prof Liab 2,250 Cash/Invested Assets NA NA NA 100.00 22.062. Alaska 0 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 0 All Other 0 Other Investments/Invested Assets NA NA NA 0.00 -0.31Premiums & Cons due/Total Assets NA NA NA 0.00 0.00

MARKET POSITION ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y Reinsurance recoverable/Total Assets NA NA NA 24.28 24.30

Market Share Ratio 0.00 0.00 0.00 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 9.04 9.82National DPW ($000) 0 0 0 1,467 2,250 Invested Assets/Total Assets NA NA NA 66.69 65.88Adjusted Loss Ratio 0.00 0.00 0.00 21.95 24.64 Investment Income/Total Assets NA NA NA 0.00 0.33





Other Invstmts - 21.7%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


New York - 100.0% Alaska - 0.0% Alabama - 0.0%






Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

2700 North Third Street NAIC Company Code : 11976 Total Assets 12,979 14,707 15,755 16,228 19,841Suite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 5,653 6,096 8,402 8,289 10,082Phoenix, AZ 85004-1229 Geographic Focus: Regional - Southern Quadrant Total Liabilities 7,325 8,611 7,353 7,940 9,759

NAIC Ownership Structure: Stock Company Net Income 505 816 2,924 575 1,672Tax Identification Number : 20-1145017 Revenue 4,344 4,089 4,325 3,621 3,369



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,457 6,516 4,717 4,575 3,388Demotech Financial Strength Rating A 03/04/15 Affirm Loss & LAE Reserves/ NPE (%) 106.54 162.36 176.20 143.04 132.75S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.10 19.58 58.82 8.46 25.77Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.77 0.58 0.43 0.38 0.32Fitch 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 2.58 2.56 2.07 1.85 1.94Net Investment Income/Earned Premiums 5.60 7.32 6.92 6.92 9.38Return on Average Equity (C&S) 9.27 13.83 44.01 6.69 18.17Return on Avg Assets 4.34 5.84 18.96 3.66 9.16Loss and LAE Ratio 69.50 53.23 -18.79 63.44 -0.68Expense Ratio 18.77 25.12 23.27 23.97 32.11Loss Ratio 52.26 42.52 -26.22 34.77 -16.87Combined Ratio 88.27 78.35 4.48 87.41 31.42Operating Ratio 82.67 71.04 -2.43 80.49 22.04Investment ratio 5.60 7.32 6.92 6.92 9.38


Cash, Short-Term Investments / Liabilities 19.31 18.56 71.68 9.66 9.10Bonds: Liquid Investments/ Liabilities (%) 134.53 136.06 246.26 166.14 176.15Cash & Short-Term Investments / C&S 25.02 26.22 62.73 9.26 8.81Liabilities/ Invested Assets 74.00 73.00 56.00 61.00 58.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 138.27 148.69 219.82 230.53 367.35Cash From Underwriting ($000) 2,358 2,201 1,637 -791 1,049Net Cash From Operations ($000) 1,453 2,232 1,713 -1,757 1,502Underwriting Cash Flow Ratio 238.61 216.78 181.16 74.41 144.01Operating Cash Flow Ratio 305.93 228.98 192.35 113.77 141.10Unassigned Funds / Total Assets 23.53 23.77 36.83 35.05 37.71


GPW to Policyholders' Surplus3 900 --- 45 66 68NPW to Policyholders' Surplus 300 --- 43 38 32Change in Net Premiums Written 33 -33 3 -14 2Surplus Aid to Policyholders' Surplus 15 --- 0 2 0Two-Year Overall Operating Ratio 100 --- 34 37 53




74.0 73.0

56.061.0

58.0

0

5,000

10,000

15,000

20,000

25,000

2010Y 2011Y 2012Y 2013Y 2014Y


88.3

78.4

4.5

87.4

31.4

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 17.24 10.72 7.43 28.67 16.18 Gross Change in Policyholders' Surplus 50 -10 38 -1 22Net Commission Ratio 9.21 11.51 10.35 5.16 2.35 Net Change in Adj Policyholders' Surplus 25 -10 38* -1 22Salaries & Benefits Ratio 3.20 4.65 5.12 6.97 9.14 Liabilities to Liquid Assets 100 --- 56 61 58Tax, License & Fees Ratio 1.58 2.17 1.46 2.66 7.11 Agents' Bal to Policyholders' Surplus 40 --- 1 3 3Admin & Other Expense Ratio 4.77 6.78 6.33 9.19 13.50 1-Yr Resv Dev to Policyholders' Surplus 20 --- -40 -10 -29Gross Premiums Written ($000)3 4,399 4,099 3,751 5,463 6,884 2-Yr Resv Dev to Policyholders' Surplus 20 --- -42 -47 -19Loss & Loss Adj Expense ($000) 2,837 2,011 -710 2,152 -21 Est Curr Resv Defi/Policyholders' Surplus 25 --- -15 -15 -11Other Underwriting Exp Incurred ($000) 814 889 846 747 1,022 *Indicates an unusual value.Net Underwriting Gains ($000) 431 878 3,646 493 2,083 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 98.59 86.32 96.95 57.03 46.26 complements of each ratio.Effective Tax Rate 27.10 31.41 30.21 20.29 29.38



REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 31.43 17.55 -14.61 7.98 22.91

Reinsurance Recoverable ex US Aff 293 332 402 375 505 Net Premiums Written Growth 16.85 -18.42 2.78 -14.32 2.20Retention Ratio (NPW/GPW) (%)3 98.59 86.32 96.95 57.03 46.26 Pre-Tax Operating Income Growth -70.01 75.07 238.43 -81.37 225.76Reinsurance Recoverable/Total Excl US Aff 24.91 25.60 25.37 -0.53 5.74 Net Income Growth -64.42 61.44 258.49 -80.33 190.67Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 55.58 19.40 -27.60 -3.02 -25.94Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 15.01 -6.83 -8.49 45.64 26.01Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 29.87 18.91 11.58 9.44 11.85






ACL RBC Ratio (%) (TAC/ACL RBC) 821.04 933.09 1,839.90 2,315.26 1,608.14

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 410.52 466.54 919.95 1,157.63 804.07

Loss & Loss Adj Exp Reserves Growth 55.58 19.40 -27.60 -3.02 -25.94 Net Realized Capital Gains Less Taxes 33 35 282 -6 -41 Yr Loss Reserve Dev / 1Y Prior C&S -18.58 -11.18 -40.44 -10.50 -28.90 Net Chg in Unrlzd Cap Gains Less Taxes 175 47 -127 -89 121Two Yr Loss Reserve Dev Total/ PHS -53.01 -34.94 -41.82 -46.96 -18.85 Dividends to Stockholders 0 -420 -490 -600 0Loss and LAE Reserves / NPE 106.54 162.36 176.20 143.04 132.75 Stockholder Dividends/ Net Income (%) 0.00 51.49 16.76 104.30 0.001 Yr Loss Reserve Development / NPE -22.64 -16.73 -65.18 -26.02 -77.68 Net Premiums Written / Avg C&S (%) 79.58 60.01 54.74 36.21 34.60IBNR/ Total Reserves 22.54 25.24 31.19 34.85 33.63 Liabilities / Capital & Surplus (%) 129.57 141.27 87.51 95.79 96.80Reserves/ Equity 96.52 106.89 56.14 55.19 33.60 Total Reins Recov Excl US Aff / C&S (%) 5.18 5.45 4.78 4.52 5.01


410.5466.5

919.9

1,157.6

804.1

0

2,000

4,000

6,000

8,000

10,000

12,000

2010Y 2011Y 2012Y 2013Y 2014Y




86.396.9

57.046.3

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2010Y 2011Y 2012Y 2013Y 2014Y




Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 6,415 7,997 7,866 10,679 10,261 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,399 4,099 3,751 5,463 6,884Common Stocks 1,949 2,120 0 1,411 5,440 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -62 -561 -115 -2,347 -3,700Occupied Properties 0 0 0 0 0 Net Premiums Written 4,337 3,538 3,636 3,116 3,184Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 255 -240 -145 -276 100Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,082 3,778 3,782 3,392 3,084

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,414 1,598 5,271 767 888 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 9,779 11,716 13,136 12,857 16,589 Comm'l: Losses Paid Less Salvage 370 396 487 1,520 513Premiums & Considerations Due 228 183 84 272 281 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 45 0 Losses Paid Less Salvage 370 396 487 1,520 513All Other Admitted Assets 2,972 2,808 2,534 3,054 2,970 Loss Adj Expenses Paid 517 556 601 774 653Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 12,979 14,707 15,755 16,228 19,841 Comm'l: Chg in Unpaid Net Losses 1,763 1,210 -1,478 -341 -1,033

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 186 -151 -320 198 -154

Unpaid Losses 4,133 5,343 3,865 3,524 2,492 Total Chg in Loss & LAE Reserves 1,949 1,059 -1,798 -143 -1,187Unpaid Loss Adj Expenses 1,323 1,172 852 1,050 896 Losses and LAE Incurred 2,837 2,011 -710 2,152 -21

Loss & Loss Adj Exp Reserves 5,457 6,516 4,717 4,575 3,388 Other Underwriting Expense Incurred 814 889 846 747 1,022Unearned Premiums 1,827 1,587 1,442 1,165 1,266 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -245 259 154 1,638 3,956 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 250 214 165 290 361 Net Underwriting Gain (Loss) 431 878 3,646 493 2,083Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 37 35 875 271 788 Total underwriting deductions 3,651 2,900 136 2,899 1,001



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains Less Taxes 33 35 282 -6 -4Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 3,053 3,496 5,802 5,689 7,482 Income after cap gains (loss) before tax 693 1,189 4,190 722 2,368Other Including Gross Contributed 2,000 2,000 2,000 2,000 2,000 Federal & Foreign Income Taxes 188 374 1,266 146 696

Capital & Surplus 5,653 6,096 8,402 8,289 10,082 Net Income 505 816 2,924 575 1,672

Total Liabilities and C&S 12,979 14,707 15,755 16,228 19,841 Pre-tax Operating Income 660 1,155 3,908 728 2,372


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 6,492 7,997 12,837 9,672 10,862Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 1,340 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 228 276 262 235 289 Class 6 0 0 0 0 0R li d C it l G i 33 35 282 6 4Realized Capital Gains 33 35 282 -6 -4Net Chg in Unrlzd Cap Gains Less Taxes 175 47 -127 -89 121Net Adm Cash & Invested Assets 9,779 11,716 13,136 12,857 16,589Affiliated Cash & Investments 0 0 0 0 0Carrying Value 6,492 7,997 12,837 11,013 10,862Preferred Stock 0 0 0 0 0Common Stock 1,949 2,120 0 1,411 5,440Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 0 783 4,748 5,192Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Arizona 2,555 1. Med Prof Liab 6,884 Cash/Invested Assets 14.46 13.64 40.12 5.97 5.352. Texas 1,984 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,893 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Michigan 231 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Georgia 220 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 18.13 10.26 10.60 11.48 12.47 All other admitted assets/Total Assets 22.90 19.09 16.09 18.82 14.97National DPW ($000) 4,399 4,099 3,751 5,463 6,884 Invested Assets/Total Assets 75.34 79.66 83.38 79.23 83.61Adjusted Loss Ratio 50.76 48.23 -25.22 28.29 18.47 Investment Income/Total Assets 1.76 1.88 1.66 1.45 1.46





Other Invstmts - 5.4%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Arizona - 37.1% Texas - 28.8% Florida - 27.5%

Michigan - 3.4% Georgia - 3.2% All other - 0.0%





Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

18835 North Thompson Peak Parkway NAIC Company Code : 14388 Total Assets 0 0 4,775 9,365 12,572Suite 210 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 0 0 1,512 2,103 2,048Scottsdale, AZ 85255-6254 Geographic Focus: National Total Liabilities 0 0 3,263 7,262 10,524

NAIC Ownership Structure: Stock Company Net Income 0 0 -133 672 -156Tax Identification Number : 45-5591447 Revenue 0 0 937 4,507 2,724

Direct Premiums Written 0 0 3,964 5,433 4,365Net Premiums Written 0 0 2,806 4,240 3,438

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 0 0 937 4,486 2,701

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 0 0 710 4,185 6,457Demotech Financial Strength Rating A 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) 0.00 0.00 0.00 52.36 210.47S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.00 0.00 0.00 61.32 -4.59Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA 1.86 2.02 1.68Fitch Financial Strength Rating -- -- -- --


Name : Temperance Wick Robins Auditor Saslow Lufkin & Buggy LLPPhone : (480) 320-2978 Actuary Walter Haner & Assoc. Inc.Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Michael Walter Gregory


Net Yield on Invested Assets 0.00 0.00 0.00 0.16 0.38Net Investment Income/Earned Premiums NA NA 0.06 0.10 0.80Return on Average Equity (C&S) 0.00 0.00 0.00 40.34 -7.22Return on Avg Assets 0.00 0.00 0.00 10.36 -1.46Loss and LAE Ratio 0.00 0.00 75.91 79.72 113.90Expense Ratio 0.00 0.00 7.66 -2.52 -7.41Loss Ratio 0.00 0.00 37.12 36.72 66.46Combined Ratio 0.00 0.00 83.57 77.20 106.50Operating Ratio 0.00 0.00 83.52 77.09 105.70Investment ratio 0.00 0.00 0.06 0.10 0.80


Cash, Short-Term Investments / Liabilities 0.00 0.00 34.18 15.05 12.70Bonds: Liquid Investments/ Liabilities (%) 0.00 0.00 79.93 69.16 74.76Cash & Short-Term Investments / C&S 0.00 0.00 73.78 51.97 65.26Liabilities/ Invested Assets 999.00 999.00 172.00 180.00 147.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 NA NA 86.76 71.96 84.01Cash From Underwriting ($000) 0 0 691 2,570 3,405Net Cash From Operations ($000) 0 0 540 2,065 3,181Underwriting Cash Flow Ratio NA NA 880.13 2,022.43 652.64Operating Cash Flow Ratio NA NA 1,049.38 2,411.35 694.60Unassigned Funds / Total Assets NA NA 0.25 6.44 4.36


GPW to Policyholders' Surplus3 900 --- 262 258 213NPW to Policyholders' Surplus 300 --- 186 202 168Change in Net Premiums Written 33 -33 NM* 51* -19Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 81 88




999.0 999.0

172.0 180.0 147.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y


0.0 0.0

83.677.2

106.5

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 0.00 0.00 38.79 43.00 47.45 Gross Change in Policyholders' Surplus 50 -10 NM* 50* -3Net Commission Ratio 0.00 0.00 0.83 1.69 1.82 Net Change in Adj Policyholders' Surplus 25 -10 NM* 50* -3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 172* 180* 147*Tax, License & Fees Ratio 0.00 0.00 1.87 4.34 4.49 Agents' Bal to Policyholders' Surplus 40 --- 171* 145* 138*Admin & Other Expense Ratio 0.00 0.00 4.96 -8.56 -13.72 1-Yr Resv Dev to Policyholders' Surplus 20 --- NM* 18 -60Gross Premiums Written ($000)3 0 0 3,964 5,433 4,365 2-Yr Resv Dev to Policyholders' Surplus 20 --- NM* NM* 4Loss & Loss Adj Expense ($000) 0 0 711 3,576 3,076 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 20 -219Other Underwriting Exp Incurred ($000) 0 0 215 493 508 *Indicates an unusual value.Net Underwriting Gains ($000) 0 0 11 1,017 -121 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 0.00 0.00 70.78 78.05 78.76 complements of each ratio.Effective Tax Rate 0.00 0.00 NM 35.28 NM

Pre-Tax Operating Margin 0.00 0.00 1.19 22.75 -3.65 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y



Reinsurance Recoverable ex US Aff 0 0 345 674 856 Net Premiums Written Growth 0.00 0.00 0.00 51.13 -18.92Retention Ratio (NPW/GPW) (%)3 0.00 0.00 70.78 78.05 78.76 Pre-Tax Operating Income Growth 0.00 0.00 0.00 NM NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 0.00 0.00 0.00 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 489.43 54.29Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 0.00 0.00 0.00 37.05 -19.65Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 0.00 0.00 0.00 0.00 0.00





Asbestos NA NA NA NA NA Capital and Surplus 0 0 1,512 2,103 2,048 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 0 1,512 2,103 2,048 Combined NA NA NA NA NA ACL Risk Based Capital 0 0 157 570 567



Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 489.43 54.29 Net Realized Capital Gains Less Taxes 0 0 0 17 21 Yr Loss Reserve Dev / 1Y Prior C&S 0.00 0.00 0.00 16.54 -60.48 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 24 24Two Yr Loss Reserve Dev Total/ PHS 0.00 0.00 0.00 0.00 3.91 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 0.00 0.00 0.00 52.36 210.47 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 0.00 0.00 5.57 -47.11 Net Premiums Written / Avg C&S (%) 0.00 0.00 0.00 254.59 158.66IBNR/ Total Reserves 0.00 0.00 36.24 41.74 26.96 Liabilities / Capital & Surplus (%) NA NA 215.83 345.25 513.95Reserves/ Equity 0.00 0.00 46.96 198.95 315.30 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 22.82 32.04 41.80


0.0 0.0

482.3

184.5 180.6

0

500

1,000

1,500

2,000

2,500

2010Y 2011Y 2012Y 2013Y 2014Y




70.8

78.178.8

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Y




Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 0 0 411 2,389 4,569 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 0 0 3,964 5,433 4,365Common Stocks 0 0 366 555 1,270 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 0 0 3,964 5,433 4,365Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans NA NA 0 0 0 Net Reinsurance Premiums5 0 0 -1,158 -1,192 -927Occupied Properties 0 0 0 0 0 Net Premiums Written 0 0 2,806 4,240 3,438Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 1,869 -245 737Properties for Sale 0 0 0 0 0 Net Premiums Earned 0 0 937 4,486 2,701

Total Real Estate NA NA 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 0 0 1,115 1,093 1,336 Underwriting Deductions ($000)Other Investments 0 0 0 -16 -23 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 0 0 1,893 4,020 7,153 Comm'l: Losses Paid Less Salvage 0 0 0 25 56Premiums & Considerations Due 0 0 2,582 3,586 2,820 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 1,281 1,784 Losses Paid Less Salvage 0 0 0 25 56All Other Admitted Assets 0 0 300 478 816 Loss Adj Expenses Paid 0 0 363 1,929 1,281Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 0 0 4,775 9,365 12,572 Comm'l: Chg in Unpaid Net Losses 0 0 348 1,622 1,739


Unpaid Losses 0 0 348 2,042 3,781 Total Chg in Loss & LAE Reserves 0 0 348 1,622 1,739Unpaid Loss Adj Expenses 0 0 362 2,143 2,676 Losses and LAE Incurred 0 0 711 3,576 3,076

Loss & Loss Adj Exp Reserves 0 0 710 4,185 6,457 Other Underwriting Expense Incurred 0 0 215 493 508Unearned Premiums 0 0 1,869 2,339 3,076 Other Underwriting Deductions 0 0 0 -600 -763Total Reinsurance Liabilities 0 0 557 607 927 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 0 0 128 131 65 Net Underwriting Gain (Loss) 0 0 11 1,017 -121Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 0 0 926 3,469 2,821

Total Liabilities 0 0 3,263 7,262 10,524


Common Capital Stock 0 0 1,500 1,500 1,500 Net Realized Capital Gains Less Taxes 0 0 0 17 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 0 0 12 603 548 Income after cap gains (loss) before tax 0 0 11 1,038 -98Other Including Gross Contributed 0 0 0 0 0 Federal & Foreign Income Taxes 0 0 144 366 59

Capital & Surplus 0 0 1,512 2,103 2,048 Net Income 0 0 -133 672 -156

Total Liabilities and C&S 0 0 4,775 9,365 12,572 Pre-tax Operating Income 0 0 11 1,021 -99

Revenue 0 0 937 4,507 2,724Memo: Affiliated Investments ($000) Expenses Paid 0 0 578 2,422 1,789

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 1,127 3,375 5,262Cash & 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 0 0 1 5 21 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 17 2Realized Capital Gains 0 0 0 17 2Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 24 24Net Adm Cash & Invested Assets 0 0 1,893 4,020 7,153Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 1,127 3,375 5,262Preferred Stock 0 0 0 0 0Common Stock 0 0 366 555 1,270Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0









Bond Avg Asset Quality (1-6) (Actual) 0.00 0.00 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 NA NA 21.74 59.42 63.88Common Stocks / C&S 0.00 0.00 24.19 26.37 62.03Unaff common stock/Invested Assets NA NA 19.33 13.80 17.76

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 509 1. Med Prof Liab 4,365 Cash/Invested Assets NA NA 58.94 27.19 18.682. New Jersey 509 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 359 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. New Mexico 316 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA 0.00 0.00 0.005. Indiana 275 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA 0.00 0.00 0.00

All Other 2,397 All Other 0 Other Investments/Invested Assets NA NA 0.00 -0.41 -0.32Premiums & Cons due/Total Assets NA NA 54.08 38.29 22.43

MARKET POSITION ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y Reinsurance recoverable/Total Assets NA NA 0.00 13.68 14.19

Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA 6.28 5.11 6.49National DPW ($000) 0 0 3,964 5,433 4,365 Invested Assets/Total Assets NA NA 39.63 42.93 56.89Adjusted Loss Ratio 0.00 0.00 31.39 33.36 40.69 Investment Income/Total Assets NA NA 0.01 0.05 0.17





Other Invstmts - 18.4%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Arizona - 11.7% New Jersey - 11.7% Florida - 8.2%

New Mexico - 7.2% Indiana - 6.3% All other - 54.9%





Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

2386 Airport Road NAIC Company Code : 10075 Total Assets 6,252 5,674 5,365 5,369 5,275Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,589 3,405 3,373 3,305 3,237

Geographic Focus: Geography Minimum NPW Total Liabilities 2,664 2,269 1,992 2,063 2,039NAIC Ownership Structure: Risk Retention Group Net Income 13 -64 15 -52 -61Tax Identification Number : 03-0310577 Revenue 902 804 692 571 638

Direct Premiums Written 1,326 1,166 944 1,226 1,142Net Premiums Written 616 561 405 493 567

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 679 602 496 443 534

AM Best Financial Strength Rating -- 05/02/14 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 2,065 1,820 1,641 1,629 1,558Demotech Financial Strength Rating A 03/16/15 Affirm Loss & LAE Reserves/ NPE (%) 368.61 347.05 360.71 375.62 302.11S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -1.39 -7.21 -3.90 -6.27 -4.53Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.17 0.16 0.12 0.15 0.18Fitch 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 2.34 1.49 1.09 0.99 1.01Net Investment Income/Earned Premiums 20.95 13.79 10.22 10.62 8.85Return on Average Equity (C&S) 0.36 -1.84 0.44 -1.58 -1.88Return on Avg Assets 0.19 -1.05 0.27 -0.96 -1.15Loss and LAE Ratio 45.50 60.07 29.08 45.26 41.43Expense Ratio 91.28 102.30 131.91 100.88 89.41Loss Ratio 17.09 -50.18 22.51 -31.81 60.14Combined Ratio 136.78 162.37 160.99 146.14 130.84Operating Ratio 115.83 148.58 150.78 135.52 121.99Investment ratio 20.95 13.79 10.22 10.62 8.85


Cash, Short-Term Investments / Liabilities 53.40 67.35 66.76 75.04 78.64Bonds: Liquid Investments/ Liabilities (%) 261.92 277.99 272.92 282.01 245.15Cash & Short-Term Investments / C&S 39.64 44.87 39.43 46.84 49.53Liabilities/ Invested Assets 46.00 45.00 45.00 45.00 43.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 344.04 364.60 377.08 358.13 376.13Cash From Underwriting ($000) -418 -833 -780 124 -5Net Cash From Operations ($000) -143 -696 -697 204 74Underwriting Cash Flow Ratio 60.06 41.83 34.91 137.77 99.12Operating Cash Flow Ratio 50.04 41.83 34.91 137.10 99.12Unassigned Funds / Total Assets 48.96 52.93 55.90 54.85 54.70


GPW to Policyholders' Surplus3 900 --- 28 37 35NPW to Policyholders' Surplus 300 --- 12 15 18Change in Net Premiums Written 33 -33 -28 22 15Surplus Aid to Policyholders' Surplus 15 --- 2 2 1Two-Year Overall Operating Ratio 100 --- 149* 141* 128*


MSA: Barre, VT (Micro)

Distribution Channel: General Agnt/Managing General Agnt

46.0

45.0 45.0 45.0

43.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010Y 2011Y 2012Y 2013Y 2014Y


136.8

162.4 161.0

146.1

130.8

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 28.41 110.25 6.58 77.07 -18.71 Gross Change in Policyholders' Surplus 50 -10 -1 -2 -2Net Commission Ratio 18.07 18.16 20.15 14.04 18.08 Net Change in Adj Policyholders' Surplus 25 -10 0 -2 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 45 45 43Tax, License & Fees Ratio 4.09 14.18 10.65 6.45 5.46 Agents' Bal to Policyholders' Surplus 40 --- 2 4 2Admin & Other Expense Ratio 69.12 69.96 101.11 80.40 65.87 1-Yr Resv Dev to Policyholders' Surplus 20 --- -5 -3 -5Gross Premiums Written ($000)3 1,326 1,166 944 1,226 1,142 2-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -7 -6Loss & Loss Adj Expense ($000) 309 362 144 201 221 Est Curr Resv Defi/Policyholders' Surplus 25 --- -10 -11 3Other Underwriting Exp Incurred ($000) 562 574 534 498 507 *Indicates an unusual value.Net Underwriting Gains ($000) -192 -334 -182 -255 -194 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 46.41 48.13 42.87 40.24 49.62 complements of each ratio.Effective Tax Rate 58.78 NM -3.79 NM NM

Pre-Tax Operating Margin -6.09 -36.59 -23.99 -42.44 -25.18 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth -7.68 -9.25 -5.45 0.07 -1.74

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth -14.87 -14.83 -12.19 3.57 -1.20

Reinsurance Recoverable ex US Aff 2,565 2,734 2,604 2,212 2,218 Net Premiums Written Growth -3.83 -8.86 -27.89 21.91 14.87Retention Ratio (NPW/GPW) (%)3 46.41 48.13 42.87 40.24 49.62 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl 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 -15.70 -11.86 -9.87 -0.68 -4.37Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -12.84 -12.11 -19.05 29.87 -6.83Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -1.38 -6.24 -8.93 -9.54 -8.21

Capital & Surplus Five-year CAGR -0.98 -2.83 -3.81 -1.58 -2.34Admitted Assets Five-year CAGR -1.15 -4.28 -5.91 -5.13 -4.87







Loss & Loss Adj Exp Reserves Growth -15.70 -11.86 -9.87 -0.68 -4.37 Net Realized Capital Gains Less Taxes 81 119 146 81 561 Yr Loss Reserve Dev / 1Y Prior C&S -11.25 -11.93 -4.79 -3.08 -4.90 Net Chg in Unrlzd Cap Gains Less Taxes 25 6 -42 -3 -6Two Yr Loss Reserve Dev Total/ PHS -7.15 -18.99 -10.14 -7.21 -5.84 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 368.61 347.05 360.71 375.62 302.11 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -60.43 -71.11 -32.86 -23.47 -30.33 Net Premiums Written / Avg C&S (%) 17.18 16.13 12.02 14.88 17.52IBNR/ Total Reserves 45.30 19.52 23.29 9.41 25.10 Liabilities / Capital & Surplus (%) 74.23 66.62 59.07 62.42 62.99Reserves/ Equity 57.55 53.46 48.65 49.30 48.15 Total Reins Recov Excl US Aff / C&S (%) 71.48 80.29 77.21 66.92 68.53


456.1

438.7

464.3

496.9

486.4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))46.4 48.142.9

40.2

49.6

0

200

400

600

800

1,000

1,200

1,400

2010Y 2011Y 2012Y 2013Y 2014Y




Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 3,218 2,608 2,497 2,320 2,256 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,326 1,166 944 1,226 1,142Common Stocks 1,095 884 567 705 903 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,326 1,166 944 1,226 1,142Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -711 -605 -539 -732 -575Occupied Properties 0 0 0 0 0 Net Premiums Written 616 561 405 493 567Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -63 -41 -92 50 32Properties for Sale 0 0 0 0 0 Net Premiums Earned 679 602 496 443 534

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,422 1,528 1,330 1,548 1,603 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 5,735 5,020 4,393 4,573 4,762 Comm'l: Losses Paid Less Salvage 343 255 260 38 101Premiums & Considerations Due 100 76 51 131 75 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 171 299 646 258 102 Losses Paid Less Salvage 343 255 260 38 101All Other Admitted Assets 247 278 275 406 337 Loss Adj Expenses Paid 351 352 64 174 192Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 6,252 5,674 5,365 5,369 5,275 Comm'l: Chg in Unpaid Net Losses -227 -557 -148 -179 220

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -158 312 -31 168 -291

Unpaid Losses 1,112 555 407 228 449 Total Chg in Loss & LAE Reserves -385 -245 -180 -11 -71Unpaid Loss Adj Expenses 953 1,265 1,234 1,401 1,110 Losses and LAE Incurred 309 362 144 201 221

Loss & Loss Adj Exp Reserves 2,065 1,820 1,641 1,629 1,558 Other Underwriting Expense Incurred 562 574 534 498 507Unearned Premiums 347 306 215 265 297 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 22 36 25 63 33 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 229 106 111 105 150 Net Underwriting Gain (Loss) -192 -334 -182 -255 -194Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 871 936 678 698 728



Common Capital Stock 39 38 36 36 35 Net Realized Capital Gains Less Taxes 81 119 146 81 56Preferred 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 3,061 3,003 2,999 2,945 2,885 Income after cap gains (loss) before tax 31 -132 14 -127 -90Other Including Gross Contributed 489 364 338 325 316 Federal & Foreign Income Taxes 18 -68 -1 -74 -29

Capital & Surplus 3,589 3,405 3,373 3,305 3,237 Net Income 13 -64 15 -52 -61

Total Liabilities and C&S 6,252 5,674 5,365 5,369 5,275 Pre-tax Operating Income -50 -251 -131 -208 -146

Revenue 902 804 692 571 638Memo: Affiliated Investments ($000) Expenses Paid 948 1,063 603 683 694

Bonds 0 0 0 0 0





Net Investment Income 142 83 51 47 47 Class 6 0 0 0 0 0R li d C it l G i 81 119 146 81 56Realized Capital Gains 81 119 146 81 56Net Chg in Unrlzd Cap Gains Less Taxes 25 6 -42 -3 -6Net Adm Cash & Invested Assets 5,735 5,020 4,393 4,573 4,762Affiliated Cash & Investments 0 0 0 0 0Carrying Value 4,459 3,894 3,541 3,566 2,492Preferred Stock 0 0 0 0 0Common Stock 1,095 884 567 705 903Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0







LT Bond 2,256 2,256 2,289 2,191 8,993Common Stock 903 903 736 -- 2,541Preferred Stock 0 0 0 -- 0Total 3,159 3,159 3,025 2,191 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Colorado 356 1. Oth, Prod Liab Cmbnd 1,142 Cash/Invested Assets 24.80 30.44 30.27 33.86 33.672. Illinois 125 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Wisconsin 107 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. California 98 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. West Virginia 58 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -7.86 -14.45 -17.25 -10.13 -5.58 All other admitted assets/Total Assets 3.95 4.91 5.12 7.57 6.38National DPW ($000) 1,326 1,166 944 1,226 1,142 Invested Assets/Total Assets 91.73 88.48 81.89 85.18 90.27Adjusted Loss Ratio 3.04 -53.59 -103.26 -31.30 58.92 Investment Income/Total Assets 2.27 1.46 0.94 0.88 0.90





Other Invstmts - 33.7%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Colorado - 31.2% Illinois - 10.9%

Wisconsin - 9.3% California - 8.5%

West Virginia - 5.1% All other - 34.9%





Continuing Care RRG Inc. (Charleston, SC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

BB&T Plaza NAIC Company Code : 11798 Total Assets 3,635 4,595 3,695 4,383 4,664234 Seven Farms Drive, Suite 215 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,561 3,365 2,937 2,855 2,158Charleston, SC 29492-8109 Geographic Focus: Regional - Western Quadrant Total Liabilities 1,074 1,230 758 1,528 2,507

NAIC Ownership Structure: Risk Retention Group Net Income -1,329 787 -451 -217 -987Tax Identification Number : 20-0221911 Revenue 5,218 3,890 2,733 3,226 3,452



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 412 535 98 13 1,383Demotech Financial Strength Rating A 03/10/15 Affirm Loss & LAE Reserves/ NPE (%) 32.21 39.99 37.20 21.73 33.29S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -49.34 23.31 -18.47 -7.10 -56.46Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.04 1.16 0.93 1.13 1.60Fitch Financial Strength Rating -- -- -- --


Name : Gemma Agustin Tuanqui Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 0.01 0.03 -0.08 -0.08 -0.02Net Investment Income/Earned Premiums 0.00 0.02 -0.05 -0.02 -0.01Return on Average Equity (C&S) -43.40 26.80 -14.71 -7.28 -37.34Return on Avg Assets -19.31 14.20 -8.78 -4.26 -16.65Loss and LAE Ratio 89.41 39.25 55.43 77.24 103.75Expense Ratio 39.61 43.19 65.35 29.30 39.49Loss Ratio 69.06 21.20 45.78 47.53 70.11Combined Ratio 129.02 82.44 120.77 106.54 143.24Operating Ratio 129.02 82.42 120.83 106.56 143.25Investment ratio 0.00 0.02 -0.05 -0.02 -0.01


Cash, Short-Term Investments / Liabilities 187.57 205.07 68.20 116.41 79.49Bonds: Liquid Investments/ Liabilities (%) 187.57 205.07 68.20 116.41 79.49Cash & Short-Term Investments / C&S 78.66 74.96 17.60 62.33 92.36Liabilities/ Invested Assets 53.00 49.00 147.00 86.00 126.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 508.10 468.43 536.75 5,693.07 86.43Cash From Underwriting ($000) 838 489 -2,178 1,129 -77Net Cash From Operations ($000) 840 491 -2,177 1,128 -77Underwriting Cash Flow Ratio 113.00 115.57 55.68 136.27 97.69Operating Cash Flow Ratio 113.00 115.57 55.68 136.27 97.69Unassigned Funds / Total Assets -64.49 -33.87 -58.36 -54.15 -72.05


GPW to Policyholders' Surplus3 900 --- 109 119 234NPW to Policyholders' Surplus 300 --- 93 113 160Change in Net Premiums Written 33 -33 -30 18 7Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 98 113* 126*


MSA: Charleston-North Charleston, SC (Metro)


53.0 49.0

147.0

86.0

126.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2010Y 2011Y 2012Y 2013Y 2014Y


129.0

82.4

120.8

106.5

143.2

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 20.35 18.06 9.64 29.71 33.65 Gross Change in Policyholders' Surplus 50 -10 -13* -3 -24*Net Commission Ratio 9.08 9.24 9.78 8.72 14.53 Net Change in Adj Policyholders' Surplus 25 -10 -18* -7 -35*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 147* 86 126*Tax, License & Fees Ratio 4.74 4.51 5.25 1.75 1.39 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 25.79 29.44 50.31 18.83 23.57 1-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -3 0Gross Premiums Written ($000)3 5,820 4,276 3,209 3,383 5,059 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -15 -3Loss & Loss Adj Expense ($000) 4,663 1,526 1,514 2,492 3,582 Est Curr Resv Defi/Policyholders' Surplus 25 --- -1 0 -64Other Underwriting Exp Incurred ($000) 2,066 1,679 1,785 945 1,363 *Indicates an unusual value.Net Underwriting Gains ($000) -1,514 683 -568 -211 -1,493 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 89.62 90.92 85.13 95.36 68.24 complements of each ratio.Effective Tax Rate NM -14.96 NM NM NM

Pre-Tax Operating Margin -28.96 17.61 -20.72 -6.56 -43.24 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth -41.05 26.43 -19.59 18.61 6.42

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth -54.54 14.55 -38.36 101.60 64.01

Reinsurance Recoverable ex US Aff 79 -15 10 -1,012 -797 Net Premiums Written Growth 7.14 -25.47 -29.72 18.10 6.99Retention Ratio (NPW/GPW) (%)3 89.62 90.92 85.13 95.36 68.24 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl 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 29.93 -81.66 -86.27 NMReinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 6.72 -26.53 -24.94 5.42 49.52Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -19.75 -12.10 -21.07 -1.89 1.20






ACL RBC Ratio (%) (TAC/ACL RBC) 370.34 577.88 426.80 1,032.78 293.93


Loss & Loss Adj Exp Reserves Growth NM 29.93 -81.66 -86.27 NM Net Realized Capital Gains Less Taxes 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S 0.00 3.44 -12.15 -3.20 -0.46 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Two Yr Loss Reserve Dev Total/ PHS -0.25 0.00 -11.87 -14.94 -3.20 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 32.21 39.99 37.20 21.73 33.29 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 2.26 -14.97 -2.91 -0.38 Net Premiums Written / Avg C&S (%) 170.27 132.28 89.11 108.31 130.56IBNR/ Total Reserves 48.27 40.21 23.13 0.66 24.86 Liabilities / Capital & Surplus (%) 41.93 36.55 25.81 53.54 116.19Reserves/ Equity 16.09 15.91 3.34 0.47 64.12 Total Reins Recov Excl US Aff / C&S (%) 3.08 -0.45 0.34 -35.45 -36.94


185.2

288.9

213.4

516.4

147.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))89.6 90.985.1

95.4

68.2

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010Y 2011Y 2012Y 2013Y 2014Y




Continuing Care RRG Inc. (Charleston, SC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

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 5,820 4,276 3,209 3,383 5,059Common 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 -604 -388 -477 -157 -1,607Occupied Properties 0 0 0 0 0 Net Premiums Written 5,216 3,887 2,732 3,227 3,452Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,216 3,887 2,732 3,227 3,452

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,014 2,523 517 1,779 1,993 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 2,014 2,523 517 1,779 1,993 Comm'l: Losses Paid Less Salvage 3,248 892 1,447 1,609 1,454Premiums & Considerations Due 9 0 -18 -13 -41 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 3,248 892 1,447 1,609 1,454All Other Admitted Assets 1,611 2,073 3,196 2,617 2,712 Loss Adj Expenses Paid 1,003 510 516 968 758Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 3,635 4,595 3,695 4,383 4,664 Comm'l: Chg in Unpaid Net Losses 354 -68 -197 -76 966

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 58 192 -252 -9 404

Unpaid Losses 354 285 89 13 979 Total Chg in Loss & LAE Reserves 412 123 -449 -85 1,370Unpaid Loss Adj Expenses 58 250 9 0 404 Losses and LAE Incurred 4,663 1,526 1,514 2,492 3,582

Loss & Loss Adj Exp Reserves 412 535 98 13 1,383 Other Underwriting Expense Incurred 2,066 1,679 1,785 945 1,363Unearned Premiums 0 0 0 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -79 15 -10 1,012 797 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 695 680 658 494 327 Net Underwriting Gain (Loss) -1,514 683 -568 -211 -1,493Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 46 0 12 9 0 Total underwriting deductions 6,729 3,205 3,300 3,437 4,945

Total Liabilities 1,074 1,230 758 1,528 2,507

Income ($000)Total Capital and Surplus Net Investment Income 0 1 -1 -1 0

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 2 1 3 0 0Surplus Notes 0 0 0 0 175 All Other Income 0 0 0 0 0Unassigned Surplus -2,344 -1,557 -2,157 -2,373 -3,361 Income after cap gains (loss) before tax -1,511 685 -566 -212 -1,493Other Including Gross Contributed 4,905 4,922 5,094 5,228 5,343 Federal & Foreign Income Taxes -182 -102 -115 5 -505

Capital & Surplus 2,561 3,365 2,937 2,855 2,158 Net Income -1,329 787 -451 -217 -987

Total Liabilities and C&S 3,635 4,595 3,695 4,383 4,664 Pre-tax Operating Income -1,511 685 -566 -212 -1,493


Bonds 0 0 0 0 0





Net Investment Income 0 1 -1 -1 0 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 0Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Net Adm Cash & Invested Assets 2,014 2,523 517 1,779 1,993Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 0 0 0Preferred Stock 0 0 0 0 0Common Stock 0 0 0 0 0Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0







LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 3,734 1. Med Prof Liab 3,794 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 1,130 2. Oth, Prod Liab Cmbnd 1,265 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Maryland 95 3. Acc & Health 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. New Mexico 50 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Vermont 35 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 14 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.26 0.00 -0.48 -0.30 -0.87


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 7.91 -3.19 -10.35 -9.07 -1.49 All other admitted assets/Total Assets 44.32 45.11 86.49 59.70 58.15National DPW ($000) 5,820 4,276 3,209 3,383 5,059 Invested Assets/Total Assets 55.42 54.89 13.99 40.60 42.72Adjusted Loss Ratio 61.89 19.27 38.98 45.33 82.32 Investment Income/Total Assets 0.00 0.02 -0.04 -0.02 -0.01





Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


California - 73.8% Arizona - 22.3% Maryland - 1.9%

New Mexico - 1.0% Vermont - 0.7% All other - 0.3%

Med Prof Liab - 75.0% Oth, Prod Liab Cmbnd - 25.0%

Acc & Health - 0.0% Aircraft - 0.0%

Comm'l Auto St - 0.0% All Other - 0.0%


Emergency Cap Mgmt LLC A RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets 0 0 2,743 3,316 4,164Suite Six Business Focus : P&C Minimum NPW Policyholder Surplus 0 0 1,802 1,900 2,043Washington, DC 20009-1013 Geographic Focus: Geography Minimum NPW Total Liabilities 0 0 941 1,416 2,121

NAIC Ownership Structure: Risk Retention Group Net Income 0 0 -11 25 148Tax Identification Number : 45-4057491 Revenue 0 0 1,018 672 880

Direct Premiums Written 0 0 3,023 3,200 3,286Net Premiums Written 0 0 1,004 669 852

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 0 0 1,004 669 852

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 0 0 769 1,311 1,918Demotech Financial Strength Rating A 03/04/15 Affirm Loss & LAE Reserves/ NPE (%) 0.00 0.00 0.00 155.09 184.93S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.00 0.00 0.00 3.17 8.24Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA 0.56 0.35 0.42Fitch 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 0.00 0.00 0.00 0.27 0.67Net Investment Income/Earned Premiums NA NA 0.81 1.37 3.32Return on Average Equity (C&S) 0.00 0.00 0.00 1.34 7.35Return on Avg Assets 0.00 0.00 0.00 0.70 3.34Loss and LAE Ratio 0.00 0.00 76.57 81.64 71.37Expense Ratio 0.00 0.00 18.88 10.85 12.49Loss Ratio 0.00 0.00 38.77 22.34 133.26Combined Ratio 0.00 0.00 95.45 92.49 83.85Operating Ratio 0.00 0.00 94.63 91.11 80.54Investment ratio 0.00 0.00 0.81 1.37 3.32


Cash, Short-Term Investments / Liabilities 0.00 0.00 114.64 94.51 11.91Bonds: Liquid Investments/ Liabilities (%) 0.00 0.00 250.64 232.78 188.69Cash & Short-Term Investments / C&S 0.00 0.00 59.88 70.45 12.36Liabilities/ Invested Assets 999.00 999.00 40.00 45.00 53.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 NA NA 526.49 496.10 459.95Cash From Underwriting ($000) 0 0 632 816 770Net Cash From Operations ($000) 0 0 596 787 901Underwriting Cash Flow Ratio NA NA 2,034.89 522.86 1,080.48Operating Cash Flow Ratio NA NA 2,237.00 557.83 1,001.74Unassigned Funds / Total Assets NA NA 0.97 3.77 6.45


GPW to Policyholders' Surplus3 900 --- 168 168 161NPW to Policyholders' Surplus 300 --- 56 35 42Change in Net Premiums Written 33 -33 NM* -33* 27Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 95 93 85




999.0 999.0

40.0 45.0 53.00

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2010Y 2011Y 2012Y 2013Y 2014Y


0.0 0.0

95.4 92.583.9

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 0.00 0.00 37.79 59.30 -61.89 Gross Change in Policyholders' Surplus 50 -10 3 5 8Net Commission Ratio 0.00 0.00 -13.29 -28.71 -22.86 Net Change in Adj Policyholders' Surplus 25 -10 2 5 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 40 45 53Tax, License & Fees Ratio 0.00 0.00 9.57 12.85 10.63 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 0.00 0.00 22.61 26.70 24.72 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -7 1Gross Premiums Written ($000)3 0 0 3,023 3,200 3,286 2-Yr Resv Dev to Policyholders' Surplus 20 --- NM* 0 -9Loss & Loss Adj Expense ($000) 0 0 769 546 608 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 -47 -40Other Underwriting Exp Incurred ($000) 0 0 190 73 106 *Indicates an unusual value.Net Underwriting Gains ($000) 0 0 46 50 138 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 0.00 0.00 33.22 20.91 25.92 complements of each ratio.Effective Tax Rate 0.00 0.00 118.29 52.60 10.87




Reinsurance Recoverable ex US Aff 0 0 1,689 3,356 4,818 Net Premiums Written Growth 0.00 0.00 0.00 -33.40 27.33Retention Ratio (NPW/GPW) (%)3 0.00 0.00 33.22 20.91 25.92 Pre-Tax Operating Income Growth 0.00 0.00 0.00 10.29 178.93Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 0.00 0.00 0.00 NM 488.75Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 70.47 46.31Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 0.00 0.00 0.00 5.83 2.69Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 0.00 0.00 0.00 0.00 0.00





Asbestos NA NA NA NA NA Capital and Surplus 0 0 1,802 1,900 2,043 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 0 1,802 1,900 2,043 Combined NA NA NA NA NA ACL Risk Based Capital 0 0 377 390 475



Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 70.47 46.31 Net Realized Capital Gains Less Taxes 0 0 6 -6 01 Yr Loss Reserve Dev / 1Y Prior C&S 0.00 0.00 0.00 -7.27 1.11 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 9 28 22Two Yr Loss Reserve Dev Total/ PHS 0.00 0.00 0.00 0.00 -8.54 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 0.00 0.00 0.00 155.09 184.93 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 0.00 0.00 -19.59 2.47 Net Premiums Written / Avg C&S (%) 0.00 0.00 0.00 35.66 42.32IBNR/ Total Reserves 0.00 0.00 44.14 10.97 43.47 Liabilities / Capital & Surplus (%) NA NA 52.23 74.54 103.78Reserves/ Equity 0.00 0.00 42.68 68.99 93.86 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 93.75 176.63 235.79


0.0 0.0

239.0 243.4

215.1

0

500

1,000

1,500

2,000

2,500

2010Y 2011Y 2012Y 2013Y 2014Y




33.2

20.9

25.9

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010Y 2011Y 2012Y 2013Y 2014Y




Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 0 0 1,050 1,352 2,715 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 0 0 3,023 3,200 3,286Common Stocks 0 0 229 456 1,034 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 0 0 3,023 3,200 3,286Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans NA NA 0 0 0 Net Reinsurance Premiums5 0 0 -2,019 -2,531 -2,434Occupied Properties 0 0 0 0 0 Net Premiums Written 0 0 1,004 669 852Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 0 0 1,004 669 852

Total Real Estate NA NA 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 0 0 1,079 1,338 253 Underwriting Deductions ($000)Other Investments 0 0 1 1 2 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 0 0 2,359 3,147 4,003 Comm'l: Losses Paid Less Salvage 0 0 0 0 0Premiums & Considerations Due 0 0 0 0 6 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 350 61 81 Losses Paid Less Salvage 0 0 0 0 0All Other Admitted Assets 0 0 33 108 74 Loss Adj Expenses Paid 0 0 0 4 1Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 0 0 2,743 3,316 4,164 Comm'l: Chg in Unpaid Net Losses 0 0 389 149 1,135


Unpaid Losses 0 0 389 539 1,674 Total Chg in Loss & LAE Reserves 0 0 769 542 607Unpaid Loss Adj Expenses 0 0 380 772 244 Losses and LAE Incurred 0 0 769 546 608

Loss & Loss Adj Exp Reserves 0 0 769 1,311 1,918 Other Underwriting Expense Incurred 0 0 190 73 106Unearned Premiums 0 0 0 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 1 3 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 0 0 167 102 136 Net Underwriting Gain (Loss) 0 0 46 50 138Payable to Parent, Subs & Affiliates 0 0 2 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 3 3 63 Total underwriting deductions 0 0 959 619 714



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 0 0 6 -6 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 0 0 27 125 268 Income after cap gains (loss) before tax 0 0 60 53 166Other Including Gross Contributed 0 0 1,775 1,775 1,775 Federal & Foreign Income Taxes 0 0 70 28 18

Capital & Surplus 0 0 1,802 1,900 2,043 Net Income 0 0 -11 25 148

Total Liabilities and C&S 0 0 2,743 3,316 4,164 Pre-tax Operating Income 0 0 54 59 166

Revenue 0 0 1,018 672 880Memo: Affiliated Investments ($000) Expenses Paid 0 0 64 -146 365

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 1,050 1,502 2,715Cash & 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 0 0 8 9 28 Class 6 0 0 0 0 0R li d C it l G i 0 0 6 6 0Realized Capital Gains 0 0 6 -6 0Net Chg in Unrlzd Cap Gains Less Taxes 0 0 9 28 22Net Adm Cash & Invested Assets 0 0 2,359 3,147 4,003Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 1,050 1,502 2,715Preferred Stock 0 0 0 0 0Common Stock 0 0 229 456 1,034Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0







LT Bond 2,715 2,715 2,780 2,550 10,760Common Stock 1,034 1,034 948 -- 3,015Preferred Stock 0 0 0 -- 0Total 3,749 3,749 3,728 2,550 --


Bond Avg Asset Quality (1-6) (Actual) 0.00 0.00 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 NA NA 44.52 42.96 67.82Common Stocks / C&S 0.00 0.00 12.73 24.00 50.59Unaff common stock/Invested Assets NA NA 9.72 14.49 25.82

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Illinois 1,088 1. Med Prof Liab 3,286 Cash/Invested Assets NA NA 45.72 42.53 6.312. Ohio 675 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Indiana 657 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Michigan 380 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA 0.00 0.00 0.005. Delaware 300 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA 0.00 0.00 0.00

All Other 185 All Other 0 Other Investments/Invested Assets NA NA 0.04 0.02 0.05Premiums & Cons due/Total Assets NA NA 0.00 0.00 0.14

MARKET POSITION ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y Reinsurance recoverable/Total Assets NA NA 12.75 1.85 1.94

Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA 1.22 3.25 1.78National DPW ($000) 0 0 3,023 3,200 3,286 Invested Assets/Total Assets NA NA 86.03 94.90 96.14Adjusted Loss Ratio 0.00 0.00 46.59 49.39 48.74 Investment Income/Total Assets NA NA 0.30 0.28 0.68





Other Invstmts - 6.4%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Illinois - 33.1% Ohio - 20.5% Indiana - 20.0%

Michigan - 11.6% Delaware - 9.1% All other - 5.6%





Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

9550 South Eastern Avenue NAIC Company Code : 12003 Total Assets 13,729 22,902 21,100 22,605 23,524Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,823 6,324 6,002 6,759 7,550Las Vegas, NV 89123-8042 Geographic Focus: National Total Liabilities 8,906 16,578 15,098 15,846 15,974

NAIC Ownership Structure: Risk Retention Group Net Income 400 635 -301 816 494Tax Identification Number : 20-1141933 Revenue 6,152 6,387 4,394 4,112 5,781



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,531 7,770 7,739 6,949 7,508Demotech Financial Strength Rating A 03/06/15 Affirm Loss & LAE Reserves/ NPE (%) 109.18 121.30 198.92 203.94 136.55S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 4.84 12.51 -11.54 17.50 2.08Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.14 1.01 0.62 0.68 0.71Fitch Financial Strength Rating -- -- -- --


Name : Andrew Carlton Auditor Shores Tagman Butler & Co P.A.Phone : (941) 373-1113 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 2.63 2.14 1.62 1.93 1.44Net Investment Income/Earned Premiums 4.22 3.82 5.59 6.65 4.44Return on Average Equity (C&S) 9.44 11.42 -4.74 12.69 6.69Return on Avg Assets 2.85 3.80 -1.32 3.72 2.17Loss and LAE Ratio 50.83 45.01 56.42 0.92 59.46Expense Ratio 52.77 43.57 52.50 56.39 41.11Loss Ratio 29.78 16.66 21.08 -8.46 37.47Combined Ratio 103.60 88.58 128.33 66.37 100.58Operating Ratio 99.37 84.76 122.74 59.72 96.14Investment ratio 4.22 3.82 5.59 6.65 4.44


Cash, Short-Term Investments / Liabilities 7.00 24.09 22.29 21.26 28.44Bonds: Liquid Investments/ Liabilities (%) 95.60 70.02 74.08 91.05 99.91Cash & Short-Term Investments / C&S 12.93 63.15 56.06 49.84 60.17Liabilities/ Invested Assets 104.00 142.00 130.00 105.00 96.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 179.02 181.35 156.62 171.86 168.05Cash From Underwriting ($000) -19 1,961 -2,119 3,537 800Net Cash From Operations ($000) 256 2,226 -2,533 3,476 960Underwriting Cash Flow Ratio 99.64 141.26 62.97 277.95 115.80Operating Cash Flow Ratio 99.64 141.26 55.92 236.58 115.90Unassigned Funds / Total Assets -4.42 2.24 1.13 5.10 6.32


GPW to Policyholders' Surplus3 900 --- 74 87 84NPW to Policyholders' Surplus 300 --- 62 68 71Change in Net Premiums Written 33 -33 -42* 24 17Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 100 92 81


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


104.0

142.0130.0

105.096.0

0

5,000

10,000

15,000

20,000

25,000

2010Y 2011Y 2012Y 2013Y 2014Y


103.6

88.6

128.3

66.4

100.6

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 21.04 28.35 35.33 9.38 21.99 Gross Change in Policyholders' Surplus 50 -10 -5 13 12Net Commission Ratio 11.48 9.82 9.57 2.90 0.00 Net Change in Adj Policyholders' Surplus 25 -10 -4 15 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 130* 105* 96Tax, License & Fees Ratio 3.66 5.55 5.66 5.31 4.86 Agents' Bal to Policyholders' Surplus 40 --- 5 8 6Admin & Other Expense Ratio 37.63 28.20 37.27 48.18 36.26 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -46 -7Gross Premiums Written ($000)3 7,715 8,724 4,452 5,904 6,361 2-Yr Resv Dev to Policyholders' Surplus 20 --- -22 -47 -53Loss & Loss Adj Expense ($000) 2,947 2,665 2,283 35 3,113 Est Curr Resv Defi/Policyholders' Surplus 25 --- -56 -45 -2Other Underwriting Exp Incurred ($000) 2,891 2,787 1,938 2,585 2,201 *Indicates an unusual value.Net Underwriting Gains ($000) -40 469 -174 1,217 -79 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 71.00 73.32 82.93 77.64 84.16 complements of each ratio.Effective Tax Rate -27.06 32.10 NM 28.65 -5.76

Pre-Tax Operating Margin 3.39 11.31 -17.17 27.49 2.81 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth 9.61 66.82 -7.87 7.13 4.07

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 0.33 86.15 -8.93 4.96 0.81

Reinsurance Recoverable ex US Aff 5,779 5,980 2,988 889 83 Net Premiums Written Growth 28.35 16.77 -42.28 24.16 16.78Retention Ratio (NPW/GPW) (%)3 71.00 73.32 82.93 77.64 84.16 Pre-Tax Operating Income Growth NM 239.05 NM NM -86.37Reinsurance Recoverable/Total Excl US Aff 69.44 78.08 55.02 74.02 67.47 Net Income Growth NM 58.69 NM NM -39.45Nonaffiliated Reins Assumed / GPW (%) 0.00 3.44 0.47 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 2.96 18.98 -0.40 -10.20 8.04Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 5.64 9.18 -47.40 33.23 7.74Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 12.57 22.89 16.53 14.72 12.47





Asbestos NA NA NA NA NA Capital and Surplus 4,823 6,324 6,002 6,759 7,550 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,823 6,324 6,002 6,759 7,550 Combined NA NA NA NA NA ACL Risk Based Capital 1,455 1,494 1,160 1,352 964



Loss & Loss Adj Exp Reserves Growth 2.96 18.98 -0.40 -10.20 8.04 Net Realized Capital Gains Less Taxes 110 240 120 19 3141 Yr Loss Reserve Dev / 1Y Prior C&S 25.46 -9.56 -9.44 -46.30 -7.00 Net Chg in Unrlzd Cap Gains Less Taxes 123 -67 26 98 -161Two Yr Loss Reserve Dev Total/ PHS -31.35 12.11 -22.22 -47.29 -53.01 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 109.18 121.30 198.92 203.94 136.55 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 16.02 -7.79 -14.75 -72.41 -9.04 Net Premiums Written / Avg C&S (%) 129.21 115.09 58.08 71.31 72.43IBNR/ Total Reserves 13.40 21.62 25.86 23.27 23.19 Liabilities / Capital & Surplus (%) 184.67 262.16 251.55 234.45 211.57Reserves/ Equity 135.42 122.88 128.95 102.82 99.44 Total Reins Recov Excl US Aff / C&S (%) 119.83 94.57 49.78 13.15 1.10


165.7

211.6

258.8 250.0

391.7

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2010Y 2011Y 2012Y 2013Y 2014Y




71.073.3

82.9

77.6

84.2

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2010Y 2011Y 2012Y 2013Y 2014Y




Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,238 -2,028 -739 -1,320 -1,008Occupied Properties 0 0 0 0 0 Net Premiums Written 5,478 6,396 3,692 4,584 5,353Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -320 475 -356 746 118Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,797 5,921 4,047 3,838 5,235

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 623 3,993 3,365 3,368 4,543 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 8,514 11,609 11,597 15,040 16,630 Comm'l: Losses Paid Less Salvage 1,817 560 1,308 442 1,447Premiums & Considerations Due 558 357 322 545 440 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 260 754 611 367 307 Losses Paid Less Salvage 1,817 560 1,308 442 1,447All Other Admitted Assets 4,397 10,182 8,571 6,653 6,148 Loss Adj Expenses Paid 942 866 1,006 384 1,107Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 13,729 22,902 21,100 22,605 23,524 Comm'l: Chg in Unpaid Net Losses -90 427 -455 -766 514

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 278 812 424 -24 44

Unpaid Losses 4,564 4,991 4,536 3,770 4,284 Total Chg in Loss & LAE Reserves 188 1,239 -31 -790 559Unpaid Loss Adj Expenses 1,967 2,779 3,203 3,180 3,224 Losses and LAE Incurred 2,947 2,665 2,283 35 3,113

Loss & Loss Adj Exp Reserves 6,531 7,770 7,739 6,949 7,508 Other Underwriting Expense Incurred 2,891 2,787 1,938 2,585 2,201Unearned Premiums 1,453 1,929 1,573 2,319 2,437 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 84 27 2,670 2,058 2,192 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 838 943 170 322 160 Net Underwriting Gain (Loss) -40 469 -174 1,217 -79Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 786 348 0Other Liabilities 0 5,910 2,945 4,198 3,677 Total underwriting deductions 5,837 5,452 4,221 2,620 5,314



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 110 240 120 19 314Preferred 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 -607 514 239 1,153 1,487 Income after cap gains (loss) before tax 315 935 -613 1,144 467Other Including Gross Contributed 5,429 5,810 5,763 5,606 6,064 Federal & Foreign Income Taxes -85 300 -312 328 -27

Capital & Surplus 4,823 6,324 6,002 6,759 7,550 Net Income 400 635 -301 816 494

Total Liabilities and C&S 13,729 22,902 21,100 22,605 23,524 Pre-tax Operating Income 205 695 -734 1,125 153


Bonds 0 0 0 0 0





Net Investment Income 245 226 226 255 232 Class 6 0 0 0 0 0R li d C it l G i 110 240 120 19 314Realized Capital Gains 110 240 120 19 314Net Chg in Unrlzd Cap Gains Less Taxes 123 -67 26 98 -161Net Adm Cash & Invested Assets 8,514 11,609 11,597 15,040 16,630Affiliated Cash & Investments 0 0 0 0 0Carrying Value 4,631 6,106 4,711 6,754 6,550Preferred Stock 0 0 412 626 670Common Stock 3,260 1,510 3,109 4,306 4,866Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 1,237 1,169

Municipal SecuritiesIssued States & Territories ($000) 2,264 3,574 2,598 2,484 2,639Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 6,550 6,550 6,660 6,295 26,054Common Stock 4,866 4,866 4,591 -- 14,324Preferred Stock 670 670 657 -- 1,998Total 12,087 12,087 11,909 6,295 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 6.87 9.26 8.881. Washington 1,512 1. Med Prof Liab 6,361 Cash/Invested Assets 7.32 34.40 29.01 22.40 27.322. Indiana 972 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. California 936 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Florida 843 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 817 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 12.35 4.79 -9.05 -3.46 -2.73 All other admitted assets/Total Assets 32.03 44.46 40.62 29.43 26.13National DPW ($000) 7,715 8,424 4,431 5,904 6,361 Invested Assets/Total Assets 62.02 50.69 54.96 66.53 70.69Adjusted Loss Ratio 36.14 12.12 28.24 -5.99 29.45 Investment Income/Total Assets 1.78 0.99 1.07 1.13 0.99





Other Invstmts - 27.3%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Washington - 23.8% Indiana - 15.3% California - 14.7%

Florida - 13.2% Ohio - 12.9% All other - 20.1%





Emergency Physicians Insurance (Auburn, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

13620 Lincoln Way NAIC Company Code : 11714 Total Assets 35,620 40,255 41,501 39,493 33,739Suite 230 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,838 7,778 8,890 9,978 10,715Auburn, CA 95603-3263 Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 28,782 32,478 32,611 29,515 23,023

NAIC Ownership Structure: Risk Retention Group Net Income 105 353 994 1,542 459Tax Identification Number : 56-2317340 Revenue 14,273 14,832 13,763 9,256 5,697



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 21,225 24,866 27,610 23,172 19,075Demotech Financial Strength Rating A 03/04/15 Initiate Loss & LAE Reserves/ NPE (%) 157.37 160.84 204.69 458.95 444.08S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 8.57 9.55 10.30 21.36 6.58Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.65 1.78 1.14 0.51 0.39Fitch Financial Strength Rating -- -- -- --


Name : Michael Andrew Kollath Auditor Johnson Lambert LLPPhone : (916) 772-2080 Actuary Milliman Inc.Fax : (916) 772-7071 CEO Edward David BoudreauEmail : [email protected] CFO Michael Andrew Kollath

President Edward David Boudreau




Cash, Short-Term Investments / Liabilities 23.39 27.57 33.08 38.39 25.70Bonds: Liquid Investments/ Liabilities (%) 92.89 107.06 119.77 135.99 142.57Cash & Short-Term Investments / C&S 98.43 115.12 121.34 113.57 55.22Liabilities/ Invested Assets 100.00 89.00 89.00 80.00 71.00Affiliated Investments / Capital & Surplus 1.57 0.06 0.00 0.00 0.00Reserve coverage2 123.14 131.30 131.23 148.43 164.28Cash From Underwriting ($000) 3,690 6,664 -603 -2,392 -5,688Net Cash From Operations ($000) 4,872 7,679 71 632 -4,933Underwriting Cash Flow Ratio 136.72 163.64 93.70 77.43 38.74Operating Cash Flow Ratio 137.85 163.64 97.58 82.61 33.46Unassigned Funds / Total Assets -7.18 -4.51 -1.85 0.72 3.03


GPW to Policyholders' Surplus3 900 --- 127 85 54NPW to Policyholders' Surplus 300 --- 114 51 39Change in Net Premiums Written 33 -33 -27 -50* -18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 98 89 77


MSA: Sacramento--Roseville--Arden-Arcade, CA (Metro)


100.0

89.0 89.080.0

71.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2010Y 2011Y 2012Y 2013Y 2014Y


112.4102.0

108.1

130.0

108.7

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 20.99 50.45 34.15 53.14 23.11 Gross Change in Policyholders' Surplus 50 -10 14 12 7Net Commission Ratio 11.14 8.03 9.17 11.36 -0.22 Net Change in Adj Policyholders' Surplus 25 -10 13 12 7Salaries & Benefits Ratio 13.42 7.75 7.95 17.50 16.34 Liabilities to Liquid Assets 100 --- 89 80 71Tax, License & Fees Ratio 5.53 4.34 4.93 6.40 4.92 Agents' Bal to Policyholders' Surplus 40 --- 3 0 0Admin & Other Expense Ratio 20.76 13.81 18.16 29.14 28.27 1-Yr Resv Dev to Policyholders' Surplus 20 --- 7 -36 -6Gross Premiums Written ($000)3 13,810 13,817 11,332 8,482 5,755 2-Yr Resv Dev to Policyholders' Surplus 20 --- 12 -25 -24Loss & Loss Adj Expense ($000) 8,166 9,529 8,538 3,220 2,863 Est Curr Resv Defi/Policyholders' Surplus 25 --- -65 -131 -43Other Underwriting Exp Incurred ($000) 5,731 4,689 4,073 3,289 2,066 *Indicates an unusual value.Net Underwriting Gains ($000) -626 -214 -34 -838 -112 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 81.63 100.03 89.40 60.20 72.81 complements of each ratio.Effective Tax Rate 72.05 42.58 13.68 31.37 40.33


Admitted Assets Growth 3.53 13.01 3.10 -4.84 -14.57

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 5.65 12.84 0.41 -9.49 -22.00

Reinsurance Recoverable ex US Aff 5,461 4,381 4,191 2,124 2,847 Net Premiums Written Growth -21.40 22.60 -26.70 -49.60 -17.94Retention Ratio (NPW/GPW) (%)3 81.63 100.03 89.40 60.20 72.81 Pre-Tax Operating Income Growth NM 10.65 24.02 142.17 -66.84Reinsurance Recoverable/Total Excl US Aff 9.30 2.69 2.20 0.75 6.39 Net Income Growth NM 234.96 182.04 55.08 -70.27Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 22.74 17.16 11.04 -16.07 -17.68Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -22.59 0.06 -17.99 -25.15 -32.16Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 17.22 14.83 7.61 5.40 -3.31

Capital & Surplus Five-year CAGR 9.15 0.24 8.13 8.26 8.39Admitted Assets Five-year CAGR 15.38 10.94 7.72 6.08 -0.39







Loss & Loss Adj Exp Reserves Growth 22.74 17.16 11.04 -16.07 -17.68 Net Realized Capital Gains Less Taxes -251 -81 290 160 761 Yr Loss Reserve Dev / 1Y Prior C&S -2.83 24.88 7.19 -36.15 -6.13 Net Chg in Unrlzd Cap Gains Less Taxes 668 392 52 -489 279Two Yr Loss Reserve Dev Total/ PHS 8.43 32.43 12.04 -24.57 -23.78 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 157.37 160.84 204.69 458.95 444.08 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -1.53 12.15 4.44 -56.68 -12.71 Net Premiums Written / Avg C&S (%) 153.88 189.97 121.04 52.25 39.83IBNR/ Total Reserves 9.41 15.28 11.64 8.44 7.78 Liabilities / Capital & Surplus (%) 420.91 417.56 366.83 295.81 214.86Reserves/ Equity 310.40 319.70 310.58 232.23 178.01 Total Reins Recov Excl US Aff / C&S (%) 79.86 56.33 47.14 21.29 26.57


114.7144.3

163.0

212.6

297.7

0

2,000

4,000

6,000

8,000

10,000

12,000

2010Y 2011Y 2012Y 2013Y 2014Y




100.089.4

60.2

72.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010Y 2011Y 2012Y 2013Y 2014Y




Emergency Physicians Insurance (Auburn, CA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 20,944 26,670 24,071 23,155 24,058 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 118 104 92 84 42 Commercial P&C Direct Premiums 13,810 13,817 11,332 8,482 5,755Common Stocks 107 4 1,341 1,670 1,837 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,537 4 -1,201 -3,376 -1,564Occupied Properties 0 0 0 0 0 Net Premiums Written 11,273 13,821 10,131 5,106 4,190Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -1,998 -183 -2,446 -564 -626Properties for Sale 0 0 0 0 0 Net Premiums Earned 13,271 14,004 12,577 5,670 4,816

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,731 8,954 10,787 11,332 5,917 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 27,900 35,732 36,291 36,241 31,854 Comm'l: Losses Paid Less Salvage 1,245 2,042 1,839 4,103 3,616Premiums & Considerations Due 1,404 944 425 215 271 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 2,572 100 1,829 489 7 Losses Paid Less Salvage 1,245 2,042 1,839 4,103 3,616All Other Admitted Assets 3,743 3,479 2,956 2,548 1,607 Loss Adj Expenses Paid 2,786 3,846 2,844 4,665 3,344Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 35,620 40,255 41,501 39,493 33,739 Comm'l: Chg in Unpaid Net Losses 4,217 422 2,404 -3,896 -1,867

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 0 3,219 1,451 -1,652 -2,231

Unpaid Losses 15,857 16,279 18,683 14,786 12,920 Total Chg in Loss & LAE Reserves 4,135 3,641 3,854 -5,548 -4,098Unpaid Loss Adj Expenses 5,368 8,587 8,928 8,386 6,155 Losses and LAE Incurred 8,166 9,529 8,538 3,220 2,863

Loss & Loss Adj Exp Reserves 21,225 24,866 27,610 23,172 19,075 Other Underwriting Expense Incurred 5,731 4,689 4,073 3,289 2,066Unearned Premiums 5,868 5,685 3,239 2,675 2,048 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 1,744 879 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 912 794 861 956 223 Net Underwriting Gain (Loss) -626 -214 -34 -838 -112Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 500 0Other Liabilities 777 1,132 901 969 798 Total underwriting deductions 13,897 14,218 12,611 6,508 4,929



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes -251 -81 290 160 76Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 39 15 12 0 0Surplus Notes 0 0 0 0 0 All Other Income 544 83 77 2,674 6Unassigned Surplus -2,559 -1,814 -768 286 1,023 Income after cap gains (loss) before tax 377 614 1,152 2,247 768Other Including Gross Contributed 9,397 9,592 9,658 9,692 9,692 Federal & Foreign Income Taxes 271 262 158 705 310

Capital & Surplus 6,838 7,778 8,890 9,978 10,715 Net Income 105 353 994 1,542 459

Total Liabilities and C&S 35,620 40,255 41,501 39,493 33,739 Pre-tax Operating Income 628 695 862 2,087 692


Bonds 0 0 0 0 0





Net Investment Income 671 811 807 752 799 Class 6 0 0 0 0 23R li d C it l G i 251 81 290 160 76Realized Capital Gains -251 -81 290 160 76Net Chg in Unrlzd Cap Gains Less Taxes 668 392 52 -489 279Net Adm Cash & Invested Assets 27,900 35,732 36,291 36,241 31,854Affiliated Cash & Investments 107 4 0 0 0Carrying Value 20,551 26,035 27,156 27,137 26,048Preferred Stock 118 104 92 84 42Common Stock 107 4 1,341 1,670 1,837Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 5,480 11,276 7,282 9,149 10,261

Municipal SecuritiesIssued States & Territories ($000) 1,508 1,423 1,276 1,029 0Issued Political Subdivisions ($000) 0 0 0 0 1,337Issued State Rev Obligations ($000) 1,076 753 712 1,162 568Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 1.73 1.33 1.04 0.84 0.391. Illinois 1,647 1. Med Prof Liab 5,706 Cash/Invested Assets 24.12 25.06 29.72 31.27 18.582. Ohio 843 2. Oth, Prod Liab Cmbnd 49 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 684 3. Acc & Health 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Nevada 553 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Washington 425 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 2.23 -1.73 -7.33 -13.42 -20.25 All other admitted assets/Total Assets 10.51 8.64 7.12 6.45 4.76National DPW ($000) 13,810 13,817 11,332 8,482 5,755 Invested Assets/Total Assets 78.33 88.76 87.45 91.76 94.41Adjusted Loss Ratio 43.82 5.33 26.75 31.74 46.05 Investment Income/Total Assets 1.88 2.02 1.94 1.90 2.37





Other Invstmts - 18.6%0.00 1.00 2.00 3.00 4.00

2010Y

2011Y

2012Y

2013Y

2014Y


Illinois - 28.6% Ohio - 14.6% Georgia - 11.9%

Nevada - 9.6% Washington - 7.4% All other - 27.8%





Global Hawk Insurance Co. RRG (Burlington, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Chace Mill NAIC Company Code : 11948 Total Assets 7,474 9,768 14,224 24,579 35,400One Mill Street, Suite 324 Business Focus : Commercial Property Focus Policyholder Surplus 4,171 4,348 4,671 6,664 7,560Burlington, VT 05401-1523 Geographic Focus: Regional - Western Quadrant Total Liabilities 3,303 5,419 9,553 17,915 27,840

NAIC Ownership Structure: Risk Retention Group Net Income 1,387 221 294 207 818Tax Identification Number : 20-0073152 Revenue 2,734 4,047 6,218 11,729 18,376





Name : Stephen Mark Brown Auditor Saslow Lufkin & Buggy LLPPhone : (802) 497-2740 Actuary CapRisk Consulting GroupFax : (802) 497-2767 CEO --Email : [email protected] CFO --

President Jasbir S. Thandi




Cash, Short-Term Investments / Liabilities 190.17 138.55 113.06 88.19 74.18Bonds: Liquid Investments/ Liabilities (%) 190.17 138.55 113.06 107.11 99.55Cash & Short-Term Investments / C&S 150.63 172.67 231.24 237.06 273.14Liabilities/ Invested Assets 53.00 72.00 88.00 93.00 100.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 190.43 142.24 115.35 109.28 102.37Cash From Underwriting ($000) 2,870 1,809 3,211 7,121 9,207Net Cash From Operations ($000) 2,882 1,834 3,218 7,172 9,282Underwriting Cash Flow Ratio 297.26 158.08 182.07 205.93 171.70Operating Cash Flow Ratio 297.26 158.62 182.59 205.93 171.70Unassigned Funds / Total Assets -10.44 -7.45 -3.05 -0.81 1.71


GPW to Policyholders' Surplus3 900 --- 188 240 311NPW to Policyholders' Surplus 300 --- 175 224 290Change in Net Premiums Written 33 -33 64* 83* 47*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 88 92 91


MSA: Burlington-South Burlington, VT (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

53.0

72.0

88.093.0

100.0

0

5,000

10,000

15,000

20,000

25,000

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40.6

89.0 88.094.9

90.0

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 12.08 14.96 16.59 12.07 16.49 Gross Change in Policyholders' Surplus 50 -10 7 43 13Net Commission Ratio 11.22 14.14 16.66 13.71 14.11 Net Change in Adj Policyholders' Surplus 25 -10 7 5 12Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 88 93 100*Tax, License & Fees Ratio 2.19 2.41 2.22 2.57 2.36 Agents' Bal to Policyholders' Surplus 40 --- 30 29 31Admin & Other Expense Ratio 14.01 9.61 4.89 1.97 1.46 1-Yr Resv Dev to Policyholders' Surplus 20 --- -4 15 7Gross Premiums Written ($000)3 3,637 5,403 8,790 15,975 23,487 2-Yr Resv Dev to Policyholders' Surplus 20 --- 11 2 49*Loss & Loss Adj Expense ($000) 357 2,519 3,981 8,948 13,212 Est Curr Resv Defi/Policyholders' Surplus 25 --- -11 -18 33*Other Underwriting Exp Incurred ($000) 990 1,307 1,943 2,726 3,925 *Indicates an unusual value.Net Underwriting Gains ($000) 1,367 180 272 4 1,194 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 99.27 92.44 93.03 93.48 93.21 complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 -276.56 34.00




Reinsurance Recoverable ex US Aff 287 -129 -272 -426 -1,027 Net Premiums Written Growth 92.75 38.34 63.72 82.62 46.60Retention Ratio (NPW/GPW) (%)3 99.27 92.44 93.03 93.48 93.21 Pre-Tax Operating Income Growth NM -84.04 32.89 -81.34 NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM -84.04 32.89 -29.72 295.69Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -6.89 56.43 94.34 118.58 60.53Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 74.75 48.56 62.69 81.74 47.02Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 4.36 -2.35 4.47 50.94 58.34





Asbestos NA NA NA NA NA Capital and Surplus 4,171 4,348 4,671 6,664 7,560 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,171 4,348 4,671 6,664 7,560 Combined NA NA NA NA NA ACL Risk Based Capital 288 376 917 1,574 2,803

ACL RBC Ratio (%) (TAC/ACL RBC) 1,446.27 1,157.14 509.49 423.38 269.72


Loss & Loss Adj Exp Reserves Growth -6.89 56.43 94.34 118.58 60.53 Net Realized Capital Gains Less Taxes 0 0 0 0 -411 Yr Loss Reserve Dev / 1Y Prior C&S -13.83 6.43 -3.70 15.01 6.90 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 28 -14Two Yr Loss Reserve Dev Total/ PHS -23.87 1.05 11.21 2.16 49.43 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 55.46 48.39 44.36 55.48 64.10 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -15.89 6.70 -2.60 6.00 2.51 Net Premiums Written / Avg C&S (%) 105.30 129.52 174.96 299.63 307.54IBNR/ Total Reserves 27.30 26.70 13.40 16.46 18.72 Liabilities / Capital & Surplus (%) 79.21 124.63 204.53 268.81 368.23Reserves/ Equity 31.83 47.75 86.39 132.35 187.29 Total Reins Recov Excl US Aff / C&S (%) 6.88 -2.97 -5.82 -6.39 -13.58


723.1

578.6

254.7211.7

134.9

0

1,000

2,000

3,000

4,000

5,000

6,000

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8,000

2010Y 2011Y 2012Y 2013Y 2014Y




99.3

92.493.0 93.5 93.2

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2010Y 2011Y 2012Y 2013Y 2014Y




Global Hawk Insurance Co. RRG (Burlington, VT)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 0 0 0 0 101 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 3,637 5,403 8,790 15,975 23,487Common Stocks 0 0 0 3,390 6,963 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -26 -408 -613 -1,041 -1,594Occupied Properties 0 0 0 0 0 Net Premiums Written 3,610 4,995 8,177 14,934 21,893Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 897 989 1,981 3,256 3,561Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,714 4,006 6,196 11,678 18,331

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,282 7,508 10,801 15,799 20,651 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 6,282 7,508 10,801 19,188 27,714 Comm'l: Losses Paid Less Salvage 227 1,321 1,662 3,216 6,260Premiums & Considerations Due 601 1,087 1,412 1,916 2,363 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 871 1,612 2,667 Losses Paid Less Salvage 227 1,321 1,662 3,216 6,260All Other Admitted Assets 591 1,150 1,139 1,862 2,656 Loss Adj Expenses Paid 314 449 360 947 1,612Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 7,474 9,768 14,224 24,579 35,400 Comm'l: Chg in Unpaid Net Losses -198 599 1,291 4,322 3,928

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 14 151 668 463 1,411

Unpaid Losses 998 1,597 2,888 7,210 11,138 Total Chg in Loss & LAE Reserves -184 749 1,959 4,785 5,339Unpaid Loss Adj Expenses 329 480 1,147 1,610 3,022 Losses and LAE Incurred 357 2,519 3,981 8,948 13,212

Loss & Loss Adj Exp Reserves 1,327 2,076 4,035 8,820 14,160 Other Underwriting Expense Incurred 990 1,307 1,943 2,726 3,925Unearned Premiums 2,122 3,111 5,093 8,349 11,910 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -286 129 272 426 1,027 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 139 100 153 320 332 Net Underwriting Gain (Loss) 1,367 180 272 4 1,194Payable to Parent, Subs & Affiliates 1 2 0 0 2 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 0 410 Total underwriting deductions 1,347 3,825 5,924 11,674 17,137



Common Capital Stock 1,212 1,337 1,567 0 0 Net Realized Capital Gains Less Taxes 0 0 0 0 -41Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 202 202 0 300 300 All Other Income 0 0 0 0 0Unassigned Surplus -781 -728 -434 -199 605 Income after cap gains (loss) before tax 1,387 221 294 55 1,239Other Including Gross Contributed 3,538 3,538 3,538 6,563 6,656 Federal & Foreign Income Taxes 0 0 0 -152 421

Capital & Surplus 4,171 4,348 4,671 6,664 7,560 Net Income 1,387 221 294 207 818

Total Liabilities and C&S 7,474 9,768 14,224 24,579 35,400 Pre-tax Operating Income 1,387 221 294 55 1,280


Bonds 0 0 0 0 0





Net Investment Income 20 41 22 51 86 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 41Realized Capital Gains 0 0 0 0 -41Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 28 -14Net Adm Cash & Invested Assets 6,282 7,508 10,801 19,188 27,714Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 0 0 101Preferred Stock 0 0 0 0 0Common Stock 0 0 0 3,390 6,963Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 11,883 1. Comm'l Auto St 23,487 Cash/Invested Assets 100.00 100.00 100.00 82.34 74.512. Texas 11,396 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Washington 208 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. 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 0.23 0.00 0.00 0.00DPW 5 Yr CAGR 1.21 0.27 8.13 -269.26 62.37 All other admitted assets/Total Assets 7.90 11.78 8.01 7.58 7.50National DPW ($000) 3,637 5,403 8,790 15,975 23,487 Invested Assets/Total Assets 84.05 76.87 75.93 78.07 78.29Adjusted Loss Ratio 1.00 43.49 43.38 59.27 51.13 Investment Income/Total Assets 0.27 0.42 0.16 0.21 0.24





Other Invstmts - 74.5%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


California - 50.6% Texas - 48.5% Washington - 0.9%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%





HlthCare Industry Liab Recpl (Ann Arbor, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

201 South Main Street NAIC Company Code : 11832 Total Assets 154,307 158,899 42,070 47,791 48,638Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 7,484 8,688 9,127 15,262 15,805Ann Arbor, MI 48104-2153 Geographic Focus: National Total Liabilities 146,823 150,211 32,944 32,528 32,832

NAIC Ownership Structure: Risk Retention Group Net Income 1,147 1,162 375 882 406Tax Identification Number : 43-2032415 Revenue 3,451 4,231 3,997 3,815 3,555



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 103,129 107,924 9,198 9,286 9,181Demotech Financial Strength Rating A 03/10/15 Affirm Loss & LAE Reserves/ NPE (%) 3,133.13 2,843.53 574.35 259.35 264.84S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 23.43 22.01 5.12 8.68 4.74Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.48 0.43 0.41 0.22 0.24Fitch Financial Strength Rating -- -- -- --


Name : Peter M. Feeney Auditor BDO USA LLPPhone : (734) 996-2700 Actuary Demotech Inc.Fax : (734) 996-1261 CEO --Email : [email protected] CFO --

President Peter M. Feeney


Net Yield on Invested Assets 1.77 2.54 1.90 1.28 0.37Net Investment Income/Earned Premiums 8.41 11.99 9.72 8.72 2.77Return on Average Equity (C&S) 16.55 14.30 4.11 6.23 2.61Return on Avg Assets 0.81 0.76 0.73 2.09 0.91Loss and LAE Ratio 75.00 79.79 110.12 75.43 78.78Expense Ratio -15.81 -15.93 -12.84 -1.00 2.68Loss Ratio 52.50 57.91 69.13 50.43 55.15Combined Ratio 59.19 63.86 97.28 74.43 81.46Operating Ratio 50.78 51.87 87.56 65.70 78.68Investment ratio 8.41 11.99 9.72 8.72 2.77


Cash, Short-Term Investments / Liabilities 2.07 2.09 10.38 9.16 8.59Bonds: Liquid Investments/ Liabilities (%) 11.15 12.47 59.53 80.66 82.34Cash & Short-Term Investments / C&S 40.66 36.17 37.48 19.52 17.84Liabilities/ Invested Assets 805.00 721.00 101.00 72.00 76.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 96.15 96.57 1,084.97 1,175.59 1,168.57Cash From Underwriting ($000) 2,297 2,537 824 1,680 627Net Cash From Operations ($000) 2,275 2,373 1,101 1,334 887Underwriting Cash Flow Ratio 2,056.51 959.49 132.15 278.45 129.74Operating Cash Flow Ratio 2,439.75 1,213.55 138.00 299.69 141.63Unassigned Funds / Total Assets 4.14 4.78 19.08 18.13 18.93


GPW to Policyholders' Surplus3 900 --- 469 263 268NPW to Policyholders' Surplus 300 --- 41 22 24Change in Net Premiums Written 33 -33 0 -9 10Surplus Aid to Policyholders' Surplus 15 --- 75* 44* 42*Two-Year Overall Operating Ratio 100 --- 70 77 72


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

805.0

721.0

101.072.0 76.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2010Y 2011Y 2012Y 2013Y 2014Y


59.263.9

97.3

74.481.5

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 22.50 21.88 40.99 25.00 23.63 Gross Change in Policyholders' Surplus 50 -10 5 67* 4Net Commission Ratio -19.54 -19.70 -17.24 -12.85 -1.83 Net Change in Adj Policyholders' Surplus 25 -10 5 7 4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 101* 72 76Tax, License & Fees Ratio 0.38 0.52 0.76 0.73 0.52 Agents' Bal to Policyholders' Surplus 40 --- 34 12 20Admin & Other Expense Ratio 3.35 3.26 3.64 11.13 3.98 1-Yr Resv Dev to Policyholders' Surplus 20 --- 10 -3 0Gross Premiums Written ($000)3 40,767 42,568 42,796 40,091 42,316 2-Yr Resv Dev to Policyholders' Surplus 20 --- 12 5 -2Loss & Loss Adj Expense ($000) 2,377 2,959 4,031 2,705 2,748 Est Curr Resv Defi/Policyholders' Surplus 25 --- 1,146* 311* -2Other Underwriting Exp Incurred ($000) -564 -595 -481 -34 100 *Indicates an unusual value.Net Underwriting Gains ($000) 1,356 1,345 110 915 640 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 8.75 8.78 8.75 8.52 8.84 complements of each ratio.Effective Tax Rate 29.98 37.77 16.16 22.86 42.64


Admitted Assets Growth 13.32 2.98 -73.52 13.60 1.77

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 12.99 2.31 -78.07 -1.26 0.93

Reinsurance Recoverable ex US Aff 103,693 106,689 101,581 104,478 104,410 Net Premiums Written Growth 20.16 4.78 0.25 -8.84 9.51Retention Ratio (NPW/GPW) (%)3 8.75 8.78 8.75 8.52 8.84 Pre-Tax Operating Income Growth 27.61 10.25 -73.93 163.40 -40.01Reinsurance Recoverable/Total Excl US Aff 85.68 87.88 86.02 87.72 0.00 Net Income Growth 54.13 1.34 -67.76 135.47 -54.03Nonaffiliated Reins Assumed / GPW (%) 0.97 1.02 1.03 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 7.50 4.65 -91.48 0.95 -1.12Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 14.35 4.38 0.52 -5.35 5.55Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 19.75 13.07 -20.95 -22.71 -24.05

Capital & Surplus Five-year CAGR 27.80 21.81 15.78 22.57 20.48Admitted Assets Five-year CAGR 20.08 13.46 -17.65 -17.29 -18.61




Asbestos NA NA NA NA NA Capital and Surplus 7,484 8,688 9,127 15,262 15,805 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 0 9,127 15,262 15,805 Combined NA NA NA NA NA ACL Risk Based Capital 0 0 6,017 6,139 6,118



Loss & Loss Adj Exp Reserves Growth 7.50 4.65 -91.48 0.95 -1.12 Net Realized Capital Gains Less Taxes 15 78 -20 -85 -301 Yr Loss Reserve Dev / 1Y Prior C&S -1.93 3.98 10.34 -3.45 0.38 Net Chg in Unrlzd Cap Gains Less Taxes 112 42 64 -246 137Two Yr Loss Reserve Dev Total/ PHS 3.00 2.70 12.50 4.65 -1.63 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 3,133.13 2,843.53 574.35 259.35 264.84 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -3.79 8.04 24.53 -8.78 1.66 Net Premiums Written / Avg C&S (%) 51.47 45.97 41.09 24.13 24.04IBNR/ Total Reserves 3.17 3.16 40.37 40.53 35.67 Liabilities / Capital & Surplus (%) 1,961.85 1,728.88 360.97 213.13 207.73Reserves/ Equity 1,378.01 1,242.17 100.78 60.84 58.09 Total Reins Recov Excl US Aff / C&S (%) NM NM NM 684.55 660.60


0.0 0.0

75.8

124.3 129.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))8.78.8

8.8

8.5

8.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2010Y 2011Y 2012Y 2013Y 2014Y




HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 13,469 15,822 16,510 23,209 24,369 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 40,369 42,136 42,354 40,091 42,316Common 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 -36,804 -38,400 -38,609 -36,676 -38,577Occupied Properties 0 0 0 0 0 Net Premiums Written 3,565 3,736 3,745 3,414 3,739Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 396 28 85 -172 251Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,170 3,708 3,660 3,587 3,488

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,043 3,142 3,421 2,978 2,820 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 16,511 18,965 19,931 26,187 27,189 Comm'l: Losses Paid Less Salvage 803 1,458 2,436 1,785 1,926Premiums & Considerations Due 16,618 14,501 15,756 15,533 15,201 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 95,384 99,623 289 237 503 Losses Paid Less Salvage 803 1,458 2,436 1,785 1,926All Other Admitted Assets 25,794 25,810 6,094 5,833 5,745 Loss Adj Expenses Paid 414 1,264 1,625 206 929Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 154,307 158,899 42,070 47,791 48,638 Comm'l: Chg in Unpaid Net Losses 861 689 95 24 0

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 299 -453 -124 690 -104

Unpaid Losses 81,585 84,019 7,084 7,108 7,108 Total Chg in Loss & LAE Reserves 1,160 237 -30 714 -107Unpaid Loss Adj Expenses 21,544 23,904 2,114 2,178 2,073 Losses and LAE Incurred 2,377 2,959 4,031 2,705 2,748

Loss & Loss Adj Exp Reserves 103,129 107,924 9,198 9,286 9,181 Other Underwriting Expense Incurred -564 -595 -481 -34 100Unearned Premiums 21,884 22,197 2,002 1,829 2,080 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 15,218 13,217 14,367 14,151 13,813 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 5,605 5,948 6,410 6,472 6,651 Net Underwriting Gain (Loss) 1,356 1,345 110 915 640Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 987 926 967 790 1,107 Total underwriting deductions 1,813 2,364 3,550 2,671 2,848



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 15 78 -20 -85 -30Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 5,500 5,500 All Other Income 0 0 0 0 0Unassigned Surplus 6,384 7,588 8,027 8,662 9,205 Income after cap gains (loss) before tax 1,638 1,867 447 1,143 707Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal & Foreign Income Taxes 491 705 72 261 302

Capital & Surplus 7,484 8,688 9,127 15,262 15,805 Net Income 1,147 1,162 375 882 406

Total Liabilities and C&S 154,307 158,899 42,070 47,791 48,638 Pre-tax Operating Income 1,623 1,789 466 1,228 737

Revenue 3,451 4,231 3,997 3,815 3,555Memo: Affiliated Investments ($000) Expenses Paid -1,370 175 714 156 1,135

Bonds 0 0 0 0 0





Net Investment Income 267 445 356 313 97 Class 6 0 0 0 0 0R li d C it l G i 15 78 20 85 30Realized Capital Gains 15 78 -20 -85 -30Net Chg in Unrlzd Cap Gains Less Taxes 112 42 64 -246 137Net Adm Cash & Invested Assets 16,511 18,965 19,931 26,187 27,189Affiliated Cash & Investments 0 0 0 0 0Carrying Value 13,327 15,594 16,191 23,259 24,214Preferred Stock 0 0 0 0 0Common Stock 0 0 0 0 0Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 4,486 2,000 1,043 1,760 1,454

RMBS ExposureTotal: LT Bond, Res MBS 694 2,449 3,264 2,218 1,663

Municipal SecuritiesIssued States & Territories ($000) 0 2,709 3,836 5,480 5,397Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 1,533 0 0Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Michigan 6,237 1. Med Prof Liab 42,316 Cash/Invested Assets 18.43 16.57 17.16 11.37 10.372. Illinois 4,881 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 2,569 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Ohio 2,355 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Colorado 2,133 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 10.4%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Michigan - 14.7% Illinois - 11.5%

North Carolina - 6.1% Ohio - 5.6%

Colorado - 5.0% All other - 57.1%





Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

9550 South Eastern Avenue NAIC Company Code : 13014 Total Assets 7,994 12,880 16,579 17,951 19,072Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,006 2,774 3,728 4,517 4,769Las Vegas, NV 89123-8042 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,987 10,106 12,851 13,434 14,303

NAIC Ownership Structure: Risk Retention Group Net Income 337 86 -451 -1,397 -677Tax Identification Number : 26-1479165 Revenue 4,983 6,278 9,217 9,059 6,860



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,113 4,057 7,020 7,622 8,041Demotech Financial Strength Rating A 03/10/15 Affirm Loss & LAE Reserves/ NPE (%) 29.97 48.25 60.49 82.54 115.34S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 32.01 5.36 -20.84 -49.27 -19.49Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.69 2.33 2.45 1.93 1.35Fitch 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 1.45 0.49 0.85 0.72 0.87Net Investment Income/Earned Premiums 1.30 0.50 0.87 1.10 1.79Return on Average Equity (C&S) 21.09 3.46 -13.88 -32.18 -13.13Return on Avg Assets 4.94 0.88 -3.31 -7.84 -3.54Loss and LAE Ratio 54.46 58.89 74.58 85.13 60.76Expense Ratio 33.16 38.72 34.96 42.16 59.79Loss Ratio 35.76 21.49 22.12 42.06 17.49Combined Ratio 87.63 97.61 109.54 127.29 120.56Operating Ratio 86.32 97.11 108.67 126.19 118.77Investment ratio 1.30 0.50 0.87 1.10 1.79


Cash, Short-Term Investments / Liabilities 78.94 75.73 81.33 90.68 75.27Bonds: Liquid Investments/ Liabilities (%) 78.94 78.96 89.00 105.14 82.90Cash & Short-Term Investments / C&S 235.57 275.91 280.35 269.71 225.73Liabilities/ Invested Assets 127.00 132.00 118.00 102.00 116.00Affiliated Investments / Capital & Surplus 0.00 11.77 14.93 20.70 -10.50Reserve coverage2 116.15 124.07 129.25 144.47 123.95Cash From Underwriting ($000) 362 2,842 1,768 -79 -2,833Net Cash From Operations ($000) 257 2,563 2,173 354 -2,549Underwriting Cash Flow Ratio 112.03 168.73 124.81 99.30 68.28Operating Cash Flow Ratio 117.63 177.80 122.38 97.38 67.82Unassigned Funds / Total Assets 6.56 4.88 1.99 -4.34 -12.47


GPW to Policyholders' Surplus3 900 --- 304 277 262NPW to Policyholders' Surplus 300 --- 245 193 135Change in Net Premiums Written 33 -33 41* -5 -26Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 103* 116* 121*


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


127.0132.0

118.0

102.0

116.0

0

5,000

10,000

15,000

20,000

25,000

2010Y 2011Y 2012Y 2013Y 2014Y


87.697.6

109.5

127.3120.6

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 18.71 37.39 52.46 43.07 43.27 Gross Change in Policyholders' Surplus 50 -10 34 21 6Net Commission Ratio 10.39 16.04 10.55 17.86 30.88 Net Change in Adj Policyholders' Surplus 25 -10 -11* -30* -35*Salaries & Benefits Ratio 0.00 0.00 0.00 2.14 6.51 Liabilities to Liquid Assets 100 --- 118* 102* 116*Tax, License & Fees Ratio 1.49 0.83 0.24 0.53 0.79 Agents' Bal to Policyholders' Surplus 40 --- 82* 26 48*Admin & Other Expense Ratio 21.28 21.85 24.17 21.63 21.62 1-Yr Resv Dev to Policyholders' Surplus 20 --- 40* 33* -38Gross Premiums Written ($000)3 5,805 8,826 11,327 12,501 12,516 2-Yr Resv Dev to Policyholders' Surplus 20 --- 39* 79* -22Loss & Loss Adj Expense ($000) 2,679 3,640 6,697 7,532 4,021 Est Curr Resv Defi/Policyholders' Surplus 25 --- -17 20 -75Other Underwriting Exp Incurred ($000) 1,793 2,504 3,197 3,667 3,843 *Indicates an unusual value.Net Underwriting Gains ($000) 447 37 -914 -2,351 -1,247 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 93.11 73.27 80.73 69.57 51.35 complements of each ratio.Effective Tax Rate 34.10 35.43 NM NM NM

Pre-Tax Operating Margin 10.26 2.12 -7.35 -23.62 -14.64 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y



Reinsurance Recoverable ex US Aff 2,261 2,250 3,061 2,758 2,715 Net Premiums Written Growth 10.94 19.63 41.40 -4.89 -26.10Retention Ratio (NPW/GPW) (%)3 93.11 73.27 80.73 69.57 51.35 Pre-Tax Operating Income Growth 55.96 -73.94 NM NM NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 52.14 -74.46 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 158.31 91.98 73.01 8.58 5.50Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 5.57 52.03 28.34 10.36 0.13Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 0.00 143.70 107.12 80.65 22.36





Asbestos NA NA NA NA NA Capital and Surplus 2,006 2,774 3,728 4,517 4,769 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 2,006 2,774 3,728 4,517 4,769 Combined NA NA NA NA NA ACL Risk Based Capital 798 1,199 1,566 1,946 1,952



Loss & Loss Adj Exp Reserves Growth 158.31 91.98 73.01 8.58 5.50 Net Realized Capital Gains Less Taxes 0 0 0 0 -11 Yr Loss Reserve Dev / 1Y Prior C&S 22.02 9.27 39.61 32.66 -38.49 Net Chg in Unrlzd Cap Gains Less Taxes 0 17 153 289 -924Two Yr Loss Reserve Dev Total/ PHS -22.49 7.18 39.24 78.68 -22.04 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 29.97 48.25 60.49 82.54 115.34 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 4.74 3.01 12.24 13.76 -26.27 Net Premiums Written / Avg C&S (%) 338.50 260.24 281.36 200.27 124.74IBNR/ Total Reserves 47.86 28.04 32.94 30.76 15.63 Liabilities / Capital & Surplus (%) 298.40 364.33 344.70 297.43 299.91Reserves/ Equity 105.33 146.27 188.29 168.75 168.62 Total Reins Recov Excl US Aff / C&S (%) 112.68 81.11 82.11 61.06 56.93


125.7

115.7

119.0

116.1

122.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Y




93.1

73.380.7

69.6

51.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y




Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -400 -2,359 -2,183 -3,803 -6,089Occupied Properties 0 0 0 0 0 Net Premiums Written 5,406 6,467 9,145 8,697 6,428Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 487 285 165 -150 -190Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,919 6,182 8,980 8,848 6,618

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,727 7,653 10,452 12,182 10,765 Underwriting Deductions ($000)Other Investments 0 0 200 200 368 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 4,727 7,980 11,637 14,324 12,225 Comm'l: Losses Paid Less Salvage 1,001 483 869 3,264 1,218Premiums & Considerations Due 1,756 2,834 3,048 1,184 2,312 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 394 1,882 Losses Paid Less Salvage 1,001 483 869 3,264 1,218All Other Admitted Assets 1,511 2,066 1,894 2,049 2,654 Loss Adj Expenses Paid 383 1,214 2,866 3,666 2,384Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 7,994 12,880 16,579 17,951 19,072 Comm'l: Chg in Unpaid Net Losses 758 846 1,117 457 -61

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 537 1,098 1,845 145 480

Unpaid Losses 1,252 2,098 3,215 3,673 3,612 Total Chg in Loss & LAE Reserves 1,295 1,944 2,962 603 419Unpaid Loss Adj Expenses 862 1,960 3,804 3,950 4,430 Losses and LAE Incurred 2,679 3,640 6,697 7,532 4,021

Loss & Loss Adj Exp Reserves 2,113 4,057 7,020 7,622 8,041 Other Underwriting Expense Incurred 1,793 2,504 3,197 3,667 3,843Unearned Premiums 3,903 4,188 4,352 4,202 4,012 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -1,447 -35 -127 489 1,710 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 647 1,046 894 352 273 Net Underwriting Gain (Loss) 447 37 -914 -2,351 -1,247Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 771 851 712 770 268 Total underwriting deductions 4,471 6,144 9,894 11,199 7,864



Common Capital Stock 29 27 28 30 32 Net Realized Capital Gains Less Taxes 0 0 0 0 -1Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 65 159 114 124Surplus Notes 75 75 75 75 75 All Other Income 0 0 0 0 0Unassigned Surplus 524 628 330 -779 -2,379 Income after cap gains (loss) before tax 511 133 -677 -2,140 -1,005Other Including Gross Contributed 1,378 2,044 3,295 5,190 7,041 Federal & Foreign Income Taxes 174 47 -226 -742 -328

Capital & Surplus 2,006 2,774 3,728 4,517 4,769 Net Income 337 86 -451 -1,397 -677

Total Liabilities and C&S 7,994 12,880 16,579 17,951 19,072 Pre-tax Operating Income 511 133 -677 -2,140 -1,004


Bonds 0 0 0 0 0


Common Stocks 0 326 557 935 -501 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 71 69Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 326 557 935 -501 Class 3 0 0 0 0 0Class 4 0 0 0 0 0


Net Investment Income 64 31 78 97 118 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 1Realized Capital Gains 0 0 0 0 -1Net Chg in Unrlzd Cap Gains Less Taxes 0 17 153 289 -924Net Adm Cash & Invested Assets 4,727 7,980 11,637 14,324 12,225Affiliated Cash & Investments 0 326 557 935 -501Carrying Value 0 0 0 71 69Preferred Stock 0 0 0 0 0Common Stock 0 326 985 1,871 1,023Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 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 6,431 1. Med Prof Liab 12,516 Cash/Invested Assets 100.00 95.91 89.82 85.05 88.062. California 1,969 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 1,047 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Georgia 810 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 714 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA 80.81 17.88 All other admitted assets/Total Assets 18.90 16.04 11.42 11.41 13.91National DPW ($000) 5,805 8,826 11,327 12,501 12,516 Invested Assets/Total Assets 59.13 61.96 70.19 79.80 64.10Adjusted Loss Ratio 36.90 22.13 26.35 35.62 49.37 Investment Income/Total Assets 0.80 0.24 0.47 0.54 0.62





Other Invstmts - 87.5%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Florida - 51.4% California - 15.7% Michigan - 8.4%

Georgia - 6.5% Texas - 5.7% All other - 12.3%





National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,958 6,955 7,604 8,158 8,534Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,981 3,088 3,493 3,868 4,146Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,978 3,868 4,111 4,291 4,388






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 23.91 12.99 13.12 4.68 4.96Bonds: Liquid Investments/ Liabilities (%) 170.33 174.08 177.80 184.02 187.06Cash & Short-Term Investments / C&S 31.91 16.27 15.44 5.20 5.25Liabilities/ Invested Assets 61.00 59.00 56.00 55.00 54.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 187.15 193.10 201.72 201.34 210.98Cash From Underwriting ($000) 526 -48 344 536 282Net Cash From Operations ($000) 579 -4 457 621 324Underwriting Cash Flow Ratio 135.70 96.90 130.52 145.15 117.42Operating Cash Flow Ratio 138.98 104.13 135.80 150.49 125.37Unassigned Funds / Total Assets 13.07 15.27 19.37 22.32 25.93


GPW to Policyholders' Surplus3 900 --- 42 45 46NPW to Policyholders' Surplus 300 --- 42 45 46Change in Net Premiums Written 33 -33 -5 18 11Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 86 73 71


MSA: Atlanta-Sandy Springs-Roswell, GA (Metro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt

61.0

59.0

56.0

55.0

54.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2010Y 2011Y 2012Y 2013Y 2014Y


96.7 99.191.1

75.883.8

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 15.77 20.80 15.77 13.48 24.38 Gross Change in Policyholders' Surplus 50 -10 13 11 7Net Commission Ratio 10.01 10.90 9.76 8.79 10.55 Net Change in Adj Policyholders' Surplus 25 -10 12 10 7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 56 55 54Tax, License & Fees Ratio 6.16 6.74 6.20 5.29 6.01 Agents' Bal to Policyholders' Surplus 40 --- 2 2 2Admin & Other Expense Ratio 30.88 36.78 31.15 30.64 32.33 1-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -20 -33Gross Premiums Written ($000)3 1,873 1,540 1,462 1,724 1,916 2-Yr Resv Dev to Policyholders' Surplus 20 --- -21 -35 -49Loss & Loss Adj Expense ($000) 967 782 633 467 660 Est Curr Resv Defi/Policyholders' Surplus 25 --- -35 -28 -26Other Underwriting Exp Incurred ($000) 881 838 689 771 937 *Indicates an unusual value.Net Underwriting Gains ($000) 99 130 118 262 297 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 100.00 100.00 100.00 complements of each ratio.Effective Tax Rate 36.38 22.45 15.94 20.42 25.51


Admitted Assets Growth 10.05 -0.04 9.33 7.29 4.61


Reinsurance Recoverable ex US Aff 0 0 0 0 0 Net Premiums Written Growth -6.41 -17.80 -5.03 17.86 11.16Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 100.00 Pre-Tax Operating Income Growth -40.84 16.43 19.72 34.98 17.74Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 7.41 55.98 10.20 15.02 38.85Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 16.17 4.79 7.16 1.23 -1.39Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -6.41 -17.80 -5.03 17.86 11.16Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 18.85 13.70 6.96 4.20 5.58








Loss & Loss Adj Exp Reserves Growth 16.17 4.79 7.16 1.23 -1.39 Net Realized Capital Gains Less Taxes 53 93 50 21 1521 Yr Loss Reserve Dev / 1Y Prior C&S -12.86 -15.37 -12.24 -20.01 -33.04 Net Chg in Unrlzd Cap Gains Less Taxes 83 -161 195 22 -108Two Yr Loss Reserve Dev Total/ PHS -39.11 -26.02 -20.69 -34.75 -49.13 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 126.31 158.53 203.92 209.93 167.39 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -19.67 -26.17 -26.24 -46.60 -67.48 Net Premiums Written / Avg C&S (%) 68.95 52.49 44.48 49.60 48.39IBNR/ Total Reserves 69.38 68.54 74.87 68.33 62.42 Liabilities / Capital & Surplus (%) 133.44 125.27 117.67 110.93 105.83Reserves/ Equity 87.11 88.13 83.47 76.33 70.21 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 0.00


202.5187.9 195.0

261.0278.5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2010Y 2011Y 2012Y 2013Y 2014Y




100.0 100.0 100.0

100.0

100.0

0

500

1,000

1,500

2,000

2,500

2010Y 2011Y 2012Y 2013Y 2014Y




National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 1,401 1,015 899 1,453 1,832 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,873 1,540 1,462 1,724 1,916Common Stocks 4,183 5,061 5,870 6,164 6,103 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 1,873 1,540 1,462 1,724 1,916Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -74 -210 22 224 22Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,947 1,750 1,440 1,500 1,894

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 951 502 539 201 217 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 6,536 6,578 7,309 7,818 8,152 Comm'l: Losses Paid Less Salvage 336 367 248 167 325Premiums & Considerations Due 76 90 76 86 97 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 336 367 248 167 325All Other Admitted Assets 347 288 219 254 285 Loss Adj Expenses Paid 270 291 190 264 377Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 6,958 6,955 7,604 8,158 8,534 Comm'l: Chg in Unpaid Net Losses 324 51 158 97 -126

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 37 73 37 -61 85

Unpaid Losses 2,034 2,085 2,243 2,341 2,215 Total Chg in Loss & LAE Reserves 361 124 195 36 -41Unpaid Loss Adj Expenses 563 636 673 611 696 Losses and LAE Incurred 967 782 633 467 660

Loss & Loss Adj Exp Reserves 2,597 2,721 2,916 2,952 2,911 Other Underwriting Expense Incurred 881 838 689 771 937Unearned Premiums 895 685 707 931 953 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 119 118 120 134 155 Net Underwriting Gain (Loss) 99 130 118 262 297Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 367 343 368 273 369 Total underwriting deductions 1,848 1,620 1,322 1,238 1,597



Common Capital Stock 2,420 2,454 2,502 2,528 2,528 Net Realized Capital Gains Less Taxes 53 93 50 21 152Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 30 30 30 30 30 All Other Income 0 -35 0 0 0Unassigned Surplus 909 1,062 1,473 1,821 2,213 Income after cap gains (loss) before tax 265 339 345 419 622Other Including Gross Contributed -378 -458 -511 -511 -625 Federal & Foreign Income Taxes 97 76 55 86 159



Revenue 2,113 1,959 1,667 1,657 2,219Memo: Affiliated Investments ($000) Expenses Paid 1,247 1,254 986 1,153 1,428

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 1,641 1,170 899 1,530 1,888Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 114 152 177 136 173 Class 6 0 0 0 0 0R li d C it l G i 53 93 50 21 152Realized Capital Gains 53 93 50 21 152Net Chg in Unrlzd Cap Gains Less Taxes 83 -161 195 22 -108Net Adm Cash & Invested Assets 6,536 6,578 7,309 7,818 8,152Affiliated Cash & Investments 0 0 0 0 0Carrying Value 1,641 1,170 899 1,530 1,938Preferred Stock 0 0 0 0 0Common Stock 4,183 5,061 5,870 6,164 6,103Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 1,411 1. Oth, Prod Liab Cmbnd 1,916 Cash/Invested Assets 14.55 7.64 7.38 2.57 2.672. North Carolina 395 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. South Carolina 43 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Georgia 35 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 29 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 2.7%0.00 1.00 2.00 3.00

2010Y

2011Y

2012Y

2013Y

2014Y


Florida - 73.6% North Carolina - 20.6%

South Carolina - 2.2% Georgia - 1.8%

Virginia - 1.5% All other - 0.2%





National Guardian RRG Inc. (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 16,442 15,823 16,314 16,356 15,840Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,626 5,529 5,980 5,983 6,486

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 11,816 10,294 10,334 10,373 9,355NAIC Ownership Structure: Risk Retention Group Net Income 889 890 516 25 507Tax Identification Number : 38-2848487 Revenue 2,765 2,756 2,741 2,133 2,617





Name : Mark Alan Burnheimer Auditor Johnson Lambert LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik Kent KingEmail : [email protected] CFO --

President Mark Alan Burnheimer




Cash, Short-Term Investments / Liabilities 34.94 29.18 39.07 11.00 28.45Bonds: Liquid Investments/ Liabilities (%) 123.12 130.90 141.86 88.85 102.67Cash & Short-Term Investments / C&S 89.24 54.33 67.51 19.07 41.03Liabilities/ Invested Assets 86.00 85.00 70.00 105.00 91.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 126.29 125.34 139.84 93.59 103.18Cash From Underwriting ($000) 450 -1,282 652 -3,818 161Net Cash From Operations ($000) 834 -1,638 737 -3,766 130Underwriting Cash Flow Ratio 158.53 63.12 157.87 -79.81 107.37Operating Cash Flow Ratio 139.65 82.17 180.52 -69.33 118.07Unassigned Funds / Total Assets 19.01 25.46 27.46 27.41 31.47


GPW to Policyholders' Surplus3 900 --- 222 223 196NPW to Policyholders' Surplus 300 --- 42 33 38Change in Net Premiums Written 33 -33 -2 -20 25Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 63 84 83


MSA: Traverse City, MI (Micro)


86.0 85.0

70.0

105.0

91.0

0

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4,000

6,000

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12,000

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62.858.3

78.6

106.7

74.0

0.00

5.00

10.00

15.00

20.00

25.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 32.51 28.88 35.94 39.20 25.97 Gross Change in Policyholders' Surplus 50 -10 8 0 8Net Commission Ratio -26.30 -21.06 -35.49 -38.41 -12.57 Net Change in Adj Policyholders' Surplus 25 -10 8 0 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 70 105* 91Tax, License & Fees Ratio 15.58 12.54 13.28 15.78 14.07 Agents' Bal to Policyholders' Surplus 40 --- 0 44* 43*Admin & Other Expense Ratio 28.85 23.35 29.94 30.26 22.26 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -9 -17Gross Premiums Written ($000)3 12,259 12,348 13,259 13,362 12,723 2-Yr Resv Dev to Policyholders' Surplus 20 --- -30 -16 -22Loss & Loss Adj Expense ($000) 1,066 1,099 1,831 1,980 1,252 Est Curr Resv Defi/Policyholders' Surplus 25 --- 6 -41 -5Other Underwriting Exp Incurred ($000) 381 379 194 153 592 *Indicates an unusual value.Net Underwriting Gains ($000) 939 1,050 560 -134 649 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 17.15 20.69 18.91 14.96 19.60 complements of each ratio.Effective Tax Rate 32.55 30.35 27.93 NM 34.31


Admitted Assets Growth 3.33 -3.76 3.10 0.26 -3.16

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth -3.54 -12.88 0.38 0.38 -9.82

Reinsurance Recoverable ex US Aff -868 -142 -125 -199 0 Net Premiums Written Growth 211.20 21.55 -1.88 -20.27 24.72Retention Ratio (NPW/GPW) (%)3 17.15 20.69 18.91 14.96 19.60 Pre-Tax Operating Income Growth 451.56 2.91 -39.79 -99.77 NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 597.90 0.17 -42.04 -95.15 1,926.68Nonaffiliated Reins Assumed / GPW (%) 2.49 1.69 0.82 -4.30 0.00 Loss & Loss Adj Exp Reserves Growth -4.21 -6.86 -5.11 1.44 -1.12Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 5.45 1.56 8.32 5.99 -8.71Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 2.62 -3.29 -5.57 -6.80 -5.25

Capital & Surplus Five-year CAGR 9.23 12.18 14.39 11.42 12.11Admitted Assets Five-year CAGR 4.25 0.70 -0.60 -2.15 -0.09







Loss & Loss Adj Exp Reserves Growth -4.21 -6.86 -5.11 1.44 -1.12 Net Realized Capital Gains Less Taxes 158 84 -3 -2 01 Yr Loss Reserve Dev / 1Y Prior C&S -46.91 -25.94 -6.89 -9.10 -17.42 Net Chg in Unrlzd Cap Gains Less Taxes 13 13 0 0 0Two Yr Loss Reserve Dev Total/ PHS -111.60 -70.70 -30.30 -16.40 -21.90 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 437.85 392.75 348.77 450.33 363.11 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -72.00 -47.48 -14.74 -27.21 -41.79 Net Premiums Written / Avg C&S (%) 54.25 51.98 44.89 33.16 39.79IBNR/ Total Reserves 40.29 39.65 38.22 40.02 38.20 Liabilities / Capital & Surplus (%) 255.43 186.19 172.80 173.37 144.24Reserves/ Equity 215.73 168.12 147.49 149.54 136.41 Total Reins Recov Excl US Aff / C&S (%) -18.76 -2.57 -2.09 -3.33 0.00


168.1

210.2236.5 242.6 235.0

0

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20.718.9

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2010Y 2011Y 2012Y 2013Y 2014Y




National Guardian RRG Inc. (Traverse City, MI)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -9,851 -9,584 -10,643 -11,938 -10,230Occupied Properties 0 0 0 0 0 Net Premiums Written 2,102 2,555 2,507 1,999 2,493Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -284 28 -78 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,386 2,527 2,585 1,999 2,493

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,128 3,004 4,037 1,141 2,661 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 13,535 11,891 12,459 8,573 9,128 Comm'l: Losses Paid Less Salvage 523 903 1,175 1,157 707Premiums & Considerations Due 76 83 1,535 3,953 3,859 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 2,075 3,109 1,661 3,121 2,684 Losses Paid Less Salvage 523 903 1,175 1,157 707All Other Admitted Assets 756 741 660 709 169 Loss Adj Expenses Paid 982 880 1,131 697 645Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 16,442 15,823 16,314 16,356 15,840 Comm'l: Chg in Unpaid Net Losses -233 -534 -273 40 -103

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -206 -150 -202 87 3

Unpaid Losses 6,433 5,899 5,625 5,666 5,563 Total Chg in Loss & LAE Reserves -439 -684 -475 127 -100Unpaid Loss Adj Expenses 3,547 3,396 3,195 3,281 3,284 Losses and LAE Incurred 1,066 1,099 1,831 1,980 1,252

Loss & Loss Adj Exp Reserves 9,980 9,295 8,820 8,947 8,847 Other Underwriting Expense Incurred 381 379 194 153 592Unearned Premiums 50 78 0 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 868 142 125 199 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 204 232 184 207 253 Net Underwriting Gain (Loss) 939 1,050 560 -134 649Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 715 548 1,204 1,020 255 Total underwriting deductions 1,447 1,478 2,025 2,133 1,844



Common Capital Stock 600 600 600 600 300 Net Realized Capital Gains Less Taxes 158 84 -3 -2 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 500 500 500 500 1,000 All Other Income 0 0 0 0 0Unassigned Surplus 3,126 4,029 4,480 4,483 4,986 Income after cap gains (loss) before tax 1,318 1,278 716 0 772Other Including Gross Contributed 400 400 400 400 200 Federal & Foreign Income Taxes 429 388 200 -25 265


Total Liabilities and C&S 16,442 15,823 16,314 16,356 15,840 Pre-tax Operating Income 1,160 1,194 719 2 772

Revenue 2,765 2,756 2,741 2,133 2,617Memo: Affiliated Investments ($000) Expenses Paid 1,408 1,287 1,420 874 1,230

Bonds 0 0 0 0 0





Net Investment Income 221 145 159 136 123 Class 6 0 0 0 0 0R li d C it l G i 158 84 3 2 0Realized Capital Gains 158 84 -3 -2 0Net Chg in Unrlzd Cap Gains Less Taxes 13 13 0 0 0Net Adm Cash & Invested Assets 13,535 11,891 12,459 8,573 9,128Affiliated Cash & Investments 0 0 0 0 0Carrying Value 10,441 10,471 10,622 8,076 6,943Preferred Stock 137 0 0 0 0Common Stock 0 0 0 0 0Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 1,065 895 606 461

Municipal SecuritiesIssued States & Territories ($000) 288 304 279 275 270Issued Political Subdivisions ($000) 216 664 2,428 2,289 832Issued State Rev Obligations ($000) 21 271 518 3,329 0Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 2.95 0.00 0.00 0.00 0.001. Missouri 2,436 1. Med Prof Liab 12,723 Cash/Invested Assets 30.50 25.26 32.41 13.31 29.152. Illinois 2,323 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 1,701 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Delaware 1,017 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Michigan 996 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -2.25 -4.52 -0.30 4.19 2.34 All other admitted assets/Total Assets 4.60 4.68 4.04 4.34 1.07National DPW ($000) 11,953 12,140 13,150 13,937 12,723 Invested Assets/Total Assets 82.32 75.15 76.37 52.41 57.62Adjusted Loss Ratio 30.29 23.36 36.87 46.24 24.35 Investment Income/Total Assets 1.34 0.91 0.97 0.83 0.78





Other Invstmts - 29.2%0.00 0.05 0.10 0.15 0.20 0.25

2010Y

2011Y

2012Y

2013Y

2014Y


Missouri - 19.1% Illinois - 18.3% Ohio - 13.4%

Delaware - 8.0% Michigan - 7.8% All other - 33.4%





Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 14,503 9,363 12,554 12,361 12,851Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 12,444 7,654 10,807 10,584 10,982Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 2,059 1,709 1,747 1,778 1,869

NAIC Ownership Structure: Risk Retention Group Net Income 77 28 28 67 219Tax Identification Number : 99-0319305 Revenue -280 1,171 879 845 853

Direct Premiums Written 622 501 953 875 904Net Premiums Written 505 390 843 765 794

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned -422 841 696 694 674

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 25 20 20 0 0Demotech Financial Strength Rating A 03/19/15 Affirm Loss & LAE Reserves/ NPE (%) NM 2.60 2.87 1.25 0.05S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 2.33 -1.33 -0.40 0.55 1.76Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.04 0.05 0.08 0.07 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 2.02 1.48 1.17 1.23 1.31Net Investment Income/Earned Premiums -68.17 20.79 17.20 20.61 22.04Return on Average Equity (C&S) 0.56 0.29 0.32 0.63 2.04Return on Avg Assets 0.51 0.23 0.26 0.54 1.74Loss and LAE Ratio NM 29.30 13.03 0.94 -0.06Expense Ratio -159.72 230.06 90.21 100.87 79.89Loss Ratio NM 29.30 13.03 0.94 -0.06Combined Ratio NM 259.37 103.24 101.81 79.83Operating Ratio NM 238.58 86.03 81.20 57.79Investment ratio NA 20.79 17.20 20.61 22.04


Cash, Short-Term Investments / Liabilities 322.65 389.41 392.82 379.73 180.19Bonds: Liquid Investments/ Liabilities (%) 680.42 538.25 686.31 640.28 608.49Cash & Short-Term Investments / C&S 53.38 86.96 63.50 63.79 30.67Liabilities/ Invested Assets 15.00 19.00 15.00 16.00 16.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 738.18 635.96 753.87 694.14 646.74Cash From Underwriting ($000) 790 -603 -118 -458 -368Net Cash From Operations ($000) 1,156 -346 -4 -287 -183Underwriting Cash Flow Ratio -262.80 43.85 87.49 62.15 68.33Operating Cash Flow Ratio -204.19 41.76 87.49 62.15 68.33Unassigned Funds / Total Assets 57.17 37.39 28.82 27.46 29.51


GPW to Policyholders' Surplus3 900 --- 9 8 8NPW to Policyholders' Surplus 300 --- 8 7 7Change in Net Premiums Written 33 -33 116* -9 4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 137* 83 69




15.0

19.0

15.016.0 16.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010Y 2011Y 2012Y 2013Y 2014Y


0.0

259.4

103.2 101.879.8

0.00

0.50

1.00

1.50

2.00

2.50

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 41 -2 4Net Commission Ratio 10.04 4.93 0.77 0.19 0.00 Net Change in Adj Policyholders' Surplus 25 -10 2 -2 4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 15 16 16Tax, License & Fees Ratio 8.73 11.72 6.51 18.49 7.08 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio -178.49 213.41 82.92 82.19 72.81 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Gross Premiums Written ($000)3 615 500 953 875 904 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Loss & Loss Adj Expense ($000) 349 246 91 7 0 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 0Other Underwriting Exp Incurred ($000) 716 864 761 772 634 *Indicates an unusual value.Net Underwriting Gains ($000) 35 -302 -155 -84 41 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 82.10 77.99 88.46 87.43 87.83 complements of each ratio.Effective Tax Rate 56.28 0.00 0.00 0.00 0.00

Pre-Tax Operating Margin NM -12.54 -4.35 7.05 23.02 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth -5.31 -35.44 34.08 -1.53 3.96


Reinsurance Recoverable ex US Aff 0 -32 -13 0 0 Net Premiums Written Growth -19.79 -22.76 116.39 -9.28 3.73Retention Ratio (NPW/GPW) (%)3 82.10 77.99 88.46 87.43 87.83 Pre-Tax Operating Income Growth NM NM NM NM 221.00Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM -64.06 0.56 139.42 226.92Nonaffiliated Reins Assumed / GPW (%) -1.15 -0.20 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -92.18 -20.00 0.00 -98.00 NMReinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -16.94 -19.45 90.39 -8.21 3.26Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -19.65 -22.41 -16.43 -4.97 6.38






ACL RBC Ratio (%) (TAC/ACL RBC) 3,676.85 1,888.08 3,376.24 3,188.42 4,131.89

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 1,838.43 944.04 1,688.12 1,594.21 2,065.94

Loss & Loss Adj Exp Reserves Growth -92.18 -20.00 0.00 -98.00 NM Net Realized Capital Gains Less Taxes -146 155 63 8 291 Yr Loss Reserve Dev / 1Y Prior C&S -2.29 -0.04 0.00 -0.19 0.00 Net Chg in Unrlzd Cap Gains Less Taxes 111 214 51 -290 179Two Yr Loss Reserve Dev Total/ PHS -3.73 -2.29 -0.04 -0.26 -0.18 Dividends to Stockholders 0 -5,000 0 0 0Loss and LAE Reserves / NPE NM 2.60 2.87 1.25 0.05 Stockholder Dividends/ Net Income (%) 0.00 NM 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NM -0.59 0.00 -2.88 0.00 Net Premiums Written / Avg C&S (%) 3.65 4.08 9.60 7.17 7.38IBNR/ Total Reserves 100.00 100.00 100.00 100.00 0.00 Liabilities / Capital & Surplus (%) 16.54 22.33 16.17 16.80 17.02Reserves/ Equity 0.20 0.26 0.19 0.00 0.00 Total Reins Recov Excl US Aff / C&S (%) 0.00 -0.42 -0.12 0.00 0.00


1,838.4

944.0

1,688.11,594.2

2,065.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y




82.1

78.0

88.587.4 87.8

0

200

400

600

800

1,000

1,200

2010Y 2011Y 2012Y 2013Y 2014Y




Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 6,705 2,318 4,944 4,437 7,794 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 622 501 953 875 904Common Stocks 661 226 183 195 212 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 622 501 953 875 904Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -117 -111 -110 -110 -110Occupied Properties 0 0 0 0 0 Net Premiums Written 505 390 843 765 794Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 926 -451 147 71 119Properties for Sale 0 0 0 0 0 Net Premiums Earned -422 841 696 694 674

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,643 6,656 6,862 6,751 3,368 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 14,008 9,200 11,989 11,383 11,374 Comm'l: Losses Paid Less Salvage 643 251 91 26 0Premiums & Considerations Due 49 0 0 0 0 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 87 88 88 88 88 Losses Paid Less Salvage 643 251 91 26 0All Other Admitted Assets 282 40 45 80 64 Loss Adj Expenses Paid 0 0 0 0 0Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 14,503 9,363 12,554 12,361 12,851 Comm'l: Chg in Unpaid Net Losses -295 -5 0 -20 0


Unpaid Losses 25 20 20 0 0 Total Chg in Loss & LAE Reserves -295 -5 0 -20 0Unpaid Loss Adj Expenses 0 0 0 0 0 Losses and LAE Incurred 349 246 91 7 0

Loss & Loss Adj Exp Reserves 25 20 20 0 0 Other Underwriting Expense Incurred 716 864 761 772 634Unearned Premiums 1,873 1,422 1,569 1,640 1,759 Other Underwriting Deductions -1,522 32 0 0 0Total Reinsurance Liabilities 0 33 13 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 161 235 146 138 111 Net Underwriting Gain (Loss) 35 -302 -155 -84 41Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions -457 1,143 851 778 634



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains Less Taxes -146 155 63 8 29Preferred 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 8,292 3,501 3,618 3,394 3,792 Income after cap gains (loss) before tax 177 28 28 67 219Other Including Gross Contributed 4,122 4,122 7,159 7,159 7,159 Federal & Foreign Income Taxes 100 0 0 0 0


Total Liabilities and C&S 14,503 9,363 12,554 12,361 12,851 Pre-tax Operating Income 323 -127 -35 59 189

Revenue -280 1,171 879 845 853Memo: Affiliated Investments ($000) Expenses Paid 660 819 874 794 674

Bonds 0 0 0 0 0





Net Investment Income 287 175 120 143 149 Class 6 0 0 0 0 0R li d C it l G i 146 155 63 8 29Realized Capital Gains -146 155 63 8 29Net Chg in Unrlzd Cap Gains Less Taxes 111 214 51 -290 179Net Adm Cash & Invested Assets 14,008 9,200 11,989 11,383 11,374Affiliated Cash & Investments 0 0 0 0 0Carrying Value 6,705 2,318 4,944 4,437 7,794Preferred Stock 0 0 0 0 0Common Stock 661 226 183 195 212Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 1,802 2,946 2,710 2,670Issued Political Subdivisions ($000) 5,341 67 1,163 1,108 838Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 448 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Texas 188 1. Oth, Prod Liab Cmbnd 904 Cash/Invested Assets 47.42 72.35 57.24 59.31 29.612. Arizona 154 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 41 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Pennsylvania 38 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 33 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.53 0.38 3.44 6.55 10.31DPW 5 Yr CAGR -13.34 -18.68 -9.75 6.54 3.84 All other admitted assets/Total Assets 1.94 0.43 0.36 0.65 0.49National DPW ($000) 622 501 953 875 904 Invested Assets/Total Assets 96.59 98.26 95.50 92.09 88.51Adjusted Loss Ratio NM 0.00 0.00 0.00 0.00 Investment Income/Total Assets 1.98 1.87 0.95 1.16 1.16





Other Invstmts - 29.6%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Texas - 20.8% Arizona - 17.1%

North Carolina - 4.5% Pennsylvania - 4.2%

Virginia - 3.7% All other - 49.7%





Onyx Insurance Co. Inc. A RRG (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

575 South Saliman Road NAIC Company Code : 15208 Total Assets 0 0 0 5,682 17,848Carson City, NV 89701-5000 Business Focus : Commercial Property Focus Policyholder Surplus 0 0 0 2,638 4,505

Geographic Focus: Regional - Western Quadrant Total Liabilities 0 0 0 3,044 13,344NAIC Ownership Structure: Risk Retention Group Net Income 0 0 0 -153 -1Tax Identification Number : 46-2878950 Revenue 0 0 0 545 6,238

Direct Premiums Written 0 0 0 2,555 13,279Net Premiums Written 0 0 0 2,416 12,451

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 0 0 0 595 6,182

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 0 0 0 375 2,753Demotech Financial Strength Rating A 03/25/15 Affirm Loss & LAE Reserves/ NPE (%) 0.00 0.00 0.00 0.00 18.84S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 0.00 0.00 0.00 0.00 -0.01Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 0.92 2.76Fitch Financial Strength Rating -- -- -- --


Name : Gayle Robertson Auditor Saslow Lufkin & Buggy LLPPhone : (775) 887-2480 Actuary Financial Risk Analysts LLCFax : (866) 327-1121 CEO --Email : [email protected] CFO --

President Peter Hinman Foley


Net Yield on Invested Assets 0.00 0.00 0.00 0.00 1.03Net Investment Income/Earned Premiums NA NA NA -8.37 0.91Return on Average Equity (C&S) 0.00 0.00 0.00 0.00 -0.03Return on Avg Assets 0.00 0.00 0.00 0.00 -0.01Loss and LAE Ratio 0.00 0.00 0.00 68.61 75.40Expense Ratio 0.00 0.00 0.00 15.26 12.67Loss Ratio 0.00 0.00 0.00 61.65 48.88Combined Ratio 0.00 0.00 0.00 83.87 88.07Operating Ratio 0.00 0.00 0.00 92.24 87.16Investment ratio 0.00 0.00 0.00 -8.37 0.91


Cash, Short-Term Investments / Liabilities 0.00 0.00 0.00 105.49 56.58Bonds: Liquid Investments/ Liabilities (%) 0.00 0.00 0.00 105.49 56.58Cash & Short-Term Investments / C&S 0.00 0.00 0.00 121.72 167.60Liabilities/ Invested Assets 999.00 999.00 999.00 95.00 177.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 NA NA NA 136.27 71.57Cash From Underwriting ($000) 0 0 0 1,366 2,545Net Cash From Operations ($000) 0 0 0 1,316 2,471Underwriting Cash Flow Ratio NA NA NA -975.41 135.15Operating Cash Flow Ratio NA NA NA -975.41 136.95Unassigned Funds / Total Assets NA NA NA -2.70 -0.86


GPW to Policyholders' Surplus3 900 --- 0 97 295NPW to Policyholders' Surplus 300 --- 0 92 276Change in Net Premiums Written 33 -33 0 NM* 415*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 0 92 88


MSA: Carson City, NV (Metro)


999.0 999.0 999.0

95.0177.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2010Y 2011Y 2012Y 2013Y 2014Y


0.0 0.0 0.0

83.988.1

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 0.00 0.00 0.00 6.96 26.52 Gross Change in Policyholders' Surplus 50 -10 0 NM* 71*Net Commission Ratio 0.00 0.00 0.00 1.17 6.15 Net Change in Adj Policyholders' Surplus 25 -10 0 NM* 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.01 0.00 Liabilities to Liquid Assets 100 --- 0 95 177*Tax, License & Fees Ratio 0.00 0.00 0.00 1.51 1.74 Agents' Bal to Policyholders' Surplus 40 --- 0 57* 110*Admin & Other Expense Ratio 0.00 0.00 0.00 12.57 4.78 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 NM* 9Gross Premiums Written ($000)3 0 0 0 2,555 13,279 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 NM* NM*Loss & Loss Adj Expense ($000) 0 0 0 408 4,661 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 80*Other Underwriting Exp Incurred ($000) 0 0 0 369 1,577 *Indicates an unusual value.Net Underwriting Gains ($000) 0 0 0 -182 -56 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 0.00 0.00 0.00 94.57 93.76 complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 NM NM

Pre-Tax Operating Margin 0.00 0.00 0.00 -42.48 -0.01 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y



Reinsurance Recoverable ex US Aff 0 0 0 -219 210 Net Premiums Written Growth 0.00 0.00 0.00 0.00 415.39Retention Ratio (NPW/GPW) (%)3 0.00 0.00 0.00 94.57 93.76 Pre-Tax Operating Income Growth 0.00 0.00 0.00 0.00 NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 0.00 0.00 0.00 0.00 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 0.00 634.49Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 0.00 0.00 0.00 0.00 419.82Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 0.00 0.00 0.00 0.00 0.00





Asbestos NA NA NA NA NA Capital and Surplus 0 0 0 2,638 4,505 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 0 0 2,638 4,505 Combined NA NA NA NA NA ACL Risk Based Capital 0 0 0 133 624



Loss & Loss Adj Exp Reserves Growth 0.00 0.00 0.00 0.00 634.49 Net Realized Capital Gains Less Taxes 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S 0.00 0.00 0.00 0.00 8.95 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Two Yr Loss Reserve Dev Total/ PHS 0.00 0.00 0.00 0.00 0.00 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 0.00 0.00 0.00 0.00 18.84 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 0.00 0.00 0.00 0.00 3.82 Net Premiums Written / Avg C&S (%) 0.00 0.00 0.00 0.00 369.58IBNR/ Total Reserves 0.00 0.00 0.00 30.68 39.95 Liabilities / Capital & Surplus (%) NA NA NA 115.38 296.22Reserves/ Equity 0.00 0.00 0.00 14.21 61.12 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 -8.30 4.66


0.0 0.0 0.0

990.5

361.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2010Y 2011Y 2012Y 2013Y 2014Y




94.6

93.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y




Onyx Insurance Co. Inc. A RRG (Carson City, NV)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

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 0 0 0 2,555 13,279Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 0 0 0 2,555 13,279Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 0 0 0 -139 -828Occupied Properties 0 0 0 0 0 Net Premiums Written 0 0 0 2,416 12,451Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 1,821 6,269Properties for Sale 0 0 0 0 0 Net Premiums Earned 0 0 0 595 6,182

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 0 0 0 3,211 7,550 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 0 0 0 3,211 7,550 Comm'l: Losses Paid Less Salvage 0 0 0 11 624Premiums & Considerations Due 0 0 0 1,496 4,976 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 0 0 0 11 624All Other Admitted Assets 0 0 0 975 5,323 Loss Adj Expenses Paid 0 0 0 41 1,658Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 0 0 0 5,682 17,848 Comm'l: Chg in Unpaid Net Losses 0 0 0 356 2,398


Unpaid Losses 0 0 0 356 2,753 Total Chg in Loss & LAE Reserves 0 0 0 356 2,378Unpaid Loss Adj Expenses 0 0 0 19 0 Losses and LAE Incurred 0 0 0 408 4,661

Loss & Loss Adj Exp Reserves 0 0 0 375 2,753 Other Underwriting Expense Incurred 0 0 0 369 1,577Unearned Premiums 0 0 0 1,821 8,090 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 319 1,133 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 0 0 0 529 1,368 Net Underwriting Gain (Loss) 0 0 0 -182 -56Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 0 0 0 777 6,238


Income ($000)Total Capital and Surplus Net Investment Income 0 0 0 -50 56

Common Capital Stock 0 0 0 291 2,159 Net Realized Capital Gains Less Taxes 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 2,500 2,500 All Other Income 0 0 0 0 0Unassigned Surplus 0 0 0 -153 -154 Income after cap gains (loss) before tax 0 0 0 -232 0Other Including Gross Contributed 0 0 0 0 0 Federal & Foreign Income Taxes 0 0 0 -78 1

Capital & Surplus 0 0 0 2,638 4,505 Net Income 0 0 0 -153 -1

Total Liabilities and C&S 0 0 0 5,682 17,848 Pre-tax Operating Income 0 0 0 -232 0

Revenue 0 0 0 545 6,238Memo: Affiliated Investments ($000) Expenses Paid 0 0 0 410 1,868

Bonds 0 0 0 0 0





Net Investment Income 0 0 0 -50 56 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 0Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Net Adm Cash & Invested Assets 0 0 0 3,211 7,550Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 0 0 0Preferred Stock 0 0 0 0 0Common Stock 0 0 0 0 0Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 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) 0.00 0.00 0.00 0.00 0.00Bonds 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 NA NA NA 0.00 0.00Common Stocks / C&S 0.00 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets NA NA NA 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 7,515 1. Comm'l Auto St 13,279 Cash/Invested Assets NA NA NA 100.00 100.002. New Jersey 2,443 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Pennsylvania 953 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Virginia 634 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. Tennessee 554 5. Fidelity & Surety 0 Real Estate/Invested Assets NA NA NA 0.00 0.00

All Other 1,179 All Other 0 Other Investments/Invested Assets NA NA NA 0.00 0.00Premiums & Cons due/Total Assets NA NA NA 26.33 27.88

MARKET POSITION ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y Reinsurance recoverable/Total Assets NA NA NA 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 NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 17.15 29.82National DPW ($000) 0 0 0 2,555 13,279 Invested Assets/Total Assets NA NA NA 56.51 42.30Adjusted Loss Ratio 0.00 0.00 0.00 61.82 62.20 Investment Income/Total Assets NA NA NA -0.88 0.31





Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


California - 56.6% New Jersey - 18.4%

Pennsylvania - 7.2% Virginia - 4.8%

Tennessee - 4.2% All other - 8.9%





Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

1715 Aaron Brenner Drive NAIC Company Code : 44130 Total Assets 22,091 23,250 23,274 23,468 23,870Suite 512 Business Focus : Commercial Property Focus Policyholder Surplus 8,552 9,170 10,580 11,800 12,351Memphis, TN 38120-1443 Geographic Focus: National Total Liabilities 13,539 14,080 12,694 11,668 11,518

NAIC Ownership Structure: Risk Retention Group Net Income 442 604 1,093 374 298Tax Identification Number : 36-3584321 Revenue 3,601 3,657 3,700 4,037 4,171



AM Best Financial Strength Rating A- 02/21/13 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 10,200 10,200 8,100 7,400 7,200Demotech Financial Strength Rating A' 03/16/15 Affirm Loss & LAE Reserves/ NPE (%) 389.52 366.83 344.52 253.38 223.38S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 4.36 8.44 13.97 -0.65 0.84Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.32 0.33 0.28 0.28 0.29Fitch Financial Strength Rating -- -- -- --


Name : Anita M. Perkins Auditor Faulkner Mackie & Cochran P.C.Phone : (802) 371-2219 Actuary --Fax : (802) 371-2225 CEO --Email : [email protected] CFO --

President William Hamilton Smythe IV


Net Yield on Invested Assets 3.41 3.02 2.68 2.28 2.09Net Investment Income/Earned Premiums 24.03 21.10 19.37 15.24 12.94Return on Average Equity (C&S) 5.51 6.80 11.06 3.31 2.47Return on Avg Assets 2.08 2.70 4.69 1.61 1.25Loss and LAE Ratio 45.90 22.09 -17.37 49.01 54.11Expense Ratio 28.99 29.73 29.62 26.88 26.25Loss Ratio 42.28 17.46 -22.75 32.09 40.39Combined Ratio 111.30 94.58 71.92 115.43 109.12Operating Ratio 87.27 73.48 52.56 100.20 96.17Investment ratio 24.03 21.10 19.37 15.24 12.94


Cash, Short-Term Investments / Liabilities 15.69 15.22 12.16 22.77 18.17Bonds: Liquid Investments/ Liabilities (%) 153.21 153.19 171.35 188.44 195.44Cash & Short-Term Investments / C&S 24.84 23.37 14.58 22.51 16.95Liabilities/ Invested Assets 59.00 58.00 52.00 46.00 44.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 211.37 223.87 294.09 285.48 292.32Cash From Underwriting ($000) 1,003 983 650 -335 124Net Cash From Operations ($000) 1,074 390 -357 -1,320 -396Underwriting Cash Flow Ratio 162.28 164.39 124.31 90.05 103.92Operating Cash Flow Ratio 120.76 111.33 95.52 55.93 70.53Unassigned Funds / Total Assets 20.38 21.39 26.75 30.96 32.03


GPW to Policyholders' Surplus3 900 --- 44 44 45NPW to Policyholders' Surplus 300 --- 28 28 29Change in Net Premiums Written 33 -33 -2 13 8Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 63 78 98


MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt, Independent Agency

59.0 58.0

52.0

46.0 44.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2010Y 2011Y 2012Y 2013Y 2014Y


111.3

94.6

71.9

115.4109.1

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 3.62 4.63 5.38 16.91 13.72 Gross Change in Policyholders' Surplus 50 -10 15 12 5Net Commission Ratio 1.67 1.77 1.72 1.85 2.11 Net Change in Adj Policyholders' Surplus 25 -10 14 10 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 52 46 44Tax, License & Fees Ratio 4.73 6.30 6.03 6.35 5.11 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 22.59 21.65 21.87 18.68 19.03 1-Yr Resv Dev to Policyholders' Surplus 20 --- -36 -10 4Gross Premiums Written ($000)3 4,162 4,570 4,665 5,201 5,579 2-Yr Resv Dev to Policyholders' Surplus 20 --- -61 -40 -9Loss & Loss Adj Expense ($000) 1,261 646 -509 1,549 1,881 Est Curr Resv Defi/Policyholders' Surplus 25 --- -18 0 11Other Underwriting Exp Incurred ($000) 793 900 877 900 950 *Indicates an unusual value.Net Underwriting Gains ($000) 693 1,377 2,565 711 645 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 65.74 66.26 63.47 64.40 64.90 complements of each ratio.Effective Tax Rate 19.08 29.77 30.93 -10.67 12.26

Pre-Tax Operating Margin 10.29 21.14 39.46 -2.04 2.57 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y


REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 2.26 3.99 -9.85 -8.08 -1.29

Reinsurance Recoverable ex US Aff 4,465 5,444 7,453 5,105 5,513 Net Premiums Written Growth -0.25 10.69 -2.24 13.14 8.10Retention Ratio (NPW/GPW) (%)3 65.74 66.26 63.47 64.40 64.90 Pre-Tax Operating Income Growth 6.43 114.14 84.09 NM NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 89.81 36.59 80.85 -65.78 -20.31Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -0.73 0.00 -20.59 -8.64 -2.70Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -3.31 9.82 2.06 11.51 7.27Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 1.80 1.33 -1.35 -2.15 -2.75






ACL RBC Ratio (%) (TAC/ACL RBC) 1,286.96 1,259.89 1,522.36 2,205.99 1,779.28

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 643.48 629.95 761.18 1,102.99 889.64

Loss & Loss Adj Exp Reserves Growth -0.73 0.00 -20.59 -8.64 -2.70 Net Realized Capital Gains Less Taxes 197 111 202 412 2391 Yr Loss Reserve Dev / 1Y Prior C&S -17.96 -21.54 -35.76 -9.56 3.53 Net Chg in Unrlzd Cap Gains Less Taxes 145 -32 151 428 131Two Yr Loss Reserve Dev Total/ PHS -40.58 -39.77 -60.60 -39.72 -9.35 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 389.52 366.83 344.52 253.38 223.38 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -52.32 -63.01 -111.81 -31.99 11.99 Net Premiums Written / Avg C&S (%) 34.08 34.09 29.97 29.64 30.06IBNR/ Total Reserves 65.20 63.56 56.41 48.66 43.98 Liabilities / Capital & Surplus (%) 158.32 153.54 119.98 98.89 93.26Reserves/ Equity 119.27 111.23 76.56 62.71 58.29 Total Reins Recov Excl US Aff / C&S (%) 52.21 59.37 70.44 43.26 44.63


643.5 629.9

761.2

1,103.0

889.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010Y 2011Y 2012Y 2013Y 2014Y




65.7

66.3

63.5

64.4

64.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Y




Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,426 -1,542 -1,704 -1,852 -1,958Occupied Properties 0 0 0 0 0 Net Premiums Written 2,736 3,028 2,961 3,350 3,621Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -11 105 28 189 144Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,747 2,923 2,933 3,161 3,477

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,125 2,143 1,543 2,656 2,093 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 20,146 20,857 21,004 21,061 21,117 Comm'l: Losses Paid Less Salvage 1,143 550 1,335 1,952 1,863Premiums & Considerations Due 1,548 1,871 1,699 1,967 2,250 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 19 238 109 279 Losses Paid Less Salvage 1,143 550 1,335 1,952 1,863All Other Admitted Assets 398 504 333 332 224 Loss Adj Expenses Paid 192 96 256 297 218Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 22,091 23,250 23,274 23,468 23,870 Comm'l: Chg in Unpaid Net Losses 18 -40 -2,002 -937 -459

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -93 40 -98 237 259

Unpaid Losses 10,028 9,989 7,987 7,049 6,590 Total Chg in Loss & LAE Reserves -75 0 -2,100 -700 -200Unpaid Loss Adj Expenses 172 211 113 351 610 Losses and LAE Incurred 1,261 646 -509 1,549 1,881

Loss & Loss Adj Exp Reserves 10,200 10,200 8,100 7,400 7,200 Other Underwriting Expense Incurred 793 900 877 900 950Unearned Premiums 1,443 1,548 1,576 1,765 1,910 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 336 319 456 183 160 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 174 213 227 181 210 Net Underwriting Gain (Loss) 693 1,377 2,565 711 645Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 1,000 1,250 1,750 1,250 1,000Other Liabilities 1,385 1,800 2,334 2,139 2,039 Total underwriting deductions 2,054 1,546 368 2,449 2,831



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 197 111 202 412 239Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income -3 6 -3 -17 6Unassigned Surplus 4,502 4,974 6,226 7,267 7,646 Income after cap gains (loss) before tax 547 860 1,582 338 340Other Including Gross Contributed 4,050 4,196 4,354 4,533 4,706 Federal & Foreign Income Taxes 104 256 489 -36 42

Capital & Surplus 8,552 9,170 10,580 11,800 12,351 Net Income 442 604 1,093 374 298

Total Liabilities and C&S 22,091 23,250 23,274 23,468 23,870 Pre-tax Operating Income 350 750 1,380 -74 101


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 15,193 14,903 14,565 13,157 13,533Cash & Short Term Investments 0 0 0 0 0 Class 2 0 670 1,119 883 935All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 660 617 568 482 450 Class 6 0 0 0 0 0R li d C it l G i 197 111 202 412 239Realized Capital Gains 197 111 202 412 239Net Chg in Unrlzd Cap Gains Less Taxes 145 -32 151 428 131Net Adm Cash & Invested Assets 20,146 20,857 21,004 21,061 21,117Affiliated Cash & Investments 0 0 0 0 0Carrying Value 15,193 15,573 15,685 14,040 14,468Preferred Stock 0 0 0 0 0Common Stock 3,427 3,853 4,523 5,292 5,950Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 1,247 472 300 1,365







Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Virginia 932 1. Comm'l Auto St 5,579 Cash/Invested Assets 10.55 10.27 7.35 12.61 9.912. Utah 622 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Kentucky 502 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Ohio 499 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nebraska 417 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 9.9%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Virginia - 16.7% Utah - 11.1% Kentucky - 9.0%

Ohio - 8.9% Nebraska - 7.5% All other - 46.7%





PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

1605 Main Street NAIC Company Code : 11973 Total Assets 10,373 8,566 8,169 9,174 9,717Suite 800 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,520 2,538 3,383 3,067 2,614Sarasota, FL 34236-5823 Geographic Focus: National Total Liabilities 7,853 6,028 4,786 6,107 7,102

NAIC Ownership Structure: Risk Retention Group Net Income 537 32 609 -509 -584Tax Identification Number : 20-1065673 Revenue 3,098 2,393 2,687 1,433 1,581

Direct Premiums Written 3,561 3,009 3,167 3,061 3,199Net Premiums Written 2,447 2,280 2,505 980 1,185


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,119 4,187 3,123 2,642 2,981Demotech Financial Strength Rating A 03/10/15 Affirm Loss & LAE Reserves/ NPE (%) 231.21 215.71 145.72 258.53 173.44S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 42.83 -1.15 29.41 -29.36 -30.85Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.97 0.90 0.74 0.32 0.45Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 373-1162 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 0.89 0.67 0.94 0.83 0.71Net Investment Income/Earned Premiums 2.35 2.25 2.67 5.33 3.91Return on Average Equity (C&S) 28.15 1.26 20.28 -15.34 -19.24Return on Avg Assets 4.92 0.36 7.35 -5.73 -6.22Loss and LAE Ratio 41.77 57.27 12.75 101.70 81.93Expense Ratio 41.00 46.82 45.54 113.85 109.01Loss Ratio 22.45 42.97 22.39 97.74 67.92Combined Ratio 83.29 104.10 70.57 215.54 188.80Operating Ratio 80.94 101.85 67.90 210.21 184.89Investment ratio 2.35 2.25 2.67 5.33 3.91

Policyholder Dividend Ratio 0.52 0.00 12.28 0.00 -2.15 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Cash, Short-Term Investments / Liabilities 69.17 32.49 24.61 28.26 43.54Bonds: Liquid Investments/ Liabilities (%) 130.39 137.38 167.53 131.56 138.23Cash & Short-Term Investments / C&S 215.59 77.17 34.81 56.27 118.29Liabilities/ Invested Assets 94.00 81.00 64.00 87.00 81.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 128.91 155.75 212.74 215.49 238.70Cash From Underwriting ($000) -663 -862 -211 -553 940Net Cash From Operations ($000) 202 -903 -295 -860 1,508Underwriting Cash Flow Ratio 82.42 76.14 90.38 84.91 172.68Operating Cash Flow Ratio 60.85 78.85 98.05 86.08 125.05Unassigned Funds / Total Assets 0.98 0.77 10.22 4.63 -1.40


GPW to Policyholders' Surplus3 900 --- 94 100 122NPW to Policyholders' Surplus 300 --- 74 32 45Change in Net Premiums Written 33 -33 10 -61* 21Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 107* 191*


MSA: North Port-Sarasota-Bradenton, FL (Metro)


94.0

81.0

64.0

87.081.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2010Y 2011Y 2012Y 2013Y 2014Y


83.3

104.1

70.6

215.5

188.8

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 19.32 14.30 -9.64 3.95 14.01 Gross Change in Policyholders' Surplus 50 -10 33 -9 -15*Net Commission Ratio 26.51 20.34 19.02 47.19 40.02 Net Change in Adj Policyholders' Surplus 25 -10 30* -12* -18*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 64 87 81Tax, License & Fees Ratio 5.44 4.56 4.44 9.94 8.76 Agents' Bal to Policyholders' Surplus 40 --- 6 8 9Admin & Other Expense Ratio 9.05 21.92 22.08 56.72 60.23 1-Yr Resv Dev to Policyholders' Surplus 20 --- -53 -20 -34Gross Premiums Written ($000)3 3,561 3,009 3,167 3,061 3,199 2-Yr Resv Dev to Policyholders' Surplus 20 --- -46 -59 -37Loss & Loss Adj Expense ($000) 1,266 1,322 332 1,160 1,208 Est Curr Resv Defi/Policyholders' Surplus 25 --- 18 -47 -54Other Underwriting Exp Incurred ($000) 1,143 1,067 1,141 1,115 1,292 *Indicates an unusual value.Net Underwriting Gains ($000) 761 -81 1,134 -1,135 -1,025 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 68.70 75.77 79.07 32.00 37.04 complements of each ratio.Effective Tax Rate 33.99 -715.67 31.85 NM NM

Pre-Tax Operating Margin 26.34 -1.24 33.00 -74.84 -61.06 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth -7.59 -17.42 -4.63 12.31 5.91

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth -17.38 -23.24 -20.61 27.62 16.29

Reinsurance Recoverable ex US Aff 1,640 1,121 1,744 907 163 Net Premiums Written Growth -45.76 -6.82 9.86 -60.88 20.93Retention Ratio (NPW/GPW) (%)3 68.70 75.77 79.07 32.00 37.04 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl US Aff 20.00 20.61 16.34 13.12 12.88 Net Income Growth NM -94.03 1,799.28 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -13.19 -31.57 -25.43 -15.40 12.83Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -26.33 -15.51 5.27 -3.35 4.49Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 56.52 15.94 -2.84 -2.07 -5.66

Capital & Surplus Five-year CAGR 24.94 13.67 6.06 0.28 8.74Admitted Assets Five-year CAGR 44.20 15.24 0.30 -1.32 -2.84







Loss & Loss Adj Exp Reserves Growth -13.19 -31.57 -25.43 -15.40 12.83 Net Realized Capital Gains Less Taxes -4 33 10 132 481 Yr Loss Reserve Dev / 1Y Prior C&S -48.97 -6.79 -52.74 -19.96 -34.18 Net Chg in Unrlzd Cap Gains Less Taxes 124 -67 160 99 23Two Yr Loss Reserve Dev Total/ PHS 72.06 -53.11 -46.39 -59.10 -36.95 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 231.21 215.71 145.72 258.53 173.44 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -27.79 -7.41 -51.35 -59.21 -71.07 Net Premiums Written / Avg C&S (%) 128.27 89.46 83.41 29.54 39.06IBNR/ Total Reserves 21.52 25.96 47.76 38.27 22.39 Liabilities / Capital & Surplus (%) 311.69 237.51 141.45 199.14 271.68Reserves/ Equity 242.85 164.99 92.30 86.13 114.02 Total Reins Recov Excl US Aff / C&S (%) 65.09 44.17 51.55 29.57 6.23


140.1163.5

238.1215.3

162.7

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))68.775.8 79.1

32.037.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y




PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,115 -729 -663 -2,082 -2,014Occupied Properties 0 0 0 0 0 Net Premiums Written 2,447 2,280 2,505 980 1,185Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -584 -28 -102 -161 -290Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,030 2,308 2,607 1,141 1,475

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,432 1,958 1,178 1,726 3,093 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 8,351 7,425 7,448 7,021 8,736 Comm'l: Losses Paid Less Salvage 2,102 1,768 857 1,370 621Premiums & Considerations Due 147 181 208 243 240 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 1,112 326 0 930 28 Losses Paid Less Salvage 2,102 1,768 857 1,370 621All Other Admitted Assets 763 634 513 981 713 Loss Adj Expenses Paid 546 450 540 271 248Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 10,373 8,566 8,169 9,174 9,717 Comm'l: Chg in Unpaid Net Losses -1,422 -776 -273 -255 381

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 39 -120 -792 -226 -42

Unpaid Losses 3,938 2,409 2,136 1,881 2,262 Total Chg in Loss & LAE Reserves -1,382 -896 -1,065 -481 339Unpaid Loss Adj Expenses 2,181 1,778 986 761 719 Losses and LAE Incurred 1,266 1,322 332 1,160 1,208

Loss & Loss Adj Exp Reserves 6,119 4,187 3,123 2,642 2,981 Other Underwriting Expense Incurred 1,143 1,067 1,141 1,115 1,292Unearned Premiums 1,632 1,300 1,198 1,037 747 Other Underwriting Deductions -140 0 0 0 0Total Reinsurance Liabilities -226 278 -17 1,949 2,996 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 319 263 270 273 269 Net Underwriting Gain (Loss) 761 -81 1,134 -1,135 -1,025Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 16 0 320 0 -32Other Liabilities 9 0 212 206 110 Total underwriting deductions 2,269 2,389 1,473 2,275 2,500



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes -4 33 10 132 48Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 100 0Unassigned Surplus 101 66 835 425 -136 Income after cap gains (loss) before tax 813 4 894 -842 -888Other Including Gross Contributed 2,418 2,472 2,548 2,642 2,750 Federal & Foreign Income Taxes 276 -28 285 -333 -304

Capital & Surplus 2,520 2,538 3,383 3,067 2,614 Net Income 537 32 609 -509 -584

Total Liabilities and C&S 10,373 8,566 8,169 9,174 9,717 Pre-tax Operating Income 817 -29 883 -974 -936


Bonds 0 0 0 0 0





Net Investment Income 71 52 70 61 58 Class 6 0 0 0 0 0R li d C it l G i 4 33 10 132 48Realized Capital Gains -4 33 10 132 48Net Chg in Unrlzd Cap Gains Less Taxes 124 -67 160 99 23Net Adm Cash & Invested Assets 8,351 7,425 7,448 7,021 8,736Affiliated Cash & Investments 0 0 0 0 0Carrying Value 2,911 4,531 4,420 4,278 4,625Preferred Stock 0 0 0 0 0Common Stock 1,897 1,792 2,420 2,030 2,100Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 407 396 316 306 300Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 508 3,160 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Washington 719 1. Oth, Prod Liab Cmbnd 3,199 Cash/Invested Assets 65.04 26.37 15.81 24.58 35.402. Pennsylvania 534 2. Acc & Health 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 0.00 0.00 0.00 0.00 0.004. Michigan 262 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Maryland 224 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 35.4%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Washington - 22.5% Pennsylvania - 16.7%

Georgia - 8.8% Michigan - 8.2%

Maryland - 7.0% All other - 36.8%





Ponce De Leon LTC RRG Inc. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

1100 West Town & Country Road NAIC Company Code : 11809 Total Assets 18,727 16,789 14,352 12,209 9,916Suite 1400 Business Focus : P&C Minimum NPW Policyholder Surplus 8,622 8,194 7,831 5,133 4,899Orange, CA 92868-4655 Geographic Focus: Geography Minimum NPW Total Liabilities 10,104 8,595 6,521 7,076 5,018

NAIC Ownership Structure: Risk Retention Group Net Income -523 -527 -471 -3,289 879Tax Identification Number : 02-0650614 Revenue 5,187 5,420 3,886 2,572 2,690

Direct Premiums Written 5,597 4,524 2,754 2,578 882Net Premiums Written 5,399 4,165 2,476 1,884 623


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,918 5,249 4,801 5,795 4,306Demotech Financial Strength Rating A 03/10/15 Affirm Loss & LAE Reserves/ NPE (%) 113.56 118.50 144.64 223.24 410.94S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -8.79 -11.41 -6.32 -47.29 -5.38Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.63 0.51 0.32 0.37 0.13Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor --Phone : (714) 571-1864 Actuary Milliman Inc.Fax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Jack Mease Norton


Net Yield on Invested Assets 2.20 2.14 1.77 1.75 2.49Net Investment Income/Earned Premiums 7.35 6.64 7.10 9.90 21.43Return on Average Equity (C&S) -5.99 -6.50 -5.77 -46.42 16.47Return on Avg Assets -2.95 -3.04 -3.05 -23.70 7.72Loss and LAE Ratio 79.38 83.17 74.83 194.30 87.89Expense Ratio 39.91 50.03 70.15 75.61 113.57Loss Ratio 43.80 38.13 30.30 105.91 2.06Combined Ratio 119.29 133.20 144.98 269.91 201.46Operating Ratio 111.94 126.55 137.88 260.01 180.03Investment ratio 7.35 6.64 7.10 9.90 21.43


Cash, Short-Term Investments / Liabilities 12.96 6.17 19.28 18.27 24.97Bonds: Liquid Investments/ Liabilities (%) 160.80 167.06 203.17 165.41 187.19Cash & Short-Term Investments / C&S 15.19 6.47 16.05 25.19 25.58Liabilities/ Invested Assets 62.00 59.00 49.00 60.00 53.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 179.76 190.35 219.09 176.84 206.51Cash From Underwriting ($000) -886 -2,352 -2,031 -2,598 -2,620Net Cash From Operations ($000) -723 -1,746 -1,198 -2,279 -2,304Underwriting Cash Flow Ratio 84.81 65.82 58.28 47.23 19.79Operating Cash Flow Ratio 88.87 62.55 49.31 47.23 19.79Unassigned Funds / Total Assets 7.32 5.12 5.80 -15.37 -21.29


GPW to Policyholders' Surplus3 900 --- 35 50 18NPW to Policyholders' Surplus 300 --- 32 37 13Change in Net Premiums Written 33 -33 -41* -24 -67*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 129* 184* 228*


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)


62.059.0

49.0

60.0

53.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2010Y 2011Y 2012Y 2013Y 2014Y


119.3133.2

145.0

269.9

201.5

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 35.59 45.04 44.53 88.39 85.83 Gross Change in Policyholders' Surplus 50 -10 -4 -34* -5Net Commission Ratio 5.55 5.69 3.63 1.89 0.00 Net Change in Adj Policyholders' Surplus 25 -10 0 -35* -5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 49 60 53Tax, License & Fees Ratio 2.37 2.68 2.84 3.41 2.10 Agents' Bal to Policyholders' Surplus 40 --- 1 0 0Admin & Other Expense Ratio 31.99 41.67 63.68 70.31 111.47 1-Yr Resv Dev to Policyholders' Surplus 20 --- -4 6 -8Gross Premiums Written ($000)3 5,597 4,524 2,754 2,578 882 2-Yr Resv Dev to Policyholders' Surplus 20 --- -4 0 7Loss & Loss Adj Expense ($000) 3,859 4,091 2,621 4,436 1,103 Est Curr Resv Defi/Policyholders' Surplus 25 --- -13 -56 -38Other Underwriting Exp Incurred ($000) 2,154 2,084 1,737 1,424 708 *Indicates an unusual value.Net Underwriting Gains ($000) -1,152 -1,256 -855 -3,577 -556 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 96.46 92.07 89.89 73.07 70.66 complements of each ratio.Effective Tax Rate NM NM 0.00 0.00 0.00

Pre-Tax Operating Margin -14.63 -17.63 -13.43 -133.56 -18.82 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth 1.07 -10.35 -14.51 -14.93 -18.78

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 7.92 -14.94 -24.13 8.51 -29.09

Reinsurance Recoverable ex US Aff -83 50 105 127 42 Net Premiums Written Growth 15.42 -22.86 -40.55 -23.93 -66.91Retention Ratio (NPW/GPW) (%)3 96.46 92.07 89.89 73.07 70.66 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl 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 7.15 -11.31 -8.54 20.71 -25.71Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 7.83 -19.18 -39.11 -6.42 -65.78Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 4.91 -3.57 -10.43 -7.67 -11.73

Capital & Surplus Five-year CAGR 2.88 1.27 -0.24 -8.05 -11.78Admitted Assets Five-year CAGR 3.95 -1.39 -5.69 -7.83 -11.75







Loss & Loss Adj Exp Reserves Growth 7.15 -11.31 -8.54 20.71 -25.71 Net Realized Capital Gains Less Taxes -59 171 45 62 1,1661 Yr Loss Reserve Dev / 1Y Prior C&S 11.96 2.37 -3.78 5.68 -8.34 Net Chg in Unrlzd Cap Gains Less Taxes 394 4 150 221 -1,113Two Yr Loss Reserve Dev Total/ PHS -7.85 17.16 -3.70 -0.31 6.89 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 113.56 118.50 144.64 223.24 410.94 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 22.55 4.16 -8.84 19.49 -34.10 Net Premiums Written / Avg C&S (%) 61.84 51.37 30.30 26.58 11.68IBNR/ Total Reserves 54.33 53.56 54.82 42.43 52.31 Liabilities / Capital & Surplus (%) 117.19 104.90 83.27 137.84 102.43Reserves/ Equity 68.64 64.06 61.31 112.90 87.90 Total Reins Recov Excl US Aff / C&S (%) -0.96 0.61 1.34 2.47 0.86


476.0453.2

481.4

286.7

454.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))96.5 92.1 89.9

73.1 70.7

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Y




Ponce De Leon LTC RRG Inc. (Orange, CA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

Assets RevenueBonds 12,815 11,668 9,579 7,203 7,088 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,597 4,524 2,754 2,578 882Common Stocks 2,123 2,161 2,413 3,208 1,051 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 5,597 4,524 2,754 2,578 882Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -198 -359 -278 -694 -259Occupied Properties 0 0 0 0 0 Net Premiums Written 5,399 4,165 2,476 1,884 623Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 538 -753 -1,026 -400 -632Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,861 4,918 3,502 2,283 1,255

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,310 530 1,257 1,293 1,253 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 16,248 14,359 13,249 11,704 9,393 Comm'l: Losses Paid Less Salvage 1,648 2,652 1,507 1,752 1,268Premiums & Considerations Due 1,127 782 105 8 14 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 606 537 316 0 0 Losses Paid Less Salvage 1,648 2,652 1,507 1,752 1,268All Other Admitted Assets 747 1,111 682 497 510 Loss Adj Expenses Paid 1,816 2,108 1,562 1,690 1,325Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 18,727 16,789 14,352 12,209 9,916 Comm'l: Chg in Unpaid Net Losses 481 -776 -445 666 -1,242

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -86 107 -3 329 -248

Unpaid Losses 5,217 4,441 3,996 4,662 3,420 Total Chg in Loss & LAE Reserves 395 -669 -448 994 -1,490Unpaid Loss Adj Expenses 701 808 805 1,133 885 Losses and LAE Incurred 3,859 4,091 2,621 4,436 1,103

Loss & Loss Adj Exp Reserves 5,918 5,249 4,801 5,795 4,306 Other Underwriting Expense Incurred 2,154 2,084 1,737 1,424 708Unearned Premiums 3,074 2,321 1,295 895 263 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 296 317 0 29 58 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 816 708 426 357 391 Net Underwriting Gain (Loss) -1,152 -1,256 -855 -3,577 -556Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 0 0 Total underwriting deductions 6,013 6,174 4,358 5,861 1,811



Common Capital Stock 19 20 20 20 20 Net Realized Capital Gains Less Taxes -59 171 45 62 1,166Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 5,358 5,350 4,980 4,976 4,976 All Other Income 27 4 91 0 0Unassigned Surplus 1,372 859 832 -1,876 -2,111 Income after cap gains (loss) before tax -827 -754 -471 -3,289 879Other Including Gross Contributed 1,874 1,965 1,999 2,013 2,013 Federal & Foreign Income Taxes -303 -227 0 0 0

Capital & Surplus 8,622 8,194 7,831 5,133 4,899 Net Income -523 -527 -471 -3,289 879

Total Liabilities and C&S 18,727 16,789 14,352 12,209 9,916 Pre-tax Operating Income -768 -925 -516 -3,351 -287


Bonds 0 0 0 0 0





Net Investment Income 357 327 249 226 269 Class 6 0 0 0 0 0R li d C it l G i 59 171 45 62 1 166Realized Capital Gains -59 171 45 62 1,166Net Chg in Unrlzd Cap Gains Less Taxes 394 4 150 221 -1,113Net Adm Cash & Invested Assets 16,248 14,359 13,249 11,704 9,393Affiliated Cash & Investments 0 0 0 0 0Carrying Value 12,815 11,668 9,579 7,203 7,088Preferred Stock 0 0 0 0 0Common Stock 2,123 2,161 2,413 3,208 1,051Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 1,384 653 0


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 2,412 1,941 1,787 1,137 355Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 7,088 6,982 7,380 6,602 28,052Common Stock 1,051 1,051 995 -- 3,098Preferred Stock 0 0 0 -- 0Total 8,139 8,034 8,375 6,602 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 882 1. Med Prof Liab 617 Cash/Invested Assets 8.06 3.69 9.49 11.05 13.342. Alaska 0 2. Oth, Prod Liab Cmbnd 265 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alabama 0 3. Acc & Health 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Arkansas 0 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 0.08 -7.23 -15.50 -14.39 -29.85 All other admitted assets/Total Assets 3.99 6.61 4.75 4.07 5.14National DPW ($000) 5,597 4,524 2,754 2,578 882 Invested Assets/Total Assets 86.76 85.53 92.32 95.86 94.72Adjusted Loss Ratio 45.72 38.57 23.12 82.70 1.65 Investment Income/Total Assets 1.91 1.95 1.73 1.85 2.71





Other Invstmts - 13.3%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Florida - 100.0% Alaska - 0.0% Alabama - 0.0%






Premier Physicians Ins Co. (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

575 South Saliman Road NAIC Company Code : 12613 Total Assets 11,467 12,457 14,318 13,916 13,300Carson City, NV 89701-5000 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,802 3,056 3,533 3,531 3,716

Geographic Focus: Regional - Western Quadrant Total Liabilities 8,665 9,401 10,785 10,385 9,584NAIC Ownership Structure: Risk Retention Group Net Income -131 238 393 -15 282Tax Identification Number : 20-3831358 Revenue 4,235 5,677 4,637 5,255 4,851



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,934 3,952 3,574 3,592 3,653Demotech Financial Strength Rating A 03/26/15 Affirm Loss & LAE Reserves/ NPE (%) 87.53 64.23 89.45 76.12 77.09S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -3.84 14.26 18.24 -4.16 11.58Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.46 1.99 1.39 1.21 1.16Fitch Financial Strength Rating -- -- -- --


Name : Gayle Robertson Auditor Casey Neilon & Associates LLCPhone : (775) 887-2480 Actuary Bickerstaff, Whatley, RyanFax : (866) 327-1121 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 1.11 1.02 0.96 1.16 2.07Net Investment Income/Earned Premiums 2.16 1.59 2.14 2.41 4.38Return on Average Equity (C&S) -4.12 8.75 12.17 -0.43 8.21Return on Avg Assets -1.24 2.08 3.06 -0.11 2.18Loss and LAE Ratio 51.71 53.10 36.45 54.66 49.77Expense Ratio 54.47 38.14 48.75 59.36 49.27Loss Ratio 19.85 15.09 1.67 14.38 14.33Combined Ratio 106.18 91.24 85.20 114.01 99.04Operating Ratio 104.02 89.64 83.06 111.60 94.65Investment ratio 2.16 1.59 2.14 2.41 4.38


Cash, Short-Term Investments / Liabilities 24.32 25.83 39.26 28.53 30.22Bonds: Liquid Investments/ Liabilities (%) 38.56 101.51 101.77 98.82 111.10Cash & Short-Term Investments / C&S 75.20 79.45 119.88 83.91 77.92Liabilities/ Invested Assets 100.00 98.00 98.00 101.00 90.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 103.24 105.74 111.15 102.94 121.91Cash From Underwriting ($000) 2,155 477 1,626 -1,341 267Net Cash From Operations ($000) 2,113 670 1,538 -1,057 525Underwriting Cash Flow Ratio 150.91 111.19 135.08 74.05 106.57Operating Cash Flow Ratio 154.91 111.31 140.83 71.93 106.23Unassigned Funds / Total Assets 0.73 2.19 5.18 5.78 7.78


GPW to Policyholders' Surplus3 900 --- 196 154 140NPW to Policyholders' Surplus 300 --- 139 121 116Change in Net Premiums Written 33 -33 -19 -13 1Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 87 97 103*


MSA: Carson City, NV (Metro)


100.0

98.0 98.0

101.0

90.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010Y 2011Y 2012Y 2013Y 2014Y


106.2

91.285.2

114.0

99.0

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 31.86 38.01 34.78 40.28 35.44 Gross Change in Policyholders' Surplus 50 -10 16 0 5Net Commission Ratio 7.38 6.73 7.76 12.11 10.09 Net Change in Adj Policyholders' Surplus 25 -10 10 -2 3Salaries & Benefits Ratio 19.04 13.45 16.26 16.42 15.45 Liabilities to Liquid Assets 100 --- 98 101* 90Tax, License & Fees Ratio 1.13 0.86 1.02 2.34 1.20 Agents' Bal to Policyholders' Surplus 40 --- 1 10 14Admin & Other Expense Ratio 26.92 17.09 23.71 28.49 22.52 1-Yr Resv Dev to Policyholders' Surplus 20 --- -41 14 13Gross Premiums Written ($000)3 6,297 7,217 6,929 5,446 5,204 2-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -25 21*Loss & Loss Adj Expense ($000) 2,162 2,960 1,652 2,736 2,306 Est Curr Resv Defi/Policyholders' Surplus 25 --- -29 2 11Other Underwriting Exp Incurred ($000) 2,232 2,315 2,389 2,539 2,133 *Indicates an unusual value.Net Underwriting Gains ($000) -212 300 492 -269 194 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 65.06 84.10 70.73 78.55 83.19 complements of each ratio.Effective Tax Rate NM 40.93 34.03 NM 31.61

Pre-Tax Operating Margin -2.86 6.86 12.72 -2.89 8.22 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Y

Admitted Assets Growth 14.58 8.64 14.94 -2.81 -4.43

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 29.96 8.50 14.73 -3.71 -7.72

Reinsurance Recoverable ex US Aff -2,433 -1,589 -2,628 -3,263 -2,654 Net Premiums Written Growth -36.57 48.14 -19.25 -12.72 1.20Retention Ratio (NPW/GPW) (%)3 65.06 84.10 70.73 78.55 83.19 Pre-Tax Operating Income Growth NM NM 51.63 NM NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM NM 64.92 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -1.52 34.70 -9.58 0.51 1.72Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -2.50 14.60 -3.99 -21.41 -4.44Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 40.14 33.15 21.44 10.36 7.53





Asbestos NA NA NA NA NA Capital and Surplus 2,802 3,056 3,533 3,531 3,716 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 0 3,056 3,533 3,531 3,716 Combined NA NA NA NA NA ACL Risk Based Capital 0 925 1,016 1,144 961



Loss & Loss Adj Exp Reserves Growth -1.52 34.70 -9.58 0.51 1.72 Net Realized Capital Gains Less Taxes -37 15 7 127 151 Yr Loss Reserve Dev / 1Y Prior C&S -42.75 -16.70 -40.87 13.84 12.92 Net Chg in Unrlzd Cap Gains Less Taxes 116 -49 76 79 -52Two Yr Loss Reserve Dev Total/ PHS -12.49 -43.14 -8.74 -24.87 20.94 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 87.53 64.23 89.45 76.12 77.09 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -34.15 -8.40 -27.55 9.77 9.84 Net Premiums Written / Avg C&S (%) 128.75 222.81 151.84 119.94 126.14IBNR/ Total Reserves 0.00 0.00 0.00 0.00 0.00 Liabilities / Capital & Surplus (%) 309.24 307.61 305.31 294.14 257.89Reserves/ Equity 104.72 129.33 101.16 101.73 98.31 Total Reins Recov Excl US Aff / C&S (%) -86.83 -51.99 -74.39 -92.42 -71.42


0.0

165.2 173.8154.3

193.3

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y




84.1

70.778.6

83.2

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2010Y 2011Y 2012Y 2013Y 2014Y




Premier Physicians Ins Co. (Carson City, NV)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,200 -1,148 -2,028 -1,168 -875Occupied Properties 0 0 0 0 0 Net Premiums Written 4,097 6,069 4,901 4,278 4,329Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -84 495 367 -729 -304Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,181 5,574 4,533 5,007 4,633

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,107 2,428 4,235 2,962 2,896 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 8,636 9,542 10,976 10,263 10,648 Comm'l: Losses Paid Less Salvage 616 77 238 680 675Premiums & Considerations Due 4 30 21 352 515 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 65 463 1,550 2,115 1,090 Losses Paid Less Salvage 616 77 238 680 675All Other Admitted Assets 2,762 2,421 1,770 1,186 1,047 Loss Adj Expenses Paid 1,592 1,864 1,793 2,038 1,569Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 11,467 12,457 14,318 13,916 13,300 Comm'l: Chg in Unpaid Net Losses 214 764 -163 40 -11

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -260 254 -216 -22 73

Unpaid Losses 1,997 2,761 2,598 2,638 2,627 Total Chg in Loss & LAE Reserves -45 1,018 -379 18 62Unpaid Loss Adj Expenses 937 1,192 976 954 1,027 Losses and LAE Incurred 2,162 2,960 1,652 2,736 2,306

Loss & Loss Adj Exp Reserves 2,934 3,952 3,574 3,592 3,653 Other Underwriting Expense Incurred 2,232 2,315 2,389 2,539 2,133Unearned Premiums 3,074 3,569 3,937 3,208 2,904 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 2,433 1,589 2,912 3,453 2,712 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 39 37 106 101 144 Net Underwriting Gain (Loss) -212 300 492 -269 194Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 185 252 257 32 171 Total underwriting deductions 4,394 5,274 4,042 5,276 4,439



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes -37 15 7 127 15Preferred 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 84 273 741 805 1,034 Income after cap gains (loss) before tax -159 403 596 -21 412Other Including Gross Contributed 2,718 2,783 2,791 2,726 2,682 Federal & Foreign Income Taxes -28 165 203 -6 130

Capital & Surplus 2,802 3,056 3,533 3,531 3,716 Net Income -131 238 393 -15 282

Total Liabilities and C&S 11,467 12,457 14,318 13,916 13,300 Pre-tax Operating Income -122 388 589 -148 398


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 5,924 5,030 3,671 3,931Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 90 89 97 121 203 Class 6 0 0 0 0 0R li d C it l G i 37 15 7 127 15Realized Capital Gains -37 15 7 127 15Net Chg in Unrlzd Cap Gains Less Taxes 116 -49 76 79 -52Net Adm Cash & Invested Assets 8,636 9,542 10,976 10,263 10,648Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 5,924 5,030 3,671 3,931Preferred Stock 0 0 0 0 0Common Stock 1,234 1,190 1,711 3,629 3,821Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 114 392 381 701Issued State Rev Obligations ($000) 0 1,266 968 516 606Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Nevada 4,937 1. Med Prof Liab 5,204 Cash/Invested Assets 24.40 25.44 38.58 28.87 27.202. California 191 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 76 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 17.24 6.66 -1.23 -4.23 All other admitted assets/Total Assets 24.09 19.44 12.36 8.52 7.87National DPW ($000) 6,297 7,217 6,929 5,446 5,204 Invested Assets/Total Assets 75.31 76.60 76.66 73.75 80.06Adjusted Loss Ratio 26.16 11.99 7.38 20.36 18.86 Investment Income/Total Assets 0.79 0.71 0.68 0.87 1.53





Other Invstmts - 27.2%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Nevada - 94.9% California - 3.7% Arizona - 1.5%

Alaska - 0.0% Alabama - 0.0% All other - 0.0%





Sigma RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 9,824 10,992 13,162 14,650 16,1951120 20th Street, NW Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,532 4,592 5,461 5,642 6,461Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 6,292 6,400 7,701 9,007 9,734






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 0.85 -0.12 0.91 1.55 2.42Net Investment Income/Earned Premiums 2.25 -0.35 3.68 7.39 12.23Return on Average Equity (C&S) 22.77 17.07 10.80 5.71 10.18Return on Avg Assets 7.25 6.90 4.75 2.44 4.17Loss and LAE Ratio 50.14 48.61 58.93 74.06 67.28Expense Ratio 9.53 11.88 10.88 12.09 10.03Loss Ratio 43.54 37.58 37.05 41.74 27.39Combined Ratio 59.67 60.49 69.81 86.15 77.31Operating Ratio 57.43 60.84 66.13 78.76 65.08Investment ratio 2.25 -0.35 3.68 7.39 12.23




GPW to Policyholders' Surplus3 900 --- 43 45 42NPW to Policyholders' Surplus 300 --- 43 45 42Change in Net Premiums Written 33 -33 0 9 6Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 63 73 72




89.0

76.0 74.0

59.0 57.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2010Y 2011Y 2012Y 2013Y 2014Y


59.7 60.5

69.8

86.2

77.3

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 6.60 11.03 21.88 32.32 39.89 Gross Change in Policyholders' Surplus 50 -10 19 3 14Net Commission Ratio 0.00 0.00 0.00 0.00 0.00 Net Change in Adj Policyholders' Surplus 25 -10 12 6 11Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 74 59 57Tax, License & Fees Ratio 2.21 2.90 2.69 4.00 2.60 Agents' Bal to Policyholders' Surplus 40 --- 43* 0 0Admin & Other Expense Ratio 7.32 8.98 8.18 8.09 7.43 1-Yr Resv Dev to Policyholders' Surplus 20 --- -13 -10 -5Gross Premiums Written ($000)3 2,849 2,351 2,344 2,545 2,697 2-Yr Resv Dev to Policyholders' Surplus 20 --- -38 -17 -6Loss & Loss Adj Expense ($000) 1,051 1,234 1,384 1,744 1,721 Est Curr Resv Defi/Policyholders' Surplus 25 --- -45 -46 -14Other Underwriting Exp Incurred ($000) 272 279 255 308 270 *Indicates an unusual value.Net Underwriting Gains ($000) 774 1,025 709 303 567 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 33.70 35.30 33.68 34.00 33.79




Reinsurance Recoverable ex US Aff 0 0 0 0 0 Net Premiums Written Growth 60.99 -17.49 -0.28 8.57 5.96Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 100.00 Pre-Tax Operating Income Growth 534.04 23.74 -21.65 -40.03 84.24Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 608.30 23.21 -18.87 -40.44 94.53Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 18.16 17.72 28.51 24.05 7.13Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 34.41 -17.49 -0.28 8.57 5.96Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 0.00 13.32 15.03 15.42 12.48








Loss & Loss Adj Exp Reserves Growth 18.16 17.72 28.51 24.05 7.13 Net Realized Capital Gains Less Taxes -19 -4 5 2 501 Yr Loss Reserve Dev / 1Y Prior C&S -24.28 -23.21 -13.37 -9.83 -5.19 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Two Yr Loss Reserve Dev Total/ PHS -77.53 -6.47 -38.27 -17.46 -6.04 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 166.42 161.72 205.51 253.38 278.74 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -21.99 -32.31 -26.14 -22.80 -11.45 Net Premiums Written / Avg C&S (%) 122.06 61.30 47.64 45.93 44.62IBNR/ Total Reserves 59.28 52.16 48.49 45.85 49.95 Liabilities / Capital & Surplus (%) 178.12 139.37 141.01 159.63 150.67Reserves/ Equity 97.68 88.45 95.58 114.75 107.37 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 0.00


355.9389.8

360.1

538.9

469.2

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010Y 2011Y 2012Y 2013Y 2014Y




100.0 100.0 100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

3,000

2010Y 2011Y 2012Y 2013Y 2014Y




Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 648 633 Net Reinsurance Premiums5 0 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 2,849 2,351 2,344 2,545 2,697Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 752 -187 -4 190 139Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,097 2,538 2,349 2,355 2,558

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,499 7,638 9,530 3,884 8,488 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 7,054 8,436 10,414 11,879 13,359 Comm'l: Losses Paid Less Salvage 215 343 50 86 629Premiums & Considerations Due 2,369 2,192 2,345 2,385 2,523 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 215 343 50 86 629All Other Admitted Assets 402 364 403 386 312 Loss Adj Expenses Paid 306 279 176 462 631Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 9,824 10,992 13,162 14,650 16,195 Comm'l: Chg in Unpaid Net Losses 698 611 820 897 72

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -168 1 338 299 390

Unpaid Losses 2,250 2,861 3,681 4,578 4,651 Total Chg in Loss & LAE Reserves 530 611 1,158 1,196 462Unpaid Loss Adj Expenses 1,200 1,201 1,538 1,896 2,286 Losses and LAE Incurred 1,051 1,234 1,384 1,744 1,721

Loss & Loss Adj Exp Reserves 3,450 4,062 5,220 6,475 6,937 Other Underwriting Expense Incurred 272 279 255 308 270Unearned Premiums 2,379 2,192 2,188 2,378 2,517 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 135 137 118 82 77 Net Underwriting Gain (Loss) 774 1,025 709 303 567Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 327 9 175 72 205 Total underwriting deductions 1,323 1,513 1,639 2,052 1,992


Income ($000)Total Capital and Surplus Net Investment Income 47 -9 87 174 313

Common Capital Stock 2,903 3,308 3,645 3,510 3,713 Net Realized Capital Gains Less Taxes -19 -4 5 2 50Preferred 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 630 1,285 1,816 2,132 2,748 Income after cap gains (loss) before tax 802 1,012 801 479 930Other Including Gross Contributed 0 0 0 0 0 Federal & Foreign Income Taxes 270 357 270 163 314


Total Liabilities and C&S 9,824 10,992 13,162 14,650 16,195 Pre-tax Operating Income 821 1,016 796 477 879

Revenue 2,125 2,525 2,440 2,532 2,921Memo: Affiliated Investments ($000) Expenses Paid 581 565 579 699 947

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 555 283 133 1,911 6,513Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 47 -9 87 174 313 Class 6 0 0 0 0 0R li d C it l G i 19 4 5 2 50Realized Capital Gains -19 -4 5 2 50Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Net Adm Cash & Invested Assets 7,054 8,436 10,414 11,879 13,359Affiliated Cash & Investments 0 0 0 0 0Carrying Value 555 283 133 1,911 6,513Preferred Stock 0 0 0 0 0Common Stock 0 514 751 7,223 4,161Mortgage Loans Book Value 0 0 0 648 633Real Estate Book Value 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. Pennsylvania 2,697 1. Med Prof Liab 2,697 Cash/Invested Assets 92.13 90.55 91.51 32.69 63.542. Alaska 0 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 11.48 9.803. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 5.45 4.745. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA -8.08 4.93 All other admitted assets/Total Assets 4.09 3.31 3.06 2.63 1.93National DPW ($000) 2,849 2,351 2,344 2,545 2,697 Invested Assets/Total Assets 71.80 76.74 79.12 81.09 82.49Adjusted Loss Ratio 44.79 37.58 37.05 41.74 27.39 Investment Income/Total Assets 0.48 -0.08 0.66 1.19 1.93





Other Invstmts - 63.5%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


Pennsylvania - 100.0% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0%

Arizona - 0.0% All other - 0.0%





Spirit Mountain Ins Co RRG Inc (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y

2233 Wisconsin Avenue, NW NAIC Company Code : 10754 Total Assets 6,340 6,200 5,697 6,463 6,457Suite 310 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,783 2,843 2,885 3,242 3,335Washington, DC 20007-4104 Geographic Focus: National Total Liabilities 3,557 3,357 2,812 3,221 3,122




AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,164 1,804 1,906 1,608 1,602Demotech Financial Strength Rating A 04/22/15 Initiate Loss & LAE Reserves/ NPE (%) 107.05 96.73 82.35 87.34 74.61S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 36.53 2.05 1.32 18.90 9.78Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.75 0.67 0.75 0.66 0.67Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor Saslow Lufkin & Buggy LLPPhone : (802) 479-7801 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Roberta Renzi


Net Yield on Invested Assets 0.38 0.50 0.31 0.26 0.23Net Investment Income/Earned Premiums 0.92 1.44 0.76 0.70 0.62Return on Average Equity (C&S) 24.32 1.48 1.98 13.03 2.87Return on Avg Assets 9.46 0.68 0.94 6.32 1.47Loss and LAE Ratio 1.23 -3.39 6.83 -12.36 -0.05Expense Ratio 58.32 65.55 66.24 58.73 52.59Loss Ratio 0.21 -2.48 4.84 -10.64 -0.16Combined Ratio 59.55 100.42 100.33 74.32 86.51Operating Ratio 58.63 98.98 99.58 73.62 85.89Investment ratio 0.92 1.44 0.76 0.70 0.62


Cash, Short-Term Investments / Liabilities 116.97 126.10 124.04 145.81 140.50Bonds: Liquid Investments/ Liabilities (%) 154.59 180.38 193.99 195.07 206.30Cash & Short-Term Investments / C&S 149.48 148.86 120.92 144.85 131.55Liabilities/ Invested Assets 65.00 58.00 52.00 52.00 50.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 198.09 258.39 250.13 296.91 306.59Cash From Underwriting ($000) 1,049 838 145 1,514 957Net Cash From Operations ($000) 928 269 -371 893 -23Underwriting Cash Flow Ratio 187.14 165.29 108.76 232.38 189.80Operating Cash Flow Ratio 199.18 144.79 73.42 147.12 136.10Unassigned Funds / Total Assets 37.59 39.41 43.62 43.98 45.45


GPW to Policyholders' Surplus3 900 --- 87 77 76NPW to Policyholders' Surplus 300 --- 75 66 67Change in Net Premiums Written 33 -33 14 -1 3Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 99 87 80




65.0

58.0

52.0 52.0 50.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010Y 2011Y 2012Y 2013Y 2014Y


59.6

100.4 100.3

74.3

86.5

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010Y 2011Y 2012Y 2013Y 2014Y



Loss Adjustment Expense Ratio 1.02 -0.91 1.99 -1.72 0.11 Gross Change in Policyholders' Surplus 50 -10 1 12 3Net Commission Ratio 44.01 46.22 37.92 46.62 40.15 Net Change in Adj Policyholders' Surplus 25 -10 1 12 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 52 52 50Tax, License & Fees Ratio 7.59 6.05 5.49 4.56 4.24 Agents' Bal to Policyholders' Surplus 40 --- 0 0 1Admin & Other Expense Ratio 6.72 13.28 22.84 7.54 8.20 1-Yr Resv Dev to Policyholders' Surplus 20 --- -33 -43 -30Gross Premiums Written ($000)3 2,979 2,717 2,501 2,503 2,529 2-Yr Resv Dev to Policyholders' Surplus 20 --- -50 -51 -55Loss & Loss Adj Expense ($000) 26 -66 150 -265 -1 Est Curr Resv Defi/Policyholders' Surplus 25 --- -35 -33 -33Other Underwriting Exp Incurred ($000) 1,216 1,246 1,430 1,261 1,167 *Indicates an unusual value.Net Underwriting Gains ($000) 856 780 621 1,151 1,072 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 70.00 70.00 86.29 85.77 87.70 complements of each ratio.Effective Tax Rate 33.41 30.77 20.49 28.09 70.53


Admitted Assets Growth 18.54 -2.20 -8.11 13.44 -0.09

REINSURANCE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Y Total Liabilities Growth 12.13 -5.62 -16.22 14.52 -3.06

Reinsurance Recoverable ex US Aff 512 295 624 47 208 Net Premiums Written Growth -34.36 -8.80 13.51 -0.55 3.33Retention Ratio (NPW/GPW) (%)3 70.00 70.00 86.29 85.77 87.70 Pre-Tax Operating Income Growth -35.01 -93.32 -35.73 1,406.86 -42.48Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth -34.14 -92.79 33.98 593.39 -75.54Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 7.24 -16.63 5.65 -15.62 -0.36Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 0.11 -8.80 -7.92 0.05 1.06Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 30.66 5.91 -5.15 -0.53 -0.32








Loss & Loss Adj Exp Reserves Growth 7.24 -16.63 5.65 -15.62 -0.36 Net Realized Capital Gains Less Taxes 0 2 33 -23 -21 Yr Loss Reserve Dev / 1Y Prior C&S -63.37 -44.16 -32.71 -42.98 -30.07 Net Chg in Unrlzd Cap Gains Less Taxes 24 18 -15 -8 -3Two Yr Loss Reserve Dev Total/ PHS -68.11 -75.82 -49.79 -50.50 -55.39 Dividends to Stockholders 0 0 0 -25 0Loss and LAE Reserves / NPE 107.05 96.73 82.35 87.34 74.61 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 6.41 0.001 Yr Loss Reserve Development / NPE -65.73 -62.70 -42.25 -57.77 -43.58 Net Premiums Written / Avg C&S (%) 87.00 66.80 76.06 71.68 66.66IBNR/ Total Reserves 69.77 78.78 79.89 79.78 80.00 Liabilities / Capital & Surplus (%) 127.79 118.05 97.48 99.34 93.63Reserves/ Equity 77.74 63.44 66.06 49.60 48.05 Total Reins Recov Excl US Aff / C&S (%) 18.40 10.37 21.63 1.45 6.24


259.0 256.0231.7

305.3

344.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))70.0 70.0

86.3 85.8 87.7

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010Y 2011Y 2012Y 2013Y 2014Y




Spirit Mountain Ins Co RRG Inc (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Y INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -894 -815 -343 -356 -311Occupied Properties 0 0 0 0 0 Net Premiums Written 2,085 1,902 2,158 2,147 2,218Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -13 -59 -43 0 -19Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,098 1,960 2,201 2,146 2,237

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,160 4,233 3,488 4,696 4,387 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 5,498 5,789 5,414 6,237 6,206 Comm'l: Losses Paid Less Salvage 0 15 30 9 0Premiums & Considerations Due 11 6 1 9 24 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 272 0 0 0 0 Losses Paid Less Salvage 0 15 30 9 0All Other Admitted Assets 558 405 282 216 227 Loss Adj Expenses Paid 15 7 18 23 5Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 6,340 6,200 5,697 6,463 6,457 Comm'l: Chg in Unpaid Net Losses 4 -64 77 -237 -4

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 6 -25 25 -60 -2

Unpaid Losses 1,727 1,446 1,523 1,285 1,282 Total Chg in Loss & LAE Reserves 11 -88 102 -298 -6Unpaid Loss Adj Expenses 437 358 383 323 320 Losses and LAE Incurred 26 -66 150 -265 -1

Loss & Loss Adj Exp Reserves 2,164 1,804 1,906 1,608 1,602 Other Underwriting Expense Incurred 1,216 1,246 1,430 1,261 1,167Unearned Premiums 871 551 508 509 490 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 20 235 -124 394 212 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 417 372 181 324 429 Net Underwriting Gain (Loss) 856 780 621 1,151 1,072Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 750 600 600 760Other Liabilities 86 396 342 386 389 Total underwriting deductions 1,242 1,180 1,580 995 1,165



Common Capital Stock 100 100 100 100 100 Net Realized Capital Gains Less Taxes 0 2 33 -23 -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 2,383 2,443 2,485 2,842 2,935 Income after cap gains (loss) before tax 875 61 71 543 324Other Including Gross Contributed 300 300 300 300 300 Federal & Foreign Income Taxes 292 19 15 152 228




Bonds 0 0 0 0 0





Net Investment Income 19 28 17 15 14 Class 6 0 0 0 0 0R li d C it l G i 0 2 33 23 2Realized Capital Gains 0 2 33 -23 -2Net Chg in Unrlzd Cap Gains Less Taxes 24 18 -15 -8 -3Net Adm Cash & Invested Assets 5,498 5,789 5,414 6,237 6,206Affiliated Cash & Investments 0 0 0 0 0Carrying Value 1,338 1,822 1,967 1,587 2,054Preferred Stock 0 0 0 0 0Common Stock 0 0 0 0 0Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 274 1. Oth, Prod Liab Cmbnd 2,529 Cash/Invested Assets 75.66 73.12 64.43 75.29 70.692. Texas 179 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 157 3. Aircraft 0 Mortgages in Foreclosure/Mortgages 0.00 0.00 0.00 0.00 0.004. Pennsylvania 111 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 107 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 13.71 -0.72 -2.46 -3.68 -3.20 All other admitted assets/Total Assets 8.81 6.53 4.95 3.35 3.52National DPW ($000) 2,979 2,717 2,501 2,503 2,529 Invested Assets/Total Assets 86.73 93.37 95.03 96.51 96.11Adjusted Loss Ratio 3.77 -1.26 5.08 -14.91 -0.27 Investment Income/Total Assets 0.31 0.46 0.29 0.23 0.22





Other Invstmts - 70.7%0.00 0.20 0.40 0.60 0.80 1.00

2010Y

2011Y

2012Y

2013Y

2014Y


California - 10.8% Texas - 7.1%

Florida - 6.2% Pennsylvania - 4.4%

Ohio - 4.2% All other - 67.3%





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Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty (P&C) insurers and Title underwriters. An FSR summarizes our opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes our opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle.

FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent. FSRs present our opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment of financial information.

Our focus is unique. While we acknowledge and recognize the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element in the assignment of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity. Quality and quantity of reinsurance, relative adequacy of loss and loss adjustment expense reserves, the liquidity and quality of assets and rate adequacy are some of the more critical items we evaluate.

Our rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet. FSRs are based upon a series of quantitative ratios and considerations that comprise our Financial Stability Analysis Model.

The Financial Stability Analysis Model is the major component of the FSR assignment process and can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP). The Financial Stability Analysis Model includes a tactile review as well as computation and analysis of critical financial ratios to determine the current and anticipated financial stability of the insurance company being reviewed. The Financial Stability Analysis Model cross checks and analyzes financial statement calculations and relationships.

A critical item to determine the financial stability of a P&C insurer is the calculation of financial stability ratios measured against our financial stability benchmarks. These ratios and benchmarks have been compiled on an industry-wide basis and have been substantiated by third parties.

Since our incorporation in 1985, Demotech has proactively responded to the challenges faced by the insurance industry. In 1989, Demotech gained acceptance from the Federal National Mortgage Association (Fannie Mae) for FSRs of A or better. In 1990, we received similar accreditation from Federal Home Loan Mortgage Corporation (Freddie Mac). In 1993, the United States Department of Housing and Urban Development (HUD) published its acceptance of FSRs of A or better. The acceptance of FSRs of A or better leveled the playing field for regional P&C insurance companies while simultaneously assisting insurance agents, reinsurers and insurance carriers through the elimination of reinsurance endorsements and cut-through endorsements.

Similarly, in 1996 we began reviewing newly formed P&C insurance companies incorporated in the State of Florida to facilitate their efforts to depopulate the Florida residual market mechanism. In 2005, FSRs of A or better were deemed acceptable for qualification under HUD’s Section 232 and 223 (f) Programs, thereby assisting financially stable risk retention groups writing nursing facility general and professional liability insurance.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution for your organization.

Financial stability is independent of size.

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.

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Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

Documents

Demotech, Inc. · 2015-05-13 · ISSN 2168-7013 (online) Published May 14, 2015 SNL Center for Financial Education COPYRIGHT© 2015 Demotech, Inc. Analysis of Risk Retention Groups