Demotech, Inc. · 2015-02-09 · 2015 Demotech, Inc. Analysis of Risk Retention Groups – Third...

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Analysis of Risk Retention GroupsThird Quarter 2014

Demotech, Inc.

February 2015

www.demotech.com Volume 5 Issue 1

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ISSN 2168-7013 (online) Published February 11, 2015 COPYRIGHT©

2015 Demotech, Inc.

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

Contents

3Special thank you to the following people for their

contributions, comments and commitment:

RRGs Report Financially Stable Results at Third Quarter 2014 By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc.

Company Information and Financial Results of RRGs

Analysis of Risk Retention Groups February 2015 Volume 5 Issue 1

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.

5

39

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

RRG AND FINANCIAL INFORMATION

A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds. Based on third quarter 2014 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 transaction materially impacting the financial metric and ratios of RRGs was a series of mergers. On May 1, 2014, MCIC Vermont Inc. (A Risk Retention Group) executed two mergers. The parent of MCIC Vermont Inc., MCIC Vermont Holdings Inc., was merged into MCIC Vermont Inc. Also on May 1, 2014, 2014, The Medical Centre Insurance Company, Ltd. was merged into MCIC Vermont Inc. Then MCIC Vermont Inc. converted from a risk retention company to a reciprocal risk retention company, thus changing its name to MCIC Vermont (A Reciprocal Risk Retention Group).

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 third quarter 2010, cash and invested assets increased 83 percent and total admitted assets increased 64.8 percent. More importantly, over a five year period from third quarter 2010 through third quarter 2014, RRGs collectively increased

policyholders’ surplus 72.5 percent. This increase represents the addition of over $2 billion to policyholders’ surplus. During this same time period, liabilities have increased 59.7 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 third quarter 2014 was approximately 65.7 percent. A value less than 100 percent is considered favorable as it indicates that there was more than a dollar of net liquid assets for each dollar of total liabilities. This also indicates an improvement for RRGs collectively as liquidity was reported at 66.6 percent at third quarter 2013. This ratio has improved steadily each of the last five years.

Loss and loss adjustment expense (LAE) reserves represent the total reserves for unpaid losses and LAE. This includes reserves for any incurred but not reported losses as well as supplemental reserves established by the company. The cash and invested assets to loss and LAE reserves ratio measures liquidity in terms of the carried reserves. The cash and invested assets to loss and LAE reserves ratio for third quarter 2014 was 219.2 percent and indicates an improvement over third quarter 2013, as this ratio was 238.1 percent. These results indicate that RRGs remain conservative in terms of liquidity.

In evaluating individual RRGs, Demotech, Inc. prefers companies to report leverage of less than 300 percent. Leverage for all RRGs combined, as measured by total liabilities to policyholders’ surplus, for third quarter 2014 was 142.8 percent and indicates a diminishment compared to third quarter 2013, as this ratio was 127.8 percent.

The loss and LAE reserves to policyholders’ surplus ratio for third quarter 2014 was 99.1 percent and indicates a diminishment compared to third quarter 2013, as this ratio was 80.6 percent.

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RRGs Report Financially Stable Results at Third Quarter 2014 Financial analysis of Risk Retention Groups based on reported historical results.

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

$6

$8

$10

$12 Short‐term Assets

Net Admitted Assets

Liabilities

Policyholders Surplus

$‐

$2

$4

2014 Q32013 Q32012 Q32011 Q32010 Q3

Figure 1 - RRG Balance Sheet Metrics at 9/30 (In Billions)

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 third quarter 2014.

RRGs collectively reported nearly $2.5 billion of direct premium written (DPW) through third quarter 2014, an increase of 2.1 percent over third quarter 2013. RRGs reported over $1.5 billion of net premium written (NPW) through third quarter 2014, an increase of 32.4 percent over third quarter 2013.

The DPW to policyholders’ surplus ratio for RRGs collectively through third quarter 2014 was 68.1 percent, down from 91.5 percent at third quarter 2013. The NPW to policyholders’ surplus ratio for RRGs through third quarter 2014 was 42.8 percent and indicates a decrease over 2013, as this ratio was 44.4 percent. Please note that these ratios have been adjusted to reflect projected annual DPW and NPW based on results through the third quarter.

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

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

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

Income Statement Analysis

RRGs collectively reported a $63.8 million underwriting loss through third quarter 2014 (figure 2). The third quarter result was impacted heavily by the underwriting loss reported by ALAS due to the Contribution Agreement the company entered into. The collective underwriting losses were offset by strong investment gains and other sources of income. RRGs reported an aggregate net investment gain of $209.4 million and a net income of $134.9 million.

The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, through third quarter 2014 was 80.2 percent, an increase over 2013, as the loss ratio was 68.5 percent. This ratio is a measure of an insurer’s underlying profitability on its book of business.

The expense ratio, as measured by other underwriting expenses incurred to net premiums written, through third quarter 2014 was 20.6 percent and indicates an improvement compared to 2013, as the expense ratio was reported at 23.7 percent. This ratio measurers an insurer’s operational efficiency in underwriting its book of business.

The combined ratio, loss ratio plus expense ratio, through third quarter 2014 was 100.8 percent and indicates a diminishment compared to 2013, as the combined ratio was reported at 92.2 percent. This ratio measures an insurer’s overall underwriting profitability. A combined ratio of less than 100 percent indicates an underwriting profit.

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

Conclusions Based on Third Quarter 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.

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40%

60%

80%

100%

120%Combined Ratio Loss Ratio Expense Ratio

0%

20%

40%

2014 Q32013 Q32012 Q32011 Q32010 Q3

Figure 2 - RRG Income at 9/30 (In Millions)

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

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Company Information and Financial Results

Risk Retention Groups

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Company NameNAIC Address

Risk Retention Groups - Listing by Company Name

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

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

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

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

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

REBECCA HALE (802) 864-1710 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 AVENUE, 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 E. CAMELBACK RD., PHOENIX, AZ

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

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

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

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

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

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

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

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

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

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

CARE RRG, INC.11825 2233 WISCONSIN AVE, N.W., SUITE 310, WASHINGTON, DC 20007

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

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 2500 WESTCHESTER AVE., 4TH FLOOR, PURCHASE, NY 10577

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 34236

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

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 3877 N. 7TH STREET, STE 280, PHOENIX, AZ 85014

ELEVATE CAPTIVES, LLC JERRY 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

COMCARE PRO INS RECIPROCAL RRG11864 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

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

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

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

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

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

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

PAULA 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 234 SEVEN FARMS DRIVE, BB&T PLAZA, SUITE 215, CHARLESTON, SC 29492

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

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

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

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


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

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

COVERYS RRG, INC.14160 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- DEPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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 (Claims-made) Domiciled

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

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

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

BELINDA L. FORTMAN (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) 860-1958 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

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

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

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 TWO LOGAN SQUARE - 6TH FLOOR, PHILADELPHIA, PA

ROD MORRIS 480-816-5609 TNPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

PALLADIUM RISK RETENTION GROUP, INC.15279 76 SAINT PAUL STREET, 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

PHP RISK RETENTION GROUP, LIMITED12995 151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238

SHAWNA WILBER (843) 577-1364 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

ANDREW CARLTON (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

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

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

ANDREW CARLTON (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

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

PROAIR RISK RETENTION GROUP, INC.13179 1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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





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

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

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

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

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

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

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

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

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

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


COMPANYNAICCash & Invested

AssetsReinsurance Recoverables

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

Other Assets Total AssetsLoss & LAE

ReservesUnearned

Premium Reserve Other Liabilities Total LiabilitiesPolicyholders'

Surplus

Prior Year-End Loss LAE Reserve Developed

(Savings)/Deficiency (000s)


12934 $1,859,158 $0 $3,061,002$1,201,844 $455,379 $134,581 $952,876$362,916 $2,108,126 ($5)

ADVANCED PHYSICIANS INS RRG INC12166 $1,821,446 $0 $1,928,408$106,962 $125,000 $56,322 $228,937$47,615 $1,699,471 ($70)

AEGIS HEALTHCARE RRG, INC.12252 $1,931,054 $0 $3,256,915$1,325,861 $1,275,699 $174,614 $1,884,075$433,762 $1,372,839 $0

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $8,181,807 $0 $9,175,765$993,958 $612,715 $93,477 $6,002,041$5,295,849 $3,173,724 $0

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $0 $0 $0$0 $0 $0 $0$0 $0 $0

AGRI INSURANCE EXCHANGE RRG28380 $16,258,679 $0 $16,338,045$79,366 $2,219,000 $225,790 $3,137,240$692,450 $13,200,805 ($90)

ALLEGIANT INS CO INC A RRG11965 $15,162,249 $2,771,989 $20,166,438$2,232,200 $8,661,497 $0 $14,023,160$5,361,663 $6,143,278 $0

ALLIANCE OF NONPROFITS FOR INS RRG10023 $56,647,916 $0 $73,221,453$16,573,537 $30,513,447 $12,828,635 $45,029,871$1,687,789 $28,191,582 $602

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $34,712,711 $834,847 $39,257,674$3,710,116 $13,965,447 $7,274,153 $25,183,660$3,944,060 $14,074,015 $2,099

ALLIED SERVICES RISK RETENTION GROUP12013 $6,587,879 $0 $7,368,103$780,224 $1,881,201 $759,164 $2,845,542$205,177 $4,522,561 ($551)

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $40,720,267 $8,583 $41,867,890$1,139,040 $23,659,085 $3,935,330 $28,940,343$1,345,928 $12,927,547 $0

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $996,264 $0 $1,011,264$15,000 $342,753 $0 $346,503$3,750 $664,761 $0

AMERICAN CONTRACTORS INS CO RRG12300 $7,829,140 $0 $21,088,134$13,258,994 $0 $0 $13,040,146$13,040,146 $8,047,980 $0

AMERICAN EXCESS INS EXCHANGE RRG10903 $385,638,257 $0 $388,532,270$2,894,013 $132,156,255 $15,402,628 $152,528,296$4,969,413 $236,003,974 ($10,212)

AMERICAN FEED INDUSTRY INS CO RRG44202 $1,418,218 $0 $1,455,342$37,124 $0 $0 $92,233$92,233 $1,363,109 ($217)

AMERICAN FOREST CASUALTY COMPANY RRG11590 $9,259,562 $0 $9,784,975$525,413 $3,503,706 $898,973 $5,049,808$647,129 $4,735,167 ($572)

AMERICAN SAFETY RRG INC25448 $6,394,606 $0 $11,727,524$5,332,918 $4,066,698 $345,197 $4,782,651$370,756 $6,944,873 $0

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $18,287,194 $13,505 $19,775,823$1,475,124 $9,672,420 $1,002,518 $13,418,069$2,743,131 $6,357,754 $719

AMERIGUARD RRG INC12171 $10,437,668 $0 $11,235,515$797,847 $4,008,782 $0 $4,124,812$116,030 $7,110,703 $0

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $92,191,629 $2,131,511 $116,128,419$21,805,279 $53,681,946 $21,885,267 $82,952,099$7,384,886 $33,176,320 ($987)

ARCHITECTS & ENGINEERS INS CO RRG44148 $11,953,339 $0 $19,182,229$7,228,890 $4,406,693 $1,916,754 $10,907,733$4,584,286 $8,274,496 ($180)

ARCOA RISK RETENTION GROUP, INC.13177 $9,856,158 $0 $11,403,778$1,547,620 $7,223,445 $0 $7,698,117$474,672 $3,705,661 ($318)

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $2,096,520 $0 $3,205,020$1,108,500 $150,000 $403,482 $795,214$241,732 $2,409,806 $0

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,476,438 $0 $1,531,244$54,806 $629,858 $0 $664,440$34,582 $866,804 ($15)


14425 $1,035,028 $0 $1,164,530$129,502 $1,143 ($4,417) $164,530$167,804 $1,000,000 $0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $13,070,152 $28,271 $13,212,666$114,243 $3,869,972 $1,231,512 $6,033,767$932,283 $7,178,899 ($1,167)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $15,618,623 $0 $16,472,661$854,038 $4,508,647 $2,657,544 $8,208,152$1,041,961 $8,264,509 $13

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $1,987,613,793 $0 $1,997,358,400$9,744,607 $995,437,338 $60,268,402 $1,408,587,563$352,881,823 $588,770,837 $48,867

ATTORNEYS LIAB PROTECTION SOC RRG32450 $90,411,092 $0 $98,771,722$8,360,630 $43,545,341 $14,609,075 $62,110,247$3,955,831 $36,661,475 ($107)

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,378,011 $0 $1,748,426$370,415 $26,087 $25,265 $402,446$351,094 $1,345,980 $0

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $2,710,323 $0 $3,087,230$376,907 $612,751 $625,009 $1,697,354$459,594 $1,389,876 ($32)

BAR VERMONT RISK RETENTION GROUP INC10174 $23,667,277 $0 $25,091,743$1,424,466 $4,422,543 $0 $8,375,992$3,953,449 $16,715,751 $78

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $23,864,663 $0 $39,309,693$15,445,030 $22,163,762 $1,702,978 $31,965,512$8,098,772 $7,344,181 ($1,329)

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $2,699,602 $0 $3,497,948$798,346 $73,056 $1,400,524 $1,951,732$478,152 $1,546,216 ($27)

BROADLINE RISK RETENTION GROUP, INC.13788 $79,573,769 $0 $109,107,882$29,534,113 $56,581,517 $14,104,916 $71,287,862$601,429 $37,820,020 $1,393

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $107,300,264 $0 $120,797,266$13,497,002 $57,833,439 $6,672,383 $71,810,804$7,304,982 $48,986,462 ($644)

CALIFORNIA MEDICAL GRP INS CO RRG12180 $10,183,762 $0 $13,375,181$3,191,419 $4,141,831 $2,444,986 $7,136,849$550,032 $6,238,332 ($1,852)

CARE RRG, INC.11825 $15,199,349 $993,071 $20,310,754$4,118,334 $10,215,381 $3,676,279 $15,428,743$1,537,083 $4,882,011 $63

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $1,632,516 $773,453 $3,010,706$604,737 $1,087,419 $978,779 $2,071,419$5,221 $939,287 ($83)

CAREGIVERS UNITED LIAB INS CO RRG11544 $37,430,794 $99,642 $40,570,399$3,039,963 $11,453,438 $2,176,553 $14,652,327$1,022,336 $25,918,072 $556

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $55,109,709 $0 $104,041,355$48,931,646 $13,759,655 $2,089,182 $63,177,636$47,328,799 $40,863,720 $0

CASSATT RISK RETENTION GROUP INC10808 $5,724,679 $0 $12,376,054$6,651,375 $83,079 $75,000 $8,415,350$8,257,271 $3,960,704 $17






ReservesUnearned


Surplus



CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $1,553,855 $0 $1,626,609$72,754 $24,724 $0 $128,725$104,001 $1,497,884 ($22)

CENTRAL PA PHYSICIANS RRG INC11694 $58,088,058 $0 $59,996,869$1,908,811 $30,300,488 $6,250,717 $37,938,049$1,386,844 $22,058,820 ($1)

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $15,984,981 $0 $19,589,812$3,604,831 $3,047,002 $1,691,982 $9,505,559$4,766,575 $10,084,253 ($1,753)

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $3,256,447 $147,537 $3,493,914$89,930 $396,636 $212,979 $789,419$179,804 $2,704,495 ($75)

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $6,038,765 $2,261,556 $13,572,183$5,271,862 $6,312,259 $4,229,809 $10,966,198$424,130 $2,605,985 ($567)

CIRCLE STAR INS CO RRG11839 $2,561,546 $0 $4,901,140$2,339,594 $592,125 $86,348 $3,189,666$2,511,193 $1,711,474 ($1)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,724,449 $0 $3,597,552$873,103 $830,293 $282,214 $1,682,501$569,994 $1,915,051 $33

CLARIAN HLTH RRG INC11992 $3,466,410 $0 $9,282,906$5,816,496 $0 $0 $6,419,735$6,419,735 $2,863,171 $490

CLINIC MUTUAL INSURANCE CO RRG43770 $4,707,888 $0 $4,758,188$50,300 $70,560 $807 $207,625$136,258 $4,550,563 $1

CMIC RISK RETENTION GROUP13756 $3,493,031 $0 $3,832,915$339,884 $99,961 $300,654 $910,850$510,235 $2,922,065 $0

COLLEGE LIABILITY INS CO A RECIP RRG44598 $13,271,805 $0 $15,515,811$2,244,006 $3,260,427 $1,651,463 $4,949,201$37,311 $10,566,610 $608

COLLEGE RISK RETENTION GROUP, INC.13613 $15,178,768 $0 $22,254,731$7,075,963 $8,005,336 $4,783,536 $15,993,400$3,204,528 $6,261,331 $0

COLUMBIA NATIONAL RRG INC10803 $1,654,632 $0 $1,735,967$81,335 $0 $243,392 $553,598$310,206 $1,182,369 $0

COMCARE PRO INS RECIPROCAL RRG11864 $4,338,541 $0 $5,254,743$916,202 $768,600 $938,349 $1,772,869$65,920 $3,481,874 $442

COMMUNITIES OF FAITH RRG INC11807 $13,184,803 $0 $13,627,650$442,847 $889,721 $246,936 $1,225,746$89,089 $12,401,904 ($231)

COMMUNITY BLOOD CENTERS EXCH RRG13893 $20,680,386 $0 $23,739,967$3,059,581 $3,228,439 $1,179,098 $9,966,127$5,558,590 $13,773,840 ($1,902)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $94,914,151 $0 $95,453,981$539,830 $47,354,207 $0 $80,965,003$33,610,796 $14,488,978 $429

COMMUNITY HOSPITAL RRG11259 $233,497,843 $0 $246,754,774$13,256,931 $132,580,501 $10,965,763 $146,448,994$2,902,730 $100,305,779 ($9,074)

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,578,540 $179,892 $5,149,837$391,405 $1,635,741 $187,961 $1,971,299$147,597 $3,178,538 $0

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 $682,525 $0 $753,693$71,168 $0 $0 $105,972$105,972 $647,721 $0

CONTINUING CARE RRG, INC.11798 $1,914,570 $0 $5,345,409$3,430,839 $1,513,239 $330,752 $3,188,984$1,344,993 $2,156,425 ($1)

CONTRACTORS INS CO OF NORTH AMER RRG11603 $37,715,112 $0 $43,340,147$5,625,035 $20,147,819 $497,770 $24,861,585$4,215,996 $18,478,562 $0

CONTROLLED RISK INS CO OF VT RRG10341 $60,203,220 $0 $61,890,719$1,687,499 $16,631,880 $4,312,019 $26,414,290$5,470,391 $35,476,429 $0

COPIC, A RISK RETENTION GROUP14906 $868,593 $0 $868,593$0 $0 $0 $115,235$115,235 $753,358 $0

COVERYS RRG, INC.14160 $6,303,760 $0 $6,776,442$472,682 $435,971 $65,939 $2,302,339$1,800,429 $4,474,103 $0

CPA MUTUAL INS CO OF AMERICA RRG10164 $17,205,223 $0 $23,722,159$6,516,936 $8,601,802 $1,870,844 $14,876,901$4,404,255 $8,845,258 $866

CROSSFIT RISK RETENTION GROUP, INC.13720 $3,836,911 $0 $4,206,536$369,625 $854,410 $1,140,900 $2,047,961$52,651 $2,158,575 $421

CRUDEN BAY RRG INC11676 $11,159,760 $0 $11,732,717$572,957 $6,748,557 $504,110 $7,354,940$102,273 $4,377,778 $279

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $12,433,379 $0 $16,924,456$4,491,077 $4,465,322 $2,589,669 $13,183,435$6,128,444 $3,741,021 $0

DELAWARE PROFESSIONAL INSURANCE CO43125 $6,923,078 $0 $7,268,961$345,883 $4,613,265 $239,586 $4,980,080$127,229 $2,288,882 $0

DOCTORS & SURGEONS NATIONAL RRG13018 $10,272,254 $0 $10,966,699$694,445 $5,930,080 $2,482,937 $9,725,702$1,312,685 $1,240,997 $1,718

DUBOIS MEDICAL RRG11842 $10,113,260 $0 $11,350,789$1,237,529 $1,950,834 $980,833 $3,031,095$99,428 $8,319,694 ($178)

EASTERN DENTISTS INS CO RRG10115 $44,722,004 $202,227 $51,887,994$6,963,763 $21,045,000 $6,662,917 $30,433,875$2,725,958 $21,454,119 ($2,140)

ELITE TRANSPORTATION RRG INC10125 $5,564,539 $0 $10,412,815$4,848,276 $4,905,533 $1,190,489 $8,438,680$2,342,658 $1,974,135 $493

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $4,063,799 $63,406 $4,246,118$118,913 $1,695,462 $215,188 $2,194,350$283,700 $2,051,768 $0

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $17,404,245 $196,967 $23,935,792$6,334,580 $7,563,489 $2,868,075 $16,396,613$5,965,049 $7,539,179 $0

EMERGENCY MEDICINE RRG INC12015 $7,653,841 $0 $8,501,343$847,502 $4,067,445 $0 $4,071,945$4,500 $4,429,398 $672

EMERGENCY PHYSICIANS INS CO RRG11714 $32,197,162 $0 $35,023,120$2,825,958 $20,424,809 $2,394,378 $24,372,233$1,553,046 $10,650,887 $0

EVERGREEN USA RRG INC38466 $11,543,844 $0 $14,699,293$3,155,449 $6,803,880 $1,309,204 $8,359,107$246,023 $6,340,186 $196

EXCELA RECIPROCAL RRG15337 $3,633,871 $0 $4,263,066$629,195 $1,517,681 $631,477 $2,185,053$35,895 $2,078,013 $0

FAIRWAY PHYSICIANS INS CO RRG11840 $14,807,810 $1,709,522 $25,308,473$8,791,141 $12,334,718 $6,482,695 $19,771,353$953,940 $5,537,119 ($205)

FAITH AFFILIATED RRG INC11698 $8,629,226 $0 $9,588,372$959,146 $3,067,607 $945,374 $4,296,027$283,046 $5,292,345 $33

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $0 $0 $0$0 $0 $0 $0$0 $0 $0






ReservesUnearned


Surplus



FIRST MEDICAL INS CO RRG11278 $92,019,726 $0 $103,281,533$11,261,807 $38,715,267 $7,952,153 $49,169,635$2,502,215 $54,111,898 $0

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $4,293,056 $0 $4,591,346$298,290 $1,304,295 $615,199 $2,239,552$320,058 $2,351,794 $191

FRANKLIN CASUALTY INS CO RRG10842 $2,229,724 $0 $42,591,750$40,362,026 $6,714,065 $2,477,877 $39,406,206$30,214,264 $3,185,544 $551

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $13,277,344 $0 $19,490,700$6,213,356 $7,023,429 $538,911 $7,640,540$78,200 $11,850,160 $43

GABLES RISK RETENTION GROUP, INC.14032 $0 $0 $0$0 $0 $0 $0$0 $0 $0

GEISINGER INS CORP RRG12000 $2,513,881 $0 $21,671,040$19,157,159 $500,000 $829,655 $10,339,608$9,009,953 $11,331,432 $0

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,033,102 $0 $2,211,528$178,426 $16,812 $34,117 $172,887$121,958 $2,038,641 ($26)

GLOBAL HAWK INSURANCE COMPANY RRG11948 $25,382,185 $2,256,413 $34,524,763$6,886,165 $13,283,192 $12,731,240 $27,236,210$1,221,778 $7,288,554 $1,391

GOLDEN INS CO RRG11145 $6,165,238 $0 $8,514,860$2,349,622 $1,227,973 $3,462,027 $5,397,524$707,524 $3,117,336 $25

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $6,261,209 $0 $6,833,397$572,188 $2,917,694 $547,250 $3,514,182$49,238 $3,319,215 $22

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $137,252 $0 $979,680$842,428 $0 $144,861 $406,381$261,520 $573,299 $0

GRACO RRG INC11581 $538,694 $0 $955,493$416,799 $0 $0 $393,858$393,858 $561,635 $0

GREEN HILLS INS CO RRG11941 $9,037,573 $0 $11,824,647$2,787,074 $4,081,164 $2,428,472 $7,149,312$639,676 $4,675,335 ($1,703)

GUARDIAN RRG INC11696 $5,346,319 $0 $5,801,374$455,055 $1,880,584 $279,121 $2,305,673$145,968 $3,495,701 $0

GUTHRIE RRG12014 $48,043,657 $0 $54,204,650$6,160,993 $28,365,361 $5,571,237 $34,190,864$254,266 $20,013,786 $1,662

HAMDEN ASSURANCE RRG, INC.13057 $2,894,384 $0 $94,466,251$91,571,867 $0 $0 $92,849,473$92,849,473 $1,616,778 $0

HEALTH CARE CAS RRG INC12236 $13,159,274 $0 $16,373,689$3,214,415 $6,786,823 $1,619,612 $14,346,663$5,940,228 $2,027,026 ($913)


11832 $26,130,311 $429,217 $44,552,396$17,992,868 $9,184,498 $1,686,499 $28,916,083$18,045,086 $15,636,313 $102

HEALTH NETWORK PROVIDERS MUT INS CO11813 $6,582,888 $0 $7,288,997$706,109 $2,813,205 $675,608 $4,304,738$815,925 $2,984,259 $21

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $72,403,457 $0 $75,130,575$2,727,118 $17,526,716 $2,569,317 $20,490,472$394,439 $54,640,103 $0

HEALTHCARE PROVIDERS INS CO RRG11683 $73,399,978 $0 $75,585,393$2,185,415 $23,882,310 $4,203,574 $34,008,681$5,922,797 $41,576,712 $38

HEARTLAND HEALTHCARE RECIP RRG11998 $14,481,464 $0 $14,844,210$362,746 $5,255,319 $567,890 $6,116,965$293,756 $8,727,245 $90

HERITAGE WARRANTY INS RRG INC11097 $582,906 $0 $582,906$0 $2,000 $20,000 $47,456$25,456 $535,450 ($5)

HOME CONSTRUCTION INS CO RRG11950 $6,072,148 $0 $6,109,179$37,031 $3,051,375 $0 $3,573,839$522,464 $2,535,340 $0

HOUSING AUTHORITY RRG INC26797 $303,232,265 $0 $315,100,689$11,868,424 $83,692,863 $12,706,008 $115,465,836$19,066,965 $199,634,853 ($6,483)

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $121,516,460 $0 $122,615,705$1,099,245 $638,625 $0 $12,656,068$12,017,443 $109,959,635 ($28)

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $315,100,094 $2,403,501 $330,933,153$13,429,558 $50,277,562 $11,845,907 $79,748,802$17,625,333 $251,184,348 ($11,069)

INDIANA HEALTHCARE RECIP RRG11692 $30,277,599 $0 $30,580,865$303,266 $11,736,308 $1,369,652 $13,985,756$879,796 $16,595,109 ($48)

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $4,004,461 $0 $5,212,616$1,208,155 $2,186,820 $1,069,243 $3,272,561$16,498 $1,940,055 $268

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $358,586 $0 $1,605,315$1,246,729 $201,528 $215,000 $453,725$37,197 $1,151,590 $33

IRONSHORE RISK RETENTION GROUP, INC.14375 $230,328 $0 $2,309,688$2,079,360 $151,292 $45,838 $1,293,090$1,095,960 $1,016,598 ($10)

J.M. WOODWORTH RRG, INC.12594 $11,236,819 $2,059,084 $14,593,593$1,297,690 $11,353,373 $1,494,562 $13,045,435$197,500 $1,548,158 $1,524

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $48,187,147 $0 $51,402,556$3,215,409 $18,420,943 $367,526 $19,417,049$628,580 $31,985,507 $638

KENTUCKY HOSPITAL INS CO RRG11939 $19,987,211 $0 $20,458,226$471,015 $9,996,352 $688,593 $11,752,050$1,067,105 $8,706,176 ($915)

LAKE STREET RRG INC11803 $2,849,716 $0 $2,930,190$80,474 $1,335,582 $77,360 $1,437,607$24,665 $1,492,583 $0

LAMMICO RRG, INC.14444 $5,969,820 $0 $6,118,856$149,036 $24,248 $13,096 $301,680$264,336 $5,817,176 ($4)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $14,378,293 $899,541 $20,056,696$4,778,862 $8,331,629 $4,473,417 $14,444,004$1,638,958 $5,612,692 ($2,197)

LENDERS PROTECTION ASSUR CO RRG11500 $2,362,063 $0 $2,414,784$52,721 $0 $0 $39,106$39,106 $2,375,678 $0

LIFE SERVICES NETWORK RECIP INS RRG11958 $8,077,796 $0 $8,390,021$312,225 $3,406,903 $298,686 $3,575,773($129,816) $4,814,247 $789

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $1,260,831 $0 $1,294,765$33,934 $15,520 $2,047 $477,484$459,917 $817,281 $0

LVHN RRG11684 $49,294,926 $0 $60,258,708$10,963,782 $0 $0 $55,258,708$55,258,708 $5,000,000 $4,287

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $2,776,045 $0 $4,427,771$1,651,726 $1,484,875 $921,149 $2,890,035$484,011 $1,537,736 $119

MARATHON FIN INS CO INC RRG11117 $2,459,640 $0 $7,436,300$4,976,660 $35,000 $394,973 $5,272,210$4,842,237 $2,164,090 $15






ReservesUnearned


Surplus



MCIC VERMONT INC RRG10697 $0 $0 $0$0 $0 $0 $0$0 $0 $0

MD RISK RETENTION GROUP, INC.12355 $16,866,496 $0 $17,734,651$868,155 $6,271,791 $0 $6,530,905$259,114 $11,203,746 ($843)

MED MAL RISK RETENTION GROUP, INC.14446 $4,408,358 $0 $5,131,877$723,519 $385,838 $1,380,549 $2,785,353$1,018,966 $2,346,523 $3

MEDAMERICA MUTUAL RRG INC26257 $82,492,973 $0 $90,348,738$7,855,765 $34,628,012 $5,003,207 $49,659,293$10,028,074 $40,689,445 $0

MEDPRO RRG RISK RETENTION GROUP13589 $9,060,239 $0 $27,200,088$18,139,849 $3,349,020 $1,777,636 $23,372,531$18,245,875 $3,827,557 ($95)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $3,278,513 $0 $3,713,633$435,120 $2,306,585 $194,070 $2,718,867$218,212 $994,766 $1

MENTAL HEALTH RISK RETENTION GROUP44237 $26,501,271 $0 $28,078,874$1,577,603 $10,717,676 $1,782,130 $14,163,198$1,663,392 $13,915,676 ($1,008)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,746,827 $0 $6,558,331$1,811,504 $3,527,625 $886,255 $4,813,915$400,035 $1,744,416 ($304)

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $2,375,717 $0 $3,227,843$852,126 $893,799 $354,509 $2,133,151$884,843 $1,094,692 $136

MMIC RRG, INC.14062 $250,131 $0 $662,401$412,270 $0 $776 $18,885$18,109 $643,516 $0

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $928,067 $0 $2,340,333$1,412,266 $482,000 $109,083 $772,838$181,755 $1,567,495 ($33)

MOUNTAIN LAUREL RRG INC11547 $21,110,212 $0 $26,575,529$5,465,317 $10,103,281 $4,040,700 $16,277,918$2,133,937 $10,297,611 ($664)

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $113,280,216 $0 $115,968,342$2,688,126 $51,363,845 $7,407,424 $61,204,781$2,433,512 $54,763,561 ($6,247)

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $32,076,093 $0 $34,217,391$2,141,298 $12,698,572 $1,380,050 $14,775,966$697,344 $19,441,425 ($636)

NASW RISK RETENTION GROUP, INC.14366 $489,485 $0 $2,712,502$2,223,017 $81,945 $128,829 $1,545,628$1,334,854 $1,166,874 $13

NATIONAL ASSISTED LIVING RRG, INC.11806 $8,268,507 $0 $8,676,790$408,283 $3,407,632 $983,426 $4,840,153$449,095 $3,836,638 ($519)

NATIONAL BUILDERS & CONTRACTORS INS12235 $2,881,464 $0 $3,450,394$568,930 $2,729,216 $119,727 $2,792,254($56,689) $658,140 ($2)

NATIONAL CATHOLIC RRG10083 $65,666,550 $0 $69,902,160$4,235,610 $40,122,656 $7,007,029 $52,244,756$5,115,071 $17,657,404 $685

NATIONAL CONTRACTORS INS CO INC RRG12293 $2,482,166 $1,192,498 $5,287,170$1,612,506 $3,371,163 $4,767 $3,503,322$127,392 $1,783,848 $1,087

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $8,942,587 $3,693,356 $18,339,026$5,703,083 $9,118,302 $590,973 $11,967,947$2,258,672 $6,371,079 ($497)

NATIONAL HOME INSURANCE CO RRG44016 $33,718,904 $0 $35,545,324$1,826,420 $9,072,094 $13,530,563 $25,229,334$2,626,677 $10,315,990 $1,365

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $6,026,106 $503,488 $11,461,847$4,932,253 $2,328,879 $1,566,248 $5,186,857$1,291,730 $6,274,990 $178

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $3,665,584 $78,613 $6,184,429$2,440,232 $0 $0 $3,220,880$3,220,880 $2,963,548 $0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $11,327,546 $88,357 $12,629,776$1,213,873 $400 $1,773,036 $1,875,509$102,073 $10,754,267 $0

NCMIC RISK RETENTION GROUP, INC.14130 $2,761,957 $0 $6,011,762$3,249,805 $719,184 $393,886 $2,138,548$1,025,478 $3,873,214 ($5)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $1,888,403 $0 $2,082,591$194,188 $1,369,492 $293,732 $1,550,765($112,459) $531,826 ($50)

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $13,617,694 $0 $15,503,755$1,886,061 $672,260 $6,900,312 $9,953,515$2,380,943 $5,550,240 $68

NEW STAR RISK RETENTION GROUP, INC.12532 $9,544,455 $0 $11,706,033$2,161,578 $3,362,353 $1,850,196 $7,218,518$2,005,969 $4,487,515 $55

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $14,481,473 $0 $23,411,597$8,930,124 $15,422,553 $5,334,927 $18,807,472($1,950,008) $4,604,125 $1,471

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

13059 $14,980,130 $0 $15,627,233$647,103 $9,059,009 $1,224,176 $13,248,127$2,964,942 $2,379,106 $0

OASIS RECIPROCAL RISK RETENTION GROUP13644 $8,663,272 $0 $11,968,599$3,305,327 $4,786,327 $1,570,509 $8,662,637$2,305,801 $3,305,962 $7

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $292,411 $0 $807,834$515,423 $331,099 $0 $406,942$75,843 $400,892 ($36)

OCEANUS INS CO A RRG12189 $58,058,971 $190,366 $71,545,699$13,296,362 $35,886,753 $15,112,807 $54,621,631$3,622,071 $16,924,068 $2,411

OMS NATL INS CO RRG44121 $342,422,508 $0 $374,234,425$31,811,917 $104,096,170 $43,998,114 $165,618,481$17,524,197 $208,615,944 $0

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $6,422,299 $0 $16,544,406$10,122,107 $1,785,143 $7,799,741 $12,543,622$2,958,738 $4,000,784 $259

OOIDA RISK RETENTION GROUP INC10353 $46,297,057 $0 $84,464,711$38,167,654 $29,198,356 $9,840,426 $69,763,264$30,724,482 $14,701,447 ($5)

OPHTHALMIC MUTUAL INS CO RRG44105 $256,783,757 $0 $266,984,994$10,201,237 $48,129,550 $25,908,834 $89,467,914$15,429,530 $177,517,080 ($11,091)

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $6,332,881 $0 $7,375,455$1,042,574 $1,543,413 $177,000 $1,825,975$105,562 $5,549,480 $0

ORDINARY MUTUAL A RRG CORP10171 $8,755,861 $0 $8,701,304($54,557) $2,765,978 $0 $3,491,701$725,723 $5,209,603 ($1)

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $10,926,807 $0 $15,469,690$4,542,883 $6,745,342 $3,369,459 $11,730,084$1,615,283 $3,739,606 ($80)

PACE RRG INC11575 $7,949,647 $2,006,594 $13,152,743$3,196,502 $3,525,839 $3,972 $9,827,603$6,297,792 $3,325,140 $36

PALLADIUM RISK RETENTION GROUP, INC.15279 $21,573,584 $0 $21,814,188$240,604 $0 ($553,580) $19,414,188$19,967,768 $2,400,000 $0






ReservesUnearned


Surplus



PARATRANSIT INSURANCE COMPANY, RRG44130 $21,956,608 $108,614 $24,089,184$2,023,962 $8,381,662 $1,698,345 $11,916,931$1,836,924 $12,172,253 $72

PCH MUTUAL INSURANCE COMPANY, RRG11973 $8,480,304 $3,928 $9,749,146$1,264,914 $2,626,908 $829,832 $6,707,569$3,250,829 $3,041,577 ($1,065)

PEACE CHURCH RRG INC11846 $21,542,858 $0 $22,528,404$985,546 $5,808,737 $735,259 $6,876,188$332,192 $15,652,217 $0

PELICAN INS RRG11587 $18,525,919 $0 $18,576,110$50,191 $2,796,520 $554,064 $3,393,862$43,278 $15,182,248 $151

PHOEBE RECIPROCAL RRG12004 $5,518,440 $0 $5,533,580$15,140 $1,471,974 $102,715 $1,635,017$60,328 $3,898,563 $27

PHP RISK RETENTION GROUP, LIMITED12995 $26,274,966 $0 $26,980,846$705,880 $16,633,103 $0 $18,690,872$2,057,769 $8,289,974 $3,080

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $3,644,936 $0 $6,928,467$3,283,531 $1,421,718 $1,703,277 $5,615,047$2,490,052 $1,313,420 ($592)

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $5,458,836 $970,659 $7,791,701$1,362,206 $2,872,725 $1,126,400 $6,190,537$2,191,412 $1,601,164 $24

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $3,574,749 $0 $4,885,781$1,311,032 $795,222 $555,240 $2,947,151$1,596,689 $1,938,630 ($2,131)

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $54,952,387 $0 $62,884,486$7,932,099 $18,461,582 $7,067,654 $43,744,230$18,214,994 $19,140,256 $1,114

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $36,972,186 $451,585 $40,184,949$2,761,178 $12,437,116 $6,842,590 $20,406,494$1,126,788 $19,778,455 ($5,399)

PHYSICIANS REIMBURSEMENT RRG10934 $28,212,580 $0 $29,466,350$1,253,770 $17,451,062 $693,407 $18,541,697$397,228 $10,924,653 ($2,439)

PHYSICIANS SPECIALTY LTD RRG11513 $10,577,353 $0 $14,233,306$3,655,953 $7,245,230 $0 $10,036,315$2,791,085 $4,196,991 $0

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $1,265,643 $0 $2,094,716$829,073 $358,686 $253,154 $709,895$98,055 $1,384,821 ($72)

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $13,087,804 $0 $13,180,915$93,111 $4,710,302 $1,032,381 $6,098,516$355,833 $7,082,399 $80

PINE TREE INS RECIPROCAL RRG12348 $11,211,680 $0 $11,301,052$89,372 $6,801,639 $0 $8,095,658$1,294,019 $3,205,394 $40

PINELANDS INS CO RRG INC12198 $237,104 $0 $3,404,966$3,167,862 $2,912,557 $1,197,431 $2,681,400($1,428,588) $723,566 $2,966

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $7,117,560 $0 $8,357,692$1,240,132 $1,942,458 $760,227 $3,954,091$1,251,406 $4,403,601 ($169)

PLICO RISK RETENTION GROUP, INC.14205 $1,568,002 $0 $1,568,002$0 $0 $0 ($292)($292) $1,568,294 ($3)

PONCE DE LEON LTC RRG, INC.11809 $10,517,821 $0 $11,054,418$536,597 $5,109,778 $358,976 $5,921,105$452,351 $5,133,314 $260

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $39,898,024 $26,741,846 $91,998,054$25,358,184 $42,494,967 $15,090,104 $77,531,811$19,946,740 $14,466,243 $2,680

PREFERRED PHYSICIANS MEDICAL RRG44083 $197,286,580 $0 $202,767,606$5,481,026 $63,636,509 $8,069,010 $88,089,090$16,383,571 $114,678,518 ($3,239)

PREFERRED PROFESSIONAL RRG14919 $622,969 $0 $622,969$0 $20,541 $577 $35,723$14,605 $587,246 $0

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

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $9,485,109 $572,470 $11,811,431$1,753,852 $3,813,168 $2,403,589 $8,530,131$2,313,374 $3,281,300 $810

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

PROBUILDERS SPECIALTY INS CO RRG11671 $14,794,997 $0 $36,811,596$22,016,599 $20,835,438 $0 $23,633,777$2,798,339 $13,177,818 $0

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

14461 $3,602,959 $0 $4,153,564$550,605 $1,693,049 $469,545 $2,985,554$822,960 $1,168,010 $0


12608 $1,701,988 $7,823 $2,244,972$535,161 $50,766 $4,542 $95,326$40,018 $2,149,646 $8

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,189,365 $99,738 $3,399,324$1,110,221 $587,376 $799,861 $2,098,150$710,913 $1,301,174 $109

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $5,999,566 $0 $6,121,810$122,244 $1,106,969 $0 $1,367,930$260,961 $4,753,880 $0

RED CLAY RISK RETENTION GROUP, INC.13078 $5,157,787 $0 $6,924,972$1,767,185 $2,721,430 $429,439 $3,430,641$279,772 $3,494,331 ($64)

RED ROCK RISK RETENTION GROUP, INC.13736 $6,052,634 $0 $6,702,089$649,455 $1,497,928 $98,425 $1,696,801$100,448 $5,005,288 ($1)

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

RESTORATION RISK RETENTION GROUP, INC.12209 $61,181,360 $0 $63,437,095$2,255,735 $28,272,000 $5,992,849 $42,638,342$8,373,493 $20,798,753 ($2,518)

RPX RRG14135 $5,084,438 $0 $5,520,514$436,076 $815,498 $477,865 $1,849,457$556,094 $3,671,057 $17

SAINT LUKE'S HLTH SYSTEM RRG11712 $22,517,916 $0 $23,945,497$1,427,581 $9,008,861 $747,346 $9,882,137$125,930 $14,063,360 $2,540

SAMARITAN RISK RETENTION GROUP, INC.12511 $27,334,281 $0 $29,659,815$2,325,534 $6,041,520 $5,912,982 $13,011,298$1,056,796 $16,648,517 ($549)

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $11,297,399 $0 $13,050,944$1,753,545 $6,167,174 $1,413,183 $9,010,255$1,429,898 $4,040,691 ($671)

SECURITY AMERICA RRG INC11267 $4,283,581 $0 $5,532,194$1,248,613 $1,506,937 $830,237 $2,790,080$452,906 $2,742,114 $187

SELECT MD RRG14136 $1,597,813 $0 $2,244,679$646,866 $665,305 $415,769 $1,458,516$377,442 $786,164 $0

SENTINEL ASSUR RRG INC12005 $12,630,710 $950 $16,473,441$3,841,781 $6,169,094 $2,187,406 $8,446,032$89,532 $8,027,409 ($397)






ReservesUnearned


Surplus



SIGMA RRG, INC.13557 $13,581,169 $0 $14,337,200$756,031 $7,685,296 $474,865 $8,269,207$109,046 $6,067,993 ($47)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $78,764,668 $0 $79,944,585$1,179,917 $48,231,123 $0 $60,068,208$11,837,085 $19,876,378 ($2,752)

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $10,760,382 $0 $48,451,424$37,691,042 $16,502,218 $18,176,547 $37,620,713$2,941,948 $10,830,711 $1,266

SPIRIT MOUNTAIN INS CO RRG INC10754 $6,231,744 $0 $6,722,758$491,014 $1,713,873 $880,730 $3,506,562$911,959 $3,216,196 ($737)

ST CHARLES INS CO RRG11114 $13,483,979 $0 $13,682,698$198,719 $2,792,153 $18,746 $4,150,159$1,339,260 $9,532,539 $0

ST LUKES HEALTH NETWORK INS CO RRG11688 $52,781,874 $0 $57,004,201$4,222,327 $41,502,699 $2,147,076 $43,684,292$34,517 $13,319,909 $1,636

STATES SELF-INSURERS RRG44075 $24,707,969 $0 $26,964,239$2,256,270 $11,426,591 $1,001,004 $17,250,832$4,823,237 $9,713,407 $897

STICO MUT INS CO RRG10476 $21,817,331 $105,813 $24,022,359$2,099,215 $5,768,561 $5,857,702 $12,303,172$676,909 $11,719,187 $120

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $911,930 $0 $913,058$1,128 $0 $0 $239,886$239,886 $673,172 $0

SUNLAND RISK RETENTION GROUP, INC.14026 $2,893,362 $0 $5,821,821$2,928,459 $483,038 $128,443 $4,659,053$4,047,572 $1,162,768 ($30)

TERRA INS CO RRG10113 $22,776,256 $0 $30,476,689$7,700,433 $2,555,299 $1,728,823 $12,579,075$8,294,953 $17,897,614 $36

TERRAFIRMA RISK RETENTION GROUP LLC14395 $5,550,829 $0 $5,635,188$84,359 $556,226 $459,718 $1,091,708$75,764 $4,543,480 $67

THE HEALTHCARE UNDERWRITING CO RRG10152 $76,356,634 $0 $131,155,591$54,798,957 $79,354,404 $27,642,097 $108,523,337$1,526,836 $22,632,254 $5,177

TITAN INS CO INC RRG11153 $43,633,306 $0 $47,558,043$3,924,737 $0 $10,503,302 $13,704,628$3,201,326 $33,853,415 $0

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,172,862 $0 $6,222,792$1,049,930 $1,726,058 $328,994 $2,549,904$494,852 $3,672,888 $256

UNITED CENTRAL PA RRG11548 $16,448,648 $0 $17,542,271$1,093,623 $8,423,871 $1,051,812 $9,563,971$88,288 $7,978,301 ($774)

UNITED EDUCATORS INS RRG INC10020 $759,890,644 $0 $814,222,115$54,331,471 $408,204,246 $82,054,746 $543,806,340$53,547,348 $270,415,775 ($2,646)

UNITED HOME INSURANCE CO A RRG10712 $1,702,537 $0 $2,302,955$600,418 $0 $660,425 $760,411$99,986 $1,542,544 $0

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $3,777,137 $0 $4,795,404$1,018,267 $1,610,028 $1,052,787 $3,450,853$788,038 $1,344,551 $597

UV INSURANCE RISK RETENTION GROUP, INC.13988 $352,279 $0 $1,052,279$700,000 $377,691 $133,333 $533,589$22,565 $518,690 $61

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $2,573,967 $0 $2,599,956$25,989 $0 $40,581 $64,025$23,444 $2,535,931 $0

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,396,534 $0 $1,706,170$309,636 $268,781 $300,129 $826,648$257,738 $879,522 $26

WELLSPAN RRG11682 $16,864,823 $0 $25,158,639$8,293,816 $16,103,631 $2,080,150 $18,272,980$89,199 $6,885,659 ($1,000)

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $4,192,705 $0 $7,113,054$2,920,349 $3,347,609 $1,382,139 $5,533,422$803,674 $1,579,632 $418

WESTERN PACIFIC MUT INS CO RRG40940 $140,802,046 $0 $142,586,310$1,784,264 $12,860,276 $16,691,441 $34,156,993$4,605,276 $108,429,317 ($1,308)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,820,424 $0 $2,976,239$155,815 $345,901 $255,885 $645,678$43,892 $2,330,561 $20

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $18,181,853 $0 $20,482,017$2,300,164 $6,364,714 $994,269 $12,848,282$5,489,299 $7,633,735 $88


COMPANYNAICDirect Premium

WrittenNet Premium

Written

Risk Retention Groups - Selected Statutory Income Statement Data

Net Premium Earned

Loss & Loss Adjusted

Expenses IncurredNet Operating Gains/Losses

Net Investment Gains/Losses Net Income/Loss

Other Underwriting

Expenses


12934 $406,964 $353,172 $144,026$294,154 ($109,129) $0 ($25,704)$259,257

ADVANCED PHYSICIANS INS RRG INC12166 $199,708 $199,708 ($70,000)$143,386 $119,109 $49,597 $169,210$94,277

AEGIS HEALTHCARE RRG, INC.12252 $1,628,615 $935,591 $512,002$699,378 ($196,084) $7,014 ($134,761)$383,461

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $1,555,645 $373,878 $225,003$280,409 ($87,652) $59,901 ($27,346)$143,058

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 $0 $0 $0$0 $0 $0 $0$0

AGRI INSURANCE EXCHANGE RRG28380 $903,159 $903,159 $53,412$677,369 $443,686 $181,116 $422,802$180,271

ALLEGIANT INS CO INC A RRG11965 $8,432,412 $2,975,136 $1,166,035$2,975,136 $1,195,304 $23,718 $1,157,516$613,797

ALLIANCE OF NONPROFITS FOR INS RRG10023 $27,818,749 $20,032,867 $12,345,793$17,130,316 ($475,657) $1,011,652 $651,471$5,260,180

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $17,207,840 $9,448,236 $7,495,649$10,810,420 ($1,166,074) $1,018,158 $148,754$4,480,846

ALLIED SERVICES RISK RETENTION GROUP12013 $1,015,000 $1,015,000 $130,492$759,165 $450,494 $66,885 $517,379$178,179

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $6,459,074 $5,380,153 $2,978,161$5,090,874 $509,595 $571,304 $745,698$1,603,118

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $0 $0 $0$0 ($59,891) $347 ($59,544)$59,891

AMERICAN CONTRACTORS INS CO RRG12300 $34,166,206 $0 $0$0 $639,158 $12,738 $429,936($639,158)

AMERICAN EXCESS INS EXCHANGE RRG10903 $24,538,998 $23,138,998 $1,297,537$17,603,043 $12,493,643 $12,448,332 $24,942,209$3,811,863

AMERICAN FEED INDUSTRY INS CO RRG44202 $0 $0 ($216,732)$0 $7,991 $5,621 $17,376$208,741

AMERICAN FOREST CASUALTY COMPANY RRG11590 $1,737,372 $1,147,692 $454,235$1,037,031 $85,075 $233,274 $245,801$497,721

AMERICAN SAFETY RRG INC25448 $601,149 ($435,533) $267,766$239,213 ($526,788) $77,168 ($319,090)$498,235

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $4,312,758 $3,042,525 $5,055,569$5,478,414 ($346,258) $859,778 $449,279$769,103

AMERIGUARD RRG INC12171 $2,043,790 $2,043,790 $1,838,445$2,047,606 $11,639 $22,686 $24,060$197,522

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $33,859,826 $28,691,109 $20,546,575$28,644,302 ($650,645) $2,063,489 $1,202,863$8,748,372

ARCHITECTS & ENGINEERS INS CO RRG44148 $3,133,065 $1,536,657 $1,182,914$1,689,877 $797,738 $244,644 $1,041,385($290,775)

ARCOA RISK RETENTION GROUP, INC.13177 $8,289,113 $8,289,113 $3,289,817$8,289,113 $1,241,404 $173,186 $919,484$3,757,892

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $750,600 $670,163 $0$618,020 $265,856 $10,260 $275,616$352,164

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $0 ($14,709)$0 ($35,338) $24,753 ($10,585)$50,047


14425 $120,018 ($9,205) $1,143($4,788) ($14,867) $370 ($9,568)$8,936

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $2,775,816 $1,733,586 $728,682$1,669,994 ($707,490) $194,832 ($512,658)$1,648,802

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $5,043,392 $3,543,392 $1,633,924$2,666,794 ($135,401) $350,753 $333,439$1,168,271

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $358,594,582 $242,256,009 $227,626,669$182,011,872 ($69,977,646) $18,372,710 ($46,174,563)$24,362,849

ATTORNEYS LIAB PROTECTION SOC RRG32450 $34,381,013 $23,087,964 $14,379,836$21,101,548 ($115,223) $2,749,687 $1,768,812$6,836,935

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $558,318 $27,916 $16,270$18,488 ($37,234) $0 ($24,202)$39,452

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $2,331,297 $833,230 $252,093$740,688 $87,276 $2,150 $59,751$401,319

BAR VERMONT RISK RETENTION GROUP INC10174 $0 $0 $948,352$1,523,366 ($218,690) $1,016,342 $580,492$793,704

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $17,301,842 $6,840,263 $3,669,390$5,137,285 $1,146,775 $83,409 $822,935$321,120

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $632,165 $537,339 ($5,467)$823,852 $329,360 $6,482 $234,105$499,959

BROADLINE RISK RETENTION GROUP, INC.13788 $21,440,059 $18,858,221 $15,368,616$14,376,104 ($2,296,518) $391,321 ($1,750,887)$1,304,006

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $20,305,420 $12,779,603 $12,331,459$13,836,078 $280,401 $1,635,348 $1,244,849$1,224,218

CALIFORNIA MEDICAL GRP INS CO RRG12180 $3,696,796 $3,696,796 ($295,348)$2,719,898 $2,342,171 $282,242 $1,620,835$673,075

CARE RRG, INC.11825 $7,060,969 $6,224,249 $3,944,657$5,484,680 $51,950 $79,338 $116,116$1,488,073

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $1,846,005 $1,222,311 $555,245$847,321 $55,556 $1,627 $30,899$327,665

CAREGIVERS UNITED LIAB INS CO RRG11544 $5,132,638 $4,745,659 $3,972,843$3,977,258 ($417,751) $904,678 $569,453$422,166

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $21,617,131 $7,738,988 $4,053,437$5,711,289 ($108,920) $1,187,813 $1,078,893$1,766,772

CASSATT RISK RETENTION GROUP INC10808 $20,011,418 $100,000 $100,071$75,000 ($110,794) $21,141 ($60,995)$85,723

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $481,741 $264,409 $2,470$264,409 $135,497 $676 $133,707$126,442



WrittenNet Premium

Written


Net Premium Earned




Other Underwriting

Expenses

CENTRAL PA PHYSICIANS RRG INC11694 $11,232,741 $11,232,741 $7,485,227$9,721,074 ($668,087) $3,357,688 $1,952,573$2,903,934

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $5,721,584 $2,772,932 ($616,002)$2,246,249 $2,256,418 $200,643 $1,711,932$605,833

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 $1,097,157 $883,083 $101,310$670,104 $266,316 $91,828 $333,861$302,478

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $4,614,337 $4,614,337 $2,676,652$2,581,530 $754,701 $13,692 $356,751$390,821

CIRCLE STAR INS CO RRG11839 $7,187,139 $359,357 $217,594$273,009 $369,982 ($25) $244,170($314,567)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $1,719,895 $422,396 $177,453$438,381 ($9,795) $9,864 $17,114$270,723

CLARIAN HLTH RRG INC11992 $20,137,295 $0 $489,945$0 ($2,789,712) $3,177 $176,683$2,299,767

CLINIC MUTUAL INSURANCE CO RRG43770 $0 $1,123 $316$20,338 ($77,832) $133,497 $49,156$97,854

CMIC RISK RETENTION GROUP13756 $1,382,214 $51,724 $39,273($82,929) ($22,238) ($13,293) ($35,531)($99,964)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $2,208,000 $2,208,000 $929,117$1,626,173 $145,663 $538,821 $684,509$551,393

COLLEGE RISK RETENTION GROUP, INC.13613 $6,874,612 $5,243,640 $2,396,143$3,859,569 ($123,496) $213,055 $89,559$1,586,922

COLUMBIA NATIONAL RRG INC10803 $154,170 $154,170 $0$178,349 $70,454 $483 $46,109$107,895

COMCARE PRO INS RECIPROCAL RRG11864 $1,481,302 $1,481,302 $633,422$1,076,109 $131,110 $77,581 $208,691$311,577

COMMUNITIES OF FAITH RRG INC11807 $918,055 $918,055 $268,470$671,119 $7,133 $250,145 $261,870$395,516

COMMUNITY BLOOD CENTERS EXCH RRG13893 $2,115,076 $1,591,870 ($490,418)$1,816,277 $1,704,407 $154,696 $1,859,103$602,288

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $57,125 $57,125 $428,240$57,125 ($1,086,765) $1,170,721 $83,956$715,650

COMMUNITY HOSPITAL RRG11259 $48,458,414 $43,863,052 $14,675,072$32,897,289 $12,880,527 $6,885,316 $20,271,922$5,341,690

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $718,451 $328,384 $265,062$405,518 ($228,860) $111,858 ($95,776)$369,316

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 $0 $0 $0$0 ($96,015) ($177) ($63,487)$96,015

CONTINUING CARE RRG, INC.11798 $5,073,827 $3,466,060 $3,304,849$3,135,308 ($1,214,348) ($323) ($803,883)$1,044,807

CONTRACTORS INS CO OF NORTH AMER RRG11603 $5,277,011 $5,277,011 $1,231,718$2,343,373 $486,818 $37,242 $524,060$624,837

CONTROLLED RISK INS CO OF VT RRG10341 $123,200,565 $17,248,079 $5,325,000$12,936,060 $361,399 $2,209,272 $1,696,643$7,249,661

COPIC, A RISK RETENTION GROUP14906 $0 $0 $0$0 ($67,677) ($11,654) ($79,331)$67,677

COVERYS RRG, INC.14160 $2,074,974 $87,947 $386,481$79,354 ($354,953) $26,339 ($382,867)$47,826

CPA MUTUAL INS CO OF AMERICA RRG10164 $6,602,147 $2,556,832 $2,565,915$2,146,894 ($969,029) $515,355 ($269,756)$550,008

CROSSFIT RISK RETENTION GROUP, INC.13720 $2,335,420 $2,335,420 $653,894$1,540,573 $213,875 ($4,681) $107,302$672,804

CRUDEN BAY RRG INC11676 $2,000,000 $2,000,000 $1,495,890$1,495,890 ($186,086) $514,566 $328,480$186,086

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $7,799,307 $4,077,473 $1,411,223$2,738,016 $867,530 $146,357 $1,016,251$459,263

DELAWARE PROFESSIONAL INSURANCE CO43125 ($203,787) ($203,787) $969,504$751,603 ($736,481) $309,962 ($426,519)$518,581

DOCTORS & SURGEONS NATIONAL RRG13018 $4,312,835 $3,057,371 $2,303,215$3,655,572 ($1,226,827) $106,213 ($1,114,516)$2,579,184

DUBOIS MEDICAL RRG11842 $1,070,000 $1,070,000 $328,814$802,500 $270,087 $139,396 $455,261$203,599

EASTERN DENTISTS INS CO RRG10115 $9,052,476 $7,629,769 $3,295,035$7,745,213 $921,147 $858,372 $1,296,210$3,507,617

ELITE TRANSPORTATION RRG INC10125 $6,185,797 $3,680,550 $2,418,379$2,490,061 ($512,439) $29,174 $3,598$584,121

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,270,745 $844,299 $385,383$629,111 $182,194 $19,266 $102,108$61,534

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $5,151,827 $4,665,275 $2,117,398$4,116,285 $293,499 $184,797 $397,727$1,705,388

EMERGENCY MEDICINE RRG INC12015 $33,048 $33,048 $671,828$1,084,810 ($115,189) $254,207 $120,089$528,171

EMERGENCY PHYSICIANS INS CO RRG11714 $4,788,135 $3,972,553 $2,855,820$4,252,742 ($189,396) $666,188 $301,042$1,586,318

EVERGREEN USA RRG INC38466 $3,366,689 $2,324,720 $2,107,080$2,842,683 ($778,200) $243,562 ($296,456)$1,513,803

EXCELA RECIPROCAL RRG15337 $2,505,317 $2,505,317 $1,534,124$1,873,840 $72,415 $5,136 $77,551$267,301

FAIRWAY PHYSICIANS INS CO RRG11840 $11,056,115 $9,458,603 $6,145,590$8,538,033 ($332,490) $466,833 $134,343$2,724,933

FAITH AFFILIATED RRG INC11698 $1,387,457 $1,279,836 $492,869$941,565 $210,707 $212,399 $221,851$237,989

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 $0 $0 $0$0 $0 $0 $0$0

FIRST MEDICAL INS CO RRG11278 $10,632,000 $10,632,000 $7,314,807$7,952,153 $225,794 $4,292,537 $4,518,331$411,552

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 $902,409 $902,409 $317,780$712,667 $95,523 $10,122 $107,008$299,364

FRANKLIN CASUALTY INS CO RRG10842 $43,235,872 $3,312,913 $1,617,911$2,519,791 ($38,333) $9,808 ($28,525)$940,213



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Expenses

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $2,155,644 $2,155,644 $1,418,812$1,616,733 $9,544 $271,486 $281,030$188,377

GABLES RISK RETENTION GROUP, INC.14032 $0 $0 $0$0 $0 $0 $0$0

GEISINGER INS CORP RRG12000 $13,006,208 $1,106,208 $500,000$822,668 ($50,384) $32 ($50,352)$373,052

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $96,784 $62,130 ($9,500)$59,040 ($113,395) $0 ($73,817)$181,935

GLOBAL HAWK INSURANCE COMPANY RRG11948 $18,446,651 $17,321,522 $9,007,322$12,938,982 $843,869 $4,169 $559,705$3,087,792

GOLDEN INS CO RRG11145 $2,970,359 $2,199,107 $732,698$2,035,531 $561,380 $51,322 $422,408$741,453

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $2,189,000 $2,189,000 $973,980$1,641,750 $499,874 $32,340 $532,214$167,896

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $82,492 $61,975 $25,652$389,869 $46,959 $17 $16,323$317,258

GRACO RRG INC11581 $1,649,827 $0 $0$0 $62,371 $1,000 $59,575($62,371)

GREEN HILLS INS CO RRG11941 $2,960,001 $513,872 ($1,324,702)$334,649 $995,353 $502 $725,000$663,998

GUARDIAN RRG INC11696 $1,116,484 $1,116,484 $715,865$837,364 ($34,637) $142,659 $123,831$156,136

GUTHRIE RRG12014 $7,441,871 $7,441,871 $3,940,577$5,716,230 $1,365,111 $1,816,425 $3,181,536$410,542

HAMDEN ASSURANCE RRG, INC.13057 $0 $0 $0$0 ($27,414) $5,078 ($22,336)$27,414

HEALTH CARE CAS RRG INC12236 $7,867,687 $2,860,555 $1,474,680$2,377,041 $129,569 $80,280 $152,987$772,792


11832 $27,008,092 $2,400,399 $1,989,540$2,543,263 $502,361 $60,020 $267,981($4,415,287)

HEALTH NETWORK PROVIDERS MUT INS CO11813 $1,270,682 $1,021,679 $276,939$740,818 $153,368 $67,592 $11,343$310,511

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $3,768,416 $3,115,754 ($625,000)$4,411,950 $3,637,684 $1,762,452 $5,400,136$1,399,266

HEALTHCARE PROVIDERS INS CO RRG11683 $7,179,710 $6,824,349 $4,926,844$7,521,066 ($23,743) $643,230 $661,979$2,617,965

HEARTLAND HEALTHCARE RECIP RRG11998 $2,271,558 $2,271,558 $1,476,117$1,703,668 ($499,444) $252,430 ($242,074)$726,995

HERITAGE WARRANTY INS RRG INC11097 $0 $0 $28,884$62,712 ($32,348) $774 ($20,839)$66,176

HOME CONSTRUCTION INS CO RRG11950 $0 $0 $0$0 ($138,365) $179,041 $83,640$138,365

HOUSING AUTHORITY RRG INC26797 $23,290,337 $22,187,421 $13,887,533$21,614,706 ($457,550) $7,736,312 $7,278,762$8,184,723

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 $0 $0 ($27,980)$0 ($172,740) $681,075 $508,335$0

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $63,416,726 $21,062,115 $3,595,767$21,810,023 $10,137,161 $6,615,832 $11,701,659$8,077,095

INDIANA HEALTHCARE RECIP RRG11692 $5,478,609 $5,478,609 $2,857,695$4,108,957 $312,051 $402,613 $665,996$939,211

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $1,413,371 $1,413,371 $460,995$1,032,953 $168,478 $12,502 $180,980$403,480

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $430,000 $430,000 $100,902$322,500 $74,712 $0 $74,712$146,886

IRONSHORE RISK RETENTION GROUP, INC.14375 $1,537,297 $76,864 $43,024$67,503 ($99,931) $352 ($99,579)$124,410

J.M. WOODWORTH RRG, INC.12594 $3,792,212 $2,791,890 $3,072,801$4,804,002 ($382,319) $170,860 ($1,469,076)$2,113,520

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $1,610,814 $909,643 $3,455,478$1,405,975 ($2,708,013) $839,185 ($1,868,828)$658,510

KENTUCKY HOSPITAL INS CO RRG11939 $4,882,427 $2,987,259 $1,822,992$2,504,582 ($27,915) $510,916 $491,669$709,505

LAKE STREET RRG INC11803 $305,426 $305,426 $232,079$228,067 ($108,732) $0 ($108,732)$104,720

LAMMICO RRG, INC.14444 $476,239 $20,074 $9,009$10,044 $54,854 $20,497 $71,055($53,819)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $10,084,939 $5,675,012 $2,744,633$5,403,424 ($168,579) $93,602 $13,096$2,827,370

LENDERS PROTECTION ASSUR CO RRG11500 $249,242 $0 $0$0 ($43,066) $42,866 $10,798$33,066

LIFE SERVICES NETWORK RECIP INS RRG11958 $1,510,630 $2,272,969 $1,322,042$1,974,282 $279,190 $100,999 $374,332$373,050

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $448,347 $22,417 $15,520$20,835 $2,369 ($43,394) ($41,025)$2,946

LVHN RRG11684 $11,454,045 $11,454,045 $4,727,660$0 ($1,781,801) $1,781,801 $0$578,351

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,953,597 $1,377,916 $879,715$883,707 ($163,685) $19,151 ($132,618)$167,677

MARATHON FIN INS CO INC RRG11117 ($20,602,862) ($20,602,862) $15,076$397,994 $222,618 $18,494 $133,711$160,300

MCIC VERMONT INC RRG10697 $0 $0 $0$0 $0 $0 $0$0

MD RISK RETENTION GROUP, INC.12355 $3,576,634 $2,867,349 $1,296,002$2,867,349 $1,160,088 $286,588 $954,806$411,259

MED MAL RISK RETENTION GROUP, INC.14446 $0 $0 $298,038$434,155 $46,781 $8,127 $215,863$57,461



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Expenses

MEDAMERICA MUTUAL RRG INC26257 $25,748,748 $20,333,252 $11,988,096$15,330,046 $1,358,002 $1,777,248 $1,933,477$1,983,948

MEDPRO RRG RISK RETENTION GROUP13589 $40,529,733 $2,026,486 $1,380,394$1,277,902 $1,036,335 ($12,176) $669,167($1,138,827)

MEDSTAR LIABILITY LTD INS CO INC RRG10124 $782,729 $464,576 $294,118$346,021 ($186,643) $1,527 ($130,320)$238,546

MENTAL HEALTH RISK RETENTION GROUP44237 $8,505,722 $3,409,057 $2,085,931$3,013,585 $602,609 $581,967 $841,473$325,045

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $2,112,509 $2,112,509 $532,982$1,460,020 $110,410 $108,690 $144,606$816,628

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 $2,423,804 $1,105,550 $417,750$810,959 $99,440 $1,800 $31,013$293,770

MMIC RRG, INC.14062 $42,854 $1,314 $0$995 ($46,189) $0 ($30,484)$47,184

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $120,000 $120,000 $57,000$251,583 $137,357 $0 $194,628$139,642

MOUNTAIN LAUREL RRG INC11547 $51,507,747 $5,455,137 $1,293,138$4,180,045 $934,339 $307,072 $1,241,411$1,952,568

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $27,686,341 $25,709,696 $10,950,425$19,152,272 $6,151,485 $2,484,209 $8,653,574$2,050,362

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 $5,798,997 $5,475,197 $2,427,510$4,095,147 $1,090,266 $458,417 $1,548,683$577,371

NASW RISK RETENTION GROUP, INC.14366 $3,417,036 $205,022 $74,100$172,325 ($199,650) $0 ($136,121)$297,875

NATIONAL ASSISTED LIVING RRG, INC.11806 $1,449,106 $1,449,106 $837,966$1,396,609 ($104,457) $231,077 $126,580$663,101

NATIONAL BUILDERS & CONTRACTORS INS12235 $517,051 $367,051 $174,127$351,370 ($52,051) $48,047 $9,674$229,294

NATIONAL CATHOLIC RRG10083 $22,018,289 $9,377,162 $7,004,655$8,494,045 ($1,701,127) $1,386,734 ($295,114)$3,190,518

NATIONAL CONTRACTORS INS CO INC RRG12293 $44,942 $9,874 $1,230,943$417,247 ($1,221,366) $5,528 ($615,162)$407,670

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $12,921,576 $2,547,065 $1,333,521$1,943,568 $623,190 $86,663 $404,853($13,143)

NATIONAL HOME INSURANCE CO RRG44016 $3,060 ($998,113) $1,149,708($100,547) ($1,804,912) $1,088,248 ($306,505)$554,657

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $5,185,271 $2,367,645 $1,359,093$2,044,901 ($221,082) $68,805 ($101,923)$906,890

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $90,715 $0 $82,500$0 ($377,531) $28,751 ($391,513)$295,031

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $721,425 $721,425 $0$505,407 ($100,751) $148,885 $48,134$606,158

NCMIC RISK RETENTION GROUP, INC.14130 $8,294,994 $818,541 $448,914$616,591 $575,880 ($2,524) $79,251($408,203)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $577,072 $473,440 $312,537$475,088 ($32,664) $33,459 $4,681$195,215

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $7,892,465 $1,940,457 $726,806$1,058,297 ($241,448) $28,149 ($210,885)$572,939

NEW STAR RISK RETENTION GROUP, INC.12532 $2,447,691 $2,447,691 $865,037$1,668,814 $310,405 $662 $149,787$493,371

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $9,582,983 $8,075,422 $4,316,703$6,731,806 ($52,481) $146,746 $80,466$2,467,584

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 $3,791,312 $2,318,983 $1,214,131$1,659,512 ($48,948) $141,847 $128,370$494,329

OASIS RECIPROCAL RISK RETENTION GROUP13644 $425,162 $1,580,917 $748,121$1,845,078 $528,014 $109,212 $651,853$568,943

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 $0 $7,161 ($36,131)$7,161 ($129,240) ($531) ($129,771)$172,532

OCEANUS INS CO A RRG12189 $26,530,138 $18,457,067 $12,122,340$18,506,956 ($2,821,752) $1,114,266 ($983,639)$9,206,368

OMS NATL INS CO RRG44121 $57,467,797 $54,070,628 $34,529,778$45,792,553 ($1,322,061) $5,051,379 $3,110,911$12,584,836

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $9,911,143 $9,352,521 $2,006,209$3,373,381 ($123,017) $54,887 ($45,870)$1,490,190

OOIDA RISK RETENTION GROUP INC10353 $38,965,474 $13,637,916 $13,082,744$13,154,783 ($3,972,524) $40,699 ($2,591,650)$4,044,563

OPHTHALMIC MUTUAL INS CO RRG44105 $34,911,348 $30,493,261 $5,927,445$28,372,277 $13,871,218 $6,703,672 $14,371,887$8,573,614

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $749,250 $749,250 $739,868$572,250 ($272,926) $102,962 ($169,964)$105,308

ORDINARY MUTUAL A RRG CORP10171 $0 $0 $0$0 ($162,043) $185,340 $112,898$162,043

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $5,878,834 $5,878,834 $2,137,339$3,960,678 $729,247 $93,670 $543,125$1,094,092

PACE RRG INC11575 $6,703,212 $101,805 $254,582$198,184 ($84,950) $24,414 $23,502$28,552

PALLADIUM RISK RETENTION GROUP, INC.15279 $79,087 ($1,988,698) $0($1,884,119) ($3,533,840) $9,198 $0$1,649,721

PARATRANSIT INSURANCE COMPANY, RRG44130 $3,772,465 $2,515,984 $1,937,251$2,583,002 ($36,083) $565,107 $442,455$681,833

PCH MUTUAL INSURANCE COMPANY, RRG11973 $2,575,706 $898,263 $550,435$1,105,774 ($265,532) $80,966 ($103,450)$820,871

PEACE CHURCH RRG INC11846 $3,267,818 $2,941,036 $1,435,966$2,205,777 $29,843 $421,142 $1,176,291$739,968

PELICAN INS RRG11587 $2,638,216 $2,638,216 $622,922$1,786,713 $125,141 $613,830 $738,971$1,038,650

PHOEBE RECIPROCAL RRG12004 $410,861 $410,861 $197,922$308,146 ($15,987) $33,098 $17,111$126,211

PHP RISK RETENTION GROUP, LIMITED12995 $4,134,240 $4,134,240 $3,078,774$4,134,240 $860,535 $519,970 $945,245$194,931



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Expenses

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $4,696,566 $2,734,631 $1,232,187$2,230,844 ($10,570) $4,005 $60,105$1,009,227

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $2,022,457 $2,093,116 $716,478$2,143,453 $600,163 $238,073 $871,726$826,812

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $1,225,548 $688,087 ($1,912,125)$642,068 $755,877 $37,623 $635,083$450,899

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $14,710,024 $9,554,410 $4,134,866$7,007,746 $1,755,357 $1,229,512 $2,099,322$1,117,523

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $4,514,615 $3,369,505 $2,174,759$2,861,525 ($486,144) $1,213,171 $364,576$1,183,351

PHYSICIANS REIMBURSEMENT RRG10934 $2,751,015 $2,751,015 $1,390,727$2,057,608 ($604,138) $668,272 $106,455$1,271,019

PHYSICIANS SPECIALTY LTD RRG11513 $12,802,641 $1,153,768 $1,032,370$1,153,768 $21,741 $313,880 $280,226$99,657

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $0 $392,220 $133,009$316,907 ($6,425) $2,513 ($2,448)$190,323

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $5,268,527 $4,081,787 $2,175,815$3,049,406 $395,562 $124,666 $520,228$478,029

PINE TREE INS RECIPROCAL RRG12348 $840,039 $596,319 $1,019,518$596,319 ($758,630) $1,127,900 $411,828$335,431

PINELANDS INS CO RRG INC12198 $2,737,200 $5,411,418 $3,917,615$5,116,315 $37,323 ($1,314) ($321,125)$1,161,377

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 $5,173,983 $1,016,421 $266,420$724,379 $39,425 $44,622 $82,611$418,534

PLICO RISK RETENTION GROUP, INC.14205 $0 $0 ($3,950)$559 ($12,649) $4,230 ($8,419)$17,158

PONCE DE LEON LTC RRG, INC.11809 $765,441 $556,658 $925,925$1,092,562 ($404,719) $340,867 ($63,852)$571,357

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $24,445,897 $620,477 $9,943,113$7,759,227 ($2,838,140) $370,127 $397,463$654,254

PREFERRED PHYSICIANS MEDICAL RRG44083 $27,029,783 $17,315,042 $10,118,608$16,588,900 $2,862,461 $3,599,538 $4,995,374$3,607,831

PREFERRED PROFESSIONAL RRG14919 $0 $0 $15,752$17,502 ($46,093) $0 ($46,093)$47,843

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

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $3,309,161 $3,309,161 $2,247,760$3,402,431 ($357,036) $104,521 ($252,515)$1,511,707

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

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $0 $0$0 ($618,638) $160,533 ($452,589)$583,390

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 $3,421,946 $1,774,600 $824,593$1,305,055 $49,141 $1,147 $19,291$431,321


12608 ($10,980) ($549) $8,582$12,639 $3,479 $0 $2,957$578

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $3,196,994 $397,049 $342,289$240,661 ($166,099) $961 ($188,099)$64,471

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $1,700,187 $910,106 $369,375$680,710 ($39,581) $62,483 $22,902$350,916

RED CLAY RISK RETENTION GROUP, INC.13078 $1,818,931 $1,480,225 $296,721$1,180,941 $420,421 $67,299 $313,906$457,051

RED ROCK RISK RETENTION GROUP, INC.13736 $184,712 $393,700 $288,526$295,275 ($319,876) $12,256 ($232,041)$326,625

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

RESTORATION RISK RETENTION GROUP, INC.12209 $10,927,874 $10,927,874 $4,680,410$8,696,756 $695,904 $2,985,309 $2,142,968$2,279,667

RPX RRG14135 $1,734,000 $1,734,000 $105,720$1,193,879 $638,209 $0 $431,620$449,950

SAINT LUKE'S HLTH SYSTEM RRG11712 $2,603,076 $3,763,424 $3,510,866$4,325,667 $193,821 $726,865 $926,811$620,980

SAMARITAN RISK RETENTION GROUP, INC.12511 $6,457,520 $6,457,520 $3,123,702$6,277,062 $2,239,378 $224,285 $1,374,552$913,982

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $5,628,942 $3,769,859 $2,734,454$4,208,686 ($172,649) $177,535 $3,175$1,646,881

SECURITY AMERICA RRG INC11267 $2,108,995 $1,377,725 $375,937$1,253,128 $11,399 $16,180 $21,592$865,792

SELECT MD RRG14136 $1,598,274 $228,405 $332,151$130,200 ($323,908) $276 ($218,657)$121,957

SENTINEL ASSUR RRG INC12005 $4,457,036 $3,740,651 $2,183,868$2,726,545 ($76,275) $106,780 $29,060$618,952

SIGMA RRG, INC.13557 $3,338 $3,338 $1,672,503$1,906,421 $33,870 $198,828 $155,535$200,048

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $4,480,624 $4,480,624 $3,751,084$6,434,374 $2,087,675 $3,495,508 $5,333,810$595,615

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $36,873,343 $32,326,105 $17,234,227$24,412,448 ($57,758) $28,170 $22,076$7,235,979

SPIRIT MOUNTAIN INS CO RRG INC10754 $2,452,065 $2,160,939 $110,436$1,787,735 $881,727 $9,471 ($26,573)$795,572

ST CHARLES INS CO RRG11114 $1,112,267 $1,112,267 $0$1,108,549 $681,248 $321,551 $712,888$427,301

ST LUKES HEALTH NETWORK INS CO RRG11688 $1,769,102 $1,769,102 $9,807,957$8,669,713 ($2,000,043) $492,027 ($1,307,163)$861,799

STATES SELF-INSURERS RRG44075 $9,047,547 $1,371,769 $2,286,584$1,334,804 ($704,607) $357,135 ($347,473)($265,682)

STICO MUT INS CO RRG10476 $3,459,418 $3,071,340 $1,099,660$2,684,855 $169,092 $428,662 $434,508$1,416,103



WrittenNet Premium

Written


Net Premium Earned




Other Underwriting

Expenses

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $2,232,303 $0 $0$0 ($170,662) $636 $74,876$170,662

SUNLAND RISK RETENTION GROUP, INC.14026 $5,095,172 $509,517 $190,266$381,075 $39,888 $895 $45,710$150,921

TERRA INS CO RRG10113 $10,345,692 $6,821,929 $1,080,399$5,093,106 $1,393,439 $301,186 $1,501,409$2,619,268

TERRAFIRMA RISK RETENTION GROUP LLC14395 $1,111,240 $1,111,240 $321,089$818,174 $144,764 $11,671 $160,335$352,321

THE HEALTHCARE UNDERWRITING CO RRG10152 $41,520,023 $41,520,023 $32,883,727$31,210,812 ($3,766,595) $13,305 ($2,978,559)$2,093,680

TITAN INS CO INC RRG11153 $20,328,104 $5,271,049 $0$2,979,218 $2,556,590 $399,222 $3,284,617$422,628

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,230,055 $519,113 $647,111$513,284 $295,547 $13,035 $237,764($429,374)

UNITED CENTRAL PA RRG11548 $4,207,247 $4,207,247 $1,505,110$3,155,435 $1,398,877 $307,392 $1,706,269$251,448

UNITED EDUCATORS INS RRG INC10020 $127,083,623 $109,200,487 $74,678,576$96,002,099 $2,602,935 $14,655,169 $16,850,150$18,720,588

UNITED HOME INSURANCE CO A RRG10712 $0 $0 $0$298,884 $209,602 $3,798 $138,710$89,282

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $1,720,500 $1,205,066 $1,039,548$898,038 ($499,533) $954 ($303,119)$358,023

UV INSURANCE RISK RETENTION GROUP, INC.13988 $400,000 $400,000 $146,852$300,000 ($68,626) $0 ($68,626)$221,774

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $85,821 $85,821 $0$135,308 $94,913 $55,497 $101,231$40,395

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,190,267 $219,380 $71,424$159,669 ($42,309) $915 ($48,774)$130,554

WELLSPAN RRG11682 $7,696,800 $7,696,800 $4,253,749$5,616,650 $1,051,149 $288,942 $1,340,091$311,752

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $3,482,873 $2,020,094 $986,380$1,721,850 $270,598 $54,183 $324,781$464,872

WESTERN PACIFIC MUT INS CO RRG40940 $3,080,176 $2,549,125 $3,464,315$4,420,082 ($1,733,416) $3,258,579 $1,175,585$2,689,183

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $323,334 $323,334 $195,538$232,556 ($138,115) $3,859 ($134,256)$175,133

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $6,306,271 $3,974,064 $1,251,513$2,979,795 ($94,158) $229,848 $101,670$1,822,439


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves

Risk Retention Groups - Selected Financial Ratios

Leverage

Loss & LAE Reserves to

PHS NPW to PHSLoss & LAE

Ratio Expense DPW to PHSCombined

Ratio

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP12934 51.25 408.27 21.6045.20 16.75 48.96 73.4119.30 122.37

ADVANCED PHYSICIANS INS RRG INC12166 12.57 1,457.16 7.3613.47 11.75 -48.82 47.2111.75 -1.61

AEGIS HEALTHCARE RRG, INC.12252 97.57 151.37 92.92137.24 68.15 73.21 40.99118.63 114.19

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 73.36 1,335.34 19.31189.12 11.78 80.24 38.2649.02 118.50

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP13606 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

AGRI INSURANCE EXCHANGE RRG28380 19.30 732.70 16.8123.77 6.84 7.89 19.966.84 27.85

ALLEGIANT INS CO INC A RRG11965 92.49 175.05 140.99228.27 48.43 39.19 20.63137.26 59.82

ALLIANCE OF NONPROFITS FOR INS RRG10023 79.49 185.65 108.24159.73 71.06 72.07 26.2698.68 98.33

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 72.55 248.56 99.23178.94 67.13 69.34 47.43122.27 116.76

ALLIED SERVICES RISK RETENTION GROUP12013 43.19 350.20 41.6062.92 22.44 17.19 17.5522.44 34.74

AMERICAN ASSOC OF OTHODONTISTS RRG10232 71.07 172.11 183.01223.87 41.62 58.50 29.8049.96 88.30

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 34.78 290.67 51.5652.12 0.00 0.00 0.000.00 0.00

AMERICAN CONTRACTORS INS CO RRG12300 166.56 0.00 0.00162.03 0.00 0.00 0.00424.53 0.00

AMERICAN EXCESS INS EXCHANGE RRG10903 39.55 291.80 56.0064.63 9.80 7.37 16.4710.40 23.84

AMERICAN FEED INDUSTRY INS CO RRG44202 6.50 0.00 0.006.77 0.00 0.00 0.000.00 0.00

AMERICAN FOREST CASUALTY COMPANY RRG11590 54.54 264.28 73.99106.64 24.24 43.80 43.3736.69 87.17

AMERICAN SAFETY RRG INC25448 74.79 157.24 58.5668.87 -6.27 111.94 -114.408.66 -2.46

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 73.37 189.07 152.14211.05 47.86 92.28 25.2867.83 117.56

AMERIGUARD RRG INC12171 39.52 260.37 56.3858.01 28.74 89.79 9.6628.74 99.45

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 89.98 171.74 161.81250.03 86.48 71.73 30.49102.06 102.22

ARCHITECTS & ENGINEERS INS CO RRG44148 91.25 271.25 53.26131.82 18.57 70.00 -18.9237.86 51.08

ARCOA RISK RETENTION GROUP, INC.13177 78.10 136.45 194.93207.74 223.69 39.69 45.34223.69 85.02

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 37.93 1,397.68 6.2233.00 27.81 0.00 52.5531.15 52.55

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 45.00 234.41 72.6676.65 0.00 0.00 0.000.00 0.00

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.14425 15.90 90,553.63 0.1116.45 -0.92 -23.87 -97.0812.00 -120.95

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 46.16 337.73 53.9184.05 24.15 43.63 95.1138.67 138.74

ATTORNEYS INSURANCE MUTUAL RRG INC22670 52.55 346.41 54.5599.32 42.87 61.27 32.9761.02 94.24

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 70.87 199.67 169.07239.24 41.15 125.06 10.0660.91 135.12

ATTORNEYS LIAB PROTECTION SOC RRG32450 68.70 207.63 118.78169.42 62.98 68.15 29.6193.78 97.76

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 29.20 5,282.37 1.9429.90 2.07 88.00 141.3241.48 229.33

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 62.63 442.32 44.09122.12 59.95 34.03 48.16167.73 82.20

BAR VERMONT RISK RETENTION GROUP INC10174 35.39 535.15 26.4650.11 0.00 62.25 0.000.00 0.00

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 133.94 107.67 301.79435.25 93.14 71.43 4.69235.59 76.12

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 72.30 3,695.25 4.72126.23 34.75 -0.66 93.0440.88 92.38

BROADLINE RISK RETENTION GROUP, INC.13788 89.59 140.64 149.61188.49 49.86 106.90 6.9156.69 113.82

CALIFORNIA HEALTHCARE INS CO INC RRG44504 66.93 185.53 118.06146.59 26.09 89.13 9.5841.45 98.70

CALIFORNIA MEDICAL GRP INS CO RRG12180 70.08 245.88 66.39114.40 59.26 -10.86 18.2159.26 7.35

CARE RRG, INC.11825 101.51 148.79 209.25316.03 127.49 71.92 23.91144.63 95.83

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 126.89 150.13 115.77220.53 130.13 65.53 26.81196.53 92.34

CAREGIVERS UNITED LIAB INS CO RRG11544 39.15 326.81 44.1956.53 18.31 99.89 8.9019.80 108.78

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 114.64 400.52 33.67154.61 18.94 70.97 22.8352.90 93.80

CASSATT RISK RETENTION GROUP INC10808 147.00 6,890.65 2.10212.47 2.52 133.43 85.72505.25 219.15

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 8.28 6,284.80 1.658.59 17.65 0.93 47.8232.16 48.75

CENTRAL PA PHYSICIANS RRG INC11694 65.31 191.71 137.36171.99 50.92 77.00 25.8550.92 102.85

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 59.47 524.61 30.2294.26 27.50 -27.42 21.8556.74 -5.58


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG12167 24.24 821.02 14.6729.19 32.65 15.12 34.2540.57 49.37

CHEROKEE GUARANTEE COMPANY INC., RRG14388 181.60 95.67 242.22420.81 177.07 103.68 8.47177.07 112.15

CIRCLE STAR INS CO RRG11839 124.52 432.60 34.60186.37 21.00 79.70 -87.54419.94 -7.83

CLAIM PROFESSIONALS LIAB INS CO RRG12172 61.76 328.13 43.3687.86 22.06 40.48 64.0989.81 104.57

CLARIAN HLTH RRG INC11992 185.20 0.00 0.00224.22 0.00 0.00 0.00703.32 0.00

CLINIC MUTUAL INSURANCE CO RRG43770 4.41 6,672.18 1.554.56 0.02 1.55 8,713.620.00 8,715.18

CMIC RISK RETENTION GROUP13756 26.08 3,494.39 3.4231.17 1.77 -47.36 -193.2647.30 -240.62

COLLEGE LIABILITY INS CO A RECIP RRG44598 37.29 407.06 30.8646.84 20.90 57.14 24.9720.90 82.11

COLLEGE RISK RETENTION GROUP, INC.13613 105.37 189.61 127.85255.43 83.75 62.08 30.26109.79 92.35

COLUMBIA NATIONAL RRG INC10803 33.46 0.00 0.0046.82 13.04 0.00 69.9813.04 69.98

COMCARE PRO INS RECIPROCAL RRG11864 40.86 564.47 22.0750.92 42.54 58.86 21.0342.54 79.90

COMMUNITIES OF FAITH RRG INC11807 9.30 1,481.90 7.179.88 7.40 40.00 43.087.40 83.09

COMMUNITY BLOOD CENTERS EXCH RRG13893 48.19 640.57 23.4472.36 11.56 -27.00 37.8415.36 10.83

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 85.30 200.43 326.83558.80 0.39 749.65 1,252.780.39 2,002.43

COMMUNITY HOSPITAL RRG11259 62.72 176.12 132.18146.00 43.73 44.61 12.1848.31 56.79

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 43.06 279.91 51.4662.02 10.33 65.36 112.4622.60 177.83

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.15204 15.53 0.00 0.0016.36 0.00 0.00 0.000.00 0.00

CONTINUING CARE RRG, INC.11798 166.56 126.52 70.17147.88 160.73 105.41 30.14235.29 135.55

CONTRACTORS INS CO OF NORTH AMER RRG11603 65.92 187.19 109.03134.54 28.56 52.56 11.8428.56 64.40

CONTROLLED RISK INS CO OF VT RRG10341 43.88 361.97 46.8874.46 48.62 41.16 42.03347.27 83.20

COPIC, A RISK RETENTION GROUP14906 13.27 0.00 0.0015.30 0.00 0.00 0.000.00 0.00

COVERYS RRG, INC.14160 36.52 1,445.91 9.7451.46 1.97 487.03 54.3846.38 541.41

CPA MUTUAL INS CO OF AMERICA RRG10164 86.47 200.02 97.25168.19 28.91 119.52 21.5174.64 141.03

CROSSFIT RISK RETENTION GROUP, INC.13720 53.38 449.07 39.5894.88 108.19 42.44 28.81108.19 71.25

CRUDEN BAY RRG INC11676 65.91 165.37 154.15168.01 45.69 100.00 9.3045.69 109.30

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 106.03 278.44 119.36352.40 108.99 51.54 11.26208.48 62.81

DELAWARE PROFESSIONAL INSURANCE CO43125 71.93 150.07 201.55217.58 -8.90 128.99 -254.47-8.90 -125.48

DOCTORS & SURGEONS NATIONAL RRG13018 94.68 173.22 477.85783.70 246.36 63.01 84.36347.53 147.37

DUBOIS MEDICAL RRG11842 29.97 518.41 23.4536.43 12.86 40.97 19.0312.86 60.00

EASTERN DENTISTS INS CO RRG10115 68.05 212.51 98.09141.86 35.56 42.54 45.9742.19 88.52

ELITE TRANSPORTATION RRG INC10125 151.65 113.43 248.49427.46 186.44 97.12 15.87313.34 112.99

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 54.00 239.69 82.63106.95 41.15 61.26 7.29159.41 68.55

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 94.21 230.11 100.32217.49 61.88 51.44 36.5568.33 87.99

EMERGENCY MEDICINE RRG INC12015 53.20 188.17 91.8391.93 0.75 61.93 1,598.190.75 1,660.12

EMERGENCY PHYSICIANS INS CO RRG11714 75.70 157.64 191.77228.83 37.30 67.15 39.9344.96 107.08

EVERGREEN USA RRG INC38466 72.41 169.67 107.31131.84 36.67 74.12 65.1253.10 139.24

EXCELA RECIPROCAL RRG15337 60.13 239.44 73.04105.15 120.56 81.87 10.67120.56 92.54

FAIRWAY PHYSICIANS INS CO RRG11840 133.52 120.05 222.76357.07 170.82 71.98 28.81199.67 100.79

FAITH AFFILIATED RRG INC11698 49.78 281.30 57.9681.17 24.18 52.35 18.6026.22 70.94

FIRST KEYSTONE RISK RETENTION GROUP, INC.11801 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

FIRST MEDICAL INS CO RRG11278 53.43 237.68 71.5590.87 19.65 91.99 3.8719.65 95.86

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 52.17 329.15 55.4695.23 38.37 44.59 33.1738.37 77.76

FRANKLIN CASUALTY INS CO RRG10842 1,767.31 33.21 210.771,237.03 104.00 64.21 28.381,357.25 92.59

FREDERICKSBURG PROFESSIONAL RISK EXC12016 57.55 189.04 59.2764.48 18.19 87.76 8.7418.19 96.50

GABLES RISK RETENTION GROUP, INC.14032 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

GEISINGER INS CORP RRG12000 411.30 502.78 4.4191.25 9.76 60.78 33.72114.78 94.50

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 8.50 12,093.16 0.828.48 3.05 -16.09 292.834.75 276.74

GLOBAL HAWK INSURANCE COMPANY RRG11948 107.30 191.08 182.25373.68 237.65 69.61 17.83253.09 87.44

GOLDEN INS CO RRG11145 87.55 502.07 39.39173.15 70.54 36.00 33.7295.29 69.71

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 56.13 214.59 87.90105.87 65.95 59.33 7.6765.95 67.00

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.13973 296.08 0.00 0.0070.88 10.81 6.58 511.9114.39 518.49

GRACO RRG INC11581 73.11 0.00 0.0070.13 0.00 0.00 0.00293.75 0.00

GREEN HILLS INS CO RRG11941 79.11 221.45 87.29152.92 10.99 -395.85 129.2163.31 -266.63

GUARDIAN RRG INC11696 43.13 284.29 53.8065.96 31.94 85.49 13.9831.94 99.47

GUTHRIE RRG12014 71.17 169.37 141.73170.84 37.18 68.94 5.5237.18 74.45

HAMDEN ASSURANCE RRG, INC.13057 3,207.92 0.00 0.005,742.87 0.00 0.00 0.000.00 0.00

HEALTH CARE CAS RRG INC12236 109.02 193.89 334.82707.77 141.12 62.04 27.02388.14 89.05

HEALTH CARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)11832 110.66 284.50 58.74184.93 15.35 78.23 -183.94172.73 -105.71

HEALTH NETWORK PROVIDERS MUT INS CO11813 65.39 234.00 94.27144.25 34.24 37.38 30.3942.58 67.78

HEALTH PROVIDERS INS RECIPROCAL RRG10080 28.30 413.10 32.0837.50 5.70 -14.17 44.916.90 30.74

HEALTHCARE PROVIDERS INS CO RRG11683 46.33 307.34 57.4481.80 16.41 65.51 38.3617.27 103.87

HEARTLAND HEALTHCARE RECIP RRG11998 42.24 275.56 60.2270.09 26.03 86.64 32.0026.03 118.65

HERITAGE WARRANTY INS RRG INC11097 8.14 29,145.30 0.378.86 0.00 46.06 0.000.00 0.00

HOME CONSTRUCTION INS CO RRG11950 58.86 199.00 120.35140.96 0.00 0.00 0.000.00 0.00

HOUSING AUTHORITY RRG INC26797 38.08 362.32 41.9257.84 11.11 64.25 36.8911.67 101.14

HOW INSURANCE COMPANY, A RISK RETENTION GROUP41246 10.42 19,027.83 0.5811.51 0.00 0.00 0.000.00 0.00

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 25.31 626.72 20.0231.75 8.39 16.49 38.3525.25 54.84

INDIANA HEALTHCARE RECIP RRG11692 46.19 257.98 70.7284.28 33.01 69.55 17.1433.01 86.69

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 81.72 183.12 112.72168.68 72.85 44.63 28.5572.85 73.18

IQS INSURANCE RISK RETENTION GROUP, INC.15080 126.53 177.93 17.5039.40 37.34 31.29 34.1637.34 65.45

IRONSHORE RISK RETENTION GROUP, INC.14375 561.41 152.24 14.88127.20 7.56 63.74 161.86151.22 225.59

J.M. WOODWORTH RRG, INC.12594 116.10 98.97 733.35842.64 180.34 63.96 75.70244.95 139.67

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 40.30 261.59 57.5960.71 2.84 245.77 72.395.04 318.16

KENTUCKY HOSPITAL INS CO RRG11939 58.80 199.95 114.82134.99 34.31 72.79 23.7556.08 96.54

LAKE STREET RRG INC11803 50.45 213.37 89.4896.32 20.46 101.76 34.2920.46 136.05

LAMMICO RRG, INC.14444 5.05 24,619.84 0.425.19 0.35 89.70 -268.108.19 -178.41

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 100.46 172.57 148.44257.35 101.11 50.79 49.82179.68 100.62

LENDERS PROTECTION ASSUR CO RRG11500 1.66 0.00 0.001.65 0.00 0.00 0.0010.49 0.00

LIFE SERVICES NETWORK RECIP INS RRG11958 44.27 237.10 70.7774.27 47.21 66.96 16.4131.38 83.38

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 37.87 8,123.91 1.9058.42 2.74 74.49 13.1454.86 87.63

LVHN RRG11684 112.10 0.00 0.001,105.17 229.08 0.00 5.05229.08 0.00

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 104.11 186.95 96.56187.94 89.61 99.55 12.17127.04 111.72

MARATHON FIN INS CO INC RRG11117 214.35 7,027.54 1.62243.62 -952.03 3.79 -0.78-952.03 3.01

MCIC VERMONT INC RRG10697 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

MD RISK RETENTION GROUP, INC.12355 38.72 268.93 55.9858.29 25.59 45.20 14.3431.92 59.54

MED MAL RISK RETENTION GROUP, INC.14446 63.18 1,142.54 16.44118.70 0.00 68.65 0.000.00 0.00

MEDAMERICA MUTUAL RRG INC26257 60.20 238.23 85.10122.04 49.97 78.20 9.7663.28 87.96

MEDPRO RRG RISK RETENTION GROUP13589 257.97 270.53 87.50610.64 52.94 108.02 -56.201,058.89 51.82

MEDSTAR LIABILITY LTD INS CO INC RRG10124 82.93 142.14 231.87273.32 46.70 85.00 51.3578.68 136.35

MENTAL HEALTH RISK RETENTION GROUP44237 53.44 247.27 77.02101.78 24.50 69.22 9.5361.12 78.75


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 101.41 134.56 202.22275.96 121.10 36.51 38.66121.10 75.16

MILLBROOK NMF RISK RETENTION GROUP, INC.14219 89.79 265.80 81.65194.86 100.99 51.51 26.57221.41 78.09

MMIC RRG, INC.14062 7.55 0.00 0.002.93 0.20 0.00 3,590.876.66 3,590.87

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 83.27 192.55 30.7549.30 7.66 22.66 116.377.66 139.02

MOUNTAIN LAUREL RRG INC11547 77.11 208.94 98.11158.07 52.97 30.94 35.79500.19 66.73

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 54.03 220.54 93.79111.76 46.95 57.18 7.9850.56 65.15

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.12779 46.07 252.60 65.3276.00 28.16 59.28 10.5529.83 69.82

NASW RISK RETENTION GROUP, INC.14366 315.77 597.33 7.02132.46 17.57 43.00 145.29292.84 188.29

NATIONAL ASSISTED LIVING RRG, INC.11806 58.54 242.65 88.82126.16 37.77 60.00 45.7637.77 105.76

NATIONAL BUILDERS & CONTRACTORS INS12235 96.90 105.58 414.69424.26 55.77 49.56 62.4778.56 112.03

NATIONAL CATHOLIC RRG10083 79.56 163.66 227.23295.88 53.11 82.47 34.02124.70 116.49

NATIONAL CONTRACTORS INS CO INC RRG12293 141.14 73.63 188.98196.39 0.55 295.02 4,128.722.52 4,423.74

NATIONAL GUARDIAN RISK RETENTION GROUP36072 133.83 98.07 143.12187.85 39.98 68.61 -0.52202.82 68.10

NATIONAL HOME INSURANCE CO RRG44016 74.82 371.68 87.94244.57 -9.68 -1,143.45 -55.570.03 -1,199.02

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 86.07 258.76 37.1182.66 37.73 66.46 38.3082.63 104.77

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 87.87 0.00 0.00108.68 0.00 0.00 0.003.06 0.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 16.56 2,831,886.50 0.0017.44 6.71 0.00 84.026.71 84.02

NCMIC RISK RETENTION GROUP, INC.14130 77.43 384.04 18.5755.21 21.13 72.81 -49.87214.16 22.94

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 82.12 137.89 257.51291.59 89.02 65.79 41.23108.51 107.02

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 73.09 2,025.66 12.11179.33 34.96 68.68 29.53142.20 98.20

NEW STAR RISK RETENTION GROUP, INC.12532 75.63 283.86 74.93160.86 54.54 51.84 20.1654.54 71.99

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 129.87 93.90 334.97408.49 175.40 64.12 30.56208.14 94.68

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP13059 88.44 165.36 380.77556.85 97.47 73.16 21.32159.36 94.48

OASIS RECIPROCAL RISK RETENTION GROUP13644 99.99 181.00 144.78262.03 47.82 40.55 35.9912.86 76.54

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 139.17 88.32 82.59101.51 1.79 -504.55 2,409.330.00 1,904.78

OCEANUS INS CO A RRG12189 94.08 161.78 212.05322.75 109.06 65.50 49.88156.76 115.38

OMS NATL INS CO RRG44121 48.37 328.95 49.9079.39 25.92 75.40 23.2727.55 98.68

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 195.31 359.76 44.62313.53 233.77 59.47 15.93247.73 75.41

OOIDA RISK RETENTION GROUP INC10353 150.69 158.56 198.61474.53 92.77 99.45 29.66265.05 129.11

OPHTHALMIC MUTUAL INS CO RRG44105 34.84 533.53 27.1150.40 17.18 20.89 28.1219.67 49.01

ORANGE COUNTY MEDICAL RECIP INS RRG12183 28.83 410.32 27.8132.90 13.50 129.29 14.0613.50 143.35

ORDINARY MUTUAL A RRG CORP10171 39.88 316.56 53.0967.02 0.00 0.00 0.000.00 0.00

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 107.35 161.99 180.38313.67 157.20 53.96 18.61157.20 72.57

PACE RRG INC11575 123.62 225.47 106.04295.55 3.06 128.46 28.05201.59 156.50

PALLADIUM RISK RETENTION GROUP, INC.15279 89.99 0.00 0.00808.92 -82.86 0.00 -82.953.30 -82.95

PARATRANSIT INSURANCE COMPANY, RRG44130 54.27 261.96 68.8697.90 20.67 75.00 27.1030.99 102.10

PCH MUTUAL INSURANCE COMPANY, RRG11973 79.10 322.82 86.37220.53 29.53 49.78 91.3884.68 141.16

PEACE CHURCH RRG INC11846 31.92 370.87 37.1143.93 18.79 65.10 25.1620.88 90.26

PELICAN INS RRG11587 18.32 662.46 18.4222.35 17.38 34.86 39.3717.38 74.23

PHOEBE RECIPROCAL RRG12004 29.63 374.90 37.7641.94 10.54 64.23 30.7210.54 94.95

PHP RISK RETENTION GROUP, LIMITED12995 71.14 157.97 200.64225.46 49.87 74.47 4.7249.87 79.19

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 154.05 256.38 108.25427.51 208.21 55.23 36.91357.58 92.14

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 113.40 190.02 179.41386.63 130.72 33.43 39.50126.31 72.93

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 82.44 449.53 41.02152.02 35.49 -297.81 65.5363.22 -232.28

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 79.60 297.66 96.45228.55 49.92 59.00 11.7076.85 70.70


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 55.19 297.27 62.88103.18 17.04 76.00 35.1222.83 111.12

PHYSICIANS REIMBURSEMENT RRG10934 65.72 161.67 159.74169.72 25.18 67.59 46.2025.18 113.79

PHYSICIANS SPECIALTY LTD RRG11513 94.88 145.99 172.63239.13 27.49 89.48 8.64305.04 98.12

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 56.09 352.86 25.9051.26 28.32 41.97 48.520.00 90.50

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 46.60 277.85 66.5186.11 57.63 71.35 11.7174.39 83.06

PINE TREE INS RECIPROCAL RRG12348 72.21 164.84 212.19252.56 18.60 170.97 56.2526.21 227.22

PINELANDS INS CO RRG INC12198 1,130.90 8.14 402.53370.58 747.88 76.57 21.46378.29 98.03

PINNACLE CONSORTIUM OF HIGHER ED RRG11980 55.55 366.42 44.1189.79 23.08 36.78 41.18117.49 77.96

PLICO RISK RETENTION GROUP, INC.14205 -0.02 0.00 0.00-0.02 0.00 -706.62 0.000.00 0.00

PONCE DE LEON LTC RRG, INC.11809 56.30 205.84 99.54115.35 10.84 84.75 102.6414.91 187.39

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 194.32 93.89 293.75535.95 4.29 128.15 105.44168.99 233.59

PREFERRED PHYSICIANS MEDICAL RRG44083 44.65 310.02 55.4976.81 15.10 61.00 20.8423.57 81.83

PREFERRED PROFESSIONAL RRG14919 5.73 3,032.81 3.506.08 0.00 90.00 0.000.00 0.00

PREMIER INSURANCE EXCHANGE RRG10101 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 89.93 248.75 116.21259.96 100.85 66.06 45.68100.85 111.75

PROAIR RISK RETENTION GROUP, INC.13179 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

PROBUILDERS SPECIALTY INS CO RRG11671 159.74 71.01 158.11179.35 0.00 0.00 0.000.00 0.00

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 82.86 212.81 144.95255.61 151.93 63.18 24.31292.97 87.49

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP12608 5.60 3,352.61 2.364.43 -0.03 67.90 -105.28-0.51 -37.38

PROFESSIONALS RISK RETENTION GROUP, INC.13067 95.83 372.74 45.14161.25 30.51 142.23 16.24245.70 158.47

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 22.80 541.98 23.2928.78 19.14 54.26 38.5635.76 92.82

RED CLAY RISK RETENTION GROUP, INC.13078 66.51 189.52 77.8898.18 42.36 25.13 30.8852.05 56.00

RED ROCK RISK RETENTION GROUP, INC.13736 28.03 404.07 29.9333.90 7.87 97.71 82.963.69 180.68

REPUBLIC RRG12019 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00

RESTORATION RISK RETENTION GROUP, INC.12209 69.69 216.40 135.93205.00 52.54 53.82 20.8652.54 74.68

RPX RRG14135 36.37 623.48 22.2150.38 47.23 8.86 25.9547.23 34.80

SAINT LUKE'S HLTH SYSTEM RRG11712 43.89 249.95 64.0670.27 26.76 81.16 16.5018.51 97.66

SAMARITAN RISK RETENTION GROUP, INC.12511 47.60 452.44 36.2978.15 38.79 49.76 14.1538.79 63.92

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 79.76 183.19 152.63222.99 93.30 64.97 43.69139.31 108.66

SECURITY AMERICA RRG INC11267 65.13 284.26 54.96101.75 50.24 30.00 62.8476.91 92.84

SELECT MD RRG14136 91.28 240.16 84.63185.52 29.05 255.11 53.40203.30 308.50

SENTINEL ASSUR RRG INC12005 66.87 204.74 76.85105.21 46.60 80.10 16.5555.52 96.64

SIGMA RRG, INC.13557 60.89 176.72 126.65136.28 0.06 87.73 5,993.050.06 6,080.78

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 76.26 163.31 242.66302.21 22.54 58.30 13.2922.54 71.59

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 349.62 65.21 152.37347.35 298.47 70.60 22.38340.45 92.98

SPIRIT MOUNTAIN INS CO RRG INC10754 56.27 363.61 53.29109.03 67.19 6.18 36.8276.24 42.99

ST CHARLES INS CO RRG11114 30.78 482.92 29.2943.54 11.67 0.00 38.4211.67 38.42

ST LUKES HEALTH NETWORK INS CO RRG11688 82.76 127.18 311.58327.96 13.28 113.13 48.7113.28 161.84

STATES SELF-INSURERS RRG44075 69.82 216.23 117.64177.60 14.12 171.30 -19.3793.14 151.94

STICO MUT INS CO RRG10476 56.39 378.21 49.22104.98 26.21 40.96 46.1129.52 87.06

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 26.31 0.00 0.0035.64 0.00 0.00 0.00331.61 0.00

SUNLAND RISK RETENTION GROUP, INC.14026 161.03 598.99 41.54400.69 43.82 49.93 29.62438.19 79.55

TERRA INS CO RRG10113 55.23 891.33 14.2870.28 38.12 21.21 38.3957.80 59.61

TERRAFIRMA RISK RETENTION GROUP LLC14395 19.67 997.94 12.2424.03 24.46 39.24 31.7124.46 70.95

THE HEALTHCARE UNDERWRITING CO RRG10152 142.13 96.22 350.63479.51 183.46 105.36 5.04183.46 110.40


COMPANYNAIC

Liquidity

Cash to Losses and

LAE Reserves


Leverage




Ratio

TITAN INS CO INC RRG11153 31.41 0.00 0.0040.48 15.57 0.00 8.0260.05 8.02

TITLE INDUSTRY ASSURANCE CO RRG10084 49.29 299.69 46.9969.43 14.13 126.07 -82.71142.40 43.36

UNITED CENTRAL PA RRG11548 58.14 195.26 105.58119.87 52.73 47.70 5.9852.73 53.68

UNITED EDUCATORS INS RRG INC10020 71.56 186.15 150.95201.10 40.38 77.79 17.1447.00 94.93

UNITED HOME INSURANCE CO A RRG10712 44.66 0.00 0.0049.30 0.00 0.00 0.000.00 0.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 91.36 234.60 119.74256.65 89.63 115.76 29.71127.96 145.47

UV INSURANCE RISK RETENTION GROUP, INC.13988 151.47 93.27 72.82102.87 77.12 48.95 55.4477.12 104.39

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 2.49 0.00 0.002.52 3.38 0.00 47.073.38 47.07

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 59.19 519.58 30.5693.99 24.94 44.73 59.51135.33 104.24

WELLSPAN RRG11682 108.35 104.73 233.87265.38 111.78 75.73 4.05111.78 79.79

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 131.98 125.24 211.92350.30 127.88 57.29 23.01220.49 80.30

WESTERN PACIFIC MUT INS CO RRG40940 24.26 1,094.86 11.8631.50 2.35 78.38 105.492.84 183.87

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 22.89 815.38 14.8427.70 13.87 84.08 54.1613.87 138.25

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 70.67 285.67 83.38168.31 52.06 42.00 45.8682.61 87.86


®

Company Profiles Pages of RRGs Assigned a Financial Stability Rating®

Risk Retention Groups

®

P&C - 2-Page Profiles provided courtesy of SNL Financial.

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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 2,860 3,329 3,288 3,132 3,257Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,371 1,148 1,200 1,498 1,373

Geographic Focus: Geography Minimum NPW Total Liabilities 1,489 2,181 2,087 1,634 1,884NAIC Ownership Structure: Risk Retention Group Net Income 183 -224 85 302 -50Tax Identification Number : 20-1516551 Revenue 1,094 652 1,045 989 239

Direct Premiums Written 1,624 1,561 1,602 1,660 0Net Premiums Written 978 615 890 977 0

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 978 615 890 977 236

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,385 1,785 1,675 1,466 1,276Demotech Financial Strength Rating A 11/03/14 Affirm Loss & LAE Reserves/ NPE (%) 136.76 239.78 191.14 163.27 158.47S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 20.42 -26.06 -1.41 35.18 -22.81Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.71 0.54 0.74 0.65 0.00Fitch 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 2014Q3

Net Yield on Invested Assets 5.82 2.14 1.35 0.51 0.41Net Investment Income/Earned Premiums 9.42 6.05 3.22 1.19 0.93Return on Average Equity (C&S) 14.88 -17.36 7.45 23.27 -14.37Return on Avg Assets 5.43 -6.29 2.22 7.90 -5.42Loss and LAE Ratio 53.42 95.23 57.30 13.06 72.25Expense Ratio 30.35 65.55 47.73 41.35 NMLoss Ratio 34.49 83.83 51.12 7.43 66.43Combined Ratio 83.77 160.78 105.03 54.41 NMOperating Ratio 74.36 154.73 101.81 53.22 NMInvestment ratio 9.42 6.05 3.22 1.19 NA

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Cash, Short-Term Investments / Liabilities 35.71 23.11 90.14 37.32 15.87Bonds: Liquid Investments/ Liabilities (%) 114.16 78.45 116.10 152.53 102.49Cash & Short-Term Investments / C&S 38.77 43.91 156.79 40.70 21.78Liabilities/ Invested Assets 88.00 127.00 90.00 72.00 97.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 122.77 95.89 148.07 175.01 133.15Cash From Underwriting ($000) 500 43 133 -5 -511Net Cash From Operations ($000) 339 80 271 -59 -501Underwriting Cash Flow Ratio 192.45 105.08 112.58 99.42 32.42Operating Cash Flow Ratio 239.17 105.08 102.10 108.27 32.42Unassigned Funds / Total Assets 21.17 11.48 12.76 22.91 18.18

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2011Y 2012Y 2013Y

GPW to Policyholders' Surplus3 900 --- 136 133 111NPW to Policyholders' Surplus 300 --- 54 74 65Change in Net Premiums Written 33 -33 -37* 45* 10Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 105* 123* 76

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 I t t Yi ld 6 5 3 2 2* 1 4* 0 5*

MSA: Baltimore-Columbia-Towson, MD (Metro)

Distribution Channel: Direct Response

88.0

127.0

90.0

72.0

97.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010Y 2011Y 2012Y 2013Y 2014Q3

Liquidity ($000) Total Assets Total Liabilities Liabilities/ Invested Assets

83.8

160.8

105.0

54.4

0.0-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010Y 2011Y 2012Y 2013Y 2014Q3

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 2014Q3 Investment Yield 6.5 3 2.2* 1.4* 0.5*

Loss Adjustment Expense Ratio 18.94 11.39 6.18 5.63 5.82 Gross Change in Policyholders' Surplus 50 -10 -16* 5 25Net Commission Ratio 15.33 23.89 16.95 16.49 NA Net Change in Adj Policyholders' Surplus 25 -10 -16* 3 25*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 127* 90 72Tax, License & Fees Ratio 4.86 7.52 5.23 5.15 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 10.16 34.15 25.55 19.72 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -14 -47Gross Premiums Written ($000)3 1,624 1,561 1,602 1,660 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -46 -12 -43Loss & Loss Adj Expense ($000) 522 585 510 128 171 Est Curr Resv Defi/Policyholders' Surplus 25 --- -106 5 11Other Underwriting Exp Incurred ($000) 297 403 425 404 148 *Indicates an unusual value.Net Underwriting Gains ($000) 159 -374 -45 445 -82 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 NA complements of each ratio.Effective Tax Rate 33.57 NM 22.89 33.85 NM

Pre-Tax Operating Margin 23.44 -51.60 -1.75 46.23 -33.53 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth 15.72 16.40 -1.25 -4.73 -88.15

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 19.11 46.49 -4.30 -21.73 NM

Reinsurance Recoverable ex US Aff 0 0 1 -31 -32 Net Premiums Written Growth -1.09 -37.11 44.71 9.82 NARetention Ratio (NPW/GPW) (%)3 58.34 60.20 39.39 55.53 58.84 Pre-Tax Operating Income Growth 7.00 NM NM NM NMReinsurance Recoverable/Total Excl US Aff NA NA 0.00 0.00 0.00 Net Income Growth 11.39 NM NM 255.24 NMNonaffiliated 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 NMReinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -4.16 -3.88 2.64 3.65 NAReinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 3.25 -2.69 -3.47 1.57 -2.00

Capital & Surplus Five-year CAGR 10.81 5.14 4.11 7.91 5.60Admitted Assets Five-year CAGR 6.48 -0.38 -1.09 4.32 0.80

ASBESTOS/ENVIRONMENTAL RESV 2009Y 2010Y 2011Y 2012Y 2013Y

One-Year Survival Ratio (%) Asbestos NA NA NA NA NA Environmental NA NA NA NA NA Combined NA NA NA NA NA

Three-Year Survival Ratio (%) CAPITAL/LEVERAGE ANALYSIS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Asbestos NA NA NA NA NA Capital and Surplus 1,371 1,148 1,200 1,498 1,373 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 1,200 1,498 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 289 239 NA

ACL RBC Ratio (%) (TAC/ACL RBC) NA NA 415.96 627.48 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA NA 207.98 313.74 NA

Loss & Loss Adj Exp Reserves Growth 26.22 28.95 -6.21 -12.48 NM 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 NA Net Chg in Unrlzd Cap Gains Less Taxes -17 1 -37 -4 -8Two Yr Loss Reserve Dev Total/ PHS -36.46 -46.11 -11.82 -43.31 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 136.76 239.78 191.14 163.27 158.47 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 NA Net Premiums Written / Avg C&S (%) 79.61 47.61 77.86 75.21 0.00IBNR/ Total Reserves 53.19 36.44 48.91 53.36 NA Liabilities / Capital & Surplus (%) 108.58 189.97 173.93 109.05 137.24Reserves/ Equity 100.97 155.51 139.54 97.83 NA Total Reins Recov Excl US Aff / C&S (%) 0.00 0.09 -2.58 -2.14 NA

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)

208.0

313.7

0

200

400

600

800

1,000

1,200

1,400

1,600

2009Y 2010Y 2011Y 2012Y 2013Y

Capital ($000) & Capital Ratios (%)

ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))58.3 60.2

39.4

55.558.8

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2009Y 2010Y 2011Y 2012Y 2013Y

Premiums ($000) Net Premiums Written Gross Premiums Written Retention Ratio (NPW/GPW)

1 Operating Leverage = Net Premiums Written / Policyholder Surplus 2 Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums)3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.

when an inter-company pooling arrangement exists.

AEGIS Healthcare RRG Inc. (Baltimore, MD)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 0 0 442 1,465 1,377 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 0Common Stocks 1,168 1,207 0 191 255 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,624 1,561 1,602 1,660 0Real 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 0Occupied Properties 0 0 0 0 0 Net Premiums Written 978 615 890 977 0Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 -236Properties for Sale 0 0 0 0 0 Net Premiums Earned 978 615 890 977 236

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 532 504 1,882 610 299 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 1,700 1,711 2,323 2,266 1,931 Comm'l: Losses Paid Less Salvage 53 406 290 282 NAPremiums & Considerations Due 0 0 0 0 310 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 276 0 0 0 Losses Paid Less Salvage 53 406 290 282 NAAll Other Admitted Assets 1,160 1,343 964 866 1,015 Loss Adj Expenses Paid 181 54 55 55 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 2,860 3,329 3,288 3,132 3,257 Comm'l: Chg in Unpaid Net Losses 284 110 165 -209 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 4 16 0 0 NA

Unpaid Losses 1,290 1,675 1,564 1,355 1,165 Total Chg in Loss & LAE Reserves 288 125 165 -209 NAUnpaid Loss Adj Expenses 95 111 111 111 111 Losses and LAE Incurred 522 585 510 128 171

Loss & Loss Adj Exp Reserves 1,385 1,785 1,675 1,466 1,276 Other Underwriting Expense Incurred 297 403 425 404 148Unearned Premiums 0 0 -127 -189 175 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 275 313 300 298 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 104 121 105 57 135 Net Underwriting Gain (Loss) 159 -374 -45 445 -82Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 120 0 0 Total underwriting deductions 819 989 934 532 318

Total Liabilities 1,489 2,181 2,087 1,634 1,884

Income ($000)Total Capital and Surplus Net Investment Income 92 37 29 12 2

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 605 382 419 717 592 Income after cap gains (loss) before tax 275 -336 110 457 -79Other Including Gross Contributed 612 620 630 630 630 Federal & Foreign Income Taxes 92 -112 25 155 -29

Capital & Surplus 1,371 1,148 1,200 1,498 1,373 Net Income 183 -224 85 302 -50

Total Liabilities and C&S 2,860 3,329 3,288 3,132 3,257 Pre-tax Operating Income 251 -336 -16 457 -80

Revenue 1,094 652 1,045 989 239Memo: Affiliated Investments ($000) Expenses Paid 488 450 484 520 NA

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 542 1,691Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 0Class 4 0 0 0 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 0 0 0 0 0

Net Investment Income 73 92 37 29 12 Class 6 0 0 0 0 0R li d C it l G i 0 24 0 126 0Realized Capital Gains 0 24 0 126 0Net Chg in Unrlzd Cap Gains Less Taxes 54 -17 1 -37 -4Net Adm Cash & Invested Assets 1,537 1,700 1,711 2,323 2,266Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 0 542 1,691Preferred Stock 0 0 0 0 0Common Stock 1,278 1,168 1,207 0 191Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA

Top 5 States by DPW - 2013Y Top Lines of Business by DPW - 2013Y SECURITIES ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 0

Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0

LT BONDS & STOCKS SUMMARY ($000) Carr Value Fair Value Actual Cost Par Value Total

LT Bond 1,465 1,465 1,488 1,429 5,848Common Stock 191 191 184 -- 567Preferred Stock 0 0 0 -- 0Total 1,656 1,656 1,673 1,429 --

ASSET QUALITY (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Bond Avg Asset Quality (1-6) (Actual) NA NA 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 NAClass 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 71.31Common Stocks / C&S 85.19 105.12 0.00 12.75 18.57Unaff common stock/Invested Assets 68.72 70.54 0.00 8.43 13.20

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Maryland 1,660 1. Oth, Prod Liab Cmbnd 1,660 Cash/Invested Assets 31.28 29.46 80.99 26.91 15.482. 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 NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

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 9.53

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets 0.00 8.27 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 14.68 1.90 -3.79 -1.86 17.02 All other admitted assets/Total Assets 40.57 40.33 29.33 27.64 31.18National DPW ($000) 1,694 1,624 1,561 1,602 1,660 Invested Assets/Total Assets 59.43 51.39 70.67 72.36 59.29Adjusted Loss Ratio 20.78 20.76 33.02 28.39 4.37 Investment Income/Total Assets 3.22 1.12 0.87 0.37 0.07

5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 6 - The Securities and Bond section are held at carrying valueh i t li t i t

Investment Portfolio (%) - 2013

Bonds - 64.7% Preferred Stocks - 0.0%

Common Stocks - 8.4% Mortgage Loans - 0.0%

Other Invstmts - 26.9%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y

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 2014Q3

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 22,115 24,157 31,532 36,901 39,258Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 9,043 11,350 13,003 14,294 14,074Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 13,072 12,808 18,529 22,608 25,184

NAIC Ownership Structure: Risk Retention Group Net Income 940 2,235 1,422 1,047 1,733Tax Identification Number : 86-1070645 Revenue 8,045 9,445 13,084 15,694 3,558

Direct Premiums Written 12,639 13,553 20,219 21,567 5,489Net Premiums Written 8,363 9,614 15,366 15,707 667

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 7,699 9,088 12,703 15,231 2,777

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 13,965Demotech Financial Strength Rating A' 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) 74.64 73.02 52.59 62.37 127.98S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 16.21 31.77 19.64 11.43 21.12Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.92 0.85 1.18 1.10 0.05Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Warfield & CompanyPhone : (714) 571-1864 Actuary Perr & KnightFax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 1.80 1.67 1.50 1.51 1.44Net Investment Income/Earned Premiums 4.47 3.90 3.02 3.03 4.51Return on Average Equity (C&S) 11.06 21.71 11.77 7.68 50.14Return on Avg Assets 4.40 9.55 5.06 3.03 17.41Loss and LAE Ratio 37.93 20.93 34.61 49.93 59.98Expense Ratio 44.79 44.42 41.12 41.59 75.93Loss Ratio 14.29 8.37 13.83 23.88 15.97Combined Ratio 82.71 65.34 75.73 91.52 135.91Operating Ratio 78.24 61.44 72.70 88.48 131.40Investment ratio 4.47 3.90 3.02 3.03 4.51


Cash, Short-Term Investments / Liabilities 13.62 19.06 31.21 16.20 18.43Bonds: Liquid Investments/ Liabilities (%) 155.39 173.70 155.06 143.10 137.84Cash & Short-Term Investments / C&S 19.69 21.51 44.47 25.63 32.98Liabilities/ 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 197.29 209.45 195.43 197.38 163.43Cash From Underwriting ($000) 3,351 3,428 6,857 3,625 -254Net Cash From Operations ($000) 3,760 2,958 6,678 4,162 41Underwriting Cash Flow Ratio 166.82 154.01 176.49 131.12 90.06Operating Cash Flow Ratio 171.31 173.71 187.64 134.81 90.06Unassigned Funds / Total Assets 36.59 43.05 32.52 31.28 28.85


GPW to Policyholders' Surplus3 900 --- 119 155 151NPW to Policyholders' Surplus 300 --- 85 118 110Change in Net Premiums Written 33 -33 15 60* 2Surplus Aid to Policyholders' Surplus 15 --- 3 3 3Two-Year Overall Operating Ratio 100 --- 69 68 81


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Broker

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 2014Q3


82.7

65.375.7

91.5

135.9

0.00

10.00

20.00

30.00

40.00

50.00

60.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 23.64 12.56 20.78 26.05 44.01 Gross Change in Policyholders' Surplus 50 -10 26 15 10Net Commission Ratio 19.00 19.19 25.24 25.33 NA Net Change in Adj Policyholders' Surplus 25 -10 26* 15 10Salaries & Benefits Ratio 0.00 0.03 0.17 0.00 NA Liabilities to Liquid Assets 100 --- 57 64 69Tax, License & Fees Ratio 3.92 4.07 3.44 3.75 NA Agents' Bal to Policyholders' Surplus 40 --- 8 10 15Admin & Other Expense Ratio 21.86 21.12 12.27 12.51 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 0 14Gross Premiums Written ($000)3 12,639 13,553 20,219 21,567 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -11 5Loss & Loss Adj Expense ($000) 2,920 1,902 4,397 7,605 1,666 Est Curr Resv Defi/Policyholders' Surplus 25 --- -7 8 4Other Underwriting Exp Incurred ($000) 3,745 4,270 6,318 6,532 506 *Indicates an unusual value.Net Underwriting Gains ($000) 1,034 2,916 1,988 1,095 605 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 NA complements of each ratio.Effective Tax Rate 31.85 31.71 40.00 32.78 -25.01

Pre-Tax Operating Margin 17.13 34.64 18.13 9.92 25.15 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth 16.90 9.24 30.53 17.03 -10.99

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 23.89 -2.02 44.67 22.02 -24.01

Reinsurance Recoverable ex US Aff 1,289 2,185 2,412 2,632 6,477 Net Premiums Written Growth -1.75 14.96 59.82 2.22 -83.11Retention Ratio (NPW/GPW) (%)3 80.60 66.17 70.94 76.00 72.83 Pre-Tax Operating Income Growth -20.83 137.35 -27.47 -34.38 NMReinsurance Recoverable/Total Excl US Aff 11.48 20.32 27.07 32.48 16.21 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 -13.79Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 19.68 7.23 49.19 6.66 8.27Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 20.21 14.38 19.05 19.86 20.94

Capital & Surplus Five-year CAGR 28.60 23.75 17.40 14.96 11.62Admitted Assets Five-year CAGR 23.24 18.24 18.35 17.82 17.06




Asbestos NA NA NA NA NA Capital and Surplus 9,043 11,350 13,003 14,294 14,074 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 9,043 11,350 13,003 14,294 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,588 1,780 2,789 1,436 NA

ACL RBC Ratio (%) (TAC/ACL RBC) 569.34 637.62 466.27 995.67 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 284.67 318.81 233.13 497.83 NA

Loss & Loss Adj Exp Reserves Growth 31.30 -2.42 26.17 39.38 -13.79 Net Realized Capital Gains Less Taxes 2 2 -3 1 6561 Yr Loss Reserve Dev / 1Y Prior C&S -2.01 -9.90 0.27 13.70 NA Net Chg in Unrlzd Cap Gains Less Taxes 0 15 62 270 -662Two Yr Loss Reserve Dev Total/ PHS -11.93 -11.51 -10.66 4.96 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 74.64 73.02 52.59 62.37 127.98 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 NA Net Premiums Written / Avg C&S (%) 98.35 93.38 127.19 115.30 19.30IBNR/ Total Reserves 19.97 26.09 26.15 19.86 NA Liabilities / Capital & Surplus (%) 144.55 112.85 142.49 158.17 178.94Reserves/ Equity 71.11 55.29 60.89 77.20 NA Total Reins Recov Excl US Aff / C&S (%) 24.16 21.25 20.24 45.31 NA


211.7

284.7318.8

233.1

497.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2009Y 2010Y 2011Y 2012Y 2013Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))

80.6

66.270.9

76.0 72.8

0

5,000

10,000

15,000

20,000

25,000

2009Y 2010Y 2011Y 2012Y 2013Y




Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 18,532 19,046 22,176 26,881 30,071 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 5,489Common Stocks 0 760 831 1,808 0 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 12,639 13,553 20,219 21,567 5,489Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -4,276 -3,939 -4,853 -5,860 -4,822Occupied Properties 0 0 0 0 0 Net Premiums Written 8,363 9,614 15,366 15,707 667Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 663 526 2,663 475 -2,110Properties for Sale 0 0 0 0 0 Net Premiums Earned 7,699 9,088 12,703 15,231 2,777

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,781 2,441 5,783 3,663 4,641 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 20,313 22,247 28,790 32,352 34,713 Comm'l: Losses Paid Less Salvage 493 728 957 1,928 NAPremiums & Considerations Due 877 899 1,325 2,075 1,868 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 41 15 0 1,061 835 Losses Paid Less Salvage 493 728 957 1,928 NAAll Other Admitted Assets 883 996 1,417 1,414 1,839 Loss Adj Expenses Paid 894 1,329 1,797 2,559 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 22,115 24,157 31,532 36,901 39,258 Comm'l: Chg in Unpaid Net Losses 607 32 799 1,710 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 926 -187 843 1,408 NA

Unpaid Losses 3,684 3,716 4,515 6,225 7,609 Total Chg in Loss & LAE Reserves 1,533 -155 1,642 3,118 NAUnpaid Loss Adj Expenses 2,747 2,559 3,402 4,810 6,356 Losses and LAE Incurred 2,920 1,902 4,397 7,605 1,666

Loss & Loss Adj Exp Reserves 6,431 6,275 7,917 11,035 13,965 Other Underwriting Expense Incurred 3,745 4,270 6,318 6,532 506Unearned Premiums 4,972 5,498 8,161 8,636 7,274 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 688 194 900 1,052 2,702 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 327 282 374 806 100 Net Underwriting Gain (Loss) 1,034 2,916 1,988 1,095 605Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 653 559 1,176 1,078 1,142 Total underwriting deductions 6,665 6,172 10,715 14,137 2,172



Common Capital Stock 600 600 2,400 2,400 2,400 Net Realized Capital Gains Less Taxes 2 2 -3 1 656Preferred 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 11,324 Income after cap gains (loss) before tax 1,380 3,273 2,370 1,557 1,386Other Including Gross Contributed 350 350 350 350 350 Federal & Foreign Income Taxes 440 1,038 948 510 -347

Capital & Surplus 9,043 11,350 13,003 14,294 14,074 Net Income 940 2,235 1,422 1,047 1,733

Total Liabilities and C&S 22,115 24,157 31,532 36,901 39,258 Pre-tax Operating Income 1,378 3,271 2,372 1,557 730

Revenue 8,045 9,445 13,084 15,694 3,558Memo: Affiliated Investments ($000) Expenses Paid 4,640 5,601 8,122 8,460 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 13,736 17,855 17,704 19,136 26,595Cash & Short Term Investments 0 0 0 0 0 Class 2 1,120 677 1,343 2,979 287All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 369 344 354 384 462 Class 6 0 0 0 0 0R li d C it l G i 9 2 2 3 1Realized Capital Gains 9 2 2 -3 1Net Chg in Unrlzd Cap Gains Less Taxes 0 0 15 62 270Net Adm Cash & Invested Assets 17,116 20,313 22,247 28,790 32,352Affiliated Cash & Investments 0 0 0 0 0Carrying Value 14,857 18,532 19,046 22,176 26,881Preferred Stock 0 0 0 0 0Common Stock 0 0 760 831 1,808Mortgage 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 0.27 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 1,045 1,370 2,179 2,907 3,802Issued Political Subdivisions ($000) 3,685 7,194 7,094 7,981 8,467Issued State Rev Obligations ($000) 9,926 9,968 9,773 10,990 14,612Issued Industrial Development ($000) 0 0 0 297 0


LT Bond 26,881 27,033 27,959 25,360 107,233Common Stock 1,808 1,808 1,461 -- 5,076Preferred Stock 0 0 0 -- 0Total 28,689 28,840 29,420 25,360 --


Bond Avg Asset Quality (1-6) (Actual) 1.04 1.07 1.14 1.01 1.01Bonds Rated 3-6 / C&S 0.00 0.00 0.46 0.00 NAClass 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 91.23 85.61 77.03 83.09 86.63Common Stocks / C&S 0.00 6.69 6.39 12.65 0.00Unaff common stock/Invested Assets 0.00 3.41 2.89 5.59 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 3,923 1. Med Prof Liab 21,567 Cash/Invested Assets 8.77 10.97 20.09 11.32 13.372. New York 3,097 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,640 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Washington 1,234 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 1,014 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,660 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 3.97 3.72 4.20 5.62 4.76


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 0.01DPW 5 Yr CAGR 13.27 12.08 9.40 17.16 17.05 All other admitted assets/Total Assets 3.99 4.12 4.50 3.83 4.68National DPW ($000) 10,561 12,639 13,553 20,219 21,567 Invested Assets/Total Assets 91.85 92.09 91.30 87.67 88.42Adjusted Loss Ratio 10.03 21.88 9.27 17.56 33.03 Investment Income/Total Assets 1.56 1.47 1.22 1.25 0.32





Other Invstmts - 11.3%0.00 0.10 0.20 0.30

2009Y

2010Y

2011Y

2012Y

2013Y


California - 18.2% New York - 14.4%

Florida - 7.6% Washington - 5.7%

Texas - 4.7% All other - 49.4%

Med Prof Liab - 100.0% Acc & Health - 0.0%




Amer Trucking & Transportation (Missoula, MT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

111 North Higgins Avenue NAIC Company Code : 11534 Total Assets 13,854 14,354 15,256 19,762 19,776Suite 300A Business Focus : Commercial Property Focus Policyholder Surplus 4,217 3,914 4,423 5,665 6,358Missoula, MT 59802-4401 Geographic Focus: Regional - Western Quadrant Total Liabilities 9,637 10,440 10,834 14,098 13,418

NAIC Ownership Structure: Risk Retention Group Net Income 607 -41 401 340 12Tax Identification Number : 33-1019877 Revenue 3,384 2,949 2,760 4,765 2,486

Direct Premiums Written 6,644 5,967 6,686 8,254 2Net Premiums Written 3,349 2,632 2,153 4,591 474


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,088 5,702 5,552 7,655 9,672Demotech Financial Strength Rating A 11/25/14 Affirm Loss & LAE Reserves/ NPE (%) 225.01 256.58 278.10 141.40 99.97S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 25.72 -8.25 6.56 5.40 -13.56Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.79 0.67 0.49 0.81 0.07Fitch 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 1.40Net Investment Income/Earned Premiums 13.95 14.96 18.00 7.12 2.89Return on Average Equity (C&S) 17.15 -1.03 9.20 6.42 0.72Return on Avg Assets 4.72 -0.32 2.77 2.15 0.23Loss and LAE Ratio 59.05 97.69 70.32 81.47 99.71Expense Ratio 22.92 30.42 35.15 19.26 65.14Loss Ratio 10.57 51.02 -43.27 60.98 60.82Combined Ratio 81.98 128.11 105.48 100.73 164.84Operating Ratio 68.03 113.15 87.48 93.61 161.95Investment ratio 13.95 14.96 18.00 7.12 2.89


Cash, Short-Term Investments / Liabilities 24.45 22.12 27.11 40.25 10.95Bonds: Liquid Investments/ Liabilities (%) 133.58 126.25 128.98 136.14 128.33Cash & Short-Term Investments / C&S 55.87 59.00 66.41 100.16 23.11Liabilities/ Invested Assets 74.00 78.00 76.00 73.00 73.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 258.99 289.41 309.53 263.63 171.31Cash From Underwriting ($000) 3,494 335 -349 3,734 55Net Cash From Operations ($000) 3,800 525 243 3,950 190Underwriting Cash Flow Ratio 219.65 109.52 84.17 280.87 107.01Operating Cash Flow Ratio 224.52 116.58 75.94 290.96 101.53Unassigned Funds / Total Assets 13.83 11.77 14.90 17.23 17.36


GPW to Policyholders' Surplus3 900 --- 152 151 146NPW to Policyholders' Surplus 300 --- 67 49 81Change in Net Premiums Written 33 -33 -21 -18 113*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 86 99 89


MSA: Missoula, MT (Metro)


74.0

78.0

76.0

73.0 73.0

0

5,000

10,000

15,000

20,000

25,000

2010Y 2011Y 2012Y 2013Y 2014Q3


82.0

128.1

105.5 100.7

164.8

-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 2014Q3




Loss Adjustment Expense Ratio 48.48 46.67 113.60 20.49 38.89 Gross Change in Policyholders' Surplus 50 -10 -7 13 28Net Commission Ratio 1.45 -0.57 1.14 -0.36 NA Net Change in Adj Policyholders' Surplus 25 -10 -4 15 26*Salaries & Benefits Ratio 7.41 10.26 12.34 7.74 NA Liabilities to Liquid Assets 100 --- 78 76 73Tax, License & Fees Ratio 7.18 6.45 9.54 5.49 NA Agents' Bal to Policyholders' Surplus 40 --- 0 9 2Admin & Other Expense Ratio 6.88 14.28 12.13 6.39 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 8 -14 -24Gross Premiums Written ($000)3 6,644 5,967 6,686 8,254 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 2 -12 -44Loss & Loss Adj Expense ($000) 1,725 2,373 1,464 3,333 2,185 Est Curr Resv Defi/Policyholders' Surplus 25 --- 9 -31 2Other Underwriting Exp Incurred ($000) 768 801 757 884 309 *Indicates an unusual value.Net Underwriting Gains ($000) 428 -745 -139 -126 -302 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 NA complements of each ratio.Effective Tax Rate 31.92 NM 25.66 37.98 NM

Pre-Tax Operating Margin 26.75 -11.66 11.42 6.35 -9.53 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -0.91 8.34 3.77 30.13 -19.63

Reinsurance Recoverable ex US Aff 15,875 9,727 11,467 12,060 10,018 Net Premiums Written Growth 68.55 -21.41 -18.20 113.24 NMRetention Ratio (NPW/GPW) (%)3 41.00 50.41 44.11 32.20 55.62 Pre-Tax Operating Income Growth 102.61 NM NM -0.07 NMReinsurance Recoverable/Total Excl US Aff 1.88 4.84 9.51 15.97 17.22 Net Income Growth 136.43 NM NM -15.23 -92.15Nonaffiliated 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 92.32Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 37.10 -10.19 12.04 23.45 -97.81Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 6.64 6.31 4.43 9.34 9.65





Asbestos NA NA NA NA NA Capital and Surplus 4,217 3,914 4,423 5,665 6,358 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 3,914 4,423 5,665 NA Combined NA NA NA NA NA ACL Risk Based Capital NA 1,219 1,010 1,239 NA

ACL RBC Ratio (%) (TAC/ACL RBC) NA 321.10 438.03 457.28 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA 160.55 219.02 228.64 NA

Loss & Loss Adj Exp Reserves Growth -4.87 -6.35 -2.63 37.90 92.32 Net Realized Capital Gains Less Taxes -19 107 253 262 2091 Yr Loss Reserve Dev / 1Y Prior C&S 11.45 8.42 -14.23 -24.06 NA Net Chg in Unrlzd Cap Gains Less Taxes 453 -249 224 1,076 -257Two Yr Loss Reserve Dev Total/ PHS -2.52 2.25 -12.16 -44.20 NA Dividends to Stockholders -100 0 0 0 0Loss and LAE Reserves / NPE 225.01 256.58 278.10 141.40 99.97 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 NA Net Premiums Written / Avg C&S (%) 94.63 65.51 49.38 86.77 29.60IBNR/ Total Reserves 40.09 34.19 18.95 21.85 NA Liabilities / Capital & Surplus (%) 228.51 266.75 244.95 248.87 211.05Reserves/ Equity 144.36 145.68 125.52 135.14 NA Total Reins Recov Excl US Aff / C&S (%) 230.64 292.98 272.67 176.85 NA


160.6

219.0228.6

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))41.0

50.4

44.1

32.2

55.6

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009Y 2010Y 2011Y 2012Y 2013Y




Amer Trucking & Transportation (Missoula, MT)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 7,268 7,546 7,301 7,152 9,635 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 2Common Stocks 3,316 3,477 3,982 6,403 7,178 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,295 -3,335 -4,533 -3,663 472Occupied Properties 0 0 0 0 0 Net Premiums Written 3,349 2,632 2,153 4,591 474Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 428 203 71 500 -1,718Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,921 2,429 2,082 4,091 2,192

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,356 2,309 2,937 5,674 1,469 Underwriting Deductions ($000)Other Investments 0 0 0 0 5 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 12,941 13,333 14,220 19,229 18,287 Comm'l: Losses Paid Less Salvage 658 1,099 243 124 NAPremiums & Considerations Due 169 0 390 111 1,198 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 169 38 214 314 14 Losses Paid Less Salvage 658 1,099 243 124 NAAll Other Admitted Assets 576 984 433 108 277 Loss Adj Expenses Paid 1,378 1,660 1,371 1,105 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 13,854 14,354 15,256 19,762 19,776 Comm'l: Chg in Unpaid Net Losses -350 140 -1,143 2,371 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 38 -526 993 -267 NA

Unpaid Losses 2,789 2,929 1,785 4,156 5,492 Total Chg in Loss & LAE Reserves -312 -387 -150 2,104 NAUnpaid Loss Adj Expenses 3,300 2,773 3,766 3,500 4,180 Losses and LAE Incurred 1,725 2,373 1,464 3,333 2,185

Loss & Loss Adj Exp Reserves 6,088 5,702 5,552 7,655 9,672 Other Underwriting Expense Incurred 768 801 757 884 309Unearned Premiums 2,664 2,867 2,939 3,438 1,003 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 580 1,576 1,714 2,604 2,324 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 176 141 171 214 129 Net Underwriting Gain (Loss) 428 -745 -139 -126 -302Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 129 155 458 185 291 Total underwriting deductions 2,493 3,173 2,221 4,217 2,494



Common Capital Stock 2,072 2,072 2,072 2,222 2,887 Net Realized Capital Gains Less Taxes -19 107 253 262 209Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 75 50 51 32 22Surplus Notes 229 152 77 37 37 All Other Income 0 0 0 89 0Unassigned Surplus 1,917 1,690 2,273 3,405 3,433 Income after cap gains (loss) before tax 892 -224 539 548 -8Other Including Gross Contributed 0 0 0 0 0 Federal & Foreign Income Taxes 285 -183 138 208 -19

Capital & Surplus 4,217 3,914 4,423 5,665 6,358 Net Income 607 -41 401 340 12

Total Liabilities and C&S 13,854 14,354 15,256 19,762 19,776 Pre-tax Operating Income 910 -331 286 286 -217


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 3,639 5,358 5,571 5,566 5,371Cash & Short Term Investments 0 0 0 0 0 Class 2 2,434 1,843 1,824 1,489 1,745All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 317 407 363 375 291 Class 6 0 0 0 0 0R li d C it l G i 42 19 107 253 262Realized Capital Gains -42 -19 107 253 262Net Chg in Unrlzd Cap Gains Less Taxes 636 453 -249 224 1,076Net Adm Cash & Invested Assets 9,634 12,941 13,333 14,220 19,229Affiliated Cash & Investments 0 0 0 0 0Carrying Value 6,174 7,268 7,546 7,301 7,152Preferred Stock 0 0 0 0 0Common Stock 3,244 3,316 3,477 3,982 6,403Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 8.10 NM 2.32 1.35 0.69Privately Placed Bonds / C&S (%) 15.44 -39.26 4.47 2.22 0.87Bonds Rated 3-6 / Total Bonds (%) 1.62 0.93 2.01 3.37 0.51Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 541 1,359 2,008 1,505 0Issued Political Subdivisions ($000) 0 0 0 0 100Issued State Rev Obligations ($000) 0 0 0 0 944Issued Industrial Development ($000) 0 0 0 0 100





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Washington 2,215 1. Comm'l Auto St 8,254 Cash/Invested Assets 18.21 17.32 20.65 29.51 8.032. Louisiana 2,074 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Montana 1,688 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Oregon 1,069 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 607 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -1.38 -1.01 -0.55 -0.30 5.30 All other admitted assets/Total Assets 4.16 6.85 2.84 0.55 1.40National DPW ($000) 4,846 6,644 5,967 6,686 8,254 Invested Assets/Total Assets 93.41 92.88 93.20 97.30 92.47Adjusted Loss Ratio 163.99 -65.77 169.40 4.29 37.70 Investment Income/Total Assets 2.94 2.53 2.46 1.47 0.32





Other Invstmts - 29.5%0.00 1.00 2.00 3.00 4.00

2009Y

2010Y

2011Y

2012Y

2013Y


Washington - 26.8% Louisiana - 25.1%

Montana - 20.4% Oregon - 13.0%

Ohio - 7.4% All other - 7.3%

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 2014Q3

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 71,460 83,910 92,319 104,651 116,128Suite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 20,673 22,205 25,118 29,236 33,176Phoenix, AZ 85016-4264 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 50,787 61,705 67,202 75,414 82,952

NAIC Ownership Structure: Risk Retention Group Net Income 933 1,240 3,732 2,822 605Tax Identification Number : 81-0603029 Revenue 27,990 32,513 34,509 39,110 8,765

Direct Premiums Written 33,162 36,078 40,753 44,896 13,270Net Premiums Written 27,943 30,663 32,936 37,702 8,250


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 34,225 43,422 46,206 52,207 53,682Demotech Financial Strength Rating A' 11/14/14 Affirm Loss & LAE Reserves/ NPE (%) 120.78 138.20 152.45 143.56 172.98S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 5.68 6.73 17.55 10.75 9.13Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.35 1.38 1.31 1.29 0.25Fitch Financial Strength Rating -- -- -- --


Name : Lee M. Milizia Auditor Saslow Lufkin & Buggy LLPPhone : (602) 427-3208 Actuary Aon Risk SolutionFax : (602) 427-3032 CEO --Email : [email protected] CFO --

President Richard B. Welch




Cash, Short-Term Investments / Liabilities 10.64 10.37 10.61 16.69 14.67Bonds: Liquid Investments/ Liabilities (%) 97.51 100.45 109.08 107.84 114.41Cash & Short-Term Investments / C&S 26.15 28.82 28.39 43.04 36.68Liabilities/ Invested Assets 98.00 99.00 81.00 77.00 81.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 114.84 113.69 128.48 130.43 122.00Cash From Underwriting ($000) 9,308 6,370 6,957 6,592 4,334Net Cash From Operations ($000) 8,880 9,124 9,201 7,682 5,369Underwriting Cash Flow Ratio 149.54 127.33 126.56 122.73 164.80Operating Cash Flow Ratio 153.41 130.13 130.40 128.62 157.92Unassigned Funds / Total Assets 5.49 2.91 1.52 1.74 2.61


GPW to Policyholders' Surplus3 900 --- 162 162 154NPW to Policyholders' Surplus 300 --- 138 131 129Change in Net Premiums Written 33 -33 10 7 14Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 93 88 87

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 I t t Yi ld 6 5 3 4 9 3 8 2 7*

MSA: Phoenix-Mesa-Scottsdale, AZ (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

98.0 99.0

81.077.0

81.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2010Y 2011Y 2012Y 2013Y 2014Q3


100.7

103.9

92.9

97.198.0

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2010Y 2011Y 2012Y 2013Y 2014Q3



UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 Investment Yield 6.5 3 4.9 3.8 2.7*

Loss Adjustment Expense Ratio 24.98 30.96 29.03 22.88 26.77 Gross Change in Policyholders' Surplus 50 -10 7 13 16Net Commission Ratio 20.60 20.10 20.26 20.02 NA Net Change in Adj Policyholders' Surplus 25 -10 -5 -2 3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 99 81 77Tax, License & Fees Ratio 1.55 1.44 1.89 1.87 NA Agents' Bal to Policyholders' Surplus 40 --- 41* 2 4Admin & Other Expense Ratio 6.71 8.06 7.33 7.18 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -5 -20 -9Gross Premiums Written ($000)3 33,162 36,078 40,753 44,896 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -14 -26 -32Loss & Loss Adj Expense ($000) 18,421 21,546 19,403 24,162 4,934 Est Curr Resv Defi/Policyholders' Surplus 25 --- -48 -34 -15Other Underwriting Exp Incurred ($000) 8,064 9,075 9,707 10,960 2,948 *Indicates an unusual value.Net Underwriting Gains ($000) -835 -1,622 1,465 398 47 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 NA complements of each ratio.Effective Tax Rate 37.99 34.46 30.88 29.21 31.50


Admitted Assets Growth 19.21 17.42 10.02 13.36 11.48

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 24.15 21.50 8.91 12.22 10.40

Reinsurance Recoverable ex US Aff 4,827 5,937 7,039 11,898 12,119 Net Premiums Written Growth -3.16 9.73 7.41 14.47 -29.72Retention Ratio (NPW/GPW) (%)3 96.18 84.26 84.99 80.82 83.98 Pre-Tax Operating Income Growth -48.31 26.85 191.80 -31.98 -23.56Reinsurance Recoverable/Total Excl US Aff 29.63 22.17 15.84 14.42 14.89 Net Income Growth -42.69 32.92 200.95 -24.37 -24.76Nonaffiliated 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 -16.90Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 10.53 8.79 12.96 10.17 2.15Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 35.81 27.21 20.42 19.67 17.90








Loss & Loss Adj Exp Reserves Growth 30.24 26.87 6.41 12.99 -16.90 Net Realized Capital Gains Less Taxes 325 397 1,036 1,019 1381 Yr Loss Reserve Dev / 1Y Prior C&S -5.19 -5.02 -20.38 -8.86 NA Net Chg in Unrlzd Cap Gains Less Taxes 1,999 630 1,397 998 -319Two Yr Loss Reserve Dev Total/ PHS 0.29 -13.54 -25.73 -31.63 NA Dividends to Stockholders -3,949 -2,986 -4,769 -2,404 4Loss and LAE Reserves / NPE 120.78 138.20 152.45 143.56 172.98 Stockholder Dividends/ Net Income (%) 423.27 240.79 127.81 85.18 -0.691 Yr Loss Reserve Development / NPE -3.85 -3.58 -14.80 -6.26 NA Net Premiums Written / Avg C&S (%) 134.55 137.92 132.49 136.55 101.21IBNR/ Total Reserves 28.93 26.68 18.99 18.33 NA Liabilities / Capital & Surplus (%) 245.67 277.89 267.54 257.95 250.03Reserves/ Equity 165.56 195.55 183.96 178.57 NA Total Reins Recov Excl US Aff / C&S (%) 28.72 31.70 47.37 41.45 NA


255.3

217.5

187.2

246.5 238.5

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2009Y 2010Y 2011Y 2012Y 2013Y




96.2

84.3 85.0

80.8

84.0

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

2009Y 2010Y 2011Y 2012Y 2013Y




Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 40,799 45,941 48,295 51,653 58,029 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 33,162 36,078 40,753 44,896 13,270Common Stocks 5,102 9,672 17,297 20,219 21,956 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -5,218 -5,416 -7,817 -7,194 -5,019Occupied Properties 0 0 0 0 0 Net Premiums Written 27,943 30,663 32,936 37,702 8,250Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 2,293 1,664 2,361 2,182 321Properties for Sale 0 0 0 0 0 Net Premiums Earned 25,651 28,999 30,575 35,521 7,930

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,406 6,400 7,131 12,583 12,168 Underwriting Deductions ($000)Other Investments 9 -23 0 0 38 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 51,316 61,990 72,723 84,456 92,192 Comm'l: Losses Paid Less Salvage 5,014 5,376 8,702 9,420 NAPremiums & Considerations Due 7,907 9,011 8,705 10,789 8,578 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 163 286 248 403 2,132 Losses Paid Less Salvage 5,014 5,376 8,702 9,420 NAAll Other Admitted Assets 12,073 12,624 10,643 9,002 13,228 Loss Adj Expenses Paid 5,461 6,972 7,916 8,742 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 71,460 83,910 92,319 104,651 116,128 Comm'l: Chg in Unpaid Net Losses 7,000 7,192 1,824 6,614 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 946 2,006 960 -613 NA

Unpaid Losses 28,018 35,210 37,034 43,648 46,904 Total Chg in Loss & LAE Reserves 7,946 9,198 2,784 6,001 NAUnpaid Loss Adj Expenses 6,207 8,212 9,172 8,559 6,778 Losses and LAE Incurred 18,421 21,546 19,403 24,162 4,934

Loss & Loss Adj Exp Reserves 34,225 43,422 46,206 52,207 53,682 Other Underwriting Expense Incurred 8,064 9,075 9,707 10,960 2,948Unearned Premiums 15,632 17,296 19,657 21,838 21,885 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 590 444 543 818 596 Net Underwriting Gain (Loss) -835 -1,622 1,465 398 47Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 341 543 796 550 6,789 Total underwriting deductions 26,486 30,621 29,110 35,123 7,882


Income ($000)Total Capital and Surplus Net Investment Income 1,586 2,711 2,552 2,076 591

Common Capital Stock 19,071 21,566 24,925 28,285 30,696 Net Realized Capital Gains Less Taxes 325 397 1,036 1,019 138Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 428 343 288 290 60Surplus Notes 0 0 0 0 0 All Other Income 0 63 58 204 46Unassigned Surplus 3,920 2,446 1,408 1,826 3,027 Income after cap gains (loss) before tax 1,504 1,892 5,399 3,987 883Other Including Gross Contributed -2,318 -1,806 -1,215 -874 -547 Federal & Foreign Income Taxes 571 652 1,667 1,164 278

Capital & Surplus 20,673 22,205 25,118 29,236 33,176 Net Income 933 1,240 3,732 2,822 605

Total Liabilities and C&S 71,460 83,910 92,319 104,651 116,128 Pre-tax Operating Income 1,179 1,495 4,363 2,968 744


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 27,985 35,318 40,925 41,515 39,490Cash & Short Term Investments 0 0 0 0 0 Class 2 1,792 3,694 4,988 7,360 9,033All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 546Class 4 2,380 3,815 4,227 4,321 2,584


Net Investment Income 876 1,586 2,711 2,552 2,076 Class 6 0 0 0 0 0R li d C it l G i 53 325 397 1 036 1 019Realized Capital Gains 53 325 397 1,036 1,019Net Chg in Unrlzd Cap Gains Less Taxes 1,020 1,999 630 1,397 998Net Adm Cash & Invested Assets 40,912 51,316 61,990 72,723 84,456Affiliated Cash & Investments 0 0 0 0 0Carrying Value 32,158 42,826 50,141 53,195 51,653Preferred Stock 0 0 0 0 0Common Stock 4,346 5,102 9,672 17,297 20,219Mortgage 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 0 1,328

RMBS ExposureTotal: LT Bond, Res MBS 0 5,352 2,679 2,036 1,109

Municipal SecuritiesIssued States & Territories ($000) 12,151 1,004 1,460 1,710 2,252Issued Political Subdivisions ($000) 0 2,410 2,001 1,121 1,193Issued State Rev Obligations ($000) 0 9,728 11,572 12,630 14,732Issued Industrial Development ($000) 0 0 0 0 457





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 20,102 1. Med Prof Liab 44,896 Cash/Invested Assets 10.54 10.32 9.81 14.90 13.202. Florida 4,873 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 3,223 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 2,960 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Connecticut 2,906 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,833 All Other 0 Other Investments/Invested Assets 0.02 -0.04 0.00 0.00 0.04Premiums & Cons due/Total Assets 11.07 10.74 9.43 10.31 7.39







Other Invstmts - 14.9%0.00 2.00 4.00 6.00 8.00 10.00

2009Y

2010Y

2011Y

2012Y

2013Y


New York - 44.8% Florida - 10.9%

Arizona - 7.2% Texas - 6.6%

Connecticut - 6.5% All other - 24.1%





Attorneys Insurance Mutual (Birmingham, AL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

200 Inverness Parkway NAIC Company Code : 33677 Total Assets 15,157 15,724 15,646 14,293 13,213Birmingham, AL 35242-4813 Business Focus : Commercial General Liability Focus Policyholder Surplus 7,888 8,306 7,996 7,738 7,179

Geographic Focus: Regional - Southern Quadrant Total Liabilities 7,269 7,418 7,649 6,556 6,034NAIC Ownership Structure: Risk Retention Group Net Income -3 114 -557 40 -255Tax Identification Number : 63-0980826 Revenue 2,562 2,808 1,856 2,901 482


Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 2,295 2,669 1,791 2,931 423

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 3,870Demotech Financial Strength Rating A 11/24/14 Affirm Loss & LAE Reserves/ NPE (%) 255.11 199.40 264.92 137.67 230.61S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -2.06 1.76 -6.74 0.50 -13.63Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.28 0.32 0.23 0.38 0.05Fitch 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 1.80Net Investment Income/Earned Premiums 5.10 6.16 3.74 -1.06 14.43Return on Average Equity (C&S) -0.04 1.43 -6.76 0.53 -13.79Return on Avg Assets -0.02 0.72 -3.56 0.27 -7.41Loss and LAE Ratio 30.34 37.38 43.46 42.87 48.87Expense Ratio 83.92 64.55 89.64 54.11 134.68Loss Ratio 22.74 9.50 -15.62 -17.50 14.49Combined Ratio 114.26 101.92 133.10 96.98 183.55Operating Ratio 109.16 95.76 129.36 98.05 169.12Investment ratio 5.10 6.16 3.74 -1.06 14.43


Cash, Short-Term Investments / Liabilities 39.80 23.15 74.96 63.73 60.91Bonds: Liquid Investments/ Liabilities (%) 192.41 183.78 186.34 199.97 204.23Cash & Short-Term Investments / C&S 36.68 20.67 71.71 54.00 51.19Liabilities/ Invested Assets 52.00 54.00 53.00 50.00 49.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 299.50 324.30 337.11 325.22 256.20Cash From Underwriting ($000) -1,479 -120 27 -1,326 -940Net Cash From Operations ($000) -883 -36 433 -901 -843Underwriting Cash Flow Ratio 61.15 95.23 100.79 63.38 -24.82Operating Cash Flow Ratio 58.24 95.43 100.79 63.38 -24.82Unassigned Funds / Total Assets 44.71 45.76 44.01 46.36 45.92


GPW to Policyholders' Surplus3 900 --- 41 43 46NPW to Policyholders' Surplus 300 --- 32 23 38Change in Net Premiums Written 33 -33 18 -31 63*Surplus Aid to Policyholders' Surplus 15 --- 0 0 1Two-Year Overall Operating Ratio 100 --- 102* 110* 110*


MSA: Birmingham-Hoover, AL (Metro)


52.0

54.0

53.0

50.0

49.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2010Y 2011Y 2012Y 2013Y 2014Q3


114.3101.9

133.1

97.0

183.6

-16.00

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 7.60 27.88 59.08 60.36 34.38 Gross Change in Policyholders' Surplus 50 -10 5 -4 -3Net Commission Ratio -2.01 -1.72 -2.65 -2.03 NA Net Change in Adj Policyholders' Surplus 25 -10 5 -4 -3Salaries & Benefits Ratio 27.69 23.79 35.92 21.87 NA Liabilities to Liquid Assets 100 --- 54 53 50Tax, License & Fees Ratio 6.13 5.52 9.61 4.69 NA Agents' Bal to Policyholders' Surplus 40 --- 1 1 1Admin & Other Expense Ratio 52.11 36.96 46.76 29.59 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -24 -8 -7Gross Premiums Written ($000)3 3,502 3,367 3,450 3,529 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -40 -18 -18Loss & Loss Adj Expense ($000) 696 998 779 1,256 207 Est Curr Resv Defi/Policyholders' Surplus 25 --- -20 -18 14Other Underwriting Exp Incurred ($000) 1,875 1,696 1,635 1,605 529 *Indicates an unusual value.Net Underwriting Gains ($000) -277 -25 -622 69 -313 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 NA 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 -51.99 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth -6.89 3.74 -0.50 -8.64 -30.51

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -11.33 2.05 3.12 -14.30 -39.80

Reinsurance Recoverable ex US Aff 4,251 3,832 4,835 3,185 2,423 Net Premiums Written Growth -20.35 17.60 -30.62 62.64 8.71Retention Ratio (NPW/GPW) (%)3 74.78 63.82 78.06 52.86 84.04 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl US Aff 19.64 16.73 2.79 0.00 0.00 Net Income Growth NM NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -14.75 -4.77 -11.78 -10.10 -7.24Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -6.68 -3.85 2.46 2.29 2.48Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -4.67 -4.37 -2.45 -4.60 -6.21

Capital & Surplus Five-year CAGR -1.61 1.84 -2.23 0.09 -2.26Admitted Assets Five-year CAGR -3.15 -1.38 -2.34 -2.23 -4.19




Asbestos NA NA NA NA NA Capital and Surplus 7,888 8,306 7,996 7,738 7,179 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 7,888 8,306 7,996 7,738 NA Combined NA NA NA NA NA ACL Risk Based Capital 974 941 938 908 NA



Loss & Loss Adj Exp Reserves Growth -14.75 -4.77 -11.78 -10.10 -7.24 Net Realized Capital Gains Less Taxes 150 -26 -2 2 -31 Yr Loss Reserve Dev / 1Y Prior C&S -22.37 -23.85 -8.42 -7.18 NA Net Chg in Unrlzd Cap Gains Less Taxes 11 -253 249 -99 -170Two Yr Loss Reserve Dev Total/ PHS -34.10 -40.00 -18.00 -17.60 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 255.11 199.40 264.92 137.67 230.61 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 NA Net Premiums Written / Avg C&S (%) 28.87 33.10 22.14 38.96 21.27IBNR/ Total Reserves 23.32 38.46 39.50 30.98 NA Liabilities / Capital & Surplus (%) 92.15 89.31 95.66 84.72 84.05Reserves/ Equity 64.53 58.36 53.47 49.68 NA Total Reins Recov Excl US Aff / C&S (%) 48.58 58.21 39.83 31.31 NA


400.1405.0

441.2

426.1 425.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009Y 2010Y 2011Y 2012Y 2013Y




63.8

78.1

52.9

84.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013Y




Attorneys Insurance Mutual (Birmingham, AL)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,267 -739 -1,626 -563 -537Occupied Properties 846 820 794 767 748 Net Premiums Written 2,235 2,628 1,824 2,966 393Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -61 -41 32 35 -30Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,295 2,669 1,791 2,931 423

Total Real Estate 846 820 794 767 748 Net Adm Cash,Cash Equi, Short-Term Inv 2,893 1,717 5,734 4,178 3,675 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 14,832 14,452 15,048 13,876 13,070 Comm'l: Losses Paid Less Salvage 1,083 228 162 -297 NAPremiums & Considerations Due 69 71 93 97 60 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 960 263 249 28 Losses Paid Less Salvage 1,083 228 162 -297 NAAll Other Admitted Assets 256 240 242 71 55 Loss Adj Expenses Paid 494 1,013 1,678 1,494 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 15,157 15,724 15,646 14,293 13,213 Comm'l: Chg in Unpaid Net Losses -561 26 -442 -216 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves -320 -269 -620 275 NA

Unpaid Losses 2,554 2,580 2,138 1,922 1,935 Total Chg in Loss & LAE Reserves -881 -243 -1,062 59 NAUnpaid Loss Adj Expenses 2,536 2,267 2,138 1,922 1,935 Losses and LAE Incurred 696 998 779 1,256 207

Loss & Loss Adj Exp Reserves 5,090 4,847 4,276 3,844 3,870 Other Underwriting Expense Incurred 1,875 1,696 1,635 1,605 529Unearned Premiums 1,142 1,100 1,133 1,168 1,232 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 541 918 1,717 986 363 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 384 405 431 443 503 Net Underwriting Gain (Loss) -277 -25 -622 69 -313Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 112 147 92 114 66 Total underwriting deductions 2,572 2,694 2,413 2,861 736


Income ($000)Total Capital and Surplus Net Investment Income 117 165 67 -31 61

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 150 -26 -2 2 -3Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 6,777 7,195 6,885 6,626 6,068 Income after cap gains (loss) before tax -9 114 -557 40 -255Other 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 7,179 Net Income -3 114 -557 40 -255

Total Liabilities and C&S 15,157 15,724 15,646 14,293 13,213 Pre-tax Operating Income -159 140 -555 38 -252

Revenue 2,562 2,808 1,856 2,901 482Memo: Affiliated Investments ($000) Expenses Paid 2,655 2,953 3,587 3,291 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 7,632 9,557 9,907 6,490 6,908Cash & Short Term Investments 0 0 0 0 0 Class 2 251 252 250 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 221 117 165 67 -31 Class 6 0 0 0 0 0R li d C it l G i 69 150 26 2 2Realized Capital Gains -69 150 -26 -2 2Net Chg in Unrlzd Cap Gains Less Taxes 633 11 -253 249 -99Net Adm Cash & Invested Assets 15,768 14,832 14,452 15,048 13,876Affiliated Cash & Investments 0 0 0 0 0Carrying Value 7,883 9,809 10,158 6,490 6,908Preferred Stock 0 0 0 0 0Common Stock 1,697 1,283 1,758 2,030 2,023Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 873 846 820 794 767

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) 100.00 100.00 100.00 100.00 100.00




Municipal SecuritiesIssued States & Territories ($000) 0 490 0 0 0Issued Political Subdivisions ($000) 1,052 348 0 0 0Issued State Rev Obligations ($000) 1,085 752 513 4,779 4,995Issued Industrial Development ($000) 792 770 766 1,031 1,042





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Alabama 3,488 1. Oth, Prod Liab Cmbnd 3,529 Cash/Invested Assets 19.50 11.88 38.10 30.11 28.122. Tennessee 42 2. Acc & Health 0 Mortgage & Real Estate / C&S 10.73 9.87 9.93 9.92 10.413. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 5.71 5.67 5.27 5.53 5.72



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -1.44 -2.81 -4.10 -3.91 -1.88 All other admitted assets/Total Assets 1.69 1.53 1.55 0.50 0.41National DPW ($000) 3,752 3,502 3,367 3,450 3,529 Invested Assets/Total Assets 97.86 91.91 96.18 97.08 98.92Adjusted Loss Ratio 41.66 -7.54 54.04 5.86 -26.19 Investment Income/Total Assets 0.77 1.05 0.43 -0.22 0.46





Other Invstmts - 35.6%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Alabama - 98.8% Tennessee - 1.2% Alaska - 0.0%

Arkansas - 0.0% Arizona - 0.0% All other - 0.0%





CARE RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 33,340 11,784 13,631 17,382 20,311Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,307 4,802 4,678 4,764 4,882Washington, DC 20007-4104 Geographic Focus: National Total Liabilities 29,033 6,981 8,952 12,618 15,429

NAIC Ownership Structure: Risk Retention Group Net Income 155 535 87 27 60Tax Identification Number : 52-2395338 Revenue 1,356 1,250 3,090 6,757 1,922

Direct Premiums Written 6,124 4,802 6,186 7,517 2,514Net Premiums Written 1,225 960 5,084 6,944 2,228


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 23,749 4,323 5,570 8,526 10,215Demotech Financial Strength Rating A 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) 1,892.51 631.45 159.94 106.20 130.87S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 6.80 16.70 2.72 0.16 5.04Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.28 0.20 1.09 1.46 0.46Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor Shores Tagman Butler & Co P.A.Phone : (802) 479-7801 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Daniel L. Hafendorfer




Cash, Short-Term Investments / Liabilities 26.08 35.26 37.90 64.76 40.55Bonds: Liquid Investments/ Liabilities (%) 38.41 138.48 127.48 128.02 98.51Cash & Short-Term Investments / C&S 175.78 51.26 72.53 171.51 128.14Liabilities/ 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 116.30 598.23 314.63 186.38 109.41Cash From Underwriting ($000) -416 252 2,132 2,882 972Net Cash From Operations ($000) -574 285 1,923 3,263 1,007Underwriting Cash Flow Ratio 66.91 126.15 201.70 170.21 148.62Operating Cash Flow Ratio 90.37 138.45 218.69 164.90 149.09Unassigned Funds / Total Assets 5.69 20.30 16.64 13.54 12.17


GPW to Policyholders' Surplus3 900 --- 100 132 158NPW to Policyholders' Surplus 300 --- 20 109 146Change in Net Premiums Written 33 -33 -22 429* 37*Surplus Aid to Policyholders' Surplus 15 --- 12 6 0Two-Year Overall Operating Ratio 100 --- 59 70 92


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

306.0

72.0 78.0 85.099.0

0

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10,000

15,000

20,000

25,000

30,000

35,000

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2010Y 2011Y 2012Y 2013Y 2014Q3


84.1

46.1

87.6

100.595.4

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2.00

4.00

6.00

8.00

10.00

12.00

14.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 20.54 24.91 39.46 21.82 27.05 Gross Change in Policyholders' Surplus 50 -10 12 -3 2Net Commission Ratio -21.60 -73.45 1.38 16.37 NA Net Change in Adj Policyholders' Surplus 25 -10 12 -3 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 72 78 85Tax, License & Fees Ratio 1.88 2.92 0.42 0.14 NA Agents' Bal to Policyholders' Surplus 40 --- 8 10 15Admin & Other Expense Ratio 47.05 86.65 15.80 11.80 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -18 -9 -19Gross Premiums Written ($000)3 6,124 4,802 6,186 7,521 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -31 -26 -34Loss & Loss Adj Expense ($000) 731 337 2,070 4,776 1,344 Est Curr Resv Defi/Policyholders' Surplus 25 --- 296* 546* 98*Other Underwriting Exp Incurred ($000) 335 155 894 1,966 530 *Indicates an unusual value.Net Underwriting Gains ($000) 221 630 -9 -122 4 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 NA complements of each ratio.Effective Tax Rate 46.51 29.57 30.96 -75.53 -24.36


Admitted Assets Growth -6.36 -64.66 15.67 27.52 24.60

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -7.69 -75.95 28.23 40.94 34.39

Reinsurance Recoverable ex US Aff 21,443 21,894 19,091 14,334 6,614 Net Premiums Written Growth -11.60 -21.59 429.34 36.59 -12.24Retention Ratio (NPW/GPW) (%)3 20.00 20.00 20.00 82.18 92.32 Pre-Tax Operating Income Growth -43.38 161.30 -82.83 -94.06 -47.69Reinsurance 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 -32.14Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.06 Loss & Loss Adj Exp Reserves Growth -3.41 -81.80 28.84 53.06 32.68Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -11.60 -21.59 28.82 21.53 10.46Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 47.06 -25.42 -23.83 -17.61 -14.88

Capital & Surplus Five-year CAGR 13.50 5.81 1.97 2.06 3.81Admitted Assets Five-year CAGR 38.65 -19.04 -19.03 -14.27 -12.04




Asbestos NA NA NA NA NA Capital and Surplus 4,307 4,802 4,678 4,764 4,882 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,307 4,802 4,678 4,764 NA Combined NA NA NA NA NA ACL Risk Based Capital 1,296 1,089 933 989 NA



Loss & Loss Adj Exp Reserves Growth -3.41 -81.80 28.84 53.06 32.68 Net Realized Capital Gains Less Taxes 0 2 -5 8 -141 Yr Loss Reserve Dev / 1Y Prior C&S -2.29 -18.27 -9.02 -19.11 NA Net Chg in Unrlzd Cap Gains Less Taxes -2 -39 89 60 -104Two Yr Loss Reserve Dev Total/ PHS -11.20 -30.96 -25.58 -33.90 NA Dividends to Stockholders 0 0 -300 0 0Loss and LAE Reserves / NPE 1,892.51 631.45 159.94 106.20 130.87 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 NA Net Premiums Written / Avg C&S (%) 28.76 21.18 106.17 147.12 181.75IBNR/ Total Reserves 6.85 29.78 37.86 23.91 NA Liabilities / Capital & Surplus (%) 674.08 145.38 191.37 264.83 316.03Reserves/ Equity 551.40 90.02 119.07 178.94 NA Total Reins Recov Excl US Aff / C&S (%) 508.34 397.54 306.41 138.82 NA


156.6 166.1

220.6

250.7 240.9

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2,000

3,000

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2009Y 2010Y 2011Y 2012Y 2013Y




20.0 20.0 20.0

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CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 1,905 6,259 6,459 4,479 3,886 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 2,514Common Stocks 0 947 1,560 2,099 5,058 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -4,899 -3,841 -1,102 -573 -286Occupied Properties 0 0 0 0 0 Net Premiums Written 1,225 960 5,084 6,944 2,228Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -62 -161 2,129 324 351Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,287 1,121 2,955 6,620 1,878

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,571 2,462 3,393 8,171 6,256 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 9,475 9,667 11,412 14,750 15,199 Comm'l: Losses Paid Less Salvage 443 287 449 926 NAPremiums & Considerations Due 637 371 454 718 1,289 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 19,462 850 490 0 993 Losses Paid Less Salvage 443 287 449 926 NAAll Other Admitted Assets 3,764 895 1,274 1,914 2,830 Loss Adj Expenses Paid 439 470 374 895 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 33,340 11,784 13,631 17,382 20,311 Comm'l: Chg in Unpaid Net Losses 24 -229 455 2,407 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves -174 -191 792 549 NA

Unpaid Losses 15,987 2,965 3,419 5,826 6,693 Total Chg in Loss & LAE Reserves -151 -420 1,247 2,956 NAUnpaid Loss Adj Expenses 7,762 1,359 2,151 2,700 3,522 Losses and LAE Incurred 731 337 2,070 4,776 1,344

Loss & Loss Adj Exp Reserves 23,749 4,323 5,570 8,526 10,215 Other Underwriting Expense Incurred 335 155 894 1,966 530Unearned Premiums 3,223 484 2,613 2,937 3,676 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,021 1,010 238 546 746 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 520 619 531 605 764 Net Underwriting Gain (Loss) 221 630 -9 -122 4Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 519 546 0 5 27 Total underwriting deductions 1,066 491 2,964 6,742 1,874



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains Less Taxes 0 2 -5 8 -14Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 3Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 -14 0Unassigned Surplus 1,896 2,392 2,268 2,354 2,471 Income after cap gains (loss) before tax 290 759 125 15 48Other Including Gross Contributed 1,411 1,411 1,411 1,411 1,411 Federal & Foreign Income Taxes 135 224 39 -12 -12

Capital & Surplus 4,307 4,802 4,678 4,764 4,882 Net Income 155 535 87 27 60

Total Liabilities and C&S 33,340 11,784 13,631 17,382 20,311 Pre-tax Operating Income 290 757 130 8 62

Revenue 1,356 1,250 3,090 6,757 1,922Memo: Affiliated Investments ($000) Expenses Paid 1,166 87 1,125 3,024 NA

Bonds 0 0 0 0 0





Net Investment Income 100 69 128 139 144 Class 6 0 0 0 0 0R li d C it l G i 0 0 2 5 8Realized Capital Gains 0 0 2 -5 8Net Chg in Unrlzd Cap Gains Less Taxes 4 -2 -39 89 60Net Adm Cash & Invested Assets 10,115 9,475 9,667 11,412 14,750Affiliated Cash & Investments 0 0 0 0 0Carrying Value 4,892 3,580 6,259 6,459 5,883Preferred Stock 0 0 0 0 0Common Stock 0 0 947 1,560 2,099Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 1,803 1,360 755






Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. New York 2,176 1. Med Prof Liab 7,517 Cash/Invested Assets 79.90 25.46 29.73 55.40 41.162. California 1,558 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,258 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 452 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 424 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 0.49 -13.99 -22.20 -16.27 -3.92 All other admitted assets/Total Assets 11.29 7.60 9.35 11.01 13.93National DPW ($000) 6,928 6,124 4,802 6,186 7,517 Invested Assets/Total Assets 28.42 82.04 83.73 84.85 74.83Adjusted Loss Ratio 18.28 35.09 4.82 -17.54 9.17 Investment Income/Total Assets 0.21 1.08 1.02 0.83 0.27





Other Invstmts - 55.4%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


New York - 28.9% California - 20.7% Florida - 16.7%

Kentucky - 6.0% Texas - 5.6% All other - 21.9%





CareConcepts Ins Inc. A RRG (Purchase, NY)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

2500 Westchester Avenue NAIC Company Code : 15089 Total Assets NA NA NA 2,092 3,011Fourth Floor Business Focus : P&C Minimum NPW Policyholder Surplus NA NA NA 811 939Purchase, NY 10577-2540 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA NA 1,281 2,071

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA -36 4Tax Identification Number : 46-2358912 Revenue NA NA NA 555 324

Direct Premiums Written NA NA NA 1,467 0Net Premiums Written NA NA NA 768 0

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 555 323

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 413 1,087Demotech Financial Strength Rating A 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA 72.93S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA -1.11Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 0.95 0.00Fitch Financial Strength Rating -- -- -- --


Name : Nancy Velasquez Auditor Saslow Lufkin & Buggy LLPPhone : (303) 469-8450 Actuary Oliver Wyman Actuarial CnsltgFax : (303) 469-8450 CEO --Email : [email protected] CFO --

President Michael J. Benenson


Net Yield on Invested Assets NA NA NA NA 0.19Net Investment Income/Earned Premiums NA NA NA 0.00 0.23Return on Average Equity (C&S) NA NA NA NA 1.69Return on Avg Assets NA NA NA NA 0.46Loss and LAE Ratio NA NA NA 45.78 60.77Expense Ratio NA NA NA 46.30 NMLoss Ratio NA NA NA 22.89 65.31Combined Ratio NA NA NA 92.07 NMOperating Ratio NA NA NA 92.07 NMInvestment ratio NA NA NA 0.00 NA

Policyholder Dividend Ratio NA NA NA 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Cash, Short-Term Investments / Liabilities NA NA NA 108.87 14.79Bonds: Liquid Investments/ Liabilities (%) NA NA NA 108.87 76.27Cash & Short-Term Investments / C&S NA NA NA 172.11 32.61Liabilities/ Invested Assets NA NA NA 92.00 127.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 143.05 79.01Cash From Underwriting ($000) NA NA NA 648 99Net Cash From Operations ($000) NA NA NA 648 41Underwriting Cash Flow Ratio NA NA NA 283.79 156.49Operating Cash Flow Ratio NA NA NA 283.79 190.66Unassigned Funds / Total Assets NA NA NA -1.73 0.81


GPW to Policyholders' Surplus3 900 --- NA NA 181NPW to Policyholders' Surplus 300 --- NA NA 95Change in Net Premiums Written 33 -33 NA NA NM*Surplus Aid to Policyholders' Surplus 15 --- NA NA 0Two-Year Overall Operating Ratio 100 --- NA NA 92

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 I t t Yi ld 6 5 3 NA NA 0 0*

MSA: New York-Newark-Jersey City, NY-NJ-PA (Metro)

Distribution Channel: --

92.0

127.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010Y 2011Y 2012Y 2013Y 2014Q3


92.1

0.00.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2010Y 2011Y 2012Y 2013Y 2014Q3



UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 Investment Yield 6.5 3 NA NA 0.0*

Loss Adjustment Expense Ratio NA NA NA 22.89 -4.54 Gross Change in Policyholders' Surplus 50 -10 NA NA NM*Net Commission Ratio NA NA NA 0.41 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA NM*Salaries & Benefits Ratio NA NA NA 0.00 NA Liabilities to Liquid Assets 100 --- NA NA 92Tax, License & Fees Ratio NA NA NA 3.69 NA Agents' Bal to Policyholders' Surplus 40 --- NA NA 0Admin & Other Expense Ratio NA NA NA 42.20 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NM*Gross Premiums Written ($000)3 NA NA NA 1,467 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NM*Loss & Loss Adj Expense ($000) NA NA NA 254 196 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA 0Other Underwriting Exp Incurred ($000) NA NA NA 356 131 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA -55 -3 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 52.38 NA complements of each ratio.Effective Tax Rate NA NA NA NM NM

Pre-Tax Operating Margin NA NA NA -9.85 -0.80 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth NA NA NA NA -94.05

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA NA NM

Reinsurance Recoverable ex US Aff NA NA NA NA 0 Net Premiums Written Growth NA NA NA NA NMRetention Ratio (NPW/GPW) (%)3 NA NA NA NA 52.38 Pre-Tax Operating Income Growth NA NA NA NA NMReinsurance Recoverable/Total Excl US Aff NA NA NA NA NA Net Income Growth NA NA NA NA -92.15Nonaffiliated Reins Assumed / GPW (%) NA NA NA NA 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA NA 146.32Reinsurance Payable on Losses, LAE NA NA NA NA 0 Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA 0 Total Liabilities Five-year CAGR NA NA NA NA NA

Capital & Surplus Five-year CAGR NA NA NA NA NAAdmitted Assets Five-year CAGR NA NA NA NA NA




Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 811 939 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 811 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 171 NA

ACL RBC Ratio (%) (TAC/ACL RBC) NA NA NA 474.94 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA NA NA 237.47 NA

Loss & Loss Adj Exp Reserves Growth NA NA NA NA 146.32 Net Realized Capital Gains Less Taxes NA NA NA 0 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Chg in Unrlzd Cap Gains Less Taxes NA NA NA 0 -17Two Yr Loss Reserve Dev Total/ PHS NA NA NA 0.00 NA Dividends to Stockholders NA NA NA 0 0Loss and LAE Reserves / NPE NA NA NA NA 72.93 Stockholder Dividends/ Net Income (%) NA NA NA 0.00 0.001 Yr Loss Reserve Development / NPE NA NA NA 0.00 NA Net Premiums Written / Avg C&S (%) NA NA NA NA 0.00IBNR/ Total Reserves NA NA NA 30.66 NA Liabilities / Capital & Surplus (%) NA NA NA 158.10 220.53Reserves/ Equity NA NA NA 50.94 NA Total Reins Recov Excl US Aff / C&S (%) NA NA NA 0.00 NA


237.5

0

100

200

300

400

500

600

700

800

900

2009Y 2010Y 2011Y 2012Y 2013Y




52.4

0

200

400

600

800

1,000

1,200

1,400

1,600

2009Y 2010Y 2011Y 2012Y 2013Y




CareConcepts Ins Inc. A RRG (Purchase, NY)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds NA NA NA 0 199 Personal P&C Direct Premiums NA NA NA 0 0Preferred Stocks NA NA NA 0 60 Commercial P&C Direct Premiums NA NA NA 1,467 0Common Stocks NA NA NA 0 1,067 Accident & Health Direct Premiums NA NA NA 0 NA

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 1,467 0Real Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -698 0Occupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 768 0Income Generating Properties NA NA NA 0 0 Calculated Change in Unearned Premiums NA NA NA 213 -323Properties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 555 323

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 1,395 306 Underwriting Deductions ($000)Other Investments NA NA NA 0 0 Personal: Losses Paid Less Salvage NA NA NA 0 NASubtotals, Cash & Invested Assets NA NA NA 1,395 1,633 Comm'l: Losses Paid Less Salvage NA NA NA 0 NAPremiums & Considerations Due NA NA NA 0 291 Cmbnd A&H: Losses Paid Less Salvage NA NA NA 0 NAReinsurance Recoverable NA NA NA 508 773 Losses Paid Less Salvage NA NA NA 0 NAAll Other Admitted Assets NA NA NA 189 314 Loss Adj Expenses Paid NA NA NA 0 NASeparate & Seg Accts NA NA NA 0 0 Personal: Chg in Unpaid Net Losses NA NA NA 0 NATotal Net Admitted Assets NA NA NA 2,092 3,011 Comm'l: Chg in Unpaid Net Losses NA NA NA 127 NA

Cmbnd A&H: Chg in Unpaid Net Losses NA NA NA 0 NALiabilities Chg in Loss Adj Exp Reserves NA NA NA 127 NA

Unpaid Losses NA NA NA 206 626 Total Chg in Loss & LAE Reserves NA NA NA 254 NAUnpaid Loss Adj Expenses NA NA NA 206 462 Losses and LAE Incurred NA NA NA 254 196

Loss & Loss Adj Exp Reserves NA NA NA 413 1,087 Other Underwriting Expense Incurred NA NA NA 356 131Unearned Premiums NA NA NA 562 979 Other Underwriting Deductions NA NA NA 0 -1Total Reinsurance Liabilities NA NA NA 233 0 Net Income Protected Cells NA NA NA 0 0Commissions, Other Exp & Taxes NA NA NA 46 43 Net Underwriting Gain (Loss) NA NA NA -55 -3Payable to Parent, Subs & Affiliates NA NA NA 0 0 Dividends To Policyholders NA NA NA 0 0Other Liabilities NA NA NA 27 -38 Total underwriting deductions NA NA NA 610 326

Total Liabilities NA NA NA 1,281 2,071

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA 0 1

Common Capital Stock NA NA NA 147 215 Net Realized Capital Gains Less Taxes NA NA NA 0 0Preferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 0Surplus Notes NA NA NA 600 600 All Other Income NA NA NA 0 0Unassigned Surplus NA NA NA -36 24 Income after cap gains (loss) before tax NA NA NA -55 -3Other Including Gross Contributed NA NA NA 100 100 Federal & Foreign Income Taxes NA NA NA -19 -7

Capital & Surplus NA NA NA 811 939 Net Income NA NA NA -36 4

Total Liabilities and C&S NA NA NA 2,092 3,011 Pre-tax Operating Income NA NA NA -55 -3

Revenue NA NA NA 555 324Memo: Affiliated Investments ($000) Expenses Paid NA NA NA 310 NA

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA NA 0Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA NA 0

Net Investment Income NA NA NA NA 0 Class 6 NA NA NA NA 0R li d C it l G i NA NA NA NA 0Realized Capital Gains NA NA NA NA 0Net Chg in Unrlzd Cap Gains Less Taxes NA NA NA NA 0Net Adm Cash & Invested Assets NA NA NA NA 1,395Affiliated Cash & Investments NA NA NA NA 0Carrying Value NA NA NA NA 0Preferred Stock NA NA NA NA 0Common Stock NA NA NA NA 0Mortgage Loans Book Value NA NA NA NA 0Real Estate Book Value NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0


LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA 1.00Bonds Rated 3-6 / C&S NA NA NA 0.00 NAClass 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 0.00 12.19Common Stocks / C&S NA NA NA 0.00 113.59Unaff common stock/Invested Assets NA NA NA 0.00 65.35

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA NA 0.00 6.411. New York 1,467 1. Med Prof Liab 1,467 Cash/Invested Assets NA NA NA 100.00 18.772. Alaska 0 2. Acc & Health 0 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA 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 0.00Premiums & Cons due/Total Assets NA NA NA 0.00 9.66

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA NA 24.28 25.69

Market Share Ratio NA NA NA NA 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 9.04 10.42National DPW ($000) NA NA NA NA 1,467 Invested Assets/Total Assets NA NA NA 66.69 54.22Adjusted Loss Ratio NA NA NA NA 21.95 Investment Income/Total Assets NA NA NA 0.00 0.03





Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


New York - 100.0% Alaska - 0.0%







Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

2700 North Third Street NAIC Company Code : 11976 Total Assets 12,979 14,707 15,755 16,228 19,590Suite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 5,653 6,096 8,402 8,289 10,084Phoenix, AZ 85004-1229 Geographic Focus: National Total Liabilities 7,325 8,611 7,353 7,940 9,506

NAIC Ownership Structure: Stock Company Net Income 505 816 2,924 575 1,242Tax Identification Number : 20-1145017 Revenue 4,344 4,089 4,325 3,621 831



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,457 6,516 4,717 4,575 3,047Demotech Financial Strength Rating A 11/13/14 Affirm Loss & LAE Reserves/ NPE (%) 106.54 162.36 176.20 143.04 126.65S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.10 19.58 58.82 8.46 79.10Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.77 0.58 0.43 0.38 0.12Fitch 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 1.92Net Investment Income/Earned Premiums 5.60 7.32 6.92 6.92 9.81Return on Average Equity (C&S) 9.27 13.83 44.01 6.69 52.21Return on Avg Assets 4.34 5.84 18.96 3.66 26.36Loss and LAE Ratio 69.50 53.23 -18.79 63.44 -162.45Expense Ratio 18.77 25.12 23.27 23.97 15.11Loss Ratio 52.26 42.52 -26.22 34.77 -154.94Combined Ratio 88.27 78.35 4.48 87.41 -147.34Operating Ratio 82.67 71.04 -2.43 80.49 -157.15Investment ratio 5.60 7.32 6.92 6.92 9.81


Cash, Short-Term Investments / Liabilities 19.31 18.56 71.68 9.66 28.18Bonds: Liquid Investments/ Liabilities (%) 134.53 136.06 246.26 166.14 168.16Cash & Short-Term Investments / C&S 25.02 26.22 62.73 9.26 26.56Liabilities/ Invested Assets 74.00 73.00 56.00 61.00 59.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 138.27 148.69 219.82 230.53 337.31Cash From Underwriting ($000) 2,358 2,201 1,637 -791 508Net Cash From Operations ($000) 1,453 2,232 1,713 -1,757 519Underwriting Cash Flow Ratio 238.61 216.78 181.16 74.41 195.90Operating Cash Flow Ratio 305.93 228.98 192.35 113.77 209.58Unassigned Funds / Total Assets 23.53 23.77 36.83 35.05 38.20


GPW to Policyholders' Surplus3 900 --- 67 45 66NPW to Policyholders' Surplus 300 --- 58 43 38Change in Net Premiums Written 33 -33 -18 3 -14Surplus Aid to Policyholders' Surplus 15 --- 0 0 2Two-Year Overall Operating Ratio 100 --- 77 34 37




74.0 73.0

56.061.0 59.0

0

5,000

10,000

15,000

20,000

25,000

2010Y 2011Y 2012Y 2013Y 2014Q3


88.3 78.4

4.5

87.4

-147.3

0.00

10.00

20.00

30.00

40.00

50.00

60.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 17.24 10.72 7.43 28.67 -7.50 Gross Change in Policyholders' Surplus 50 -10 8 38 -1Net Commission Ratio 9.21 11.51 10.35 5.16 NA Net Change in Adj Policyholders' Surplus 25 -10 8 38* -1Salaries & Benefits Ratio 3.20 4.65 5.12 6.97 NA Liabilities to Liquid Assets 100 --- 73 56 61Tax, License & Fees Ratio 1.58 2.17 1.46 2.66 NA Agents' Bal to Policyholders' Surplus 40 --- 3 1 3Admin & Other Expense Ratio 4.77 6.78 6.33 9.19 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -11 -40 -10Gross Premiums Written ($000)3 4,399 4,099 3,751 5,463 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -35 -42 -47Loss & Loss Adj Expense ($000) 2,837 2,011 -710 2,152 -1,231 Est Curr Resv Defi/Policyholders' Surplus 25 --- -55 -15 -15Other Underwriting Exp Incurred ($000) 814 889 846 747 182 *Indicates an unusual value.Net Underwriting Gains ($000) 431 878 3,646 493 1,807 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 NA complements of each ratio.Effective Tax Rate 27.10 31.41 30.21 20.29 33.96



REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 31.43 17.55 -14.61 7.98 15.43

Reinsurance Recoverable ex US Aff 200 293 332 402 375 Net Premiums Written Growth 16.85 -18.42 2.78 -14.32 -27.70Retention Ratio (NPW/GPW) (%)3 97.04 98.59 86.32 96.95 57.03 Pre-Tax Operating Income Growth -70.01 75.07 238.43 -81.37 1,051.30Reinsurance Recoverable/Total Excl US Aff 25.00 24.91 25.60 25.37 -0.53 Net Income Growth -64.42 61.44 258.49 -80.33 618.79Nonaffiliated 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 NMReinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 15.01 -6.83 -8.49 45.64 43.96Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 29.87 18.91 11.58 9.44 8.39






ACL RBC Ratio (%) (TAC/ACL RBC) 821.04 933.09 1,839.90 2,315.26 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 410.52 466.54 919.95 1,157.63 NA

Loss & Loss Adj Exp Reserves Growth 55.58 19.40 -27.60 -3.02 NM Net Realized Capital Gains Less Taxes 33 35 282 -6 -11 Yr Loss Reserve Dev / 1Y Prior C&S -18.58 -11.18 -40.44 -10.50 NA Net Chg in Unrlzd Cap Gains Less Taxes 175 47 -127 -89 -105Two Yr Loss Reserve Dev Total/ PHS -53.01 -34.94 -41.82 -46.96 NA Dividends to Stockholders 0 -420 -490 -600 0Loss and LAE Reserves / NPE 106.54 162.36 176.20 143.04 126.65 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 NA Net Premiums Written / Avg C&S (%) 79.58 60.01 54.74 36.21 50.66IBNR/ Total Reserves 22.54 25.24 31.19 34.85 NA Liabilities / Capital & Surplus (%) 129.57 141.27 87.51 95.79 94.26Reserves/ Equity 96.52 106.89 56.14 55.19 NA Total Reins Recov Excl US Aff / C&S (%) 5.18 5.45 4.78 4.52 NA


631.1

410.5466.5

919.9

1,157.6

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009Y 2010Y 2011Y 2012Y 2013Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))97.0 98.6

86.396.9

57.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 6,415 7,997 7,866 10,679 9,495 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 2,474Common Stocks 1,949 2,120 0 1,411 3,812 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -62 -561 -115 -2,347 -1,269Occupied Properties 0 0 0 0 0 Net Premiums Written 4,337 3,538 3,636 3,116 1,205Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 255 -240 -145 -276 447Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,082 3,778 3,782 3,392 758

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,414 1,598 5,271 767 2,679 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 9,779 11,716 13,136 12,857 15,985 Comm'l: Losses Paid Less Salvage 370 396 487 1,520 NAPremiums & Considerations Due 228 183 84 272 478 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 0 0 45 0 Losses Paid Less Salvage 370 396 487 1,520 NAAll Other Admitted Assets 2,972 2,808 2,534 3,054 3,127 Loss Adj Expenses Paid 517 556 601 774 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 12,979 14,707 15,755 16,228 19,590 Comm'l: Chg in Unpaid Net Losses 1,763 1,210 -1,478 -341 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 186 -151 -320 198 NA

Unpaid Losses 4,133 5,343 3,865 3,524 2,188 Total Chg in Loss & LAE Reserves 1,949 1,059 -1,798 -143 NAUnpaid Loss Adj Expenses 1,323 1,172 852 1,050 859 Losses and LAE Incurred 2,837 2,011 -710 2,152 -1,231

Loss & Loss Adj Exp Reserves 5,457 6,516 4,717 4,575 3,047 Other Underwriting Expense Incurred 814 889 846 747 182Unearned Premiums 1,827 1,587 1,442 1,165 1,692 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -245 259 154 1,638 3,395 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 250 214 165 290 330 Net Underwriting Gain (Loss) 431 878 3,646 493 1,807Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 37 35 875 271 1,041 Total underwriting deductions 3,651 2,900 136 2,899 -1,049



Common Capital Stock 600 600 600 600 600 Net Realized Capital Gains Less Taxes 33 35 282 -6 -1Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 3,053 3,496 5,802 5,689 7,484 Income after cap gains (loss) before tax 693 1,189 4,190 722 1,881Other Including Gross Contributed 2,000 2,000 2,000 2,000 2,000 Federal & Foreign Income Taxes 188 374 1,266 146 639

Capital & Surplus 5,653 6,096 8,402 8,289 10,084 Net Income 505 816 2,924 575 1,242

Total Liabilities and C&S 12,979 14,707 15,755 16,228 19,590 Pre-tax Operating Income 660 1,155 3,908 728 1,882


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 5,407 6,492 7,997 12,837 9,672Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 1,340All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 217 228 276 262 235 Class 6 0 0 0 0 0R li d C it l G i 54 33 35 282 6Realized Capital Gains -54 33 35 282 -6Net Chg in Unrlzd Cap Gains Less Taxes 118 175 47 -127 -89Net Adm Cash & Invested Assets 8,030 9,779 11,716 13,136 12,857Affiliated Cash & Investments 0 0 0 0 0Carrying Value 5,407 6,492 7,997 12,837 11,013Preferred Stock 0 0 0 0 0Common Stock 1,036 1,949 2,120 0 1,411Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 0 0 0 783 4,748Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 2,424 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Arizona 2,625 1. Med Prof Liab 5,463 Cash/Invested Assets 14.46 13.64 40.12 5.97 16.762. Texas 2,081 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 597 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 160 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alaska 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 76.29 18.13 10.26 10.60 11.48 All other admitted assets/Total Assets 22.90 19.09 16.09 18.82 15.96National DPW ($000) 3,825 4,399 4,099 3,751 5,463 Invested Assets/Total Assets 75.34 79.66 83.38 79.23 81.60Adjusted Loss Ratio 22.23 50.76 48.23 -25.22 28.29 Investment Income/Total Assets 1.76 1.88 1.66 1.45 0.38





Other Invstmts - 6.0%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Arizona - 48.1% Texas - 38.1% Florida - 10.9%

Michigan - 2.9% Alaska - 0.0% All other - 0.0%





Charitable Svc Prvdrs Recpl (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

3877 North Seventh Street NAIC Company Code : 12167 Total Assets 3,257 3,521 3,779 3,396 3,494Suite 280 Business Focus : P&C Minimum NPW Policyholder Surplus 2,899 3,244 3,430 2,790 2,704Phoenix, AZ 85014-5074 Geographic Focus: Geography Minimum NPW Total Liabilities 358 277 349 606 789

NAIC Ownership Structure: Risk Retention Group Net Income 683 579 573 302 74Tax Identification Number : 20-8095873 Revenue 1,129 1,028 1,021 995 241

Direct Premiums Written 1,327 1,338 1,088 1,106 0Net Premiums Written 1,048 916 898 861 -17

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 1,048 916 898 861 216

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 325 206 210 382 397Demotech Financial Strength Rating A 11/14/14 Affirm Loss & LAE Reserves/ NPE (%) 32.07 46.71 26.78 38.43 44.30S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 26.87 18.55 16.34 9.47 11.62Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.36 0.28 0.26 0.31 -0.01Fitch Financial Strength Rating -- -- -- --


Name : Jerry Messick Auditor Brown Smith Wallace LLCPhone : (405) 550-2651 Actuary Milliman Inc.Fax : (405) 550-2651 CEO --Email : [email protected] CFO --

President David Barger Ellis


Net Yield on Invested Assets 2.19 1.92 1.65 1.83 1.72Net Investment Income/Earned Premiums 6.42 7.53 6.79 7.03 6.57Return on Average Equity (C&S) 27.39 20.01 17.65 10.94 11.07Return on Avg Assets 20.65 15.40 14.51 8.43 8.34Loss and LAE Ratio 5.17 15.01 4.06 28.82 22.70Expense Ratio 37.30 33.99 43.58 47.79 NMLoss Ratio 0.96 9.20 1.36 16.97 -6.38Combined Ratio 42.47 49.00 47.64 76.61 NMOperating Ratio 36.05 41.47 40.85 69.58 NMInvestment ratio 6.42 7.53 6.79 7.03 NA


Cash, Short-Term Investments / Liabilities 41.13 69.80 49.44 13.54 29.02Bonds: Liquid Investments/ Liabilities (%) 836.86 NM 990.34 515.90 412.51Cash & Short-Term Investments / C&S 5.08 5.95 5.03 2.94 8.47Liabilities/ Invested Assets 12.00 8.00 10.00 19.00 24.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 958.58 1,714.21 1,696.73 894.64 534.18Cash From Underwriting ($000) 559 538 245 456 -186Net Cash From Operations ($000) 648 651 333 548 -161Underwriting Cash Flow Ratio 228.17 196.59 155.89 206.03 -58.69Operating Cash Flow Ratio 228.17 196.59 160.25 210.30 -51.44Unassigned Funds / Total Assets 78.90 82.80 82.06 72.47 67.99


GPW to Policyholders' Surplus3 900 --- 41 32 40NPW to Policyholders' Surplus 300 --- 28 26 31Change in Net Premiums Written 33 -33 -13 -2 -4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 39 41 55



Distribution Channel: Independent Agency

12.0

8.010.0

19.0

24.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010Y 2011Y 2012Y 2013Y 2014Q3


42.549.0 47.6

76.6

0.00.00

5.00

10.00

15.00

20.00

25.00

30.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 4.22 5.81 2.69 11.84 29.08 Gross Change in Policyholders' Surplus 50 -10 12 6 -19*Net Commission Ratio 0.00 0.00 -0.13 -0.09 NA Net Change in Adj Policyholders' Surplus 25 -10 12 6 -19*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 8 10 19Tax, License & Fees Ratio 5.35 1.72 1.57 1.80 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 31.94 32.27 42.14 46.08 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -1 -6 2Gross Premiums Written ($000)3 1,327 1,338 1,088 1,106 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -4 -2 -6Loss & Loss Adj Expense ($000) 54 138 36 248 49 Est Curr Resv Defi/Policyholders' Surplus 25 --- 1 -2 -9Other Underwriting Exp Incurred ($000) 391 311 391 411 104 *Indicates an unusual value.Net Underwriting Gains ($000) 603 467 470 201 64 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 78.98 68.49 82.50 77.80 NA complements of each ratio.Effective Tax Rate 0.00 0.00 3.38 9.78 16.30


Admitted Assets Growth 32.46 8.11 7.35 -10.15 -14.34

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 4.81 -22.73 26.18 73.53 -74.62

Reinsurance Recoverable ex US Aff 132 120 148 107 289 Net Premiums Written Growth -4.04 -12.59 -2.05 -4.11 NMRetention Ratio (NPW/GPW) (%)3 81.00 78.98 68.49 82.50 77.80 Pre-Tax Operating Income Growth -4.28 -20.01 -1.01 -50.68 NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth -4.24 -15.34 -0.89 -47.26 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 3.48 -36.70 2.07 81.66 29.03Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -1.59 0.80 -18.69 1.69 NAReinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -6.28 1.14 -0.37 12.80 9.32






ACL RBC Ratio (%) (TAC/ACL RBC) 1,878.52 2,485.35 2,069.33 1,539.97 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 939.26 1,242.68 1,034.66 769.99 NA

Loss & Loss Adj Exp Reserves Growth 3.48 -36.70 2.07 81.66 29.03 Net Realized Capital Gains Less Taxes 13 42 63 73 111 Yr Loss Reserve Dev / 1Y Prior C&S -6.76 -0.93 -5.52 1.72 NA Net Chg in Unrlzd Cap Gains Less Taxes 98 57 48 17 -36Two Yr Loss Reserve Dev Total/ PHS -12.68 -3.87 -2.13 -5.61 NA Dividends to Stockholders 0 -290 -324 -959 0Loss and LAE Reserves / NPE 32.07 46.71 26.78 38.43 44.30 Stockholder Dividends/ Net Income (%) 0.00 50.10 56.57 316.98 0.001 Yr Loss Reserve Development / NPE -13.64 -2.95 -19.94 6.85 NA Net Premiums Written / Avg C&S (%) 42.02 31.70 27.62 31.13 -2.46IBNR/ Total Reserves 43.17 65.78 57.89 38.59 NA Liabilities / Capital & Surplus (%) 12.35 8.53 10.17 21.71 29.19Reserves/ Equity 11.21 6.34 6.12 13.67 NA Total Reins Recov Excl US Aff / C&S (%) 4.14 4.56 3.12 10.36 NA


958.9 939.3

1,242.7

1,034.7

770.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013Y




81.0 79.0

68.5

82.577.8

0

200

400

600

800

1,000

1,200

1,400

1,600

2009Y 2010Y 2011Y 2012Y 2013Y




Charitable Svc Prvdrs Recpl (Phoenix, AZ)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 2,386 2,512 2,605 2,283 2,278 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,327 1,338 1,088 1,106 0Common Stocks 462 674 679 759 750 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -279 -422 -190 -246 -17Occupied Properties 0 0 0 0 0 Net Premiums Written 1,048 916 898 861 -17Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 -233Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,048 916 898 861 216

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 147 193 173 82 229 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 2,996 3,379 3,456 3,124 3,256 Comm'l: Losses Paid Less Salvage 1 195 1 0 NAPremiums & Considerations Due 0 0 0 0 0 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 215 56 250 224 148 Losses Paid Less Salvage 1 195 1 0 NAAll Other Admitted Assets 46 86 73 47 90 Loss Adj Expenses Paid 43 62 31 76 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 3,257 3,521 3,779 3,396 3,494 Comm'l: Chg in Unpaid Net Losses 9 -111 11 146 NA


Unpaid Losses 246 135 147 292 270 Total Chg in Loss & LAE Reserves 11 -119 4 172 NAUnpaid Loss Adj Expenses 79 70 63 89 127 Losses and LAE Incurred 54 138 36 248 49

Loss & Loss Adj Exp Reserves 325 206 210 382 397 Other Underwriting Expense Incurred 391 311 391 411 104Unearned Premiums 0 0 0 0 213 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 23 53 19 76 30 Net Underwriting Gain (Loss) 603 467 470 201 64Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 10 17 120 148 150 Total underwriting deductions 445 449 428 659 153

Total Liabilities 358 277 349 606 789


Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 13 42 63 73 11Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 125 125 125 125 125 All Other Income 0 0 0 0 0Unassigned Surplus 2,570 2,915 3,101 2,461 2,375 Income after cap gains (loss) before tax 683 579 593 335 89Other Including Gross Contributed 204 204 204 204 204 Federal & Foreign Income Taxes 0 0 20 33 14


Total Liabilities and C&S 3,257 3,521 3,779 3,396 3,494 Pre-tax Operating Income 670 536 531 262 78

Revenue 1,129 1,028 1,021 995 241Memo: Affiliated Investments ($000) Expenses Paid 436 343 458 443 NA

Bonds 0 0 0 0 0





Net Investment Income 32 67 69 61 61 Class 6 0 0 0 0 0R li d C it l G i 13 13 42 63 73Realized Capital Gains 13 13 42 63 73Net Chg in Unrlzd Cap Gains Less Taxes 44 98 57 48 17Net Adm Cash & Invested Assets 2,269 2,996 3,379 3,456 3,124Affiliated Cash & Investments 0 0 0 0 0Carrying Value 1,737 2,386 2,512 2,605 2,283Preferred Stock 0 0 0 0 0Common Stock 344 462 674 679 759Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0







LT Bond 2,283 2,283 2,276 2,121 8,963Common Stock 759 759 574 -- 2,093Preferred Stock 0 0 0 -- 0Total 3,042 3,042 2,850 2,121 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Arizona 725 1. Med Prof Liab 1,106 Cash/Invested Assets 4.91 5.71 4.99 2.62 7.042. Colorado 381 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alabama 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arkansas 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 0.68 174.09 0.45 -4.65 -3.67 All other admitted assets/Total Assets 1.41 2.43 1.93 1.39 2.57National DPW ($000) 1,349 1,327 1,338 1,088 1,106 Invested Assets/Total Assets 91.99 95.98 91.45 92.01 93.20Adjusted Loss Ratio 6.04 0.13 14.49 0.45 27.86 Investment Income/Total Assets 2.07 1.96 1.61 1.78 0.41





Other Invstmts - 2.6%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Arizona - 65.5% Colorado - 34.5% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0% All other - 0.0%





Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

18835 North Thompson Peak Parkway NAIC Company Code : 14388 Total Assets NA NA 4,775 9,365 13,572Suite 210 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus NA NA 1,512 2,103 2,606Scottsdale, AZ 85255-6254 Geographic Focus: National Total Liabilities NA NA 3,263 7,262 10,966

NAIC Ownership Structure: Stock Company Net Income NA NA -133 672 316Tax Identification Number : 45-5591447 Revenue NA NA 937 4,507 953

Direct Premiums Written NA NA 3,964 5,433 4,614Net Premiums Written NA NA 2,806 4,240 4,614

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA 937 4,486 946

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA 710 4,185 6,312Demotech Financial Strength Rating A 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA 52.36 161.34S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA 61.32 159.43Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA 1.86 2.02 1.77Fitch Financial Strength Rating -- -- -- --


Name : Andrew Scott Marson Auditor Saslow Lufkin & Buggy LLPPhone : (480) 682-4983 Actuary Walter Haner & Assoc. Inc.Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Michael Walter Gregory


Net Yield on Invested Assets NA NA NA 0.16 0.48Net Investment Income/Earned Premiums NA NA 0.06 0.10 0.79Return on Average Equity (C&S) NA NA NA 40.34 54.69Return on Avg Assets NA NA NA 10.36 11.08Loss and LAE Ratio NA NA 75.91 79.72 78.28Expense Ratio NA NA 7.66 -2.52 -15.36Loss Ratio NA NA 37.12 36.72 96.28Combined Ratio NA NA 83.57 77.20 62.92Operating Ratio NA NA 83.52 77.09 62.14Investment ratio NA NA 0.06 0.10 0.79

Policyholder Dividend Ratio NA NA 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Cash, Short-Term Investments / Liabilities NA NA 34.18 15.05 9.11Bonds: Liquid Investments/ Liabilities (%) NA NA 79.93 69.16 62.01Cash & Short-Term Investments / C&S NA NA 73.78 51.97 38.34Liabilities/ Invested Assets NA NA 172.00 180.00 181.00Affiliated Investments / Capital & Surplus NA NA 0.00 0.00 0.00Reserve coverage2 NA NA 86.76 71.96 57.28Cash From Underwriting ($000) NA NA 691 2,570 -96Net Cash From Operations ($000) NA NA 540 2,065 -172Underwriting Cash Flow Ratio NA NA 880.13 2,022.43 35.99Operating Cash Flow Ratio NA NA 1,049.38 2,411.35 96.66Unassigned Funds / Total Assets NA NA 0.25 6.44 8.15


GPW to Policyholders' Surplus3 900 --- NA 262 258NPW to Policyholders' Surplus 300 --- NA 186 202Change in Net Premiums Written 33 -33 NA NM* 51*Surplus Aid to Policyholders' Surplus 15 --- NA 0 0Two-Year Overall Operating Ratio 100 --- NA 84 81

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 I t t Yi ld 6 5 3 NA 0 1* 0 2*



172.0

180.0181.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010Y 2011Y 2012Y 2013Y 2014Q3


83.677.2

62.9

0.00

10.00

20.00

30.00

40.00

50.00

60.00

2010Y 2011Y 2012Y 2013Y 2014Q3



UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 Investment Yield 6.5 3 NA 0.1* 0.2*

Loss Adjustment Expense Ratio NA NA 38.79 43.00 -17.99 Gross Change in Policyholders' Surplus 50 -10 NA NM* 50*Net Commission Ratio NA NA 0.83 1.69 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NM* 50*Salaries & Benefits Ratio NA NA 0.00 0.00 NA Liabilities to Liquid Assets 100 --- NA 172* 180*Tax, License & Fees Ratio NA NA 1.87 4.34 NA Agents' Bal to Policyholders' Surplus 40 --- NA 171* 145*Admin & Other Expense Ratio NA NA 4.96 -8.56 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NM* 18Gross Premiums Written ($000)3 NA NA 3,964 5,433 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NM* NM*Loss & Loss Adj Expense ($000) NA NA 711 3,576 740 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA 0 20Other Underwriting Exp Incurred ($000) NA NA 215 493 133 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA 11 1,017 914 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA 70.78 78.05 NA complements of each ratio.Effective Tax Rate NA NA NM 35.28 65.70

Pre-Tax Operating Margin NA NA 1.19 22.75 96.71 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth NA NA NA 96.13 186.40

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA 122.54 205.94

Reinsurance Recoverable ex US Aff NA NA NA 345 674 Net Premiums Written Growth NA NA NA 51.13 -11.56Retention Ratio (NPW/GPW) (%)3 NA NA NA 70.78 78.05 Pre-Tax Operating Income Growth NA NA NA NM 244.47Reinsurance Recoverable/Total Excl US Aff NA NA NA 0.00 0.00 Net Income Growth NA NA NA NM NMNonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA 489.43 28.48Reinsurance Payable on Losses, LAE NA NA NA 0 0 Direct Premiums Written Growth NA NA NA 37.05 -11.56Reinsurance on Known Case Reserves NA NA NA 0 0 Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA 1,512 2,103 2,606 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 1,512 2,103 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 157 570 NA



Loss & Loss Adj Exp Reserves Growth NA NA NA 489.43 28.48 Net Realized Capital Gains Less Taxes NA NA 0 17 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA 16.54 NA Net Chg in Unrlzd Cap Gains Less Taxes NA NA 0 24 -30Two Yr Loss Reserve Dev Total/ PHS NA NA 0.00 0.00 NA Dividends to Stockholders NA NA 0 0 0Loss and LAE Reserves / NPE NA NA NA 52.36 161.34 Stockholder Dividends/ Net Income (%) NA NA 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA NA 0.00 5.57 NA Net Premiums Written / Avg C&S (%) NA NA NA 254.59 798.19IBNR/ Total Reserves NA NA 36.24 41.74 NA Liabilities / Capital & Surplus (%) NA NA 215.83 345.25 420.81Reserves/ Equity NA NA 46.96 198.95 NA Total Reins Recov Excl US Aff / C&S (%) NA NA 22.82 32.04 NA


482.3

184.5

0

500

1,000

1,500

2,000

2,500

2009Y 2010Y 2011Y 2012Y 2013Y




70.8

78.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds NA NA 411 2,389 3,959 Personal P&C Direct Premiums NA NA 0 0 0Preferred Stocks NA NA 0 0 0 Commercial P&C Direct Premiums NA NA 3,964 5,433 4,614Common Stocks NA NA 366 555 1,105 Accident & Health Direct Premiums NA NA 0 0 NA

First Lien Real Estate Loans NA NA 0 0 0 Direct Premiums Written NA NA 3,964 5,433 4,614Real Estate Loans Less First Liens NA NA 0 0 0

Total Mortgage Loans NA NA 0 0 0 Net Reinsurance Premiums5 NA NA -1,158 -1,192 0Occupied Properties NA NA 0 0 0 Net Premiums Written NA NA 2,806 4,240 4,614Income Generating Properties NA NA 0 0 0 Calculated Change in Unearned Premiums NA NA 1,869 -245 3,669Properties for Sale NA NA 0 0 0 Net Premiums Earned NA NA 937 4,486 946

Total Real Estate NA NA 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA 1,115 1,093 999 Underwriting Deductions ($000)Other Investments NA NA 0 -16 -24 Personal: Losses Paid Less Salvage NA NA 0 0 NASubtotals, Cash & Invested Assets NA NA 1,893 4,020 6,039 Comm'l: Losses Paid Less Salvage NA NA 0 25 NAPremiums & Considerations Due NA NA 2,582 3,586 4,616 Cmbnd A&H: Losses Paid Less Salvage NA NA 0 0 NAReinsurance Recoverable NA NA 0 1,281 2,262 Losses Paid Less Salvage NA NA 0 25 NAAll Other Admitted Assets NA NA 300 478 656 Loss Adj Expenses Paid NA NA 363 1,929 NASeparate & Seg Accts NA NA 0 0 0 Personal: Chg in Unpaid Net Losses NA NA 0 0 NATotal Net Admitted Assets NA NA 4,775 9,365 13,572 Comm'l: Chg in Unpaid Net Losses NA NA 348 1,622 NA

Cmbnd A&H: Chg in Unpaid Net Losses NA NA 0 0 NALiabilities Chg in Loss Adj Exp Reserves NA NA 0 0 NA

Unpaid Losses NA NA 348 2,042 3,757 Total Chg in Loss & LAE Reserves NA NA 348 1,622 NAUnpaid Loss Adj Expenses NA NA 362 2,143 2,555 Losses and LAE Incurred NA NA 711 3,576 740

Loss & Loss Adj Exp Reserves NA NA 710 4,185 6,312 Other Underwriting Expense Incurred NA NA 215 493 133Unearned Premiums NA NA 1,869 2,339 4,230 Other Underwriting Deductions NA NA 0 -600 -842Total Reinsurance Liabilities NA NA 557 607 142 Net Income Protected Cells NA NA 0 0 0Commissions, Other Exp & Taxes NA NA 128 131 106 Net Underwriting Gain (Loss) NA NA 11 1,017 914Payable to Parent, Subs & Affiliates NA NA 0 0 0 Dividends To Policyholders NA NA 0 0 0Other Liabilities NA NA 0 0 176 Total underwriting deductions NA NA 926 3,469 31

Total Liabilities NA NA 3,263 7,262 10,966

Income ($000)Total Capital and Surplus Net Investment Income NA NA 1 5 7

Common Capital Stock NA NA 1,500 1,500 1,500 Net Realized Capital Gains Less Taxes NA NA 0 17 0Preferred Capital Stock NA NA 0 0 0 Finance Service Charges NA NA 0 0 0Surplus Notes NA NA 0 0 0 All Other Income NA NA 0 0 0Unassigned Surplus NA NA 12 603 1,106 Income after cap gains (loss) before tax NA NA 11 1,038 922Other Including Gross Contributed NA NA 0 0 0 Federal & Foreign Income Taxes NA NA 144 366 606

Capital & Surplus NA NA 1,512 2,103 2,606 Net Income NA NA -133 672 316

Total Liabilities and C&S NA NA 4,775 9,365 13,572 Pre-tax Operating Income NA NA 11 1,021 922

Revenue NA NA 937 4,507 953Memo: Affiliated Investments ($000) Expenses Paid NA NA 578 2,422 NA

Bonds NA NA 0 0 0

Preferred Stocks NA NA 0 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA 0 0 0 Investment GradeMortgage Loans NA NA 0 0 0 Class 1 NA NA NA 1,127 3,375Cash & Short Term Investments NA NA 0 0 0 Class 2 NA NA NA 0 0All Other Investments NA NA 0 0 0 Non - Investment Grade

Total Affiliated Investments NA NA 0 0 0 Class 3 NA NA NA 0 0Class 4 NA NA NA 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA 0 0

Net Investment Income NA NA NA 1 5 Class 6 NA NA NA 0 0R li d C it l G i NA NA NA 0 17Realized Capital Gains NA NA NA 0 17Net Chg in Unrlzd Cap Gains Less Taxes NA NA NA 0 24Net Adm Cash & Invested Assets NA NA NA 1,893 4,020Affiliated Cash & Investments NA NA NA 0 0Carrying Value NA NA NA 1,127 3,375Preferred Stock NA NA NA 0 0Common Stock NA NA NA 366 555Mortgage Loans Book Value NA NA NA 0 0Real Estate Book Value NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 0.00Privately Placed Bonds / C&S (%) NA NA NA 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA 0 0Issued Political Subdivisions ($000) NA NA NA 0 0Issued State Rev Obligations ($000) NA NA NA 0 0Issued Industrial Development ($000) NA NA NA 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA 1.00 1.00 1.00Bonds Rated 3-6 / C&S NA NA 0.00 0.00 NAClass 5 and 6 Bonds / C&S NA NA 0.00 0.00 0.00Bonds/Invested Assets NA NA 21.74 59.42 65.56Common Stocks / C&S NA NA 24.19 26.37 42.41Unaff common stock/Invested Assets NA NA 19.33 13.80 18.30

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA 0.00 0.00 0.001. Tennessee 497 1. Med Prof Liab 5,433 Cash/Invested Assets NA NA 58.94 27.19 16.552. New Jersey 460 2. Acc & Health 0 Mortgage & Real Estate / C&S NA NA 0.00 0.00 0.003. Delaware 378 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Pennsylvania 349 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA 0.00 0.00 0.005. Arizona 343 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA 0.00 0.00 0.00

All Other 3,407 All Other 0 Other Investments/Invested Assets NA NA 0.00 -0.41 -0.40Premiums & Cons due/Total Assets NA NA 54.08 38.29 34.01

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA 0.00 13.68 16.66

Market Share Ratio NA NA NA 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA 6.28 5.11 4.83National DPW ($000) NA NA NA 3,964 5,433 Invested Assets/Total Assets NA NA 39.63 42.93 44.49Adjusted Loss Ratio NA NA NA 31.39 33.36 Investment Income/Total Assets NA NA 0.01 0.05 0.05





Other Invstmts - 26.8%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Tennessee - 9.1% New Jersey - 8.5%

Delaware - 7.0% Pennsylvania - 6.4%






Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

2386 Airport Road NAIC Company Code : 10075 Total Assets 6,252 5,674 5,365 5,369 5,150Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,589 3,405 3,373 3,305 3,179

Geographic Focus: Geography Minimum NPW Total Liabilities 2,664 2,269 1,992 2,063 1,971NAIC Ownership Structure: Risk Retention Group Net Income 13 -64 15 -52 -34Tax Identification Number : 03-0310577 Revenue 902 804 692 571 149

Direct Premiums Written 1,326 1,166 944 1,226 156Net Premiums Written 616 561 405 493 79

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 679 602 496 443 135

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 1,636Demotech Financial Strength Rating A 11/19/14 Affirm Loss & LAE Reserves/ NPE (%) 368.61 347.05 360.71 375.62 301.75S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -1.39 -7.21 -3.90 -6.27 -6.93Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.17 0.16 0.12 0.15 0.02Fitch 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 1.02Net Investment Income/Earned Premiums 20.95 13.79 10.22 10.62 8.69Return on Average Equity (C&S) 0.36 -1.84 0.44 -1.58 -4.22Return on Avg Assets 0.19 -1.05 0.27 -0.96 -2.57Loss and LAE Ratio 45.50 60.07 29.08 45.26 65.39Expense Ratio 91.28 102.30 131.91 100.88 144.11Loss Ratio 17.09 -50.18 22.51 -31.81 36.22Combined Ratio 136.78 162.37 160.99 146.14 209.50Operating Ratio 115.83 148.58 150.78 135.52 200.81Investment ratio 20.95 13.79 10.22 10.62 8.69


Cash, Short-Term Investments / Liabilities 53.40 67.35 66.76 75.04 81.63Bonds: Liquid Investments/ Liabilities (%) 261.92 277.99 272.92 282.01 251.03Cash & Short-Term Investments / C&S 39.64 44.87 39.43 46.84 50.63Liabilities/ 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 344.04 364.60 377.08 358.13 251.06Cash From Underwriting ($000) -418 -833 -780 124 -183Net Cash From Operations ($000) -143 -696 -697 204 -164Underwriting Cash Flow Ratio 60.06 41.83 34.91 137.77 38.78Operating Cash Flow Ratio 50.04 41.83 34.91 137.10 38.78Unassigned Funds / Total Assets 48.96 52.93 55.90 54.85 54.91


GPW to Policyholders' Surplus3 900 --- 34 28 37NPW to Policyholders' Surplus 300 --- 16 12 15Change in Net Premiums Written 33 -33 -9 -28 22Surplus Aid to Policyholders' Surplus 15 --- 2 2 2Two-Year Overall Operating Ratio 100 --- 131* 149* 141*


MSA: Barre, VT (Micro)

Distribution Channel: General Agnt/Managing General Agnt

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 2014Q3


136.8

162.4 161.0146.1

209.5

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 28.41 110.25 6.58 77.07 29.17 Gross Change in Policyholders' Surplus 50 -10 -5 -1 -2Net Commission Ratio 18.07 18.16 20.15 14.04 NA Net Change in Adj Policyholders' Surplus 25 -10 -2 0 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 45 45 45Tax, License & Fees Ratio 4.09 14.18 10.65 6.45 NA Agents' Bal to Policyholders' Surplus 40 --- 2 2 4Admin & Other Expense Ratio 69.12 69.96 101.11 80.40 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -12 -5 -3Gross Premiums Written ($000)3 1,326 1,166 944 1,226 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -19 -10 -7Loss & Loss Adj Expense ($000) 309 362 144 201 88 Est Curr Resv Defi/Policyholders' Surplus 25 --- -9 -10 -11Other Underwriting Exp Incurred ($000) 562 574 534 498 114 *Indicates an unusual value.Net Underwriting Gains ($000) -192 -334 -182 -255 -67 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 NA 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 -37.90 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth -7.68 -9.25 -5.45 0.07 -16.36

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -14.87 -14.83 -12.19 3.57 -32.74

Reinsurance Recoverable ex US Aff 8,357 2,565 2,734 2,604 2,212 Net Premiums Written Growth -3.83 -8.86 -27.89 21.91 8.30Retention Ratio (NPW/GPW) (%)3 42.06 46.41 48.13 42.87 40.24 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 -15.70 -11.86 -9.87 -0.68 5.27Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -12.84 -12.11 -19.05 29.87 0.72Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -1.38 -6.24 -8.93 -9.54 -11.03

Capital & Surplus Five-year CAGR -0.98 -2.83 -3.81 -1.58 -2.25Admitted Assets Five-year CAGR -1.15 -4.28 -5.91 -5.13 -6.22







Loss & Loss Adj Exp Reserves Growth -15.70 -11.86 -9.87 -0.68 5.27 Net Realized Capital Gains Less Taxes 81 119 146 81 21 Yr Loss Reserve Dev / 1Y Prior C&S -11.25 -11.93 -4.79 -3.08 NA Net Chg in Unrlzd Cap Gains Less Taxes 25 6 -42 -3 -10Two Yr Loss Reserve Dev Total/ PHS -7.15 -18.99 -10.14 -7.21 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 368.61 347.05 360.71 375.62 301.75 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 NA Net Premiums Written / Avg C&S (%) 17.18 16.13 12.02 14.88 9.87IBNR/ Total Reserves 45.30 19.52 23.29 9.41 NA Liabilities / Capital & Surplus (%) 74.23 66.62 59.07 62.42 62.02Reserves/ Equity 57.55 53.46 48.65 49.30 NA Total Reins Recov Excl US Aff / C&S (%) 71.48 80.29 77.21 66.92 NA


319.8

456.1 438.7464.3

496.9

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013Y




42.1

46.4

48.1

42.9

40.2

0

200

400

600

800

1,000

1,200

1,400

1,600

2009Y 2010Y 2011Y 2012Y 2013Y




Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 3,218 2,608 2,497 2,320 2,117 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 156Common Stocks 1,095 884 567 705 852 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,326 1,166 944 1,226 156Real 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 -77Occupied Properties 0 0 0 0 0 Net Premiums Written 616 561 405 493 79Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -63 -41 -92 50 -56Properties for Sale 0 0 0 0 0 Net Premiums Earned 679 602 496 443 135

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,422 1,528 1,330 1,548 1,609 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 5,735 5,020 4,393 4,573 4,579 Comm'l: Losses Paid Less Salvage 343 255 260 38 NAPremiums & Considerations Due 100 76 51 131 50 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 171 299 646 258 180 Losses Paid Less Salvage 343 255 260 38 NAAll Other Admitted Assets 247 278 275 406 342 Loss Adj Expenses Paid 351 352 64 174 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 6,252 5,674 5,365 5,369 5,150 Comm'l: Chg in Unpaid Net Losses -227 -557 -148 -179 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves -158 312 -31 168 NA

Unpaid Losses 1,112 555 407 228 283 Total Chg in Loss & LAE Reserves -385 -245 -180 -11 NAUnpaid Loss Adj Expenses 953 1,265 1,234 1,401 1,353 Losses and LAE Incurred 309 362 144 201 88

Loss & Loss Adj Exp Reserves 2,065 1,820 1,641 1,629 1,636 Other Underwriting Expense Incurred 562 574 534 498 114Unearned Premiums 347 306 215 265 188 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 22 36 25 63 15 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 229 106 111 105 132 Net Underwriting Gain (Loss) -192 -334 -182 -255 -67Payable 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 871 936 678 698 202



Common Capital Stock 39 38 36 36 36 Net Realized Capital Gains Less Taxes 81 119 146 81 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 3,061 3,003 2,999 2,945 2,828 Income after cap gains (loss) before tax 31 -132 14 -127 -53Other Including Gross Contributed 489 364 338 325 315 Federal & Foreign Income Taxes 18 -68 -1 -74 -19

Capital & Surplus 3,589 3,405 3,373 3,305 3,179 Net Income 13 -64 15 -52 -34

Total Liabilities and C&S 6,252 5,674 5,365 5,369 5,150 Pre-tax Operating Income -50 -251 -131 -208 -55

Revenue 902 804 692 571 149Memo: Affiliated Investments ($000) Expenses Paid 948 1,063 603 683 NA

Bonds 0 0 0 0 0





Net Investment Income 154 142 83 51 47 Class 6 0 0 0 0 0R li d C it l G i 134 81 119 146 81Realized Capital Gains -134 81 119 146 81Net Chg in Unrlzd Cap Gains Less Taxes 297 25 6 -42 -3Net Adm Cash & Invested Assets 5,922 5,735 5,020 4,393 4,573Affiliated Cash & Investments 0 0 0 0 0Carrying Value 4,095 4,459 3,894 3,541 3,566Preferred Stock 0 0 0 0 0Common Stock 1,535 1,095 884 567 705Mortgage 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. Colorado 327 1. Oth, Prod Liab Cmbnd 1,226 Cash/Invested Assets 24.80 30.44 30.27 33.86 35.152. Wisconsin 213 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Illinois 122 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 69 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 69 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -5.18 -7.86 -14.45 -17.25 -10.13 All other admitted assets/Total Assets 3.95 4.91 5.12 7.57 6.64National DPW ($000) 1,522 1,326 1,166 944 1,226 Invested Assets/Total Assets 91.73 88.48 81.89 85.18 88.91Adjusted Loss Ratio 299.57 3.04 -53.59 -103.26 -31.30 Investment Income/Total Assets 2.27 1.46 0.94 0.88 0.23





Other Invstmts - 33.9%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Colorado - 26.7% Wisconsin - 17.4%

Illinois - 9.9% Texas - 5.7%

California - 5.6% All other - 34.7%





Continuing Care RRG Inc. (Charleston, SC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

BB&T Plaza NAIC Company Code : 11798 Total Assets 3,635 4,595 3,695 4,383 5,345234 Seven Farms Drive, Suite 215 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,561 3,365 2,937 2,855 2,156Charleston, SC 29492-8109 Geographic Focus: Regional - Western Quadrant Total Liabilities 1,074 1,230 758 1,528 3,189

NAIC Ownership Structure: Risk Retention Group Net Income -1,329 787 -451 -217 -804Tax Identification Number : 20-0221911 Revenue 5,218 3,890 2,733 3,226 294

Direct Premiums Written 5,820 4,276 3,209 3,383 -84Net Premiums Written 5,216 3,887 2,732 3,227 -79


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 412 535 98 13 1,513Demotech Financial Strength Rating A 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) 32.21 39.99 37.20 21.73 97.79S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -49.34 23.31 -18.47 -7.10 -190.52Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.04 1.16 0.93 1.13 -0.04Fitch Financial Strength Rating -- -- -- --


Name : Katie Gray Auditor Shores Tagman Butler & Co P.A.Phone : (800) 226-0793 Actuary Milliman Inc.Fax : (941) 906-7538 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 0.01 0.03 -0.08 -0.08 -0.01Net Investment Income/Earned Premiums 0.00 0.02 -0.05 -0.02 -0.02Return on Average Equity (C&S) -43.40 26.80 -14.71 -7.28 -126.09Return on Avg Assets -19.31 14.20 -8.78 -4.26 -56.32Loss and LAE Ratio 89.41 39.25 55.43 77.24 385.72Expense Ratio 39.61 43.19 65.35 29.30 NMLoss Ratio 69.06 21.20 45.78 47.53 318.69Combined Ratio 129.02 82.44 120.77 106.54 NMOperating Ratio 129.02 82.42 120.83 106.56 NMInvestment ratio 0.00 0.02 -0.05 -0.02 NA


Cash, Short-Term Investments / Liabilities 187.57 205.07 68.20 116.41 60.04Bonds: Liquid Investments/ Liabilities (%) 187.57 205.07 68.20 116.41 60.04Cash & Short-Term Investments / C&S 78.66 74.96 17.60 62.33 88.78Liabilities/ Invested Assets 53.00 49.00 147.00 86.00 167.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 508.10 468.43 536.75 5,693.07 103.83Cash From Underwriting ($000) 838 489 -2,178 1,129 605Net Cash From Operations ($000) 840 491 -2,177 1,128 605Underwriting Cash Flow Ratio 113.00 115.57 55.68 136.27 410.16Operating Cash Flow Ratio 113.00 115.57 55.68 136.27 410.16Unassigned Funds / Total Assets -64.49 -33.87 -58.36 -54.15 -59.44


GPW to Policyholders' Surplus3 900 --- 127 109 119NPW to Policyholders' Surplus 300 --- 116 93 113Change in Net Premiums Written 33 -33 -25 -30 18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 109* 98 113*


MSA: Charleston-North Charleston, SC (Metro)

Distribution Channel: Broker

53.0 49.0

147.0

86.0

167.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2010Y 2011Y 2012Y 2013Y 2014Q3


129.0

82.4

120.8

106.5

0.0-140.00

-120.00

-100.00

-80.00

-60.00

-40.00

-20.00

0.00

20.00

40.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 20.35 18.06 9.64 29.71 67.03 Gross Change in Policyholders' Surplus 50 -10 31 -13* -3Net Commission Ratio 9.08 9.24 9.78 8.72 NA Net Change in Adj Policyholders' Surplus 25 -10 31* -18* -7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 49 147* 86Tax, License & Fees Ratio 4.74 4.51 5.25 1.75 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 25.79 29.44 50.31 18.83 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 3 -12 -3Gross Premiums Written ($000)3 5,820 4,276 3,209 3,383 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -12 -15Loss & Loss Adj Expense ($000) 4,663 1,526 1,514 2,492 1,133 Est Curr Resv Defi/Policyholders' Surplus 25 --- -10 -1 0Other Underwriting Exp Incurred ($000) 2,066 1,679 1,785 945 375 *Indicates an unusual value.Net Underwriting Gains ($000) -1,514 683 -568 -211 -1,215 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 NA 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 -413.59 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth -41.05 26.43 -19.59 18.61 -47.92

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -54.54 14.55 -38.36 101.60 7.68

Reinsurance Recoverable ex US Aff -817 79 -15 10 -1,012 Net Premiums Written Growth 7.14 -25.47 -29.72 18.10 NMRetention Ratio (NPW/GPW) (%)3 89.27 89.62 90.92 85.13 95.36 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 -86.27 371.36Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 6.72 -26.53 -24.94 5.42 NMReinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -19.75 -12.10 -21.07 -1.89 8.77






ACL RBC Ratio (%) (TAC/ACL RBC) 370.34 577.88 426.80 1,032.78 NA


Loss & Loss Adj Exp Reserves Growth NM 29.93 -81.66 -86.27 371.36 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 NA 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 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 32.21 39.99 37.20 21.73 97.79 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 NA Net Premiums Written / Avg C&S (%) 170.27 132.28 89.11 108.31 -12.39IBNR/ Total Reserves 48.27 40.21 23.13 0.66 NA Liabilities / Capital & Surplus (%) 41.93 36.55 25.81 53.54 147.88Reserves/ Equity 16.09 15.91 3.34 0.47 NA Total Reins Recov Excl US Aff / C&S (%) 3.08 -0.45 0.34 -35.45 NA


253.6

185.2

288.9

213.4

516.4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013Y




89.3 89.690.9

85.1

95.4

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013Y




Continuing Care RRG Inc. (Charleston, SC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

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 -84Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 5,820 4,276 3,209 3,383 -84Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -604 -388 -477 -157 5Occupied Properties 0 0 0 0 0 Net Premiums Written 5,216 3,887 2,732 3,227 -79Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 -373Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,216 3,887 2,732 3,227 294

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,014 2,523 517 1,779 1,915 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 2,014 2,523 517 1,779 1,915 Comm'l: Losses Paid Less Salvage 3,248 892 1,447 1,609 NAPremiums & Considerations Due 9 0 -18 -13 555 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 3,248 892 1,447 1,609 NAAll Other Admitted Assets 1,611 2,073 3,196 2,617 2,876 Loss Adj Expenses Paid 1,003 510 516 968 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 3,635 4,595 3,695 4,383 5,345 Comm'l: Chg in Unpaid Net Losses 354 -68 -197 -76 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 58 192 -252 -9 NA

Unpaid Losses 354 285 89 13 1,113 Total Chg in Loss & LAE Reserves 412 123 -449 -85 NAUnpaid Loss Adj Expenses 58 250 9 0 400 Losses and LAE Incurred 4,663 1,526 1,514 2,492 1,133

Loss & Loss Adj Exp Reserves 412 535 98 13 1,513 Other Underwriting Expense Incurred 2,066 1,679 1,785 945 375Unearned Premiums 0 0 0 0 331 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -79 15 -10 1,012 978 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 695 680 658 494 367 Net Underwriting Gain (Loss) -1,514 683 -568 -211 -1,215Payable 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 1,508

Total Liabilities 1,074 1,230 758 1,528 3,189

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 0 All Other Income 0 0 0 0 0Unassigned Surplus -2,344 -1,557 -2,157 -2,373 -3,177 Income after cap gains (loss) before tax -1,511 685 -566 -212 -1,215Other Including Gross Contributed 4,905 4,922 5,094 5,228 5,334 Federal & Foreign Income Taxes -182 -102 -115 5 -411

Capital & Surplus 2,561 3,365 2,937 2,855 2,156 Net Income -1,329 787 -451 -217 -804

Total Liabilities and C&S 3,635 4,595 3,695 4,383 5,345 Pre-tax Operating Income -1,511 685 -566 -212 -1,215


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 0 0Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 25 0 1 -1 -1 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Net Chg in Unrlzd Cap Gains Less Taxes 2 0 0 0 0Net Adm Cash & Invested Assets 1,088 2,014 2,523 517 1,779Affiliated 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

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA








Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 NAClass 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 0.00 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets 0.00 0.00 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 2,070 1. Med Prof Liab 2,538 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 1,008 2. Oth, Prod Liab Cmbnd 846 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. North Carolina 137 3. Acc & Health 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Maryland 79 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. New Mexico 42 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 48 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 0.26 0.00 -0.48 -0.30 10.38


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 26.52 7.91 -3.19 -10.35 -9.07 All other admitted assets/Total Assets 44.32 45.11 86.49 59.70 53.81National DPW ($000) 5,453 5,820 4,276 3,209 3,383 Invested Assets/Total Assets 55.42 54.89 13.99 40.60 35.82Adjusted Loss Ratio 35.26 61.89 19.27 38.98 45.33 Investment Income/Total Assets 0.00 0.02 -0.04 -0.02 0.00





Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


California - 61.2% Arizona - 29.8%

North Carolina - 4.1% Maryland - 2.3%

New Mexico - 1.2% All other - 1.4%

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 2014Q3

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets NA NA 2,743 3,316 4,246Suite Six Business Focus : P&C Minimum NPW Policyholder Surplus NA NA 1,802 1,900 2,052Washington, DC 20009-1013 Geographic Focus: Geography Minimum NPW Total Liabilities NA NA 941 1,416 2,194

NAIC Ownership Structure: Risk Retention Group Net Income NA NA -11 25 38Tax Identification Number : 45-4057491 Revenue NA NA 1,018 672 226

Direct Premiums Written NA NA 3,023 3,200 10Net Premiums Written NA NA 1,004 669 7

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA 1,004 669 219

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA 769 1,311 1,695Demotech Financial Strength Rating A 11/14/14 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA 155.09 185.98S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA 3.17 8.30Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA 0.56 0.35 0.00Fitch Financial Strength Rating -- -- -- --


Name : Melissa Anne Hancock Auditor Saslow Lufkin & Buggy LLPPhone : (202) 802-1439 Actuary RMS Solutions Inc.Fax : -- CEO --Email : [email protected] CFO --

President Rodney W. Smith


Net Yield on Invested Assets NA NA NA 0.27 0.62Net Investment Income/Earned Premiums NA NA 0.81 1.37 3.08Return on Average Equity (C&S) NA NA NA 1.34 7.33Return on Avg Assets NA NA NA 0.70 3.32Loss and LAE Ratio NA NA 76.57 81.64 62.06Expense Ratio NA NA 18.88 10.85 650.45Loss Ratio NA NA 38.77 22.34 39.69Combined Ratio NA NA 95.45 92.49 712.51Operating Ratio NA NA 94.63 91.11 709.44Investment ratio NA NA 0.81 1.37 3.08

Policyholder Dividend Ratio NA NA 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Cash, Short-Term Investments / Liabilities NA NA 114.64 94.51 11.45Bonds: Liquid Investments/ Liabilities (%) NA NA 250.64 232.78 185.13Cash & Short-Term Investments / C&S NA NA 59.88 70.45 12.24Liabilities/ Invested Assets NA NA 40.00 45.00 54.00Affiliated Investments / Capital & Surplus NA NA 0.00 0.00 0.00Reserve coverage2 NA NA 526.49 496.10 212.69Cash From Underwriting ($000) NA NA 632 816 -532Net Cash From Operations ($000) NA NA 596 787 -485Underwriting Cash Flow Ratio NA NA 2,034.89 522.86 -658.83Operating Cash Flow Ratio NA NA 2,237.00 557.83 -663.43Unassigned Funds / Total Assets NA NA 0.97 3.77 6.52


GPW to Policyholders' Surplus3 900 --- NA 168 168NPW to Policyholders' Surplus 300 --- NA 56 35Change in Net Premiums Written 33 -33 NA NM* -33*Surplus Aid to Policyholders' Surplus 15 --- NA 0 0Two-Year Overall Operating Ratio 100 --- NA 95 93

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 I t t Yi ld 6 5 3 NA 0 7* 0 3*



40.0

45.0

54.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2010Y 2011Y 2012Y 2013Y 2014Q3


95.4 92.5

712.5

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

2010Y 2011Y 2012Y 2013Y 2014Q3



UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 Investment Yield 6.5 3 NA 0.7* 0.3*

Loss Adjustment Expense Ratio NA NA 37.79 59.30 22.37 Gross Change in Policyholders' Surplus 50 -10 NA 3 5Net Commission Ratio NA NA -13.29 -28.71 NA Net Change in Adj Policyholders' Surplus 25 -10 NA 2 5Salaries & Benefits Ratio NA NA 0.00 0.00 NA Liabilities to Liquid Assets 100 --- NA 40 45Tax, License & Fees Ratio NA NA 9.57 12.85 NA Agents' Bal to Policyholders' Surplus 40 --- NA 0 0Admin & Other Expense Ratio NA NA 22.61 26.70 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA 0 -7Gross Premiums Written ($000)3 NA NA 3,023 3,200 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NM* 0Loss & Loss Adj Expense ($000) NA NA 769 546 136 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA 0 -47Other Underwriting Exp Incurred ($000) NA NA 190 73 47 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA 46 50 36 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA 33.22 20.91 NA complements of each ratio.Effective Tax Rate NA NA 118.29 52.60 11.64

Pre-Tax Operating Margin NA NA 5.32 8.77 18.84 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth NA NA NA 20.91 -45.12

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA 50.49 -80.15

Reinsurance Recoverable ex US Aff NA NA NA 1,689 3,356 Net Premiums Written Growth NA NA NA -33.40 540.18Retention Ratio (NPW/GPW) (%)3 NA NA NA 33.22 20.91 Pre-Tax Operating Income Growth NA NA NA 10.29 69.31Reinsurance Recoverable/Total Excl US Aff NA NA NA 0.00 0.00 Net Income Growth NA NA NA NM 29.33Nonaffiliated Reins Assumed / GPW (%) NA NA NA 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA 70.47 34.84Reinsurance Payable on Losses, LAE NA NA NA 0 0 Direct Premiums Written Growth NA NA NA 5.83 243.20Reinsurance on Known Case Reserves NA NA NA 0 0 Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA 1,802 1,900 2,052 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 1,802 1,900 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 377 390 NA



Loss & Loss Adj Exp Reserves Growth NA NA NA 70.47 34.84 Net Realized Capital Gains Less Taxes NA NA 6 -6 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA -7.27 NA Net Chg in Unrlzd Cap Gains Less Taxes NA NA 9 28 -12Two Yr Loss Reserve Dev Total/ PHS NA NA 0.00 0.00 NA Dividends to Stockholders NA NA 0 0 0Loss and LAE Reserves / NPE NA NA NA 155.09 185.98 Stockholder Dividends/ Net Income (%) NA NA 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA NA 0.00 -19.59 NA Net Premiums Written / Avg C&S (%) NA NA NA 35.66 1.42IBNR/ Total Reserves NA NA 44.14 10.97 NA Liabilities / Capital & Surplus (%) NA NA 52.23 74.54 106.95Reserves/ Equity NA NA 42.68 68.99 NA Total Reins Recov Excl US Aff / C&S (%) NA NA 93.75 176.63 NA


239.0

243.4

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2009Y 2010Y 2011Y 2012Y 2013Y




33.2

20.9

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009Y 2010Y 2011Y 2012Y 2013Y




Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds NA NA 1,050 1,352 2,729 Personal P&C Direct Premiums NA NA 0 0 0Preferred Stocks NA NA 0 0 0 Commercial P&C Direct Premiums NA NA 3,023 3,200 10Common Stocks NA NA 229 456 1,082 Accident & Health Direct Premiums NA NA 0 0 NA

First Lien Real Estate Loans NA NA 0 0 0 Direct Premiums Written NA NA 3,023 3,200 10Real Estate Loans Less First Liens NA NA 0 0 0

Total Mortgage Loans NA NA 0 0 0 Net Reinsurance Premiums5 NA NA -2,019 -2,531 -3Occupied Properties NA NA 0 0 0 Net Premiums Written NA NA 1,004 669 7Income Generating Properties NA NA 0 0 0 Calculated Change in Unearned Premiums NA NA 0 0 -212Properties for Sale NA NA 0 0 0 Net Premiums Earned NA NA 1,004 669 219

Total Real Estate NA NA 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA 1,079 1,338 251 Underwriting Deductions ($000)Other Investments NA NA 1 1 2 Personal: Losses Paid Less Salvage NA NA 0 0 NASubtotals, Cash & Invested Assets NA NA 2,359 3,147 4,064 Comm'l: Losses Paid Less Salvage NA NA 0 0 NAPremiums & Considerations Due NA NA 0 0 5 Cmbnd A&H: Losses Paid Less Salvage NA NA 0 0 NAReinsurance Recoverable NA NA 350 61 63 Losses Paid Less Salvage NA NA 0 0 NAAll Other Admitted Assets NA NA 33 108 114 Loss Adj Expenses Paid NA NA 0 4 NASeparate & Seg Accts NA NA 0 0 0 Personal: Chg in Unpaid Net Losses NA NA 0 0 NATotal Net Admitted Assets NA NA 2,743 3,316 4,246 Comm'l: Chg in Unpaid Net Losses NA NA 389 149 NA

Cmbnd A&H: Chg in Unpaid Net Losses NA NA 0 0 NALiabilities Chg in Loss Adj Exp Reserves NA NA 380 392 NA

Unpaid Losses NA NA 389 539 791 Total Chg in Loss & LAE Reserves NA NA 769 542 NAUnpaid Loss Adj Expenses NA NA 380 772 905 Losses and LAE Incurred NA NA 769 546 136

Loss & Loss Adj Exp Reserves NA NA 769 1,311 1,695 Other Underwriting Expense Incurred NA NA 190 73 47Unearned Premiums NA NA 0 0 215 Other Underwriting Deductions NA NA 0 0 0Total Reinsurance Liabilities NA NA 0 1 3 Net Income Protected Cells NA NA 0 0 0Commissions, Other Exp & Taxes NA NA 167 102 140 Net Underwriting Gain (Loss) NA NA 46 50 36Payable to Parent, Subs & Affiliates NA NA 2 0 0 Dividends To Policyholders NA NA 0 0 0Other Liabilities NA NA 3 3 141 Total underwriting deductions NA NA 959 619 183

Total Liabilities NA NA 941 1,416 2,194

Income ($000)Total Capital and Surplus Net Investment Income NA NA 8 9 7

Common Capital Stock NA NA 0 0 0 Net Realized Capital Gains Less Taxes NA NA 6 -6 0Preferred Capital Stock NA NA 0 0 0 Finance Service Charges NA NA 0 0 0Surplus Notes NA NA 0 0 0 All Other Income NA NA 0 0 0Unassigned Surplus NA NA 27 125 277 Income after cap gains (loss) before tax NA NA 60 53 42Other Including Gross Contributed NA NA 1,775 1,775 1,775 Federal & Foreign Income Taxes NA NA 70 28 5

Capital & Surplus NA NA 1,802 1,900 2,052 Net Income NA NA -11 25 38

Total Liabilities and C&S NA NA 2,743 3,316 4,246 Pre-tax Operating Income NA NA 54 59 42

Revenue NA NA 1,018 672 226Memo: Affiliated Investments ($000) Expenses Paid NA NA 64 -146 NA

Bonds NA NA 0 0 0

Preferred Stocks NA NA 0 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA 0 0 0 Investment GradeMortgage Loans NA NA 0 0 0 Class 1 NA NA NA 1,050 1,502Cash & Short Term Investments NA NA 0 0 0 Class 2 NA NA NA 0 0All Other Investments NA NA 0 0 0 Non - Investment Grade

Total Affiliated Investments NA NA 0 0 0 Class 3 NA NA NA 0 0Class 4 NA NA NA 0 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA 0 0

Net Investment Income NA NA NA 8 9 Class 6 NA NA NA 0 0R li d C it l G i NA NA NA 6 6Realized Capital Gains NA NA NA 6 -6Net Chg in Unrlzd Cap Gains Less Taxes NA NA NA 9 28Net Adm Cash & Invested Assets NA NA NA 2,359 3,147Affiliated Cash & Investments NA NA NA 0 0Carrying Value NA NA NA 1,050 1,502Preferred Stock NA NA NA 0 0Common Stock NA NA NA 229 456Mortgage Loans Book Value NA NA NA 0 0Real Estate Book Value NA NA NA 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA 0.00 0.00Privately Placed Bonds / C&S (%) NA NA NA 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA 0 0Issued Political Subdivisions ($000) NA NA NA 0 0Issued State Rev Obligations ($000) NA NA NA 0 0Issued Industrial Development ($000) NA NA NA 0 0




Bond Avg Asset Quality (1-6) (Actual) NA NA 1.00 1.00 1.00Bonds Rated 3-6 / C&S NA NA 0.00 0.00 NAClass 5 and 6 Bonds / C&S NA NA 0.00 0.00 0.00Bonds/Invested Assets NA NA 44.52 42.96 67.16Common Stocks / C&S NA NA 12.73 24.00 52.73Unaff common stock/Invested Assets NA NA 9.72 14.49 26.62

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA 0.00 0.00 0.001. Illinois 1,191 1. Med Prof Liab 3,200 Cash/Invested Assets NA NA 45.72 42.53 6.182. Ohio 544 2. Acc & Health 0 Mortgage & Real Estate / C&S NA NA 0.00 0.00 0.003. Indiana 543 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 359 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA NA 0.00 0.00 0.005. Delaware 281 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA NA 0.00 0.00 0.00

All Other 283 All Other 0 Other Investments/Invested Assets NA NA 0.04 0.02 0.04Premiums & Cons due/Total Assets NA NA 0.00 0.00 0.12

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA 12.75 1.85 1.49

Market Share Ratio NA NA NA 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA 1.22 3.25 2.68National DPW ($000) NA NA NA 3,023 3,200 Invested Assets/Total Assets NA NA 86.03 94.90 95.71Adjusted Loss Ratio NA NA NA 46.59 49.39 Investment Income/Total Assets NA NA 0.30 0.28 0.16





Other Invstmts - 42.6%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Illinois - 37.2% Ohio - 17.0% Indiana - 17.0%

Michigan - 11.2% Delaware - 8.8% All other - 8.8%





Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

9550 South Eastern Avenue NAIC Company Code : 12003 Total Assets 13,729 22,902 21,100 22,605 23,936Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,823 6,324 6,002 6,759 7,539Las Vegas, NV 89123-8042 Geographic Focus: National Total Liabilities 8,906 16,578 15,098 15,846 16,397

NAIC Ownership Structure: Risk Retention Group Net Income 400 635 -301 816 -53Tax Identification Number : 20-1141933 Revenue 6,152 6,387 4,394 4,112 1,196



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,531 7,770 7,739 6,949 7,563Demotech Financial Strength Rating A 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) 109.18 121.30 198.92 203.94 160.28S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 4.84 12.51 -11.54 17.50 -9.29Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.14 1.01 0.62 0.68 0.45Fitch 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 0.89Net Investment Income/Earned Premiums 4.22 3.82 5.59 6.65 3.24Return on Average Equity (C&S) 9.44 11.42 -4.74 12.69 -2.77Return on Avg Assets 2.85 3.80 -1.32 3.72 -0.92Loss and LAE Ratio 50.83 45.01 56.42 0.92 77.47Expense Ratio 52.77 43.57 52.50 56.39 13.73Loss Ratio 29.78 16.66 21.08 -8.46 70.44Combined Ratio 103.60 88.58 128.33 66.37 91.21Operating Ratio 99.37 84.76 122.74 59.72 87.96Investment ratio 4.22 3.82 5.59 6.65 3.24


Cash, Short-Term Investments / Liabilities 7.00 24.09 22.29 21.26 35.40Bonds: Liquid Investments/ Liabilities (%) 95.60 70.02 74.08 91.05 102.05Cash & Short-Term Investments / C&S 12.93 63.15 56.06 49.84 76.98Liabilities/ Invested Assets 104.00 142.00 130.00 105.00 94.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 179.02 181.35 156.62 171.86 166.84Cash From Underwriting ($000) -19 1,961 -2,119 3,537 1,719Net Cash From Operations ($000) 256 2,226 -2,533 3,476 1,780Underwriting Cash Flow Ratio 99.64 141.26 62.97 277.95 211.19Operating Cash Flow Ratio 99.64 141.26 55.92 236.58 212.12Unassigned Funds / Total Assets -4.42 2.24 1.13 5.10 7.23


GPW to Policyholders' Surplus3 900 --- 138 74 87NPW to Policyholders' Surplus 300 --- 101 62 68Change in Net Premiums Written 33 -33 17 -42* 24Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 100 92


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


104.0

142.0130.0

105.094.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2010Y 2011Y 2012Y 2013Y 2014Q3


103.6

88.6

128.3

66.4

91.2

-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 2014Q3




Loss Adjustment Expense Ratio 21.04 28.35 35.33 9.38 7.03 Gross Change in Policyholders' Surplus 50 -10 31 -5 13Net Commission Ratio 11.48 9.82 9.57 2.90 NA Net Change in Adj Policyholders' Surplus 25 -10 23 -4 15Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 142* 130* 105*Tax, License & Fees Ratio 3.66 5.55 5.66 5.31 NA Agents' Bal to Policyholders' Surplus 40 --- 6 5 8Admin & Other Expense Ratio 37.63 28.20 37.27 48.18 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -9 -46Gross Premiums Written ($000)3 7,715 8,724 4,452 5,904 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 12 -22 -47Loss & Loss Adj Expense ($000) 2,947 2,665 2,283 35 882 Est Curr Resv Defi/Policyholders' Surplus 25 --- 6 -56 -45Other Underwriting Exp Incurred ($000) 2,891 2,787 1,938 2,585 470 *Indicates an unusual value.Net Underwriting Gains ($000) -40 469 -174 1,217 -213 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 NA complements of each ratio.Effective Tax Rate -27.06 32.10 NM 28.65 NM

Pre-Tax Operating Margin 3.39 11.31 -17.17 27.49 -15.01 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth 9.61 66.82 -7.87 7.13 40.27

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 0.33 86.15 -8.93 4.96 65.58

Reinsurance Recoverable ex US Aff 5,426 5,779 5,980 2,988 889 Net Premiums Written Growth 28.35 16.77 -42.28 24.16 33.77Retention Ratio (NPW/GPW) (%)3 58.43 71.00 73.32 82.93 77.64 Pre-Tax Operating Income Growth NM 239.05 NM NM NMReinsurance Recoverable/Total Excl US Aff 72.82 69.44 78.08 55.02 74.02 Net Income Growth NM 58.69 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 3.44 0.47 0.00 Loss & Loss Adj Exp Reserves Growth 2.96 18.98 -0.40 -10.20 29.91Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 5.64 9.18 -47.40 33.23 -3.90Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 12.57 22.89 16.53 14.72 13.42








Loss & Loss Adj Exp Reserves Growth 2.96 18.98 -0.40 -10.20 29.91 Net Realized Capital Gains Less Taxes 110 240 120 19 211 Yr Loss Reserve Dev / 1Y Prior C&S 25.46 -9.56 -9.44 -46.30 NA Net Chg in Unrlzd Cap Gains Less Taxes 123 -67 26 98 -67Two Yr Loss Reserve Dev Total/ PHS -31.35 12.11 -22.22 -47.29 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 109.18 121.30 198.92 203.94 160.28 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 NA Net Premiums Written / Avg C&S (%) 129.21 115.09 58.08 71.31 180.10IBNR/ Total Reserves 13.40 21.62 25.86 23.27 NA Liabilities / Capital & Surplus (%) 184.67 262.16 251.55 234.45 217.49Reserves/ Equity 135.42 122.88 128.95 102.82 NA Total Reins Recov Excl US Aff / C&S (%) 119.83 94.57 49.78 13.15 NA


168.5 165.7

211.6

258.8 250.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009Y 2010Y 2011Y 2012Y 2013Y




58.4

71.0 73.3

82.977.6

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2009Y 2010Y 2011Y 2012Y 2013Y




Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,238 -2,028 -739 -1,320 -73Occupied Properties 0 0 0 0 0 Net Premiums Written 5,478 6,396 3,692 4,584 3,421Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -320 475 -356 746 2,283Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,797 5,921 4,047 3,838 1,139

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 623 3,993 3,365 3,368 5,804 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 8,514 11,609 11,597 15,040 17,404 Comm'l: Losses Paid Less Salvage 1,817 560 1,308 442 NAPremiums & Considerations Due 558 357 322 545 20 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 260 754 611 367 197 Losses Paid Less Salvage 1,817 560 1,308 442 NAAll Other Admitted Assets 4,397 10,182 8,571 6,653 6,315 Loss Adj Expenses Paid 942 866 1,006 384 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 13,729 22,902 21,100 22,605 23,936 Comm'l: Chg in Unpaid Net Losses -90 427 -455 -766 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 278 812 424 -24 NA

Unpaid Losses 4,564 4,991 4,536 3,770 4,368 Total Chg in Loss & LAE Reserves 188 1,239 -31 -790 NAUnpaid Loss Adj Expenses 1,967 2,779 3,203 3,180 3,196 Losses and LAE Incurred 2,947 2,665 2,283 35 882

Loss & Loss Adj Exp Reserves 6,531 7,770 7,739 6,949 7,563 Other Underwriting Expense Incurred 2,891 2,787 1,938 2,585 470Unearned Premiums 1,453 1,929 1,573 2,319 2,868 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 84 27 2,670 2,058 1,983 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 838 943 170 322 130 Net Underwriting Gain (Loss) -40 469 -174 1,217 -213Payable 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 3,852 Total underwriting deductions 5,837 5,452 4,221 2,620 1,352



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 110 240 120 19 21Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus -607 514 239 1,153 1,731 Income after cap gains (loss) before tax 315 935 -613 1,144 -156Other Including Gross Contributed 5,429 5,810 5,763 5,606 5,808 Federal & Foreign Income Taxes -85 300 -312 328 -103

Capital & Surplus 4,823 6,324 6,002 6,759 7,539 Net Income 400 635 -301 816 -53

Total Liabilities and C&S 13,729 22,902 21,100 22,605 23,936 Pre-tax Operating Income 205 695 -734 1,125 -176


Bonds 0 0 0 0 0





Net Investment Income 197 245 226 226 255 Class 6 0 0 0 0 0R li d C it l G i 316 110 240 120 19Realized Capital Gains -316 110 240 120 19Net Chg in Unrlzd Cap Gains Less Taxes 642 123 -67 26 98Net Adm Cash & Invested Assets 9,145 8,514 11,609 11,597 15,040Affiliated Cash & Investments 0 0 0 0 0Carrying Value 4,617 4,631 6,106 4,711 6,754Preferred Stock 0 0 0 412 626Common Stock 1,987 3,260 1,510 3,109 4,306Mortgage 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 0 1,237

Municipal SecuritiesIssued States & Territories ($000) 3,386 2,264 3,574 2,598 2,484Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 6,739 6,739 6,836 6,431 26,746Common Stock 4,306 4,306 3,769 -- 12,382Preferred Stock 626 626 657 -- 1,909Total 11,671 11,671 11,263 6,431 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 6.87 9.26 8.911. Washington 1,175 1. Med Prof Liab 5,904 Cash/Invested Assets 7.32 34.40 29.01 22.40 33.352. Indiana 1,171 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 868 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Florida 852 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 619 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 28.52 12.35 4.79 -9.05 -3.46 All other admitted assets/Total Assets 32.03 44.46 40.62 29.43 26.38National DPW ($000) 7,303 7,715 8,424 4,431 5,904 Invested Assets/Total Assets 62.02 50.69 54.96 66.53 72.71Adjusted Loss Ratio 50.96 36.14 12.12 28.24 -5.99 Investment Income/Total Assets 1.78 0.99 1.07 1.13 0.15





Other Invstmts - 22.4%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Washington - 19.9% Indiana - 19.8%

Ohio - 14.7% Florida - 14.4%

California - 10.5% All other - 20.6%





Global Hawk Insurance Co. RRG (Burlington, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Chace Mill NAIC Company Code : 11948 Total Assets 7,474 9,768 14,224 24,579 34,525One Mill Street, Suite 324 Business Focus : Commercial Property Focus Policyholder Surplus 4,171 4,348 4,671 6,664 7,289Burlington, VT 05401-1523 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,303 5,419 9,553 17,915 27,236

NAIC Ownership Structure: Risk Retention Group Net Income 1,387 221 294 207 54Tax Identification Number : 20-0073152 Revenue 2,734 4,047 6,218 11,729 4,935



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,327 2,076 4,035 8,820 13,283Demotech Financial Strength Rating A 11/25/14 Affirm Loss & LAE Reserves/ NPE (%) 55.46 48.39 44.36 55.48 63.18S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 40.45 5.74 6.29 1.10 2.19Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.87 1.15 1.75 2.24 0.95Fitch Financial Strength Rating -- -- -- --


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


Net Yield on Invested Assets 0.41 0.61 0.25 0.36 -0.57Net Investment Income/Earned Premiums 0.74 1.03 0.36 0.44 -0.69Return on Average Equity (C&S) 40.45 5.74 6.29 4.15 2.98Return on Avg Assets 20.82 2.66 2.54 1.07 0.67Loss and LAE Ratio 13.14 62.88 64.25 76.62 74.77Expense Ratio 27.42 26.16 23.76 18.25 16.93Loss Ratio 1.06 47.92 47.66 64.55 55.65Combined Ratio 40.57 89.04 88.01 94.88 91.70Operating Ratio 39.83 88.01 87.65 94.44 92.39Investment ratio 0.74 1.03 0.36 0.44 -0.69


Cash, Short-Term Investments / Liabilities 190.17 138.55 113.06 88.19 93.19Bonds: Liquid Investments/ Liabilities (%) 190.17 138.55 113.06 107.11 93.19Cash & Short-Term Investments / C&S 150.63 172.67 231.24 237.06 348.25Liabilities/ Invested Assets 53.00 72.00 88.00 93.00 107.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 190.43 142.24 115.35 109.28 97.57Cash From Underwriting ($000) 2,870 1,809 3,211 7,121 3,453Net Cash From Operations ($000) 2,882 1,834 3,218 7,172 3,421Underwriting Cash Flow Ratio 297.26 158.08 182.07 205.93 199.87Operating Cash Flow Ratio 297.26 158.62 182.59 205.93 199.87Unassigned Funds / Total Assets -10.44 -7.45 -3.05 -0.81 0.96


GPW to Policyholders' Surplus3 900 --- 124 188 240NPW to Policyholders' Surplus 300 --- 115 175 224Change in Net Premiums Written 33 -33 38* 64* 83*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 69 88 92


MSA: Burlington-South Burlington, VT (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

53.0

72.0

88.093.0

107.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2010Y 2011Y 2012Y 2013Y 2014Q3


40.6

89.0 88.094.9 91.7

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 12.08 14.96 16.59 12.07 19.12 Gross Change in Policyholders' Surplus 50 -10 4 7 43Net Commission Ratio 11.22 14.14 16.66 13.71 NA Net Change in Adj Policyholders' Surplus 25 -10 1 7 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 72 88 93Tax, License & Fees Ratio 2.19 2.41 2.22 2.57 NA Agents' Bal to Policyholders' Surplus 40 --- 25 30 29Admin & Other Expense Ratio 14.01 9.61 4.89 1.97 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 6 -4 15Gross Premiums Written ($000)3 3,637 5,403 8,790 15,975 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 1 11 2Loss & Loss Adj Expense ($000) 357 2,519 3,981 8,948 3,683 Est Curr Resv Defi/Policyholders' Surplus 25 --- 83* -11 -18Other Underwriting Exp Incurred ($000) 990 1,307 1,943 2,726 1,169 *Indicates an unusual value.Net Underwriting Gains ($000) 1,367 180 272 4 74 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 NA complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 -276.56 34.00




Reinsurance Recoverable ex US Aff 167 287 -129 -272 -426 Net Premiums Written Growth 92.75 38.34 63.72 82.62 60.03Retention Ratio (NPW/GPW) (%)3 90.00 99.27 92.44 93.03 93.48 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 NMNonaffiliated 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 57.44Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 74.75 48.56 62.69 81.74 60.05Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 4.36 -2.35 4.47 50.94 65.54





Asbestos NA NA NA NA NA Capital and Surplus 4,171 4,348 4,671 6,664 7,289 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,171 4,348 4,671 6,664 NA Combined NA NA NA NA NA ACL Risk Based Capital 288 376 917 1,574 NA

ACL RBC Ratio (%) (TAC/ACL RBC) 1,446.27 1,157.14 509.49 423.38 NA


Loss & Loss Adj Exp Reserves Growth -6.89 56.43 94.34 118.58 57.44 Net Realized Capital Gains Less Taxes 0 0 0 0 421 Yr Loss Reserve Dev / 1Y Prior C&S -13.83 6.43 -3.70 15.01 NA Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 28 -1Two Yr Loss Reserve Dev Total/ PHS -23.87 1.05 11.21 2.16 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 55.46 48.39 44.36 55.48 63.18 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 NA Net Premiums Written / Avg C&S (%) 105.30 129.52 174.96 299.63 380.44IBNR/ Total Reserves 27.30 26.70 13.40 16.46 NA Liabilities / Capital & Surplus (%) 79.21 124.63 204.53 268.81 373.68Reserves/ Equity 31.83 47.75 86.39 132.35 NA Total Reins Recov Excl US Aff / C&S (%) 6.88 -2.97 -5.82 -6.39 NA


640.0

723.1

578.6

254.7211.7

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009Y 2010Y 2011Y 2012Y 2013Y




90.0

99.3

92.4 93.0 93.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2009Y 2010Y 2011Y 2012Y 2013Y




Global Hawk Insurance Co. RRG (Burlington, VT)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

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 3,637 5,403 8,790 15,975 7,335Common Stocks 0 0 0 3,390 0 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -26 -408 -613 -1,041 -428Occupied Properties 0 0 0 0 0 Net Premiums Written 3,610 4,995 8,177 14,934 6,907Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 897 989 1,981 3,256 1,980Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,714 4,006 6,196 11,678 4,926

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,282 7,508 10,801 15,799 25,382 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 6,282 7,508 10,801 19,188 25,382 Comm'l: Losses Paid Less Salvage 227 1,321 1,662 3,216 NAPremiums & Considerations Due 601 1,087 1,412 1,916 4,087 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 0 871 1,612 2,256 Losses Paid Less Salvage 227 1,321 1,662 3,216 NAAll Other Admitted Assets 591 1,150 1,139 1,862 2,799 Loss Adj Expenses Paid 314 449 360 947 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 7,474 9,768 14,224 24,579 34,525 Comm'l: Chg in Unpaid Net Losses -198 599 1,291 4,322 NA


Unpaid Losses 998 1,597 2,888 7,210 10,439 Total Chg in Loss & LAE Reserves -184 749 1,959 4,785 NAUnpaid Loss Adj Expenses 329 480 1,147 1,610 2,844 Losses and LAE Incurred 357 2,519 3,981 8,948 3,683

Loss & Loss Adj Exp Reserves 1,327 2,076 4,035 8,820 13,283 Other Underwriting Expense Incurred 990 1,307 1,943 2,726 1,169Unearned Premiums 2,122 3,111 5,093 8,349 12,731 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -286 129 272 426 598 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 139 100 153 320 300 Net Underwriting Gain (Loss) 1,367 180 272 4 74Payable to Parent, Subs & Affiliates 1 2 0 0 1 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 0 0 0 322 Total underwriting deductions 1,347 3,825 5,924 11,674 4,853


Income ($000)Total Capital and Surplus Net Investment Income 20 41 22 51 -34

Common Capital Stock 1,212 1,337 1,567 0 0 Net Realized Capital Gains Less Taxes 0 0 0 0 42Preferred 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 -199 333 Income after cap gains (loss) before tax 1,387 221 294 55 82Other Including Gross Contributed 3,538 3,538 3,538 6,563 6,656 Federal & Foreign Income Taxes 0 0 0 -152 28

Capital & Surplus 4,171 4,348 4,671 6,664 7,289 Net Income 1,387 221 294 207 54

Total Liabilities and C&S 7,474 9,768 14,224 24,579 34,525 Pre-tax Operating Income 1,387 221 294 55 40


Bonds 0 0 0 0 0





Net Investment Income 24 20 41 22 51 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 28Net Adm Cash & Invested Assets 3,721 6,282 7,508 10,801 19,188Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 0 0 0Preferred Stock 0 0 0 0 0Common Stock 2,713 0 0 0 3,390Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 0 0 0 0 0Common Stock 3,390 3,390 3,347 -- 10,126Preferred Stock 0 0 0 -- 0Total 3,390 3,390 3,347 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 NAClass 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 0.00 0.00 0.00 50.86 0.00Unaff common stock/Invested Assets 0.00 0.00 0.00 17.66 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. Texas 8,114 1. Comm'l Auto St 15,975 Cash/Invested Assets 100.00 100.00 100.00 82.34 100.002. California 7,651 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Washington 210 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.23 0.00 0.00 0.00DPW 5 Yr CAGR NA 1.21 0.27 8.13 -269.26 All other admitted assets/Total Assets 7.90 11.78 8.01 7.58 8.11National DPW ($000) 2,081 3,637 5,403 8,790 15,975 Invested Assets/Total Assets 84.05 76.87 75.93 78.07 73.52Adjusted Loss Ratio -34.24 1.00 43.49 43.38 59.27 Investment Income/Total Assets 0.27 0.42 0.16 0.21 -0.10





Other Invstmts - 82.3%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Texas - 50.8% California - 47.9%

Washington - 1.3% 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 2014Q3

201 South Main Street NAIC Company Code : 11832 Total Assets 154,307 158,899 42,070 47,791 44,552Suite 200 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 7,484 8,688 9,127 15,262 15,636Ann Arbor, MI 48104-2153 Geographic Focus: National Total Liabilities 146,823 150,211 32,944 32,528 28,916

NAIC Ownership Structure: Risk Retention Group Net Income 1,147 1,162 375 882 57Tax Identification Number : 43-2032415 Revenue 3,451 4,231 3,997 3,815 795



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 103,129 107,924 9,198 9,286 9,184Demotech Financial Strength Rating A 11/10/14 Affirm Loss & LAE Reserves/ NPE (%) 3,133.13 2,843.53 574.35 259.35 257.33S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 23.43 22.01 5.12 8.68 6.60Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.48 0.43 0.41 0.22 0.07Fitch 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 -1.40Net Investment Income/Earned Premiums 8.41 11.99 9.72 8.72 -10.15Return on Average Equity (C&S) 16.55 14.30 4.11 6.23 1.45Return on Avg Assets 0.81 0.76 0.73 2.09 0.51Loss and LAE Ratio 75.00 79.79 110.12 75.43 72.12Expense Ratio -15.81 -15.93 -12.84 -1.00 -9.29Loss Ratio 52.50 57.91 69.13 50.43 50.49Combined Ratio 59.19 63.86 97.28 74.43 62.83Operating Ratio 50.78 51.87 87.56 65.70 72.98Investment ratio 8.41 11.99 9.72 8.72 -10.15


Cash, Short-Term Investments / Liabilities 2.07 2.09 10.38 9.16 5.92Bonds: Liquid Investments/ Liabilities (%) 11.15 12.47 59.53 80.66 90.02Cash & Short-Term Investments / C&S 40.66 36.17 37.48 19.52 10.96Liabilities/ Invested Assets 805.00 721.00 101.00 72.00 68.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 96.15 96.57 1,084.97 1,175.59 240.37Cash From Underwriting ($000) 2,297 2,537 824 1,680 350Net Cash From Operations ($000) 2,275 2,373 1,101 1,334 181Underwriting Cash Flow Ratio 2,056.51 959.49 132.15 278.45 174.35Operating Cash Flow Ratio 2,439.75 1,213.55 138.00 299.69 211.55Unassigned Funds / Total Assets 4.14 4.78 19.08 18.13 20.28


GPW to Policyholders' Surplus3 900 --- 490 469 263NPW to Policyholders' Surplus 300 --- 43 41 22Change in Net Premiums Written 33 -33 5 0 -9Surplus Aid to Policyholders' Surplus 15 --- 76* 75* 44*Two-Year Overall Operating Ratio 100 --- 51 70 77


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

805.0

721.0

101.072.0 68.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2010Y 2011Y 2012Y 2013Y 2014Q3


59.263.9

97.3

74.4

62.8

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 22.50 21.88 40.99 25.00 21.64 Gross Change in Policyholders' Surplus 50 -10 16 5 67*Net Commission Ratio -19.54 -19.70 -17.24 -12.85 NA Net Change in Adj Policyholders' Surplus 25 -10 16 5 7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 721* 101* 72Tax, License & Fees Ratio 0.38 0.52 0.76 0.73 NA Agents' Bal to Policyholders' Surplus 40 --- 21 34 12Admin & Other Expense Ratio 3.35 3.26 3.64 11.13 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 4 10 -3Gross Premiums Written ($000)3 40,767 42,568 42,796 40,091 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 3 12 5Loss & Loss Adj Expense ($000) 2,377 2,959 4,031 2,705 649 Est Curr Resv Defi/Policyholders' Surplus 25 --- 177* 1,146* 311*Other Underwriting Exp Incurred ($000) -564 -595 -481 -34 -1,686 *Indicates an unusual value.Net Underwriting Gains ($000) 1,356 1,345 110 915 349 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 NA complements of each ratio.Effective Tax Rate 29.98 37.77 16.16 22.86 76.79


Admitted Assets Growth 13.32 2.98 -73.52 13.60 9.42

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 12.99 2.31 -78.07 -1.26 14.48

Reinsurance Recoverable ex US Aff 92,840 103,693 106,689 101,581 104,478 Net Premiums Written Growth 20.16 4.78 0.25 -8.84 25.58Retention Ratio (NPW/GPW) (%)3 8.40 8.75 8.78 8.75 8.52 Pre-Tax Operating Income Growth 27.61 10.25 -73.93 163.40 49.87Reinsurance Recoverable/Total Excl US Aff 88.93 85.68 87.88 86.02 87.72 Net Income Growth 54.13 1.34 -67.76 135.47 2.55Nonaffiliated Reins Assumed / GPW (%) 0.00 0.97 1.02 1.03 0.00 Loss & Loss Adj Exp Reserves Growth 7.50 4.65 -91.48 0.95 -6.89Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 14.35 4.38 0.52 -5.35 21.36Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 19.75 13.07 -20.95 -22.71 -25.07

Capital & Surplus Five-year CAGR 27.80 21.81 15.78 22.57 20.80Admitted Assets Five-year CAGR 20.08 13.46 -17.65 -17.29 -19.09




Asbestos NA NA NA NA NA Capital and Surplus 7,484 8,688 9,127 15,262 15,636 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 9,127 15,262 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA 6,017 6,139 NA



Loss & Loss Adj Exp Reserves Growth 7.50 4.65 -91.48 0.95 -6.89 Net Realized Capital Gains Less Taxes 15 78 -20 -85 -141 Yr Loss Reserve Dev / 1Y Prior C&S -1.93 3.98 10.34 -3.45 NA Net Chg in Unrlzd Cap Gains Less Taxes 112 42 64 -246 -42Two Yr Loss Reserve Dev Total/ PHS 3.00 2.70 12.50 4.65 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 3,133.13 2,843.53 574.35 259.35 257.33 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 NA Net Premiums Written / Avg C&S (%) 51.47 45.97 41.09 24.13 27.09IBNR/ Total Reserves 3.17 3.16 40.37 40.53 NA Liabilities / Capital & Surplus (%) 1,961.85 1,728.88 360.97 213.13 184.93Reserves/ Equity 1,378.01 1,242.17 100.78 60.84 NA Total Reins Recov Excl US Aff / C&S (%) NM NM NM 684.55 NA


75.8

124.3

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4,000

6,000

8,000

10,000

12,000

14,000

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2009Y 2010Y 2011Y 2012Y 2013Y




8.4

8.78.8 8.8

8.5

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10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2009Y 2010Y 2011Y 2012Y 2013Y




HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 13,469 15,822 16,510 23,209 24,417 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 11,599Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -36,804 -38,400 -38,609 -36,676 -10,541Occupied Properties 0 0 0 0 0 Net Premiums Written 3,565 3,736 3,745 3,414 1,059Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 396 28 85 -172 158Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,170 3,708 3,660 3,587 900

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,043 3,142 3,421 2,978 1,713 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 16,511 18,965 19,931 26,187 26,130 Comm'l: Losses Paid Less Salvage 803 1,458 2,436 1,785 NAPremiums & Considerations Due 16,618 14,501 15,756 15,533 13,238 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 95,384 99,623 289 237 429 Losses Paid Less Salvage 803 1,458 2,436 1,785 NAAll Other Admitted Assets 25,794 25,810 6,094 5,833 4,754 Loss Adj Expenses Paid 414 1,264 1,625 206 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 154,307 158,899 42,070 47,791 44,552 Comm'l: Chg in Unpaid Net Losses 861 689 95 24 NA


Unpaid Losses 81,585 84,019 7,084 7,108 7,030 Total Chg in Loss & LAE Reserves 1,160 237 -30 714 NAUnpaid Loss Adj Expenses 21,544 23,904 2,114 2,178 2,155 Losses and LAE Incurred 2,377 2,959 4,031 2,705 649

Loss & Loss Adj Exp Reserves 103,129 107,924 9,198 9,286 9,184 Other Underwriting Expense Incurred -564 -595 -481 -34 -1,686Unearned Premiums 21,884 22,197 2,002 1,829 1,686 Other Underwriting Deductions 0 0 0 0 1,587Total Reinsurance Liabilities 15,218 13,217 14,367 14,151 12,037 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 5,605 5,948 6,410 6,472 5,081 Net Underwriting Gain (Loss) 1,356 1,345 110 915 349Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 987 926 967 790 927 Total underwriting deductions 1,813 2,364 3,550 2,671 551


Income ($000)Total Capital and Surplus Net Investment Income 267 445 356 313 -91

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 15 78 -20 -85 -14Preferred 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 9,036 Income after cap gains (loss) before tax 1,638 1,867 447 1,143 244Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal & Foreign Income Taxes 491 705 72 261 187

Capital & Surplus 7,484 8,688 9,127 15,262 15,636 Net Income 1,147 1,162 375 882 57

Total Liabilities and C&S 154,307 158,899 42,070 47,791 44,552 Pre-tax Operating Income 1,623 1,789 466 1,228 258

Revenue 3,451 4,231 3,997 3,815 795Memo: Affiliated Investments ($000) Expenses Paid -1,370 175 714 156 NA

Bonds 0 0 0 0 0





Net Investment Income 25 267 445 356 313 Class 6 0 0 0 0 0R li d C it l G i 0 15 78 20 85Realized Capital Gains 0 15 78 -20 -85Net Chg in Unrlzd Cap Gains Less Taxes -36 112 42 64 -246Net Adm Cash & Invested Assets 14,149 16,511 18,965 19,931 26,187Affiliated Cash & Investments 0 0 0 0 0Carrying Value 4,430 13,327 15,594 16,191 23,259Preferred 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 121 4,486 2,000 1,043 1,760

RMBS ExposureTotal: LT Bond, Res MBS 0 694 2,449 3,264 2,218

Municipal SecuritiesIssued States & Territories ($000) 0 0 2,709 3,836 5,480Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 1,533 0Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Michigan 5,975 1. Med Prof Liab 40,091 Cash/Invested Assets 18.43 16.57 17.16 11.37 6.562. Illinois 4,890 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 2,753 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. North Carolina 2,556 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Colorado 2,018 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.01 0.01 0.01 0.01 0.01 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA 5.73 3.59 2.14 2.85 All other admitted assets/Total Assets 16.72 16.24 14.48 12.21 10.67National DPW ($000) 35,305 40,369 42,136 42,354 40,091 Invested Assets/Total Assets 10.70 11.93 47.38 54.80 58.65Adjusted Loss Ratio 53.63 52.50 50.04 63.50 57.28 Investment Income/Total Assets 0.17 0.28 0.85 0.65 -0.20





Other Invstmts - 11.4%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Michigan - 14.9% Illinois - 12.2%

Ohio - 6.9% North Carolina - 6.4%

Colorado - 5.0% All other - 54.6%





Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

9550 South Eastern Avenue NAIC Company Code : 13014 Total Assets 7,994 12,880 16,579 17,951 20,057Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,006 2,774 3,728 4,517 5,613Las Vegas, NV 89123-8042 Geographic Focus: Regional - Southern Quadrant Total Liabilities 5,987 10,106 12,851 13,434 14,444

NAIC Ownership Structure: Risk Retention Group Net Income 337 86 -451 -1,397 -16Tax Identification Number : 26-1479165 Revenue 4,983 6,278 9,217 9,059 2,563



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,113 4,057 7,020 7,622 8,332Demotech Financial Strength Rating A 11/14/14 Affirm Loss & LAE Reserves/ NPE (%) 29.97 48.25 60.49 82.54 80.55S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 32.01 5.36 -20.84 -49.27 -1.95Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.69 2.33 2.45 1.93 0.49Fitch 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 1.16Net Investment Income/Earned Premiums 1.30 0.50 0.87 1.10 1.58Return on Average Equity (C&S) 21.09 3.46 -13.88 -32.18 -1.18Return on Avg Assets 4.94 0.88 -3.31 -7.84 -0.32Loss and LAE Ratio 54.46 58.89 74.58 85.13 65.61Expense Ratio 33.16 38.72 34.96 42.16 34.81Loss Ratio 35.76 21.49 22.12 42.06 21.42Combined Ratio 87.63 97.61 109.54 127.29 100.43Operating Ratio 86.32 97.11 108.67 126.19 98.85Investment ratio 1.30 0.50 0.87 1.10 1.58


Cash, Short-Term Investments / Liabilities 78.94 75.73 81.33 90.68 85.75Bonds: Liquid Investments/ Liabilities (%) 78.94 78.96 89.00 105.14 98.85Cash & Short-Term Investments / C&S 235.57 275.91 280.35 269.71 220.68Liabilities/ Invested Assets 127.00 132.00 118.00 102.00 101.00Affiliated Investments / Capital & Surplus 0.00 11.77 14.93 20.70 5.98Reserve coverage2 116.15 124.07 129.25 144.47 112.29Cash From Underwriting ($000) 362 2,842 1,768 -79 1,191Net Cash From Operations ($000) 257 2,563 2,173 354 1,270Underwriting Cash Flow Ratio 112.03 168.73 124.81 99.30 196.79Operating Cash Flow Ratio 117.63 177.80 122.38 97.38 196.79Unassigned Funds / Total Assets 6.56 4.88 1.99 -4.34 -5.76


GPW to Policyholders' Surplus3 900 --- 318 304 277NPW to Policyholders' Surplus 300 --- 233 245 193Change in Net Premiums Written 33 -33 20 41* -5Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 103* 116*


MSA: Las Vegas-Henderson-Paradise, NV (Metro)

Distribution Channel: Broker, Direct Response

127.0132.0

118.0

102.0 101.0

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87.697.6

109.5

127.3

100.4

-40.00

-30.00

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-10.00

0.00

10.00

20.00

30.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 18.71 37.39 52.46 43.07 44.20 Gross Change in Policyholders' Surplus 50 -10 38 34 21Net Commission Ratio 10.39 16.04 10.55 17.86 NA Net Change in Adj Policyholders' Surplus 25 -10 5 -11* -30*Salaries & Benefits Ratio 0.00 0.00 0.00 2.14 NA Liabilities to Liquid Assets 100 --- 132* 118* 102*Tax, License & Fees Ratio 1.49 0.83 0.24 0.53 NA Agents' Bal to Policyholders' Surplus 40 --- 102* 82* 26Admin & Other Expense Ratio 21.28 21.85 24.17 21.63 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 9 40* 33*Gross Premiums Written ($000)3 5,805 8,826 11,327 12,501 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 7 39* 79*Loss & Loss Adj Expense ($000) 2,679 3,640 6,697 7,532 1,631 Est Curr Resv Defi/Policyholders' Surplus 25 --- -40 -17 20Other Underwriting Exp Incurred ($000) 1,793 2,504 3,197 3,667 959 *Indicates an unusual value.Net Underwriting Gains ($000) 447 37 -914 -2,351 -104 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 NA 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 -1.02 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3



Reinsurance Recoverable ex US Aff 392 2,261 2,250 3,061 2,758 Net Premiums Written Growth 10.94 19.63 41.40 -4.89 -13.77Retention Ratio (NPW/GPW) (%)3 88.60 93.11 73.27 80.73 69.57 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 33.79Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 5.57 52.03 28.34 10.36 17.25Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR NA 143.70 107.12 80.65 38.48

Capital & Surplus Five-year CAGR NA 75.71 64.32 54.60 54.53Admitted Assets Five-year CAGR NA 120.00 92.41 71.51 42.01




Asbestos NA NA NA NA NA Capital and Surplus 2,006 2,774 3,728 4,517 5,613 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 2,006 2,774 3,728 4,517 NA Combined NA NA NA NA NA ACL Risk Based Capital 798 1,199 1,566 1,946 NA



Loss & Loss Adj Exp Reserves Growth 158.31 91.98 73.01 8.58 33.79 Net Realized Capital Gains Less Taxes 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S 22.02 9.27 39.61 32.66 NA Net Chg in Unrlzd Cap Gains Less Taxes 0 17 153 289 -50Two Yr Loss Reserve Dev Total/ PHS -22.49 7.18 39.24 78.68 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 29.97 48.25 60.49 82.54 80.55 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 NA Net Premiums Written / Avg C&S (%) 338.50 260.24 281.36 200.27 204.99IBNR/ Total Reserves 47.86 28.04 32.94 30.76 NA Liabilities / Capital & Surplus (%) 298.40 364.33 344.70 297.43 257.35Reserves/ Equity 105.33 146.27 188.29 168.75 NA Total Reins Recov Excl US Aff / C&S (%) 112.68 81.11 82.11 61.06 NA


168.5

125.7115.7 119.0 116.1

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88.693.1

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Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 0 0 0 71 70 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 5,805 8,826 11,327 12,501 3,459Common Stocks 0 326 985 1,871 1,822 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -400 -2,359 -2,183 -3,803 -705Occupied Properties 0 0 0 0 0 Net Premiums Written 5,406 6,467 9,145 8,697 2,754Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 487 285 165 -150 269Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,919 6,182 8,980 8,848 2,485

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,727 7,653 10,452 12,182 12,386 Underwriting Deductions ($000)Other Investments 0 0 200 200 100 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 4,727 7,980 11,637 14,324 14,378 Comm'l: Losses Paid Less Salvage 1,001 483 869 3,264 NAPremiums & Considerations Due 1,756 2,834 3,048 1,184 2,543 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 0 0 394 900 Losses Paid Less Salvage 1,001 483 869 3,264 NAAll Other Admitted Assets 1,511 2,066 1,894 2,049 2,236 Loss Adj Expenses Paid 383 1,214 2,866 3,666 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 7,994 12,880 16,579 17,951 20,057 Comm'l: Chg in Unpaid Net Losses 758 846 1,117 457 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 537 1,098 1,845 145 NA

Unpaid Losses 1,252 2,098 3,215 3,673 3,722 Total Chg in Loss & LAE Reserves 1,295 1,944 2,962 603 NAUnpaid Loss Adj Expenses 862 1,960 3,804 3,950 4,610 Losses and LAE Incurred 2,679 3,640 6,697 7,532 1,631

Loss & Loss Adj Exp Reserves 2,113 4,057 7,020 7,622 8,332 Other Underwriting Expense Incurred 1,793 2,504 3,197 3,667 959Unearned Premiums 3,903 4,188 4,352 4,202 4,473 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -1,447 -35 -127 489 1,018 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 647 1,046 894 352 315 Net Underwriting Gain (Loss) 447 37 -914 -2,351 -104Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 771 851 712 770 306 Total underwriting deductions 4,471 6,144 9,894 11,199 2,589



Common Capital Stock 29 27 28 30 32 Net Realized Capital Gains Less Taxes 0 0 0 0 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 65 159 114 39Surplus Notes 75 75 75 75 75 All Other Income 0 0 0 0 0Unassigned Surplus 524 628 330 -779 -1,154 Income after cap gains (loss) before tax 511 133 -677 -2,140 -26Other Including Gross Contributed 1,378 2,044 3,295 5,190 6,660 Federal & Foreign Income Taxes 174 47 -226 -742 -10

Capital & Surplus 2,006 2,774 3,728 4,517 5,613 Net Income 337 86 -451 -1,397 -16

Total Liabilities and C&S 7,994 12,880 16,579 17,951 20,057 Pre-tax Operating Income 511 133 -677 -2,140 -26


Bonds 0 0 0 0 0





Net Investment Income 6 64 31 78 97 Class 6 0 0 0 0 0R li d C it l G i 0 0 0 0 0Realized Capital Gains 0 0 0 0 0Net Chg in Unrlzd Cap Gains Less Taxes 0 0 17 153 289Net Adm Cash & Invested Assets 3,651 4,727 7,980 11,637 14,324Affiliated Cash & Investments 0 0 326 557 935Carrying Value 0 0 0 0 71Preferred Stock 0 0 0 0 0Common Stock 0 0 326 985 1,871Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA








Bond Avg Asset Quality (1-6) (Actual) NA NA NA 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 NAClass 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.50 0.49Common Stocks / C&S 0.00 11.77 26.42 41.42 32.47Unaff common stock/Invested Assets 0.00 0.00 3.68 6.53 10.34

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 6,476 1. Med Prof Liab 12,501 Cash/Invested Assets 100.00 95.91 89.82 85.05 86.142. California 2,960 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 920 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 591 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 435 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA 80.81 All other admitted assets/Total Assets 18.90 16.04 11.42 11.41 11.15National DPW ($000) 5,499 5,805 8,826 11,327 12,501 Invested Assets/Total Assets 59.13 61.96 70.19 79.80 71.69Adjusted Loss Ratio 23.50 36.90 22.13 26.35 35.62 Investment Income/Total Assets 0.80 0.24 0.47 0.54 0.20





Other Invstmts - 92.5%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Florida - 51.8% California - 23.7% Michigan - 7.4%

Georgia - 4.7% Texas - 3.5% All other - 8.9%





National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,958 6,955 7,604 8,158 8,677Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,981 3,088 3,493 3,868 3,837Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,978 3,868 4,111 4,291 4,840

NAIC Ownership Structure: Risk Retention Group Net Income 169 263 290 334 18Tax Identification Number : 20-0127980 Revenue 2,113 1,959 1,667 1,657 563



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,597 2,721 2,916 2,952 3,408Demotech Financial Strength Rating A 11/14/14 Affirm Loss & LAE Reserves/ NPE (%) 126.31 158.53 203.92 209.93 166.91S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 7.80 8.41 8.99 11.48 -2.35Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.63 0.50 0.42 0.45 0.12Fitch Financial Strength Rating -- -- -- --


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 6.11Bonds: Liquid Investments/ Liabilities (%) 170.33 174.08 177.80 184.02 170.83Cash & Short-Term Investments / C&S 31.91 16.27 15.44 5.20 7.71Liabilities/ Invested Assets 61.00 59.00 56.00 55.00 58.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 187.15 193.10 201.72 201.34 188.30Cash From Underwriting ($000) 526 -48 344 536 96Net Cash From Operations ($000) 579 -4 457 621 100Underwriting Cash Flow Ratio 135.70 96.90 130.52 145.15 124.81Operating Cash Flow Ratio 138.98 104.13 135.80 150.49 129.99Unassigned Funds / Total Assets 13.07 15.27 19.37 22.32 21.93


GPW to Policyholders' Surplus3 900 --- 50 42 45NPW to Policyholders' Surplus 300 --- 50 42 45Change in Net Premiums Written 33 -33 -18 -5 18Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 86 73


MSA: Atlanta-Sandy Springs-Roswell, GA (Metro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt

61.0

59.0

56.0

55.0

58.0

0

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2,000

3,000

4,000

5,000

6,000

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2010Y 2011Y 2012Y 2013Y 2014Q3


96.7 99.191.1

75.8

114.2

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4.00

6.00

8.00

10.00

12.00

2010Y 2011Y 2012Y 2013Y 2014Q3




Loss Adjustment Expense Ratio 15.77 20.80 15.77 13.48 24.95 Gross Change in Policyholders' Surplus 50 -10 4 13 11Net Commission Ratio 10.01 10.90 9.76 8.79 NA Net Change in Adj Policyholders' Surplus 25 -10 2 12 10Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 59 56 55Tax, License & Fees Ratio 6.16 6.74 6.20 5.29 NA Agents' Bal to Policyholders' Surplus 40 --- 3 2 2Admin & Other Expense Ratio 30.88 36.78 31.15 30.64 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -15 -12 -20Gross Premiums Written ($000)3 1,873 1,540 1,462 1,724 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -21 -35Loss & Loss Adj Expense ($000) 967 782 633 467 299 Est Curr Resv Defi/Policyholders' Surplus 25 --- -34 -35 -28Other Underwriting Exp Incurred ($000) 881 838 689 771 246 *Indicates an unusual value.Net Underwriting Gains ($000) 99 130 118 262 -47 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 100.00 100.00 NA complements of each ratio.Effective Tax Rate 36.38 22.45 15.94 20.42 0.00

Pre-Tax Operating Margin 10.29 13.22 18.27 24.37 -4.46 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth 10.05 -0.04 9.33 7.29 -0.30

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 18.92 -2.76 6.28 4.37 19.38

Reinsurance Recoverable ex US Aff 0 0 0 0 0 Net Premiums Written Growth -6.41 -17.80 -5.03 17.86 7.82Retention 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 NMReinsurance Recoverable/Total Excl US Aff NA NA NA NA NA Net Income Growth 7.41 55.98 10.20 15.02 NMNonaffiliated 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 20.15Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -6.41 -17.80 -5.03 17.86 7.82Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 18.85 13.70 6.96 4.20 5.33








Loss & Loss Adj Exp Reserves Growth 16.17 4.79 7.16 1.23 20.15 Net Realized Capital Gains Less Taxes 53 93 50 21 411 Yr Loss Reserve Dev / 1Y Prior C&S -12.86 -15.37 -12.24 -20.01 NA Net Chg in Unrlzd Cap Gains Less Taxes 83 -161 195 22 -135Two Yr Loss Reserve Dev Total/ PHS -39.11 -26.02 -20.69 -34.75 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 126.31 158.53 203.92 209.93 166.91 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 NA Net Premiums Written / Avg C&S (%) 68.95 52.49 44.48 49.60 45.98IBNR/ Total Reserves 69.38 68.54 74.87 68.33 NA Liabilities / Capital & Surplus (%) 133.44 125.27 117.67 110.93 126.16Reserves/ Equity 87.11 88.13 83.47 76.33 NA Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 NA


375.0

202.5187.9 195.0

261.0

0

500

1,000

1,500

2,000

2,500

3,000

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2009Y 2010Y 2011Y 2012Y 2013Y




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1,000

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2009Y 2010Y 2011Y 2012Y 2013Y




National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 1,401 1,015 899 1,453 1,691 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 454Common Stocks 4,183 5,061 5,870 6,164 6,282 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 1,873 1,540 1,462 1,724 454Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -74 -210 22 224 -44Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,947 1,750 1,440 1,500 498

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 951 502 539 201 296 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 6,536 6,578 7,309 7,818 8,269 Comm'l: Losses Paid Less Salvage 336 367 248 167 NAPremiums & Considerations Due 76 90 76 86 73 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 336 367 248 167 NAAll Other Admitted Assets 347 288 219 254 335 Loss Adj Expenses Paid 270 291 190 264 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 6,958 6,955 7,604 8,158 8,677 Comm'l: Chg in Unpaid Net Losses 324 51 158 97 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 37 73 37 -61 NA

Unpaid Losses 2,034 2,085 2,243 2,341 2,653 Total Chg in Loss & LAE Reserves 361 124 195 36 NAUnpaid Loss Adj Expenses 563 636 673 611 755 Losses and LAE Incurred 967 782 633 467 299

Loss & Loss Adj Exp Reserves 2,597 2,721 2,916 2,952 3,408 Other Underwriting Expense Incurred 881 838 689 771 246Unearned Premiums 895 685 707 931 983 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 82 Net Underwriting Gain (Loss) 99 130 118 262 -47Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 367 343 368 273 367 Total underwriting deductions 1,848 1,620 1,322 1,238 545



Common Capital Stock 2,420 2,454 2,502 2,528 2,528 Net Realized Capital Gains Less Taxes 53 93 50 21 41Preferred 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 1,903 Income after cap gains (loss) before tax 265 339 345 419 18Other Including Gross Contributed -378 -458 -511 -511 -625 Federal & Foreign Income Taxes 97 76 55 86 0


Total Liabilities and C&S 6,958 6,955 7,604 8,158 8,677 Pre-tax Operating Income 212 247 295 399 -23

Revenue 2,113 1,959 1,667 1,657 563Memo: Affiliated Investments ($000) Expenses Paid 1,247 1,254 986 1,153 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 500 1,641 1,170 899 1,530Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 31 114 152 177 136 Class 6 0 0 0 0 0R li d C it l G i 139 53 93 50 21Realized Capital Gains -139 53 93 50 21Net Chg in Unrlzd Cap Gains Less Taxes 326 83 -161 195 22Net Adm Cash & Invested Assets 5,838 6,536 6,578 7,309 7,818Affiliated Cash & Investments 0 0 0 0 0Carrying Value 500 1,641 1,170 899 1,530Preferred Stock 0 0 0 0 0Common Stock 0 4,183 5,061 5,870 6,164Mortgage 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 991 1. Oth, Prod Liab Cmbnd 1,724 Cash/Invested Assets 14.55 7.64 7.38 2.57 3.582. North Carolina 570 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 83 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. South Carolina 43 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 33 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 15.86 6.54 -0.75 -4.75 -0.71 All other admitted assets/Total Assets 4.99 4.14 2.88 3.11 3.86National DPW ($000) 2,001 1,873 1,540 1,462 1,724 Invested Assets/Total Assets 93.92 94.57 96.12 95.83 95.29Adjusted Loss Ratio 15.07 33.91 23.88 28.18 17.63 Investment Income/Total Assets 1.63 2.19 2.33 1.67 0.27





Other Invstmts - 2.6%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Florida - 57.5% North Carolina - 33.0%

Georgia - 4.8% South Carolina - 2.5%

Virginia - 1.9% All other - 0.2%





National Guardian RRG Inc. (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 16,442 15,823 16,314 16,356 18,339Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,626 5,529 5,980 5,983 6,371

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 11,816 10,294 10,334 10,373 11,968NAIC Ownership Structure: Risk Retention Group Net Income 889 890 516 25 -48Tax Identification Number : 38-2848487 Revenue 2,765 2,756 2,741 2,133 613

Direct Premiums Written 11,953 12,140 13,150 13,937 -1,079Net Premiums Written 2,102 2,555 2,507 1,999 -211


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 9,980 9,295 8,820 8,947 9,118Demotech Financial Strength Rating A 11/11/14 Affirm Loss & LAE Reserves/ NPE (%) 437.85 392.75 348.77 450.33 387.30S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 29.95 24.30 12.87 0.03 2.95Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.45 0.46 0.42 0.33 -0.03Fitch Financial Strength Rating -- -- -- --


Name : Mark A. Burnheimer Auditor Johnson Lambert LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik K. KingEmail : [email protected] CFO --

President Mark A. Burnheimer


Net Yield on Invested Assets 1.89 1.21 1.39 1.33 1.25Net Investment Income/Earned Premiums 9.27 5.72 6.14 6.78 4.65Return on Average Equity (C&S) 22.94 18.12 9.24 0.42 -3.00Return on Avg Assets 5.22 5.25 3.04 0.15 -1.07Loss and LAE Ratio 44.67 43.48 70.82 99.06 101.17Expense Ratio 18.12 14.82 7.74 7.64 NMLoss Ratio 12.16 14.60 34.88 59.87 55.64Combined Ratio 62.79 58.30 78.56 106.70 NMOperating Ratio 53.53 52.58 72.42 99.92 NMInvestment ratio 9.27 5.72 6.14 6.78 NA


Cash, Short-Term Investments / Liabilities 34.94 29.18 39.07 11.00 15.82Bonds: Liquid Investments/ Liabilities (%) 123.12 130.90 141.86 88.85 78.70Cash & Short-Term Investments / C&S 89.24 54.33 67.51 19.07 29.71Liabilities/ Invested Assets 86.00 85.00 70.00 105.00 114.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 126.29 125.34 139.84 93.59 92.10Cash From Underwriting ($000) 450 -1,282 652 -3,818 741Net Cash From Operations ($000) 834 -1,638 737 -3,766 504Underwriting Cash Flow Ratio 158.53 63.12 157.87 -79.81 -70.11Operating Cash Flow Ratio 139.65 82.17 180.52 -69.33 -130.98Unassigned Funds / Total Assets 19.01 25.46 27.46 27.41 26.56


GPW to Policyholders' Surplus3 900 --- 223 222 223NPW to Policyholders' Surplus 300 --- 46 42 33Change in Net Premiums Written 33 -33 22 -2 -20Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 53 63 84


MSA: Traverse City, MI (Micro)


86.0 85.0

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15.00

20.00

25.00

2010Y 2011Y 2012Y 2013Y 2014Q3

Profitability Ratios (%)Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio


Loss Adjustment Expense Ratio 32.51 28.88 35.94 39.20 45.54 Gross Change in Policyholders' Surplus 50 -10 20 8 0Net Commission Ratio -26.30 -21.06 -35.49 -38.41 NA Net Change in Adj Policyholders' Surplus 25 -10 20 8 0Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 85 70 105*Tax, License & Fees Ratio 15.58 12.54 13.28 15.78 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 44*Admin & Other Expense Ratio 28.85 23.35 29.94 30.26 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -26 -7 -9Gross Premiums Written ($000)3 12,259 12,348 13,259 13,362 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -71 -30 -16Loss & Loss Adj Expense ($000) 1,066 1,099 1,831 1,980 593 Est Curr Resv Defi/Policyholders' Surplus 25 --- 223* 6 -41Other Underwriting Exp Incurred ($000) 381 379 194 153 -27 *Indicates an unusual value.Net Underwriting Gains ($000) 939 1,050 560 -134 20 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 NA complements of each ratio.Effective Tax Rate 32.55 30.35 27.93 NM 201.78


Admitted Assets Growth 3.33 -3.76 3.10 0.26 22.37

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -3.54 -12.88 0.38 0.38 37.31

Reinsurance Recoverable ex US Aff -351 -868 -142 -125 -199 Net Premiums Written Growth 211.20 21.55 -1.88 -20.27 NMRetention Ratio (NPW/GPW) (%)3 5.54 17.15 20.69 18.91 14.96 Pre-Tax Operating Income Growth 451.56 2.91 -39.79 -99.77 -82.44Reinsurance 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 NMNonaffiliated Reins Assumed / GPW (%) 7.07 2.49 1.69 0.82 -4.30 Loss & Loss Adj Exp Reserves Growth -4.21 -6.86 -5.11 1.44 3.34Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 5.45 1.56 8.32 5.99 NMReinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 2.62 -3.29 -5.57 -6.80 -4.74

Capital & Surplus Five-year CAGR 9.23 12.18 14.39 11.42 12.02Admitted Assets Five-year CAGR 4.25 0.70 -0.60 -2.15 -0.57







Loss & Loss Adj Exp Reserves Growth -4.21 -6.86 -5.11 1.44 3.34 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 NA 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 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 437.85 392.75 348.77 450.33 387.30 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 NA Net Premiums Written / Avg C&S (%) 54.25 51.98 44.89 33.16 -13.17IBNR/ Total Reserves 40.29 39.65 38.22 40.02 NA Liabilities / Capital & Surplus (%) 255.43 186.19 172.80 173.37 187.85Reserves/ Equity 215.73 168.12 147.49 149.54 NA Total Reins Recov Excl US Aff / C&S (%) -18.76 -2.57 -2.09 -3.33 NA


123.7

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National Guardian RRG Inc. (Traverse City, MI)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 9,270 8,887 8,422 7,432 7,050 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 137 0 0 0 0 Commercial P&C Direct Premiums 11,953 12,140 13,150 13,937 -1,079Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 11,953 12,140 13,150 13,937 -1,079Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -9,851 -9,584 -10,643 -11,938 868Occupied Properties 0 0 0 0 0 Net Premiums Written 2,102 2,555 2,507 1,999 -211Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -284 28 -78 0 -797Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,386 2,527 2,585 1,999 586

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,128 3,004 4,037 1,141 1,893 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 13,535 11,891 12,459 8,573 8,943 Comm'l: Losses Paid Less Salvage 523 903 1,175 1,157 NAPremiums & Considerations Due 76 83 1,535 3,953 5,082 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 2,075 3,109 1,661 3,121 3,693 Losses Paid Less Salvage 523 903 1,175 1,157 NAAll Other Admitted Assets 756 741 660 709 621 Loss Adj Expenses Paid 982 880 1,131 697 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 16,442 15,823 16,314 16,356 18,339 Comm'l: Chg in Unpaid Net Losses -233 -534 -273 40 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves -206 -150 -202 87 NA

Unpaid Losses 6,433 5,899 5,625 5,666 5,577 Total Chg in Loss & LAE Reserves -439 -684 -475 127 NAUnpaid Loss Adj Expenses 3,547 3,396 3,195 3,281 3,542 Losses and LAE Incurred 1,066 1,099 1,831 1,980 593

Loss & Loss Adj Exp Reserves 9,980 9,295 8,820 8,947 9,118 Other Underwriting Expense Incurred 381 379 194 153 -27Unearned Premiums 50 78 0 0 591 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 204 232 184 207 177 Net Underwriting Gain (Loss) 939 1,050 560 -134 20Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 715 548 1,204 1,020 2,082 Total underwriting deductions 1,447 1,478 2,025 2,133 566



Common Capital Stock 600 600 600 600 600 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 500 500 500 500 500 All Other Income 0 0 0 0 0Unassigned Surplus 3,126 4,029 4,480 4,483 4,871 Income after cap gains (loss) before tax 1,318 1,278 716 0 47Other Including Gross Contributed 400 400 400 400 400 Federal & Foreign Income Taxes 429 388 200 -25 95

Capital & Surplus 4,626 5,529 5,980 5,983 6,371 Net Income 889 890 516 25 -48

Total Liabilities and C&S 16,442 15,823 16,314 16,356 18,339 Pre-tax Operating Income 1,160 1,194 719 2 47

Revenue 2,765 2,756 2,741 2,133 613Memo: Affiliated Investments ($000) Expenses Paid 1,408 1,287 1,420 874 NA

Bonds 0 0 0 0 0





Net Investment Income 134 221 145 159 136 Class 6 0 0 0 0 0R li d C it l G i 67 158 84 3 2Realized Capital Gains 67 158 84 -3 -2Net Chg in Unrlzd Cap Gains Less Taxes 18 13 13 0 0Net Adm Cash & Invested Assets 12,562 13,535 11,891 12,459 8,573Affiliated Cash & Investments 0 0 0 0 0Carrying Value 11,222 10,441 10,471 10,622 8,076Preferred Stock 117 137 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 0 1,065 895 606

Municipal SecuritiesIssued States & Territories ($000) 292 288 304 279 275Issued Political Subdivisions ($000) 106 216 664 2,428 2,289Issued State Rev Obligations ($000) 0 21 271 518 3,329Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 2.95 0.00 0.00 0.00 0.001. Illinois 3,558 1. Med Prof Liab 13,937 Cash/Invested Assets 30.50 25.26 32.41 13.31 21.172. Missouri 2,444 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 2,044 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 1,589 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Delaware 1,085 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR 0.77 -2.25 -4.52 -0.30 4.19 All other admitted assets/Total Assets 4.60 4.68 4.04 4.34 3.39National DPW ($000) 11,335 11,953 12,140 13,150 13,937 Invested Assets/Total Assets 82.32 75.15 76.37 52.41 48.76Adjusted Loss Ratio 46.38 30.29 23.36 36.87 46.24 Investment Income/Total Assets 1.34 0.91 0.97 0.83 0.15





Other Invstmts - 13.3%0.00 0.20 0.40 0.60 0.80

2009Y

2010Y

2011Y

2012Y

2013Y


Illinois - 25.5% Missouri - 17.5% Virginia - 14.7%

Ohio - 11.4% Delaware - 7.8% All other - 23.1%





Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 14,503 9,363 12,554 12,361 12,630Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 12,444 7,654 10,807 10,584 10,754Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 2,059 1,709 1,747 1,778 1,876

NAIC Ownership Structure: Risk Retention Group Net Income 77 28 28 67 -7Tax Identification Number : 99-0319305 Revenue -280 1,171 879 845 226

Direct Premiums Written 622 501 953 875 240Net Premiums Written 505 390 843 765 295

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned -422 841 696 694 173

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 25 20 20 0 0Demotech Financial Strength Rating A 11/24/14 Affirm Loss & LAE Reserves/ NPE (%) NM 2.60 2.87 1.25 0.06S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 2.33 -1.33 -0.40 0.55 -0.26Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.04 0.05 0.08 0.07 0.03Fitch 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 1.85Net Investment Income/Earned Premiums -68.17 20.79 17.20 20.61 30.31Return on Average Equity (C&S) 0.56 0.29 0.32 0.63 -0.26Return on Avg Assets 0.51 0.23 0.26 0.54 -0.22Loss and LAE Ratio NM 29.30 13.03 0.94 0.00Expense Ratio -159.72 230.06 90.21 100.87 78.85Loss Ratio NM 29.30 13.03 0.94 0.00Combined Ratio NM 259.37 103.24 101.81 78.85Operating Ratio NM 238.58 86.03 81.20 48.54Investment ratio NA 20.79 17.20 20.61 30.31


Cash, Short-Term Investments / Liabilities 322.65 389.41 392.82 379.73 307.02Bonds: Liquid Investments/ Liabilities (%) 680.42 538.25 686.31 640.28 603.97Cash & Short-Term Investments / C&S 53.38 86.96 63.50 63.79 53.54Liabilities/ 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 738.18 635.96 753.87 694.14 638.73Cash From Underwriting ($000) 790 -603 -118 -458 -93Net Cash From Operations ($000) 1,156 -346 -4 -287 -30Underwriting Cash Flow Ratio -262.80 43.85 87.49 62.15 69.56Operating Cash Flow Ratio -204.19 41.76 87.49 62.15 69.56Unassigned Funds / Total Assets 57.17 37.39 28.82 27.46 28.23


GPW to Policyholders' Surplus3 900 --- 7 9 8NPW to Policyholders' Surplus 300 --- 5 8 7Change in Net Premiums Written 33 -33 -23 116* -9Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 42 137* 83




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 2014Q3


0.0

259.4

103.2 101.878.8

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

2010Y 2011Y 2012Y 2013Y 2014Q3



Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 -38* 41 -2Net Commission Ratio 10.04 4.93 0.77 0.19 NA Net Change in Adj Policyholders' Surplus 25 -10 -38* 2 -2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 19 15 16Tax, License & Fees Ratio 8.73 11.72 6.51 18.49 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio -178.49 213.41 82.92 82.19 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Gross Premiums Written ($000)3 615 500 953 875 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -2 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) 716 864 761 772 233 *Indicates an unusual value.Net Underwriting Gains ($000) 35 -302 -155 -84 -59 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 NA 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 -3.06 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth -5.31 -35.44 34.08 -1.53 -0.21

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 50.05 -16.98 2.21 1.77 4.32

Reinsurance Recoverable ex US Aff 0 0 -32 -13 0 Net Premiums Written Growth -19.79 -22.76 116.39 -9.28 73.42Retention Ratio (NPW/GPW) (%)3 85.12 82.10 77.99 88.46 87.43 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl US Aff NA NA 0.00 0.00 NA Net Income Growth NM -64.06 0.56 139.42 NMNonaffiliated Reins Assumed / GPW (%) -1.26 -1.15 -0.20 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -92.18 -20.00 0.00 -98.00 0.00Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -16.94 -19.45 90.39 -8.21 21.49Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -19.65 -22.41 -16.43 -4.97 2.83







RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 1,838.43 944.04 1,688.12 1,594.21 NA

Loss & Loss Adj Exp Reserves Growth -92.18 -20.00 0.00 -98.00 0.00 Net Realized Capital Gains Less Taxes -146 155 63 8 01 Yr Loss Reserve Dev / 1Y Prior C&S -2.29 -0.04 0.00 -0.19 NA Net Chg in Unrlzd Cap Gains Less Taxes 111 214 51 -290 -20Two Yr Loss Reserve Dev Total/ PHS -3.73 -2.29 -0.04 -0.26 NA Dividends to Stockholders 0 -5,000 0 0 0Loss and LAE Reserves / NPE NM 2.60 2.87 1.25 0.06 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 NA Net Premiums Written / Avg C&S (%) 3.65 4.08 9.60 7.17 10.97IBNR/ Total Reserves 100.00 100.00 100.00 100.00 NA Liabilities / Capital & Surplus (%) 16.54 22.33 16.17 16.80 17.44Reserves/ Equity 0.20 0.26 0.19 0.00 NA Total Reins Recov Excl US Aff / C&S (%) 0.00 -0.42 -0.12 0.00 NA


1,889.1 1,838.4

944.0

1,688.11,594.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2009Y 2010Y 2011Y 2012Y 2013Y




82.1

78.0

88.587.4

0

200

400

600

800

1,000

1,200

2009Y 2010Y 2011Y 2012Y 2013Y




Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 6,705 2,318 4,944 4,437 5,361 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 240Common Stocks 661 226 183 195 208 Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 622 501 953 875 240Real 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 55Occupied Properties 0 0 0 0 0 Net Premiums Written 505 390 843 765 295Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 926 -451 147 71 122Properties for Sale 0 0 0 0 0 Net Premiums Earned -422 841 696 694 173

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,643 6,656 6,862 6,751 5,758 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 14,008 9,200 11,989 11,383 11,328 Comm'l: Losses Paid Less Salvage 643 251 91 26 NAPremiums & Considerations Due 49 0 0 0 0 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 87 88 88 88 88 Losses Paid Less Salvage 643 251 91 26 NAAll Other Admitted Assets 282 40 45 80 57 Loss Adj Expenses Paid 0 0 0 0 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 14,503 9,363 12,554 12,361 12,630 Comm'l: Chg in Unpaid Net Losses -295 -5 0 -20 NA


Unpaid Losses 25 20 20 0 0 Total Chg in Loss & LAE Reserves -295 -5 0 -20 NAUnpaid 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 233Unearned Premiums 1,873 1,422 1,569 1,640 1,773 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 161 235 146 138 102 Net Underwriting Gain (Loss) 35 -302 -155 -84 -59Payable 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 1,143 851 778 233



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains Less Taxes -146 155 63 8 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 8,292 3,501 3,618 3,394 3,565 Income after cap gains (loss) before tax 177 28 28 67 -7Other 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 12,630 Pre-tax Operating Income 323 -127 -35 59 -7

Revenue -280 1,171 879 845 226Memo: Affiliated Investments ($000) Expenses Paid 660 819 874 794 NA

Bonds 0 0 0 0 0





Net Investment Income 134 287 175 120 143 Class 6 0 0 0 0 0R li d C it l G i 12 146 155 63 8Realized Capital Gains -12 -146 155 63 8Net Chg in Unrlzd Cap Gains Less Taxes -51 111 214 51 -290Net Adm Cash & Invested Assets 14,201 14,008 9,200 11,989 11,383Affiliated Cash & Investments 0 0 0 0 0Carrying Value 3,612 6,705 2,318 4,944 4,437Preferred Stock 0 0 0 0 0Common Stock 580 661 226 183 195Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 2,435 0 1,802 2,946 2,710Issued Political Subdivisions ($000) 0 5,341 67 1,163 1,108Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 633 0 448 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Texas 191 1. Oth, Prod Liab Cmbnd 875 Cash/Invested Assets 47.42 72.35 57.24 59.31 50.832. Arizona 109 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Michigan 43 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 41 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Virginia 40 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.53 0.38 3.44 6.55 9.16DPW 5 Yr CAGR -22.95 -13.34 -18.68 -9.75 6.54 All other admitted assets/Total Assets 1.94 0.43 0.36 0.65 0.45National DPW ($000) 748 622 501 953 875 Invested Assets/Total Assets 96.59 98.26 95.50 92.09 89.69Adjusted Loss Ratio -33.46 NM 0.00 0.00 0.00 Investment Income/Total Assets 1.98 1.87 0.95 1.16 0.42





Other Invstmts - 59.3%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Texas - 21.9% Arizona - 12.4% Michigan - 4.9%

Georgia - 4.7% Virginia - 4.6% All other - 51.6%





Onyx Insurance Co. Inc. A RRG (Philadelphia, PA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Two Logan Square NAIC Company Code : 15208 Total Assets NA NA NA 5,682 16,544Sixth Floor Business Focus : Commercial Property Focus Policyholder Surplus NA NA NA 2,638 4,001Philadelphia, PA 19103-2772 Geographic Focus: Regional - Western Quadrant Total Liabilities NA NA NA 3,044 12,544

NAIC Ownership Structure: Risk Retention Group Net Income NA NA NA -153 -327Tax Identification Number : 46-2878950 Revenue NA NA NA 545 1,752

Direct Premiums Written NA NA NA 2,555 6,564Net Premiums Written NA NA NA 2,416 6,334

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA NA 595 1,751

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA NA 375 1,785Demotech Financial Strength Rating A 11/25/14 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA NA 17.69S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA NA -53.99Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA NA 0.92 1.58Fitch Financial Strength Rating -- -- -- --


Name : Rod Morris Auditor Saslow Lufkin & Buggy LLPPhone : (480) 816-5609 Actuary Financial Risk Analysts LLCFax : (602) 952-8789 CEO --Email : [email protected] CFO --

President Peter Hinman Foley


Net Yield on Invested Assets NA NA NA NA 0.09Net Investment Income/Earned Premiums NA NA NA -8.37 0.07Return on Average Equity (C&S) NA NA NA NA -35.65Return on Avg Assets NA NA NA NA -10.57Loss and LAE Ratio NA NA NA 68.61 81.21Expense Ratio NA NA NA 15.26 13.04Loss Ratio NA NA NA 61.65 73.58Combined Ratio NA NA NA 83.87 94.25Operating Ratio NA NA NA 92.24 94.18Investment ratio NA NA NA -8.37 0.07

Policyholder Dividend Ratio NA NA NA 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Cash, Short-Term Investments / Liabilities NA NA NA 105.49 51.20Bonds: Liquid Investments/ Liabilities (%) NA NA NA 105.49 51.20Cash & Short-Term Investments / C&S NA NA NA 121.72 160.53Liabilities/ Invested Assets NA NA NA 95.00 195.00Affiliated Investments / Capital & Surplus NA NA NA 0.00 0.00Reserve coverage2 NA NA NA 136.27 67.00Cash From Underwriting ($000) NA NA NA 1,366 2,913Net Cash From Operations ($000) NA NA NA 1,316 2,835Underwriting Cash Flow Ratio NA NA NA -975.41 -699.76Operating Cash Flow Ratio NA NA NA -975.41 -721.72Unassigned Funds / Total Assets NA NA NA -2.70 -1.20


GPW to Policyholders' Surplus3 900 --- NA NA 97NPW to Policyholders' Surplus 300 --- NA NA 92Change in Net Premiums Written 33 -33 NA NA NM*Surplus Aid to Policyholders' Surplus 15 --- NA NA 0Two-Year Overall Operating Ratio 100 --- NA NA 92

UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 I t t Yi ld 6 5 3 NA NA 0 0*

MSA: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (Metro)

Distribution Channel: --

95.0

195.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2010Y 2011Y 2012Y 2013Y 2014Q3


83.9

94.3

-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

2010Y 2011Y 2012Y 2013Y 2014Q3


UNDERWRITING ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 Investment Yield 6.5 3 NA NA 0.0*

Loss Adjustment Expense Ratio NA NA NA 6.96 7.63 Gross Change in Policyholders' Surplus 50 -10 NA NA NM*Net Commission Ratio NA NA NA 1.17 NA Net Change in Adj Policyholders' Surplus 25 -10 NA NA NM*Salaries & Benefits Ratio NA NA NA 0.01 NA Liabilities to Liquid Assets 100 --- NA NA 95Tax, License & Fees Ratio NA NA NA 1.51 NA Agents' Bal to Policyholders' Surplus 40 --- NA NA 57*Admin & Other Expense Ratio NA NA NA 12.57 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NM*Gross Premiums Written ($000)3 NA NA NA 2,555 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- NA NA NM*Loss & Loss Adj Expense ($000) NA NA NA 408 1,422 Est Curr Resv Defi/Policyholders' Surplus 25 --- NA NA 0Other Underwriting Exp Incurred ($000) NA NA NA 369 826 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA NA -182 -497 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA NA 94.57 NA complements of each ratio.Effective Tax Rate NA NA NA NM NM

Pre-Tax Operating Margin NA NA NA -42.48 -28.29 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth NA NA NA NA 404.22

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth NA NA NA NA 627.35

Reinsurance Recoverable ex US Aff NA NA NA NA -219 Net Premiums Written Growth NA NA NA NA NARetention Ratio (NPW/GPW) (%)3 NA NA NA NA 94.57 Pre-Tax Operating Income Growth NA NA NA NA NAReinsurance Recoverable/Total Excl US Aff NA NA NA NA 0.00 Net Income Growth NA NA NA NA NANonaffiliated Reins Assumed / GPW (%) NA NA NA NA 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA NA 631.96Reinsurance Payable on Losses, LAE NA NA NA NA 0 Direct Premiums Written Growth NA NA NA NA NAReinsurance on Known Case Reserves NA NA NA NA 0 Total Liabilities Five-year CAGR NA NA NA NA NA





Asbestos NA NA NA NA NA Capital and Surplus NA NA NA 2,638 4,001 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA NA 2,638 NA Combined NA NA NA NA NA ACL Risk Based Capital NA NA NA 133 NA

ACL RBC Ratio (%) (TAC/ACL RBC) NA NA NA 1,980.95 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA NA NA 990.47 NA

Loss & Loss Adj Exp Reserves Growth NA NA NA NA 631.96 Net Realized Capital Gains Less Taxes NA NA NA 0 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA NA NA Net Chg in Unrlzd Cap Gains Less Taxes NA NA NA 0 0Two Yr Loss Reserve Dev Total/ PHS NA NA NA 0.00 NA Dividends to Stockholders NA NA NA 0 0Loss and LAE Reserves / NPE NA NA NA NA 17.69 Stockholder Dividends/ Net Income (%) NA NA NA 0.00 0.001 Yr Loss Reserve Development / NPE NA NA NA 0.00 NA Net Premiums Written / Avg C&S (%) NA NA NA NA 689.78IBNR/ Total Reserves NA NA NA 30.68 NA Liabilities / Capital & Surplus (%) NA NA NA 115.38 313.53Reserves/ Equity NA NA NA 14.21 NA Total Reins Recov Excl US Aff / C&S (%) NA NA NA -8.30 NA


990.5

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013Y




94.6

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013Y




Onyx Insurance Co. Inc. A RRG (Philadelphia, PA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds NA NA NA 0 0 Personal P&C Direct Premiums NA NA NA 0 0Preferred Stocks NA NA NA 0 0 Commercial P&C Direct Premiums NA NA NA 2,555 6,564Common Stocks NA NA NA 0 0 Accident & Health Direct Premiums NA NA NA 0 NA

First Lien Real Estate Loans NA NA NA 0 0 Direct Premiums Written NA NA NA 2,555 6,564Real Estate Loans Less First Liens NA NA NA 0 0

Total Mortgage Loans NA NA NA 0 0 Net Reinsurance Premiums5 NA NA NA -139 -231Occupied Properties NA NA NA 0 0 Net Premiums Written NA NA NA 2,416 6,334Income Generating Properties NA NA NA 0 0 Calculated Change in Unearned Premiums NA NA NA 1,821 4,583Properties for Sale NA NA NA 0 0 Net Premiums Earned NA NA NA 595 1,751

Total Real Estate NA NA NA 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA NA 3,211 6,422 Underwriting Deductions ($000)Other Investments NA NA NA 0 0 Personal: Losses Paid Less Salvage NA NA NA 0 NASubtotals, Cash & Invested Assets NA NA NA 3,211 6,422 Comm'l: Losses Paid Less Salvage NA NA NA 11 NAPremiums & Considerations Due NA NA NA 1,496 5,339 Cmbnd A&H: Losses Paid Less Salvage NA NA NA 0 NAReinsurance Recoverable NA NA NA 0 0 Losses Paid Less Salvage NA NA NA 11 NAAll Other Admitted Assets NA NA NA 975 4,783 Loss Adj Expenses Paid NA NA NA 41 NASeparate & Seg Accts NA NA NA 0 0 Personal: Chg in Unpaid Net Losses NA NA NA 0 NATotal Net Admitted Assets NA NA NA 5,682 16,544 Comm'l: Chg in Unpaid Net Losses NA NA NA 356 NA

Cmbnd A&H: Chg in Unpaid Net Losses NA NA NA 0 NALiabilities Chg in Loss Adj Exp Reserves NA NA NA 0 NA

Unpaid Losses NA NA NA 356 1,785 Total Chg in Loss & LAE Reserves NA NA NA 356 NAUnpaid Loss Adj Expenses NA NA NA 19 0 Losses and LAE Incurred NA NA NA 408 1,422

Loss & Loss Adj Exp Reserves NA NA NA 375 1,785 Other Underwriting Expense Incurred NA NA NA 369 826Unearned Premiums NA NA NA 1,821 7,800 Other Underwriting Deductions NA NA NA 0 0Total Reinsurance Liabilities NA NA NA 319 1,067 Net Income Protected Cells NA NA NA 0 0Commissions, Other Exp & Taxes NA NA NA 529 1,892 Net Underwriting Gain (Loss) NA NA NA -182 -497Payable to Parent, Subs & Affiliates NA NA NA 0 0 Dividends To Policyholders NA NA NA 0 0Other Liabilities NA NA NA 0 0 Total underwriting deductions NA NA NA 777 2,248

Total Liabilities NA NA NA 3,044 12,544

Income ($000)Total Capital and Surplus Net Investment Income NA NA NA -50 1

Common Capital Stock NA NA NA 291 1,700 Net Realized Capital Gains Less Taxes NA NA NA 0 0Preferred Capital Stock NA NA NA 0 0 Finance Service Charges NA NA NA 0 0Surplus Notes NA NA NA 2,500 2,500 All Other Income NA NA NA 0 0Unassigned Surplus NA NA NA -153 -199 Income after cap gains (loss) before tax NA NA NA -232 -496Other Including Gross Contributed NA NA NA 0 0 Federal & Foreign Income Taxes NA NA NA -78 -168

Capital & Surplus NA NA NA 2,638 4,001 Net Income NA NA NA -153 -327

Total Liabilities and C&S NA NA NA 5,682 16,544 Pre-tax Operating Income NA NA NA -232 -496

Revenue NA NA NA 545 1,752Memo: Affiliated Investments ($000) Expenses Paid NA NA NA 410 NA

Bonds NA NA NA 0 0

Preferred Stocks NA NA NA 0 0 BOND QUALITY ($000) - Annual Only62009Y 2010Y 2011Y 2012Y 2013Y

Common Stocks NA NA NA 0 0 Investment GradeMortgage Loans NA NA NA 0 0 Class 1 NA NA NA NA 0Cash & Short Term Investments NA NA NA 0 0 Class 2 NA NA NA NA 0All Other Investments NA NA NA 0 0 Non - Investment Grade

Total Affiliated Investments NA NA NA 0 0 Class 3 NA NA NA NA 0Class 4 NA NA NA NA 0

INVESTMENT ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Class 5 NA NA NA NA 0

Net Investment Income NA NA NA NA -50 Class 6 NA NA NA NA 0R li d C it l G i NA NA NA NA 0Realized Capital Gains NA NA NA NA 0Net Chg in Unrlzd Cap Gains Less Taxes NA NA NA NA 0Net Adm Cash & Invested Assets NA NA NA NA 3,211Affiliated Cash & Investments NA NA NA NA 0Carrying Value NA NA NA NA 0Preferred Stock NA NA NA NA 0Common Stock NA NA NA NA 0Mortgage Loans Book Value NA NA NA NA 0Real Estate Book Value NA NA NA NA 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA NA NA 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA NA NA NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) NA NA NA NA 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 NA NA 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 NA NA 0

Municipal SecuritiesIssued States & Territories ($000) NA NA NA NA 0Issued Political Subdivisions ($000) NA NA NA NA 0Issued State Rev Obligations ($000) NA NA NA NA 0Issued Industrial Development ($000) NA NA NA NA 0




Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S NA NA NA 0.00 NAClass 5 and 6 Bonds / C&S NA NA NA 0.00 0.00Bonds/Invested Assets NA NA NA 0.00 0.00Common Stocks / C&S NA NA NA 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 NA NA NA 0.00 0.001. California 2,257 1. Comm'l Auto St 2,555 Cash/Invested Assets NA NA NA 100.00 100.002. New Jersey 209 2. Acc & Health 0 Mortgage & Real Estate / C&S NA NA NA 0.00 0.003. Georgia 56 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. North Carolina 32 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets NA NA NA 0.00 0.005. Alaska 0 5. Fidelity & Surety 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 0.00Premiums & Cons due/Total Assets NA NA NA 26.33 32.27

MARKET POSITION ANALYSIS (%) 2009Y 2010Y 2011Y 2012Y 2013Y Reinsurance recoverable/Total Assets NA NA NA 0.00 0.00

Market Share Ratio NA NA NA NA 0.00 Rec from parent,sub or aff./Total Assets NA NA NA 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA NA 17.15 28.91National DPW ($000) NA NA NA NA 2,555 Invested Assets/Total Assets NA NA NA 56.51 38.82Adjusted Loss Ratio NA NA NA NA 61.82 Investment Income/Total Assets NA NA NA -0.88 0.01





Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


California - 88.3% New Jersey - 8.2%

Georgia - 2.2% North Carolina - 1.3%

Alaska - 0.0% All other - 0.0%





Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

1715 Aaron Brenner Drive NAIC Company Code : 44130 Total Assets 22,091 23,250 23,274 23,468 24,089Suite 512 Business Focus : Commercial Property Focus Policyholder Surplus 8,552 9,170 10,580 11,800 12,172Memphis, TN 38120-1443 Geographic Focus: National Total Liabilities 13,539 14,080 12,694 11,668 11,917

NAIC Ownership Structure: Risk Retention Group Net Income 442 604 1,093 374 206Tax Identification Number : 36-3584321 Revenue 3,601 3,657 3,700 4,037 1,071

Direct Premiums Written 4,162 4,570 4,665 5,201 1,674Net Premiums Written 2,736 3,028 2,961 3,350 980


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 8,382Demotech Financial Strength Rating A' 11/24/14 Affirm Loss & LAE Reserves/ NPE (%) 389.52 366.83 344.52 253.38 226.42S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 4.36 8.44 13.97 -0.65 3.68Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.32 0.33 0.28 0.28 0.08Fitch 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 2.11Net Investment Income/Earned Premiums 24.03 21.10 19.37 15.24 12.80Return on Average Equity (C&S) 5.51 6.80 11.06 3.31 6.80Return on Avg Assets 2.08 2.70 4.69 1.61 3.48Loss and LAE Ratio 45.90 22.09 -17.37 49.01 75.00Expense Ratio 28.99 29.73 29.62 26.88 22.99Loss Ratio 42.28 17.46 -22.75 32.09 68.97Combined Ratio 111.30 94.58 71.92 115.43 97.99Operating Ratio 87.27 73.48 52.56 100.20 85.19Investment ratio 24.03 21.10 19.37 15.24 12.80


Cash, Short-Term Investments / Liabilities 15.69 15.22 12.16 22.77 25.37Bonds: Liquid Investments/ Liabilities (%) 153.21 153.19 171.35 188.44 193.17Cash & Short-Term Investments / C&S 24.84 23.37 14.58 22.51 24.83Liabilities/ Invested Assets 59.00 58.00 52.00 46.00 45.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 211.37 223.87 294.09 285.48 217.82Cash From Underwriting ($000) 1,003 983 650 -335 333Net Cash From Operations ($000) 1,074 390 -357 -1,320 544Underwriting Cash Flow Ratio 162.28 164.39 124.31 90.05 204.02Operating Cash Flow Ratio 120.76 111.33 95.52 55.93 175.96Unassigned Funds / Total Assets 20.38 21.39 26.75 30.96 31.18


GPW to Policyholders' Surplus3 900 --- 50 44 44NPW to Policyholders' Surplus 300 --- 33 28 28Change in Net Premiums Written 33 -33 11 -2 13Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 80 63 78


MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, Independent Agency

59.0 58.0

52.0

46.0 45.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2010Y 2011Y 2012Y 2013Y 2014Q3


111.3

94.6

71.9

115.4

98.0

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2010Y 2011Y 2012Y 2013Y 2014Q3



Loss Adjustment Expense Ratio 3.62 4.63 5.38 16.91 6.03 Gross Change in Policyholders' Surplus 50 -10 7 15 12Net Commission Ratio 1.67 1.77 1.72 1.85 NA Net Change in Adj Policyholders' Surplus 25 -10 6 14 10Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 58 52 46Tax, License & Fees Ratio 4.73 6.30 6.03 6.35 NA Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 22.59 21.65 21.87 18.68 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -22 -36 -10Gross Premiums Written ($000)3 4,162 4,570 4,665 5,201 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -40 -61 -40Loss & Loss Adj Expense ($000) 1,261 646 -509 1,549 668 Est Curr Resv Defi/Policyholders' Surplus 25 --- -20 -18 0Other Underwriting Exp Incurred ($000) 793 900 877 900 225 *Indicates an unusual value.Net Underwriting Gains ($000) 693 1,377 2,565 711 -3 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 NA complements of each ratio.Effective Tax Rate 19.08 29.77 30.93 -10.67 -15.63

Pre-Tax Operating Margin 10.29 21.14 39.46 -2.04 11.09 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 2.26 3.99 -9.85 -8.08 28.39

Reinsurance Recoverable ex US Aff 5,877 4,465 5,444 7,453 5,105 Net Premiums Written Growth -0.25 10.69 -2.24 13.14 13.48Retention Ratio (NPW/GPW) (%)3 63.73 65.74 66.26 63.47 64.40 Pre-Tax Operating Income Growth 6.43 114.14 84.09 NM -46.03Reinsurance 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 -50.72Nonaffiliated 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 32.67Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -3.31 9.82 2.06 11.51 11.76Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 1.80 1.33 -1.35 -2.15 -1.07







RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 643.48 629.95 761.18 1,102.99 NA

Loss & Loss Adj Exp Reserves Growth -0.73 0.00 -20.59 -8.64 32.67 Net Realized Capital Gains Less Taxes 197 111 202 412 671 Yr Loss Reserve Dev / 1Y Prior C&S -17.96 -21.54 -35.76 -9.56 NA Net Chg in Unrlzd Cap Gains Less Taxes 145 -32 151 428 -95Two Yr Loss Reserve Dev Total/ PHS -40.58 -39.77 -60.60 -39.72 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 389.52 366.83 344.52 253.38 226.42 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 NA Net Premiums Written / Avg C&S (%) 34.08 34.09 29.97 29.64 32.33IBNR/ Total Reserves 65.20 63.56 56.41 48.66 NA Liabilities / Capital & Surplus (%) 158.32 153.54 119.98 98.89 97.90Reserves/ Equity 119.27 111.23 76.56 62.71 NA Total Reins Recov Excl US Aff / C&S (%) 52.21 59.37 70.44 43.26 NA


525.1

643.5 629.9

761.2

1,103.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009Y 2010Y 2011Y 2012Y 2013Y




63.7

65.7

66.3

63.5

64.4

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,426 -1,542 -1,704 -1,852 -695Occupied Properties 0 0 0 0 0 Net Premiums Written 2,736 3,028 2,961 3,350 980Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -11 105 28 189 89Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,747 2,923 2,933 3,161 891

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,125 2,143 1,543 2,656 3,023 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 20,146 20,857 21,004 21,061 21,957 Comm'l: Losses Paid Less Salvage 1,143 550 1,335 1,952 NAPremiums & Considerations Due 1,548 1,871 1,699 1,967 1,903 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 19 238 109 109 Losses Paid Less Salvage 1,143 550 1,335 1,952 NAAll Other Admitted Assets 398 504 333 332 121 Loss Adj Expenses Paid 192 96 256 297 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 22,091 23,250 23,274 23,468 24,089 Comm'l: Chg in Unpaid Net Losses 18 -40 -2,002 -937 NA


Unpaid Losses 10,028 9,989 7,987 7,049 7,707 Total Chg in Loss & LAE Reserves -75 0 -2,100 -700 NAUnpaid Loss Adj Expenses 172 211 113 351 674 Losses and LAE Incurred 1,261 646 -509 1,549 668

Loss & Loss Adj Exp Reserves 10,200 10,200 8,100 7,400 8,382 Other Underwriting Expense Incurred 793 900 877 900 225Unearned Premiums 1,443 1,548 1,576 1,765 1,698 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 336 319 456 183 619 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 174 213 227 181 201 Net Underwriting Gain (Loss) 693 1,377 2,565 711 -3Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 1,000 1,250 1,750 1,250 0Other Liabilities 1,385 1,800 2,334 2,139 1,016 Total underwriting deductions 2,054 1,546 368 2,449 893



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 197 111 202 412 67Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 2Surplus Notes 0 0 0 0 0 All Other Income -3 6 -3 -17 -2Unassigned Surplus 4,502 4,974 6,226 7,267 7,511 Income after cap gains (loss) before tax 547 860 1,582 338 178Other Including Gross Contributed 4,050 4,196 4,354 4,533 4,661 Federal & Foreign Income Taxes 104 256 489 -36 -28

Capital & Surplus 8,552 9,170 10,580 11,800 12,172 Net Income 442 604 1,093 374 206

Total Liabilities and C&S 22,091 23,250 23,274 23,468 24,089 Pre-tax Operating Income 350 750 1,380 -74 111


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 14,888 15,193 14,903 14,565 13,157Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 670 1,119 883All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 663 660 617 568 482 Class 6 0 0 0 0 0R li d C it l G i 16 197 111 202 412Realized Capital Gains 16 197 111 202 412Net Chg in Unrlzd Cap Gains Less Taxes 455 145 -32 151 428Net Adm Cash & Invested Assets 18,702 20,146 20,857 21,004 21,061Affiliated Cash & Investments 0 0 0 0 0Carrying Value 14,888 15,193 15,573 15,685 14,040Preferred Stock 0 0 0 0 0Common Stock 3,183 3,427 3,853 4,523 5,292Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 0 1,247 472 300







Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Virginia 796 1. Comm'l Auto St 5,201 Cash/Invested Assets 10.55 10.27 7.35 12.61 13.772. Utah 619 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 527 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Kentucky 500 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nebraska 392 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 12.6%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Virginia - 15.3% Utah - 11.9% Ohio - 10.1%

Kentucky - 9.6% Nebraska - 7.5% All other - 45.5%





PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

1605 Main Street NAIC Company Code : 11973 Total Assets 10,373 8,566 8,169 9,174 9,749Suite 800 Business Focus : P&C Minimum NPW Policyholder Surplus 2,520 2,538 3,383 3,067 3,042Sarasota, FL 34236-5823 Geographic Focus: Geography Minimum NPW Total Liabilities 7,853 6,028 4,786 6,107 6,708

NAIC Ownership Structure: Risk Retention Group Net Income 537 32 609 -509 -102Tax Identification Number : 20-1065673 Revenue 3,098 2,393 2,687 1,433 542

Direct Premiums Written 3,561 3,009 3,167 3,061 1,104Net Premiums Written 2,447 2,280 2,505 980 517


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,119 4,187 3,123 2,642 2,627Demotech Financial Strength Rating A 11/18/14 Affirm Loss & LAE Reserves/ NPE (%) 231.21 215.71 145.72 258.53 120.89S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 42.83 -1.15 29.41 -29.36 -18.95Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.97 0.90 0.74 0.32 0.17Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 955-0793 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 0.89 0.67 0.94 0.83 0.65Net Investment Income/Earned Premiums 2.35 2.25 2.67 5.33 2.66Return on Average Equity (C&S) 28.15 1.26 20.28 -15.34 -13.23Return on Avg Assets 4.92 0.36 7.35 -5.73 -4.31Loss and LAE Ratio 41.77 57.27 12.75 101.70 89.41Expense Ratio 41.00 46.82 45.54 113.85 47.54Loss Ratio 22.45 42.97 22.39 97.74 41.34Combined Ratio 83.29 104.10 70.57 215.54 130.76Operating Ratio 80.94 101.85 67.90 210.21 128.10Investment ratio 2.35 2.25 2.67 5.33 2.66

Policyholder Dividend Ratio 0.52 0.00 12.28 0.00 -6.18 CASH FLOW & LIQUIDITY (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Cash, Short-Term Investments / Liabilities 69.17 32.49 24.61 28.26 51.44Bonds: Liquid Investments/ Liabilities (%) 130.39 137.38 167.53 131.56 150.79Cash & Short-Term Investments / C&S 215.59 77.17 34.81 56.27 113.43Liabilities/ Invested Assets 94.00 81.00 64.00 87.00 79.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 128.91 155.75 212.74 215.49 245.33Cash From Underwriting ($000) -663 -862 -211 -553 211Net Cash From Operations ($000) 202 -903 -295 -860 227Underwriting Cash Flow Ratio 82.42 76.14 90.38 84.91 143.48Operating Cash Flow Ratio 60.85 78.85 98.05 86.08 143.48Unassigned Funds / Total Assets 0.98 0.77 10.22 4.63 3.34


GPW to Policyholders' Surplus3 900 --- 119 94 100NPW to Policyholders' Surplus 300 --- 90 74 32Change in Net Premiums Written 33 -33 -7 10 -61*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 90 84 107*


MSA: North Port-Sarasota-Bradenton, FL (Metro)


94.0

81.0

64.0

87.0

79.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2010Y 2011Y 2012Y 2013Y 2014Q3


83.3

104.1

70.6

215.5

130.8

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2010Y 2011Y 2012Y 2013Y 2014Q3



Loss Adjustment Expense Ratio 19.32 14.30 -9.64 3.95 48.07 Gross Change in Policyholders' Surplus 50 -10 1 33 -9Net Commission Ratio 26.51 20.34 19.02 47.19 NA Net Change in Adj Policyholders' Surplus 25 -10 -1 30* -12*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 81 64 87Tax, License & Fees Ratio 5.44 4.56 4.44 9.94 NA Agents' Bal to Policyholders' Surplus 40 --- 7 6 8Admin & Other Expense Ratio 9.05 21.92 22.08 56.72 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -53 -20Gross Premiums Written ($000)3 3,561 3,009 3,167 3,061 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -53 -46 -59Loss & Loss Adj Expense ($000) 1,266 1,322 332 1,160 458 Est Curr Resv Defi/Policyholders' Surplus 25 --- -12 18 -47Other Underwriting Exp Incurred ($000) 1,143 1,067 1,141 1,115 246 *Indicates an unusual value.Net Underwriting Gains ($000) 761 -81 1,134 -1,135 -192 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 NA 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 -27.89 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth -7.59 -17.42 -4.63 12.31 21.22

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth -17.38 -23.24 -20.61 27.62 38.86

Reinsurance Recoverable ex US Aff 1,688 1,640 1,121 1,744 907 Net Premiums Written Growth -45.76 -6.82 9.86 -60.88 -51.84Retention Ratio (NPW/GPW) (%)3 93.30 68.70 75.77 79.07 32.00 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl US Aff 19.96 20.00 20.61 16.34 13.12 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 52.49Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -26.33 -15.51 5.27 -3.35 6.29Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 56.52 15.94 -2.84 -2.07 -8.34

Capital & Surplus Five-year CAGR 24.94 13.67 6.06 0.28 18.10Admitted Assets Five-year CAGR 44.20 15.24 0.30 -1.32 -3.57







Loss & Loss Adj Exp Reserves Growth -13.19 -31.57 -25.43 -15.40 52.49 Net Realized Capital Gains Less Taxes -4 33 10 132 161 Yr Loss Reserve Dev / 1Y Prior C&S -48.97 -6.79 -52.74 -19.96 NA Net Chg in Unrlzd Cap Gains Less Taxes 124 -67 160 99 -29Two Yr Loss Reserve Dev Total/ PHS 72.06 -53.11 -46.39 -59.10 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 231.21 215.71 145.72 258.53 120.89 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 NA Net Premiums Written / Avg C&S (%) 128.27 89.46 83.41 29.54 66.92IBNR/ Total Reserves 21.52 25.96 47.76 38.27 NA Liabilities / Capital & Surplus (%) 311.69 237.51 141.45 199.14 220.53Reserves/ Equity 242.85 164.99 92.30 86.13 NA Total Reins Recov Excl US Aff / C&S (%) 65.09 44.17 51.55 29.57 NA


81.4

140.1163.5

238.1215.3

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013Y




93.3

68.775.8 79.1

32.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,115 -729 -663 -2,082 -587Occupied Properties 0 0 0 0 0 Net Premiums Written 2,447 2,280 2,505 980 517Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -584 -28 -102 -161 6Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,030 2,308 2,607 1,141 512

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 5,432 1,958 1,178 1,726 3,450 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 8,351 7,425 7,448 7,021 8,480 Comm'l: Losses Paid Less Salvage 2,102 1,768 857 1,370 NAPremiums & Considerations Due 147 181 208 243 437 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 1,112 326 0 930 4 Losses Paid Less Salvage 2,102 1,768 857 1,370 NAAll Other Admitted Assets 763 634 513 981 828 Loss Adj Expenses Paid 546 450 540 271 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 10,373 8,566 8,169 9,174 9,749 Comm'l: Chg in Unpaid Net Losses -1,422 -776 -273 -255 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 39 -120 -792 -226 NA

Unpaid Losses 3,938 2,409 2,136 1,881 1,890 Total Chg in Loss & LAE Reserves -1,382 -896 -1,065 -481 NAUnpaid Loss Adj Expenses 2,181 1,778 986 761 737 Losses and LAE Incurred 1,266 1,322 332 1,160 458

Loss & Loss Adj Exp Reserves 6,119 4,187 3,123 2,642 2,627 Other Underwriting Expense Incurred 1,143 1,067 1,141 1,115 246Unearned Premiums 1,632 1,300 1,198 1,037 830 Other Underwriting Deductions -140 0 0 0 0Total Reinsurance Liabilities -226 278 -17 1,949 2,917 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 319 263 270 273 239 Net Underwriting Gain (Loss) 761 -81 1,134 -1,135 -192Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 16 0 320 0 -32Other Liabilities 9 0 212 206 95 Total underwriting deductions 2,269 2,389 1,473 2,275 704



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes -4 33 10 132 16Preferred 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 66 835 425 326 Income after cap gains (loss) before tax 813 4 894 -842 -130Other Including Gross Contributed 2,418 2,472 2,548 2,642 2,716 Federal & Foreign Income Taxes 276 -28 285 -333 -28

Capital & Surplus 2,520 2,538 3,383 3,067 3,042 Net Income 537 32 609 -509 -102

Total Liabilities and C&S 10,373 8,566 8,169 9,174 9,749 Pre-tax Operating Income 817 -29 883 -974 -147


Bonds 0 0 0 0 0





Net Investment Income 81 71 52 70 61 Class 6 0 0 0 0 0R li d C it l G i 1 4 33 10 132Realized Capital Gains -1 -4 33 10 132Net Chg in Unrlzd Cap Gains Less Taxes 125 124 -67 160 99Net Adm Cash & Invested Assets 7,970 8,351 7,425 7,448 7,021Affiliated Cash & Investments 0 0 0 0 0Carrying Value 5,642 2,911 4,531 4,420 4,278Preferred Stock 0 0 0 0 0Common Stock 2,058 1,897 1,792 2,420 2,030Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 409 407 396 316 306Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 1,489 508 3,160 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Washington 731 1. Oth, Prod Liab Cmbnd 3,061 Cash/Invested Assets 65.04 26.37 15.81 24.58 40.682. Pennsylvania 580 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 NA NA NA NA NA4. Michigan 275 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Maryland 156 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 24.6%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Washington - 23.9% Pennsylvania - 18.9%

Georgia - 9.2% Michigan - 9.0%

Maryland - 5.1% All other - 33.9%





Ponce De Leon LTC RRG Inc. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

1100 West Town & Country Road NAIC Company Code : 11809 Total Assets 18,727 16,789 14,352 12,209 11,054Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 8,622 8,194 7,831 5,133 5,133Orange, CA 92868-4655 Geographic Focus: Regional - Southern Quadrant Total Liabilities 10,104 8,595 6,521 7,076 5,921

NAIC Ownership Structure: Risk Retention Group Net Income -523 -527 -471 -3,289 -548Tax Identification Number : 02-0650614 Revenue 5,187 5,420 3,886 2,572 281



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,918 5,249 4,801 5,795 5,110Demotech Financial Strength Rating A 11/17/14 Affirm Loss & LAE Reserves/ NPE (%) 113.56 118.50 144.64 223.24 565.33S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -8.79 -11.41 -6.32 -47.29 -41.10Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.63 0.51 0.32 0.37 0.04Fitch 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 2.36Net Investment Income/Earned Premiums 7.35 6.64 7.10 9.90 28.53Return on Average Equity (C&S) -5.99 -6.50 -5.77 -46.42 -41.10Return on Avg Assets -2.95 -3.04 -3.05 -23.70 -19.69Loss and LAE Ratio 79.38 83.17 74.83 194.30 349.01Expense Ratio 39.91 50.03 70.15 75.61 36.19Loss Ratio 43.80 38.13 30.30 105.91 201.34Combined Ratio 119.29 133.20 144.98 269.91 385.20Operating Ratio 111.94 126.55 137.88 260.01 356.66Investment ratio 7.35 6.64 7.10 9.90 28.53


Cash, Short-Term Investments / Liabilities 12.96 6.17 19.28 18.27 26.06Bonds: Liquid Investments/ Liabilities (%) 160.80 167.06 203.17 165.41 177.63Cash & Short-Term Investments / C&S 15.19 6.47 16.05 25.19 30.06Liabilities/ Invested Assets 62.00 59.00 49.00 60.00 56.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 179.76 190.35 219.09 176.84 192.33Cash From Underwriting ($000) -886 -2,352 -2,031 -2,598 -263Net Cash From Operations ($000) -723 -1,746 -1,198 -2,279 -201Underwriting Cash Flow Ratio 84.81 65.82 58.28 47.23 51.06Operating Cash Flow Ratio 88.87 62.55 49.31 47.23 51.06Unassigned Funds / Total Assets 7.32 5.12 5.80 -15.37 -16.97


GPW to Policyholders' Surplus3 900 --- 55 35 50NPW to Policyholders' Surplus 300 --- 51 32 37Change in Net Premiums Written 33 -33 -23 -41* -24Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 118* 129* 184*


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt

62.059.0

49.0

60.056.0

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 2014Q3


119.3 133.2 145.0

269.9

385.2

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

2010Y 2011Y 2012Y 2013Y 2014Q3



Loss Adjustment Expense Ratio 35.59 45.04 44.53 88.39 147.67 Gross Change in Policyholders' Surplus 50 -10 -5 -4 -34*Net Commission Ratio 5.55 5.69 3.63 1.89 NA Net Change in Adj Policyholders' Surplus 25 -10 -6 0 -35*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 59 49 60Tax, License & Fees Ratio 2.37 2.68 2.84 3.41 NA Agents' Bal to Policyholders' Surplus 40 --- 10 1 0Admin & Other Expense Ratio 31.99 41.67 63.68 70.31 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- 2 -4 6Gross Premiums Written ($000)3 5,597 4,524 2,754 2,578 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- 17 -4 0Loss & Loss Adj Expense ($000) 3,859 4,091 2,621 4,436 762 Est Curr Resv Defi/Policyholders' Surplus 25 --- 18 -13 -56Other Underwriting Exp Incurred ($000) 2,154 2,084 1,737 1,424 67 *Indicates an unusual value.Net Underwriting Gains ($000) -1,152 -1,256 -855 -3,577 -611 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 NA 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 -195.46 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth 1.07 -10.35 -14.51 -14.93 -6.24

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 7.92 -14.94 -24.13 8.51 16.37

Reinsurance Recoverable ex US Aff -144 -83 50 105 127 Net Premiums Written Growth 15.42 -22.86 -40.55 -23.93 -21.58Retention Ratio (NPW/GPW) (%)3 90.11 96.46 92.07 89.89 73.07 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 29.16Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 7.83 -19.18 -39.11 -6.42 -36.31Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 4.91 -3.57 -10.43 -7.67 -8.29

Capital & Surplus Five-year CAGR 2.88 1.27 -0.24 -8.05 -8.99Admitted Assets Five-year CAGR 3.95 -1.39 -5.69 -7.83 -8.62







Loss & Loss Adj Exp Reserves Growth 7.15 -11.31 -8.54 20.71 29.16 Net Realized Capital Gains Less Taxes -59 171 45 62 01 Yr Loss Reserve Dev / 1Y Prior C&S 11.96 2.37 -3.78 5.68 NA Net Chg in Unrlzd Cap Gains Less Taxes 394 4 150 221 141Two Yr Loss Reserve Dev Total/ PHS -7.85 17.16 -3.70 -0.31 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 113.56 118.50 144.64 223.24 565.33 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 NA Net Premiums Written / Avg C&S (%) 61.84 51.37 30.30 26.58 13.91IBNR/ Total Reserves 54.33 53.56 54.82 42.43 NA Liabilities / Capital & Surplus (%) 117.19 104.90 83.27 137.84 115.35Reserves/ Equity 68.64 64.06 61.31 112.90 NA Total Reins Recov Excl US Aff / C&S (%) -0.96 0.61 1.34 2.47 NA


467.2 476.0453.2

481.4

286.7

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2009Y 2010Y 2011Y 2012Y 2013Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))90.196.5 92.1 89.9

73.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




Ponce De Leon LTC RRG Inc. (Orange, CA)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -198 -359 -278 -694 -21Occupied Properties 0 0 0 0 0 Net Premiums Written 5,399 4,165 2,476 1,884 186Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 538 -753 -1,026 -400 -33Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,861 4,918 3,502 2,283 218

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,310 530 1,257 1,293 1,543 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 16,248 14,359 13,249 11,704 10,518 Comm'l: Losses Paid Less Salvage 1,648 2,652 1,507 1,752 NAPremiums & Considerations Due 1,127 782 105 8 32 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 606 537 316 0 0 Losses Paid Less Salvage 1,648 2,652 1,507 1,752 NAAll Other Admitted Assets 747 1,111 682 497 505 Loss Adj Expenses Paid 1,816 2,108 1,562 1,690 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 18,727 16,789 14,352 12,209 11,054 Comm'l: Chg in Unpaid Net Losses 481 -776 -445 666 NA


Unpaid Losses 5,217 4,441 3,996 4,662 4,241 Total Chg in Loss & LAE Reserves 395 -669 -448 994 NAUnpaid Loss Adj Expenses 701 808 805 1,133 868 Losses and LAE Incurred 3,859 4,091 2,621 4,436 762

Loss & Loss Adj Exp Reserves 5,918 5,249 4,801 5,795 5,110 Other Underwriting Expense Incurred 2,154 2,084 1,737 1,424 67Unearned Premiums 3,074 2,321 1,295 895 359 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 296 317 0 29 56 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 816 708 426 357 397 Net Underwriting Gain (Loss) -1,152 -1,256 -855 -3,577 -611Payable 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 5,861 829



Common Capital Stock 19 20 20 20 20 Net Realized Capital Gains Less Taxes -59 171 45 62 0Preferred 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 -1,876 Income after cap gains (loss) before tax -827 -754 -471 -3,289 -548Other 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 5,133 Net Income -523 -527 -471 -3,289 -548

Total Liabilities and C&S 18,727 16,789 14,352 12,209 11,054 Pre-tax Operating Income -768 -925 -516 -3,351 -548


Bonds 0 0 0 0 0





Net Investment Income 487 357 327 249 226 Class 6 0 0 0 0 0R li d C it l G i 442 59 171 45 62Realized Capital Gains -442 -59 171 45 62Net Chg in Unrlzd Cap Gains Less Taxes 305 394 4 150 221Net Adm Cash & Invested Assets 17,036 16,248 14,359 13,249 11,704Affiliated Cash & Investments 0 0 0 0 0Carrying Value 12,828 12,815 11,668 9,579 7,203Preferred Stock 0 0 0 0 0Common Stock 1,737 2,123 2,161 2,413 3,208Mortgage 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 1,384 653


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 2,412 1,941 1,787 1,137Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 2,578 1. Med Prof Liab 1,804 Cash/Invested Assets 8.06 3.69 9.49 11.05 14.672. Alaska 0 2. Oth, Prod Liab Cmbnd 774 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 NA NA NA NA NA4. Arkansas 0 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 11.0%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Florida - 100.0% Alaska - 0.0% Alabama - 0.0%

Arkansas - 0.0% Arizona - 0.0% All other - 0.0%

Med Prof Liab - 70.0% Oth, Prod Liab Cmbnd - 30.0%

Acc & Health - 0.0% Aircraft - 0.0%

Comm'l Auto St - 0.0% All Other - 0.0%


Premier Physicians Ins Co. (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

575 South Saliman Road NAIC Company Code : 12613 Total Assets 11,467 12,457 14,318 13,916 11,811Carson City, NV 89701-5000 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,802 3,056 3,533 3,531 3,281

Geographic Focus: Regional - Western Quadrant Total Liabilities 8,665 9,401 10,785 10,385 8,530NAIC Ownership Structure: Risk Retention Group Net Income -131 238 393 -15 176Tax Identification Number : 20-3831358 Revenue 4,235 5,677 4,637 5,255 1,645



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,934 3,952 3,574 3,592 3,813Demotech Financial Strength Rating A 12/05/14 Affirm Loss & LAE Reserves/ NPE (%) 87.53 64.23 89.45 76.12 57.06S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -3.84 14.26 18.24 -4.16 20.26Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.46 1.99 1.39 1.21 0.44Fitch Financial Strength Rating -- -- -- --


Name : Jessica Contreras Auditor Casey Neilon & Associates LLCPhone : (775) 887-2480 Actuary Bickerstaff, Whatley, RyanFax : (775) 887-2481 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 1.11 1.02 0.96 1.16 1.48Net Investment Income/Earned Premiums 2.16 1.59 2.14 2.41 2.20Return on Average Equity (C&S) -4.12 8.75 12.17 -0.43 21.54Return on Avg Assets -1.24 2.08 3.06 -0.11 5.69Loss and LAE Ratio 51.71 53.10 36.45 54.66 61.53Expense Ratio 54.47 38.14 48.75 59.36 33.83Loss Ratio 19.85 15.09 1.67 14.38 37.55Combined Ratio 106.18 91.24 85.20 114.01 95.36Operating Ratio 104.02 89.64 83.06 111.60 93.15Investment ratio 2.16 1.59 2.14 2.41 2.20


Cash, Short-Term Investments / Liabilities 24.32 25.83 39.26 28.53 22.14Bonds: Liquid Investments/ Liabilities (%) 38.56 101.51 101.77 98.82 111.20Cash & Short-Term Investments / C&S 75.20 79.45 119.88 83.91 57.57Liabilities/ 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 103.24 105.74 111.15 102.94 152.57Cash From Underwriting ($000) 2,155 477 1,626 -1,341 26Net Cash From Operations ($000) 2,113 670 1,538 -1,057 82Underwriting Cash Flow Ratio 150.91 111.19 135.08 74.05 102.24Operating Cash Flow Ratio 154.91 111.31 140.83 71.93 102.24Unassigned Funds / Total Assets 0.73 2.19 5.18 5.78 4.96


GPW to Policyholders' Surplus3 900 --- 236 196 154NPW to Policyholders' Surplus 300 --- 199 139 121Change in Net Premiums Written 33 -33 48* -19 -13Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 95 87 97


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 2014Q3


106.2

91.285.2

114.0

95.4

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2010Y 2011Y 2012Y 2013Y 2014Q3



Loss Adjustment Expense Ratio 31.86 38.01 34.78 40.28 23.98 Gross Change in Policyholders' Surplus 50 -10 9 16 0Net Commission Ratio 7.38 6.73 7.76 12.11 NA Net Change in Adj Policyholders' Surplus 25 -10 4 10 -2Salaries & Benefits Ratio 19.04 13.45 16.26 16.42 NA Liabilities to Liquid Assets 100 --- 98 98 101*Tax, License & Fees Ratio 1.13 0.86 1.02 2.34 NA Agents' Bal to Policyholders' Surplus 40 --- 1 1 10Admin & Other Expense Ratio 26.92 17.09 23.71 28.49 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -17 -41 14Gross Premiums Written ($000)3 6,297 7,217 6,929 5,446 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -43 -9 -25Loss & Loss Adj Expense ($000) 2,162 2,960 1,652 2,736 984 Est Curr Resv Defi/Policyholders' Surplus 25 --- -52 -29 2Other Underwriting Exp Incurred ($000) 2,232 2,315 2,389 2,539 485 *Indicates an unusual value.Net Underwriting Gains ($000) -212 300 492 -269 130 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 NA complements of each ratio.Effective Tax Rate NM 40.93 34.03 NM 0.00

Pre-Tax Operating Margin -2.86 6.86 12.72 -2.89 10.12 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3

Admitted Assets Growth 14.58 8.64 14.94 -2.81 -33.64

REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 29.96 8.50 14.73 -3.71 -46.39

Reinsurance Recoverable ex US Aff -177 -2,433 -1,589 -2,628 -3,263 Net Premiums Written Growth -36.57 48.14 -19.25 -12.72 23.49Retention Ratio (NPW/GPW) (%)3 100.00 65.06 84.10 70.73 78.55 Pre-Tax Operating Income Growth NM NM 51.63 NM -60.89Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM NM 64.92 NM -37.20Nonaffiliated 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 37.61Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -2.50 14.60 -3.99 -21.41 23.49Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 40.14 33.15 21.44 10.36 4.82





Asbestos NA NA NA NA NA Capital and Surplus 2,802 3,056 3,533 3,531 3,281 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 3,056 3,533 3,531 NA Combined NA NA NA NA NA ACL Risk Based Capital NA 925 1,016 1,144 NA

ACL RBC Ratio (%) (TAC/ACL RBC) NA 330.45 347.52 308.55 NA

RESERVE ANALYSIS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3 CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA 165.22 173.76 154.27 NA

Loss & Loss Adj Exp Reserves Growth -1.52 34.70 -9.58 0.51 37.61 Net Realized Capital Gains Less Taxes -37 15 7 127 101 Yr Loss Reserve Dev / 1Y Prior C&S -42.75 -16.70 -40.87 13.84 NA Net Chg in Unrlzd Cap Gains Less Taxes 116 -49 76 79 -72Two Yr Loss Reserve Dev Total/ PHS -12.49 -43.14 -8.74 -24.87 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 87.53 64.23 89.45 76.12 57.06 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 NA Net Premiums Written / Avg C&S (%) 128.75 222.81 151.84 119.94 175.71IBNR/ Total Reserves 0.00 0.00 0.00 0.00 NA Liabilities / Capital & Surplus (%) 309.24 307.61 305.31 294.14 259.96Reserves/ Equity 104.72 129.33 101.16 101.73 NA Total Reins Recov Excl US Aff / C&S (%) -86.83 -51.99 -74.39 -92.42 NA


165.2

173.8

154.3

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009Y 2010Y 2011Y 2012Y 2013Y




100.0

65.1

84.1

70.778.6

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009Y 2010Y 2011Y 2012Y 2013Y




Premier Physicians Ins Co. (Carson City, NV)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,200 -1,148 -2,028 -1,168 0Occupied Properties 0 0 0 0 0 Net Premiums Written 4,097 6,069 4,901 4,278 1,434Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -84 495 367 -729 -165Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,181 5,574 4,533 5,007 1,599

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,107 2,428 4,235 2,962 1,889 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 8,636 9,542 10,976 10,263 9,485 Comm'l: Losses Paid Less Salvage 616 77 238 680 NAPremiums & Considerations Due 4 30 21 352 873 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 65 463 1,550 2,115 572 Losses Paid Less Salvage 616 77 238 680 NAAll Other Admitted Assets 2,762 2,421 1,770 1,186 881 Loss Adj Expenses Paid 1,592 1,864 1,793 2,038 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 11,467 12,457 14,318 13,916 11,811 Comm'l: Chg in Unpaid Net Losses 214 764 -163 40 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves -260 254 -216 -22 NA

Unpaid Losses 1,997 2,761 2,598 2,638 2,662 Total Chg in Loss & LAE Reserves -45 1,018 -379 18 NAUnpaid Loss Adj Expenses 937 1,192 976 954 1,151 Losses and LAE Incurred 2,162 2,960 1,652 2,736 984

Loss & Loss Adj Exp Reserves 2,934 3,952 3,574 3,592 3,813 Other Underwriting Expense Incurred 2,232 2,315 2,389 2,539 485Unearned Premiums 3,074 3,569 3,937 3,208 2,404 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 2,433 1,589 2,912 3,453 2,226 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 39 37 106 101 46 Net Underwriting Gain (Loss) -212 300 492 -269 130Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 185 252 257 32 41 Total underwriting deductions 4,394 5,274 4,042 5,276 1,469



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes -37 15 7 127 10Preferred 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 84 273 741 805 586 Income after cap gains (loss) before tax -159 403 596 -21 176Other Including Gross Contributed 2,718 2,783 2,791 2,726 2,695 Federal & Foreign Income Taxes -28 165 203 -6 0

Capital & Surplus 2,802 3,056 3,533 3,531 3,281 Net Income -131 238 393 -15 176

Total Liabilities and C&S 11,467 12,457 14,318 13,916 11,811 Pre-tax Operating Income -122 388 589 -148 165


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 5,924 5,030 3,671Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 91 90 89 97 121 Class 6 0 0 0 0 0R li d C it l G i 0 37 15 7 127Realized Capital Gains 0 -37 15 7 127Net Chg in Unrlzd Cap Gains Less Taxes 0 116 -49 76 79Net Adm Cash & Invested Assets 7,716 8,636 9,542 10,976 10,263Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 0 5,924 5,030 3,671Preferred Stock 0 0 0 0 0Common Stock 0 1,234 1,190 1,711 3,629Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA 0.00 0.00 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA NA 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA




Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 114 392 381Issued State Rev Obligations ($000) 0 0 1,266 968 516Issued Industrial Development ($000) 0 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 NAClass 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 61.31 62.09 45.83 35.77 39.93Common Stocks / C&S 44.04 38.93 48.44 102.80 116.08Unaff common stock/Invested Assets 14.29 12.47 15.59 35.36 40.16

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Nevada 5,194 1. Med Prof Liab 5,446 Cash/Invested Assets 24.40 25.44 38.58 28.87 19.912. California 178 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Arizona 73 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Alaska 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alabama 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA 17.24 6.66 -1.23 All other admitted assets/Total Assets 24.09 19.44 12.36 8.52 7.46National DPW ($000) 6,459 6,297 7,217 6,929 5,446 Invested Assets/Total Assets 75.31 76.60 76.66 73.75 80.30Adjusted Loss Ratio 48.15 26.16 11.99 7.38 20.36 Investment Income/Total Assets 0.79 0.71 0.68 0.87 0.30





Other Invstmts - 28.9%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Nevada - 95.4% California - 3.3% Arizona - 1.3%

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 2014Q3

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 9,824 10,992 13,162 14,650 14,3371120 20th Street, NW Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,532 4,592 5,461 5,642 6,068Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 6,292 6,400 7,701 9,007 8,269

NAIC Ownership Structure: Risk Retention Group Net Income 531 655 531 316 -12Tax Identification Number : 26-3690684 Revenue 2,125 2,525 2,440 2,532 602



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 3,450 4,062 5,220 6,475 7,685Demotech Financial Strength Rating A 11/12/14 Affirm Loss & LAE Reserves/ NPE (%) 166.42 161.72 205.51 253.38 290.61S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 35.17 26.49 16.17 8.61 -1.58Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.81 0.51 0.43 0.45 0.00Fitch Financial Strength Rating -- -- -- --


Name : Emi Swaim Auditor Saslow Lufkin & Buggy LLPPhone : (202) 862-5339 Actuary Aon Global Risk ConsultingFax : (847) 953-3462 CEO Richard A. Graciano Jr.Email : [email protected] CFO --

President Ross J. Nese


Net Yield on Invested Assets 0.85 -0.12 0.91 1.55 -1.39Net Investment Income/Earned Premiums 2.25 -0.35 3.68 7.39 -7.22Return on Average Equity (C&S) 22.77 17.07 10.80 5.71 -0.77Return on Avg Assets 7.25 6.90 4.75 2.44 -0.33Loss and LAE Ratio 50.14 48.61 58.93 74.06 87.16Expense Ratio 9.53 11.88 10.88 12.09 NMLoss Ratio 43.54 37.58 37.05 41.74 20.25Combined Ratio 59.67 60.49 69.81 86.15 NMOperating Ratio 57.43 60.84 66.13 78.76 NMInvestment ratio 2.25 -0.35 3.68 7.39 NA


Cash, Short-Term Investments / Liabilities 103.29 119.35 123.75 43.12 27.34Bonds: Liquid Investments/ Liabilities (%) 112.11 131.81 135.23 144.53 156.54Cash & Short-Term Investments / C&S 183.99 166.33 174.50 68.83 37.26Liabilities/ Invested Assets 89.00 76.00 74.00 59.00 60.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 121.01 134.89 140.58 134.19 166.43Cash From Underwriting ($000) 1,299 1,628 1,691 1,673 482Net Cash From Operations ($000) 1,287 1,044 1,592 1,461 508Underwriting Cash Flow Ratio 265.07 281.02 438.11 300.77 399.64Operating Cash Flow Ratio 271.68 345.13 462.10 330.16 399.64Unassigned Funds / Total Assets 6.41 11.69 13.80 14.56 15.96


GPW to Policyholders' Surplus3 900 --- 51 43 45NPW to Policyholders' Surplus 300 --- 51 43 45Change in Net Premiums Written 33 -33 -17 0 9Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 59 63 73




89.0

76.0 74.0

59.0 60.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010Y 2011Y 2012Y 2013Y 2014Q3


59.7 60.5

69.8

86.2

0.0-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2010Y 2011Y 2012Y 2013Y 2014Q3



Loss Adjustment Expense Ratio 6.60 11.03 21.88 32.32 66.91 Gross Change in Policyholders' Surplus 50 -10 30 19 3Net Commission Ratio 0.00 0.00 0.00 0.00 NA Net Change in Adj Policyholders' Surplus 25 -10 19 12 6Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 76 74 59Tax, License & Fees Ratio 2.21 2.90 2.69 4.00 NA Agents' Bal to Policyholders' Surplus 40 --- 48* 43* 0Admin & Other Expense Ratio 7.32 8.98 8.18 8.09 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -23 -13 -10Gross Premiums Written ($000)3 2,849 2,351 2,344 2,545 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -6 -38 -17Loss & Loss Adj Expense ($000) 1,051 1,234 1,384 1,744 560 Est Curr Resv Defi/Policyholders' Surplus 25 --- 18 -45 -46Other Underwriting Exp Incurred ($000) 272 279 255 308 60 *Indicates an unusual value.Net Underwriting Gains ($000) 774 1,025 709 303 22 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 100.00 100.00 NA complements of each ratio.Effective Tax Rate 33.70 35.30 33.68 34.00 NM

Pre-Tax Operating Margin 38.29 40.17 32.69 18.87 -4.02 GROWTH RATES & TRENDS (%) 2010Y 2011Y 2012Y 2013Y 2014Q3


REINSURANCE ANALYSIS ($000) 2009Y 2010Y 2011Y 2012Y 2013Y Total Liabilities Growth 16.39 1.72 20.32 16.97 -7.81

Reinsurance Recoverable ex US Aff -23 0 0 0 0 Net Premiums Written Growth 60.99 -17.49 -0.28 8.57 NARetention Ratio (NPW/GPW) (%)3 83.49 100.00 100.00 100.00 100.00 Pre-Tax Operating Income Growth 534.04 23.74 -21.65 -40.03 NMReinsurance Recoverable/Total Excl US Aff 0.00 NA NA NA NA Net Income Growth 608.30 23.21 -18.87 -40.44 NMNonaffiliated 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 23.95Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 34.41 -17.49 -0.28 8.57 NAReinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR NA 13.32 15.03 15.42 20.34

Capital & Surplus Five-year CAGR NA 51.40 42.53 33.65 34.58Admitted Assets Five-year CAGR NA 24.32 23.15 20.69 25.25





ACL RBC Ratio (%) (TAC/ACL RBC) 711.89 779.62 720.28 1,077.70 NA


Loss & Loss Adj Exp Reserves Growth 18.16 17.72 28.51 24.05 23.95 Net Realized Capital Gains Less Taxes -19 -4 5 2 61 Yr Loss Reserve Dev / 1Y Prior C&S -24.28 -23.21 -13.37 -9.83 NA 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 NA Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 166.42 161.72 205.51 253.38 290.61 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 NA Net Premiums Written / Avg C&S (%) 122.06 61.30 47.64 45.93 0.00IBNR/ Total Reserves 59.28 52.16 48.49 45.85 NA Liabilities / Capital & Surplus (%) 178.12 139.37 141.01 159.63 136.28Reserves/ Equity 97.68 88.45 95.58 114.75 NA Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 NA


232.1

355.9389.8

360.1

538.9

0

1,000

2,000

3,000

4,000

5,000

6,000

2009Y 2010Y 2011Y 2012Y 2013Y




83.5

100.0 100.0 100.0 100.0

0

500

1,000

1,500

2,000

2,500

3,000

2009Y 2010Y 2011Y 2012Y 2013Y




Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3 INCOME STATEMENT ($000) 2010Y 2011Y 2012Y 2013Y 2014Q3

Assets RevenueBonds 555 283 133 124 102 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 2,849 2,351 2,344 2,545 0Common Stocks 0 514 751 7,223 10,581 Accident & Health Direct Premiums 0 0 0 0 NA


Total Mortgage Loans 0 0 0 648 637 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 0Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 752 -187 -4 190 -642Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,097 2,538 2,349 2,355 642

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,499 7,638 9,530 3,884 2,261 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 7,054 8,436 10,414 11,879 13,581 Comm'l: Losses Paid Less Salvage 215 343 50 86 NAPremiums & Considerations Due 2,369 2,192 2,345 2,385 475 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 215 343 50 86 NAAll Other Admitted Assets 402 364 403 386 281 Loss Adj Expenses Paid 306 279 176 462 NASeparate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 9,824 10,992 13,162 14,650 14,337 Comm'l: Chg in Unpaid Net Losses 698 611 820 897 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves -168 1 338 299 NA

Unpaid Losses 2,250 2,861 3,681 4,578 5,129 Total Chg in Loss & LAE Reserves 530 611 1,158 1,196 NAUnpaid Loss Adj Expenses 1,200 1,201 1,538 1,896 2,556 Losses and LAE Incurred 1,051 1,234 1,384 1,744 560

Loss & Loss Adj Exp Reserves 3,450 4,062 5,220 6,475 7,685 Other Underwriting Expense Incurred 272 279 255 308 60Unearned Premiums 2,379 2,192 2,188 2,378 475 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 91 Net Underwriting Gain (Loss) 774 1,025 709 303 22Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 327 9 175 72 18 Total underwriting deductions 1,323 1,513 1,639 2,052 620


Income ($000)Total Capital and Surplus Net Investment Income 47 -9 87 174 -46

Common Capital Stock 2,903 3,308 3,645 3,510 3,780 Net Realized Capital Gains Less Taxes -19 -4 5 2 6Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 630 1,285 1,816 2,132 2,288 Income after cap gains (loss) before tax 802 1,012 801 479 -18Other Including Gross Contributed 0 0 0 0 0 Federal & Foreign Income Taxes 270 357 270 163 -6


Total Liabilities and C&S 9,824 10,992 13,162 14,650 14,337 Pre-tax Operating Income 821 1,016 796 477 -24

Revenue 2,125 2,525 2,440 2,532 602Memo: Affiliated Investments ($000) Expenses Paid 581 565 579 699 NA

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 555 283 133 1,911Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 16 47 -9 87 174 Class 6 0 0 0 0 0R li d C it l G i 0 19 4 5 2Realized Capital Gains 0 -19 -4 5 2Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Net Adm Cash & Invested Assets 4,671 7,054 8,436 10,414 11,879Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 555 283 133 1,911Preferred Stock 0 0 0 0 0Common Stock 0 0 514 751 7,223Mortgage Loans Book Value 0 0 0 0 648Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) NA 0.00 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA NA NA 0.00Mortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA NA NA 100.00Real Estate Occupied / Total (%) NA NA NA NA NA









Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Pennsylvania 2,545 1. Med Prof Liab 2,545 Cash/Invested Assets 92.13 90.55 91.51 32.69 16.652. Alaska 0 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 11.48 10.503. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA 0.00 NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 5.45 4.695. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA -8.08 All other admitted assets/Total Assets 4.09 3.31 3.06 2.63 1.96National DPW ($000) 2,120 2,849 2,351 2,344 2,545 Invested Assets/Total Assets 71.80 76.74 79.12 81.09 94.73Adjusted Loss Ratio -53.94 44.79 37.58 37.05 41.74 Investment Income/Total Assets 0.48 -0.08 0.66 1.19 -0.32





Other Invstmts - 32.7%0.00 0.20 0.40 0.60 0.80 1.00

2009Y

2010Y

2011Y

2012Y

2013Y


Pennsylvania - 100.0% Alaska - 0.0%







®

®

Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty (P&C) insurers and Title underwriters. An FSR summarizes our opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes our opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle.

FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent. FSRs present our opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment of financial information.

Our focus is unique. While we acknowledge and recognize the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element in the assignment of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity. Quality and quantity of reinsurance, relative adequacy of loss and loss adjustment expense reserves, the liquidity and quality of assets and rate adequacy are some of the more critical items we evaluate.

Our rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet. FSRs are based upon a series of quantitative ratios and considerations that comprise our Financial Stability Analysis Model.

The Financial Stability Analysis Model is the major component of the FSR assignment process and can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP). The Financial Stability Analysis Model includes a tactile review as well as computation and analysis of critical financial ratios to determine the current and anticipated financial stability of the insurance company being reviewed. The Financial Stability Analysis Model cross checks and analyzes financial statement calculations and relationships.

A critical item to determine the financial stability of a P&C insurer is the calculation of financial stability ratios measured against our financial stability benchmarks. These ratios and benchmarks have been compiled on an industry-wide basis and have been substantiated by third parties.

Since our incorporation in 1985, Demotech has proactively responded to the challenges faced by the insurance industry. In 1989, Demotech gained acceptance from the Federal National Mortgage Association (Fannie Mae) for FSRs of A or better. In 1990, we received similar accreditation from Federal Home Loan Mortgage Corporation (Freddie Mac). In 1993, the United States Department of Housing and Urban Development (HUD) published its acceptance of FSRs of A or better. The acceptance of FSRs of A or better leveled the playing field for regional P&C insurance companies while simultaneously assisting insurance agents, reinsurers and insurance carriers through the elimination of reinsurance endorsements and cut-through endorsements.

Similarly, in 1996 we began reviewing newly formed P&C insurance companies incorporated in the State of Florida to facilitate their efforts to depopulate the Florida residual market mechanism. In 2005, FSRs of A or better were deemed acceptable for qualification under HUD’s Section 232 and 223 (f) Programs, thereby assisting financially stable risk retention groups writing nursing facility general and professional liability insurance.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution for your organization.

Financial stability is independent of size.

Solutions as Unique as Your OrganizationDemotech is committed to serving its clients while maintaining the highest standards. Innovative thinking, strategic analysis, commitment, insight and on-going involvement with the insurance industry allow us to provide solutions as unique as your organization.

We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution.

Contact Douglas Powell at [email protected] to discuss any needs or problems your organization is experiencing.

First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Fannie Mae. An FSR of A or better eliminates the need for property insurance cut-through endorsements by mortgage lenders.First to have Property and Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.Began offering Property and Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.Addressed the National Association of Insurance Commissioners (NAIC) requirements for Property and Casualty insurers to submit actuarial opinions related to loss and loss adjustment expense reserves concurrent with the 1990 Property and Casualty annual statement.First to issue FSRs for Title underwriters.First to have Property and Casualty insurance company rating process formally reviewed and accepted by HUD.Fannie Mae issued Title underwriting guidelines, naming Demotech as an approved Title underwriter rating service.First to promulgate Commercial Real Estate Recommendations (CRERs) to provide additional financial due diligence of Title underwriters involved in larger real estate transactions.Contacted by the Florida Office of Insurance Regulation (OIR) when the property insurance market encountered newly established insurers that did not have the representative historical operating experience to meet traditional rating requirements. Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies. Coordinated the first seminar regarding the implementation of Statements of Actuarial Opinion for Title insurance companies on behalf of the Conference of Consulting Actuaries.HUD approved Demotech’s rating process for professional liability insurance under Notice H04-15, Professional Liability Insurance f or Section 232 and 223(f) Programs.Designated the Official Research Partner of Insurance Journal, providing research, actuarial and statistical support and collaborating on special joint reports pertaining to insurance industry performance and financial results.Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage.Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.Participated in a comprehensive examination of insurer financial strength authored by Florida State University and The University of North Texas.Achieved the milestone of more than 350 insurance entities being actively reviewed, rated and followed.FSRs added to SNL Financial website, www.snl.com.

Demotech, Inc. Corporate Milestones1986

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®

Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

Demotech, Inc. · 2015-02-09 · 2015 Demotech, Inc. Analysis of Risk Retention Groups – Third...

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