Demotech, Inc.By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc. Company Information and...

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Analysis of Risk Retention GroupsYear-End 2015

Demotech, Inc.

April 2016

www.demotech.com Volume 6 Issue 1

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ISSN 2168-7013 (online) Published April 12, 2016 COPYRIGHT©

2016 Demotech, Inc.

Analysis of Risk Retention Groups – Year-End 2015 contains analysis from Demotech, Inc. as well as the reported financial data of RRGs.

Contents

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

Despite Mixed Results, RRGs Remain Financially Stable By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc.

Company Information and Financial Results of RRGs

Analysis of Risk Retention Groups April 2016 Volume 6 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.

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41

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 while remaining financially stable. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to maintaining

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

Balance Sheet Analysis

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

Since year-end 2011, cash and invested assets increased 70.2 percent and total admitted assets increased 58.4 percent. More importantly, over a five year period from year-end 2011 through year-end 2015, RRGs collectively increased policyholders’ surplus 55 percent. This increase represents the addition of over $1.6 billion to policyholders’ surplus. During this same time period, liabilities have increased 60.8 percent. These reported results indicate that RRGs are adequately capitalized in aggregate and able to remain solvent if faced with adverse economic conditions or increased losses.

Liquidity, as measured by liabilities to cash and invested assets, for year-end 2015 was 65.8 percent. A value less than 100 percent is considered favorable as it indicates that there was more than a dollar of net liquid assets for each dollar of total liabilities. This also indicates an increase for RRGs collectively as liquidity was reported at 65.5 percent at year-end 2014. This ratio had improved steadily in each of the previous 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 year-end 2015 was 212.9 percent and indicates a decrease over year-end 2014, as this ratio was 220.8 percent. These results indicate that RRGs remain conservative in terms of liquidity.

In evaluating individual RRGs, Demotech, Inc. prefers companies to report leverage of less than 300 percent. Leverage for all RRGs combined, as measured by total liabilities to policyholders’ surplus, for year-end 2015 was 146.4 percent and indicates an increase compared to

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Despite Mixed Reported Results, RRGs Remain Financially StableFinancial analysis of Risk Retention Groups based on reported historical results.

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

$

$6

$8

$10

$12Short‐term AssetsNet Admitted AssetsLiabilitiesPolicyholders Surplus

$0

$2

$4

20152014201320122011

RRG Balance Sheet Metrics at December 31

year-end 2014, as this ratio was 144.1 percent.

The loss and LAE reserves to policyholders’ surplus ratio for year-end 2015 was 104.5 percent and indicates an increase compared to year-end 2014, as this ratio was 99.6 percent. The higher the ratio of loss reserves to surplus, the more an insurer’s stability is dependent on having and maintaining reserve adequacy.

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

Premium Written Analysis

Since RRGs are restricted to liability coverage, they tend to insure medical providers, product manufacturers, law enforcement officials and contractors, as well as other professional industries. RRGs reported direct premium written in eleven lines of business through year-end 2015.

RRGs collectively reported nearly $2.9 billion of direct premium written (DPW) through year-end 2015, an increase of 3.3 percent over 2014. RRGs reported nearly $1.7 billion of net premium written (NPW) through year-end 2015, a decrease of 0.8 percent over 2014.

The DPW to policyholders’ surplus ratio for RRGs collectively through year-end 2015 was 63.8 percent, up from 59.8 percent in 2014. The NPW to policyholders’ surplus ratio for RRGs through year-end 2015 was 37.4 percent and indicates an increase over 2014, as this ratio was 36.5 percent.

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

A DPW to surplus ratio in excess of 600 percent would subject an individual RRG to greater scrutiny during the financial review process. Likewise, a NPW to surplus ratio greater than 300 percent would subject an individual RRG to greater scrutiny. In certain cases,

premium to surplus ratios in excess of those listed would be deemed appropriate if the RRG had demonstrated that a contributing factor to the higher ratio is relative improvement in rate adequacy.

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

Loss and Loss Adjustment Expense Reserve Analysis

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

on a consistent basis is unacceptable. Consistent adverse loss development may be indicative of management’s inability or unwillingness to properly estimate ultimate incurred losses.

RRGs collectively reported adequate loss reserves at year-end 2015 as exhibited by the one-year and two-year loss development results. The loss reserve development to policyholders’ surplus ratio measures reserve deficiency or redundancy in relation to policyholder surplus and the degree to which surplus was either overstated, exhibited by a

percentage greater than zero, or understated, exhibited by a percentage less than zero.

The one-year loss reserve development to prior year’s policyholders’ surplus for 2015 was -4.9 percent and was more favorable than 2014, when this ratio was reported at 24.4 percent. The two-year loss reserve development to second prior year-end policyholders’ surplus for 2015 was 18.9 percent and was less favorable than 2014, when this ratio was reported at 14.7 percent.

In regards to RRGs collectively, the one-year loss reserve development to prior year’s policyholders’ surplus ratio would be viewed as favorable while the two-year loss reserve development to second prior year’s policyholders’ surplus ratio would be viewed as unfavorable.

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

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Douglas Powell supports the formulation and assignment of Financial Stability Ratings® by providing analysis of statutory financial statements and business information. He also performs financial and operational and peer group analyses, as well as benchmark studies for client companies. Email your questions or comments to [email protected].

Income Statement Analysis

In regards underwriting gains and losses, RRGs collectively were not profitable in 2015. RRGs reported an aggregate underwriting loss for 2015 of $58.7 million, a decrease over 2014, and a net investment gain of $330.1 million, an increase over 2014. RRGs collectively reported net income of $243.6 million, a slight decrease of 0.2 percent over 2014. Looking further back, RRGs had collectively reported an annual underwriting gain since 2004. While that run had come to an end, RRGs have collectively reported a net income at each year-end since 1996.

The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, through year-end 2015 was 79.6 percent, a decrease over 2014, as the loss ratio was 131.5 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 year-end 2015 was 23.1 percent and indicates a decrease compared to 2014, as the expense ratio was reported at 23.5 percent. This ratio measurers an insurer’s operational efficiency in underwriting its book of business.

The combined ratio, loss ratio plus expense ratio, through year-end 2015 was 102.8 percent and indicates a decrease compared to 2014, as the combined ratio

was reported at 154.9 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 within a profitable range.

Conclusions Based on 2015 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.

$100

$150

$200

$250

$300

$350

$400

‐$100

‐$50

$0

$50

2011 2012 2013 2014 2015

Underwriting Gain/LossInvestment GainNet Income

RRG Income Statement Results at December 31

$1.5

$2.0

$2.5

$3.0

$3.5Direct WrittenNet WrittenNet Earned

$0.0

$0.5

$1.0

2011 2012 2013 2014 2015

RRG Premium Results at December 31

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Contact us today to learn how Demotech and Financial Stability Ratings® can help insurers level the playing field.

Call 800-354-7207 or visit www.Demotech.com/FSRBenefits

DRAGONFLY: 300 MILLION YEARS OLD

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

Nature knows size and survival are independent.Demotech, Inc. has proven that to the insurance industry.

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Company Information and Financial Results

Risk Retention Groups

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Company NameNAIC Address

Risk Retention Groups - Listing by Company Name

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

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

WAYNE WHEELER (802) 264-4575 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AMERICAN ASSOC OF OTHODONTISTS RRG10232 7580 EAST GRAY ROAD, SUITE 101, SCOTTSDALE, AZ 85260-3495

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Analysis of Risk Retention Groups



APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264

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

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

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

ARCOA RISK RETENTION GROUP, INC.13177 5555 KIETZKE LANE, SUITE 100, RENO, NV 89511-2096

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

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

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

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

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

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 100 BANK STREET, SUITE 500, BURLINGTON, VT 05401-4699

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

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

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

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

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

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

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




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

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

CALIFORNIA MEDICAL GRP INS CO RRG12180 2929 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85012-2761

MATTHEW D. R. TAKAMINE (808) 521-1121 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

NANCY VELASQUEZ 303-625-2909- MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 2700 NORTH THIRD STREET, SUITE 3050, PHOENIX, AZ 85004-1229

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CONTINUING CARE RRG, INC.11798 58 EAST VIEW LANE, SUITE 2, BARRE, VT 05641-0000

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

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

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

CONTROLLED RISK INS CO OF VT RRG10341 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

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

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

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

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

MICHAEL RICHARD GABREE (617) 428-9888 DCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

DAVID CARLETON TATLOCK (802) 861-3227 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

RACHEL KEHOE (802) 371-2218 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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




DOCTORS & SURGEONS NATIONAL RRG13018 200 EAST ROBINSON STREET, SUITE 1180, ORLANDO, FL 32801-1963

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

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

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

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

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

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

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

ELITE TRANSPORTATION RRG INC10125 58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324

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

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

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

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

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

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

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

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

MICHAEL ANDREW KOLLATH 916-772-2080 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 6619 BROTHERHOOD WAY FORT WAYNE, IN 46825-4226

STEPHANIE ANN LEFKOWSKI (602) 427-3287 AZPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

JAY E. CURTIS (802) 658-9466 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled




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

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

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

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

GLOBAL HAWK INSURANCE COMPANY RRG11948 CHACE MILL, ONE MILL STREET, SUITE 324, BURLINGTON, VT 05401-1523

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

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

MINDY WALSER (702) 866-2203 NVPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

GRACO RRG INC11581 P.O. BOX 22556 CHARLESTON, SC 29413-2556

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

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

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

GUARDIAN RRG INC11696 100 MAIN STREET, SUITE 500, BURLINGTON, VT 05401-8475

ASHLEY A. LAMELL (802) 264-2087 MTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

11832 130 S. FIRST STREET, 4TH FLOOR, ANN ARBOR, MI 48104

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

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

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

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


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

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

HEARTLAND HEALTHCARE RECIP RRG11998 100 BANK STREET, SUITE 500, BURLINGTON, VT 05401-4699

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

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

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




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

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

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

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

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

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

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

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

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

WENDY RAE BROWN (602) 337-6247 VTPhoneStatement Contact Primary Line of Business Medical Professional Liability (Occurrence) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

JOHN A. SMITH III (229) 226-1937 TNPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

PATRICIA L. HENDERSON (802) 860-1133 VTPhoneStatement Contact Primary Line of Business Other Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007

CHARLES HALSTEAD-JOHNSO 802-479-7801 DCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

NCMIC RISK RETENTION GROUP, INC.14130 148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

RENEA LOUIE 775-887-2480 TNPhoneStatement Contact Primary Line of Business Commercial Auto Liability Domiciled

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

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

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

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

ORANGE COUNTY MEDICAL RECIP INS RRG12183 2929 NORTH CENTRAL AVENUE, SUITE 1700, PHOENIX, AZ 85012-2761

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

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

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

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 1441 MAIN STREET, SUITE 806, COLUMBIA, SC 29201-2848

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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




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

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

PREFERRED PHYSICIANS MEDICAL RRG44083 11880 COLLEGE BOULEVARD, SUITE 300, OVERLAND PARK, KS 66210-2141

DEANNA R. OLSON (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

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

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

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

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

HUGH B. MCCREERY (303) 306-0002 DCPhoneStatement Contact Primary Line of Business Other Liability (Occurrence) Domiciled

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

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

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

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

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

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


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

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

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

JOHN A. SMITH III (229) 226-1937 SCPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

RESTORATION RISK RETENTION GROUP, INC.12209 76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477

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

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

CHRISTINA KAMAKA (808) 540-4305 HIPhoneStatement Contact Primary Line of Business Product Liability (Occurrence) Domiciled

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

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

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

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




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

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

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

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

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

REBECCA K. BUTLER (802) 864-2034 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 S. KANEHIRA (808) 585-3584 HIPhoneStatement Contact Primary Line of Business Medical Professional Liability (Claims-made) Domiciled

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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


COMPANYNAIC Cash & Invested Assets

Reinsurance Recoverables

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

ReservesUnearned

Premium ReserveOther Liabilities Total Liabilities Policyholders'

Surplus1 Year

Development (000s)

2 Year Development

(000s)


12934 $2,630,350 $0 $3,698,956$1,068,606 $598,989 $130,091 $1,098,085$369,005 $2,600,871 ($61)($100)

ADVANCED PHYSICIANS INS RRG INC12166 $1,487,938 $0 $1,500,679$12,741 $93,218 $10,981 $200,095$95,896 $1,300,584 ($150)($68)

AEGIS HEALTHCARE RRG, INC.12252 $2,232,997 $126,511 $4,798,415$2,438,907 $1,700,260 $0 $2,108,592$408,332 $2,689,823 ($278)$145

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $5,043,803 $0 $6,435,849$1,392,046 $600,231 $0 $1,374,381$774,150 $5,061,468 $44$46

AGRI INSURANCE EXCHANGE RRG28380 $16,605,617 $0 $16,619,188$13,571 $2,153,000 $0 $2,651,909$498,909 $13,967,279 ($1,324)($672)

ALLEGIANT INS CO INC A RRG11965 $16,396,589 $2,158,637 $21,258,810$2,703,584 $9,357,805 $0 $13,853,444$4,495,639 $7,405,366 $2,959$1,822

ALLIANCE OF NONPROFITS FOR INS RRG10023 $68,973,456 $0 $87,785,525$18,812,069 $38,167,595 $14,262,552 $54,128,516$1,698,369 $33,657,009 ($98)($596)

ALLIED PREMIER INSURANCE A RRG15639 $5,052,374 $255,364 $6,414,755$1,107,017 $2,251,968 $1,527,665 $4,507,758$728,125 $1,906,996 $0$0

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $43,018,121 $1,135,008 $47,362,507$3,209,378 $18,189,361 $7,276,333 $27,844,846$2,379,152 $19,517,661 $5,488$1,576

ALLIED SERVICES RISK RETENTION GROUP12013 $6,007,390 $0 $6,566,229$558,839 $1,979,695 $504,727 $2,579,534$95,112 $3,986,695 ($533)($28)

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $42,072,090 $0 $43,844,187$1,772,097 $25,173,960 $3,669,272 $31,301,855$2,458,623 $12,542,332 ($6,892)($5,807)

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $851,753 $0 $866,750$14,997 $267,458 $0 $272,458$5,000 $594,292 $5$2

AMERICAN CONTRACTORS INS CO RRG12300 $9,304,443 $0 $33,430,577$24,126,134 $0 $0 $24,611,899$24,611,899 $8,818,678 $0$0

AMERICAN EXCESS INS EXCHANGE RRG10903 $343,591,601 $0 $345,918,418$2,326,817 $146,359,091 $9,342,389 $158,825,638$3,124,158 $187,092,780 ($2,210)$14,935

AMERICAN FOREST CASUALTY COMPANY RRG11590 $7,783,721 $0 $8,614,632$830,911 $3,031,607 $829,772 $4,536,150$674,771 $4,078,482 ($572)($360)

AMERICAN SAFETY RRG INC25448 $6,177,038 $0 $8,349,837$2,172,799 $1,936,609 $271,129 $2,087,042($120,696) $6,262,795 ($1,580)($1,242)

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

11534 $20,758,194 $193,660 $25,487,515$4,535,661 $17,225,619 $2,962,957 $22,261,394$2,072,818 $3,226,121 $377$1,730

AMERIGUARD RRG INC12171 $13,445,930 $0 $13,771,949$326,019 $4,215,611 $0 $5,880,760$1,665,149 $7,891,189 ($161)($350)

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

ARCHITECTS & ENGINEERS INS CO RRG44148 $14,075,467 $0 $21,114,608$7,039,141 $3,342,674 $2,215,626 $12,112,358$6,554,058 $9,002,250 ($416)($167)

ARCOA RISK RETENTION GROUP, INC.13177 $13,634,338 $0 $14,388,854$754,516 $8,079,998 $0 $9,002,392$922,394 $5,386,463 ($759)($397)

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

13580 $2,502,076 $0 $3,625,512$1,123,436 $150,000 $345,698 $724,615$228,917 $2,900,897 ($150)($150)

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $1,304,719 $0 $1,323,021$18,302 $129,096 $0 $157,126$28,030 $1,165,895 ($457)($350)


14425 $1,244,141 $0 $1,810,807$566,666 $30,576 $0 $778,522$747,946 $1,032,285 $0$0

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $11,632,097 $15,070 $11,782,819$135,652 $2,787,000 $1,210,322 $4,896,895$899,573 $6,885,924 ($1,276)($950)

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $15,979,982 $0 $16,561,569$581,587 $5,376,640 $1,780,443 $8,017,470$860,387 $8,544,099 ($328)$480

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $1,928,090,179 $0 $1,944,690,250$16,600,071 $997,298,949 $67,886 $1,387,539,647$390,172,812 $557,150,603 $55,929$10,527

ATTORNEYS LIAB PROTECTION SOC RRG32450 $102,617,787 $0 $111,649,227$9,031,440 $49,623,606 $13,664,191 $74,503,339$11,215,542 $37,145,888 ($2,304)($417)

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,765,065 $0 $2,552,678$787,613 $34,728 $33,547 $1,311,153$1,242,878 $1,241,525 $34$17

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $2,851,030 $0 $3,948,359$1,097,329 $1,305,152 $773,700 $2,668,709$589,857 $1,279,650 $459$438

BAR VERMONT RISK RETENTION GROUP INC10174 $22,243,939 $0 $26,545,657$4,301,718 $3,999,920 $1,376,492 $9,440,629$4,064,217 $17,105,028 ($328)($772)

BAY INSURANCE RISK RETENTION GROUP, INC.15582 $573,620 $0 $629,737$56,117 $0 $0 $113,815$113,815 $515,922 $0$0

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $29,360,295 $0 $43,220,130$13,859,835 $25,349,536 $0 $36,344,680$10,995,144 $6,875,450 ($1,399)($1,783)

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

13010 $2,398,673 $0 $3,020,227$621,554 $156,643 $1,091,400 $1,365,687$117,644 $1,654,540 ($119)($85)

BROADLINE RISK RETENTION GROUP, INC.13788 $79,882,672 $0 $104,413,354$24,530,682 $48,549,818 $9,196,619 $58,387,295$640,858 $46,026,059 ($3,185)($3,280)

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 $575,107 $0 $709,412$134,305 $0 $0 $209,315$209,315 $500,097 $0$0

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $103,565,079 $0 $120,724,745$17,159,666 $51,264,706 $7,720,976 $67,805,153$8,819,471 $52,919,592 ($14,188)($5,288)

CALIFORNIA MEDICAL GRP INS CO RRG12180 $11,388,773 $0 $13,355,088$1,966,315 $6,515,068 $1,591,950 $9,115,965$1,008,947 $4,239,123 ($3,158)($1,000)

CARE RRG, INC.11825 $14,364,568 $466,361 $20,188,855$5,357,926 $11,581,503 $3,506,016 $15,815,080$727,561 $4,373,775 ($772)$1,091

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $1,801,359 $32,796 $3,322,369$1,488,214 $2,423,785 $196,335 $2,667,672$47,552 $654,697 ($61)$281

CAREGIVERS UNITED LIAB INS CO RRG11544 $38,665,255 $0 $40,314,615$1,649,360 $11,858,126 $1,257,071 $14,325,091$1,209,894 $25,989,525 ($2,891)($2,225)

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $62,587,339 $0 $73,993,138$11,405,799 $13,829,818 $70,083 $26,205,414$12,305,513 $47,787,723 ($2,713)($1,036)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

CASSATT RISK RETENTION GROUP INC10808 $5,745,805 $0 $14,122,456$8,376,651 $43,461 $50,000 $10,421,172$10,327,711 $3,701,283 ($3)($2)

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $561,121 $0 $562,221$1,100 $0 $0 $4,753$4,753 $557,468 ($22)$0

CENTRAL PA PHYSICIANS RRG INC11694 $55,915,460 $0 $58,747,124$2,831,664 $25,980,712 $5,057,196 $36,160,795$5,122,887 $22,586,329 ($1,683)($746)

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $9,414,192 $1,381,989 $14,828,416$4,032,235 $7,119,650 $3,336,587 $11,443,841$987,604 $3,384,575 ($1,285)($497)

CIRCLE STAR INS CO RRG11839 $3,043,549 $0 $3,053,287$9,738 $588,236 $0 $1,221,363$633,127 $1,831,924 ($104)($70)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $3,281,884 $0 $3,967,331$685,447 $702,622 $279,809 $1,560,708$578,277 $2,406,623 ($208)($75)

CLARIAN HLTH RRG INC11992 $1,138,756 $0 $4,747,839$3,609,083 $0 $0 $2,008,989$2,008,989 $2,738,850 $0$0

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

CMIC RISK RETENTION GROUP13756 $3,913,910 $0 $4,622,589$708,679 $399,991 $554,473 $1,980,334$1,025,870 $2,642,255 $36($49)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $11,968,681 $0 $14,091,576$2,122,895 $4,877,194 $1,296,474 $6,235,694$62,026 $7,855,883 ($463)$178

COLLEGE RISK RETENTION GROUP, INC.13613 $22,392,529 $0 $23,119,128$726,599 $8,829,718 $3,968,009 $13,444,028$646,301 $9,675,100 $205$428

COLUMBIA NATIONAL RRG INC10803 $1,676,747 $0 $1,747,100$70,353 $0 $275,610 $589,018$313,408 $1,158,082 $0$0

COMCARE PRO INS RECIPROCAL RRG11864 $4,416,869 $0 $5,103,274$686,405 $891,367 $700,815 $1,660,824$68,642 $3,442,450 $72$176

COMMUNITIES OF FAITH RRG INC11807 $13,054,921 $0 $13,486,642$431,721 $1,240,625 $0 $1,351,191$110,566 $12,135,451 ($235)($232)

COMMUNITY BLOOD CENTERS EXCH RRG13893 $19,409,093 $0 $20,370,687$961,594 $1,657,867 $1,282,563 $4,155,443$1,215,013 $16,215,244 ($3,175)($1,433)

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $61,097,097 $0 $64,290,982$3,193,885 $30,996,359 $0 $53,264,092$22,267,733 $11,026,889 $5,374$829

COMMUNITY HOSPITAL RRG11259 $242,056,950 $0 $246,420,175$4,363,225 $125,849,127 $0 $129,148,719$3,299,592 $117,271,457 ($38,291)($22,383)

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $4,553,000 $4,052 $5,135,732$578,680 $1,575,088 $307,458 $2,062,208$179,662 $3,073,524 ($159)($85)

CONTINENTAL RISK UNDERWRITERS RISK RETENTION GROUP, INC.

15204 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

CONTINUING CARE RRG, INC.11798 $314,713 $783,118 $4,877,363$3,779,532 $2,390,329 $0 $2,577,722$187,393 $2,299,641 ($13)$799

CONTRACTORS INS CO OF NORTH AMER RRG11603 $22,491,671 $0 $37,927,877$15,436,206 $7,345,898 $755,006 $11,254,268$3,153,364 $26,673,609 ($11,212)$3,275

CONTROLLED RISK INS CO OF VT RRG10341 $54,478,059 $0 $55,832,319$1,354,260 $15,384,923 $0 $19,144,311$3,759,388 $36,688,008 ($978)$115

COPIC, A RISK RETENTION GROUP14906 $658,918 $0 $711,027$52,109 $543 $1,019 $88,787$87,225 $622,240 $0$0

COVERYS RRG, INC.14160 $8,649,714 $0 $11,901,345$3,251,631 $1,096,833 $395,769 $7,347,638$5,855,036 $4,553,707 $53$2

CPA MUTUAL INS CO OF AMERICA RRG10164 $14,816,267 $0 $20,285,828$5,469,561 $7,260,309 $2,232,470 $12,074,521$2,581,742 $8,211,306 $572($248)

CROSSFIT RISK RETENTION GROUP, INC.13720 $5,587,201 $0 $6,433,486$846,285 $1,663,892 $1,080,012 $3,736,022$992,118 $2,697,464 $728$371

CRUDEN BAY RRG INC11676 $13,651,520 $0 $13,712,575$61,055 $7,491,600 $0 $7,617,783$126,183 $6,094,792 ($3,461)($5,221)

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $18,525,340 $0 $19,183,315$657,975 $8,361,517 $1,096,835 $16,584,713$7,126,361 $2,598,846 $2,363$2,224

DELAWARE PROFESSIONAL INSURANCE CO43125 $4,878,052 $0 $5,075,087$197,035 $2,696,000 $919,014 $3,659,534$44,520 $1,415,554 ($1,584)($1,195)

DOCTORS & SURGEONS NATIONAL RRG13018 $0 $0 $0$0 $0 $0 $0$0 $0 ($585)($1,216)

DOCTORS COMPANY RISK RETENTION GROUP, A RECIPROCAL EXCHANGE

14347 $6,682,498 $0 $7,377,094$694,596 $1,339,083 $0 $3,123,491$1,784,408 $4,253,603 $0$0

DUBOIS MEDICAL RRG11842 $11,697,080 $0 $11,832,394$135,314 $1,992,146 $674,360 $2,754,280$87,774 $9,078,115 ($723)($729)

EASTERN DENTISTS INS CO RRG10115 $47,501,437 $592,384 $54,746,316$6,652,495 $22,233,000 $6,927,549 $31,592,372$2,431,823 $23,153,944 ($3,507)($2,094)

ELITE TRANSPORTATION RRG INC10125 $5,509,142 $0 $10,081,793$4,572,651 $6,705,212 $0 $7,984,734$1,279,522 $2,097,059 $1,295$91

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $4,153,489 $216,075 $4,791,818$422,254 $3,146,934 $0 $3,373,924$226,990 $1,417,894 $497$513

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

12003 $15,026,222 $497,744 $21,592,209$6,068,243 $7,296,010 $2,488,349 $14,460,038$4,675,679 $7,132,171 ($757)($452)

EMERGENCY MEDICINE RRG INC12015 $6,344,593 $0 $8,316,812$1,972,219 $4,512,976 $874,226 $5,394,036$6,834 $2,922,776 ($163)($414)

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 $27,744,285 $857,821 $30,478,147$1,876,041 $16,521,775 $1,207,594 $20,155,410$2,426,041 $10,322,737 ($879)($772)

EVERGREEN USA RRG INC38466 $8,249,728 $0 $10,004,113$1,754,385 $3,004,505 $0 $3,053,005$48,500 $6,951,108 ($1,109)($1,342)

EXCELA RECIPROCAL RRG15337 $7,015,825 $0 $7,065,646$49,821 $4,655,337 $0 $4,708,415$53,078 $2,357,231 $0$1,033

FAIRWAY PHYSICIANS INS CO RRG11840 $11,180,413 $3,010,410 $20,339,323$6,148,500 $11,426,999 $5,029,605 $15,910,394($546,210) $4,428,928 $3,077$2,712

FAITH AFFILIATED RRG INC11698 $9,520,717 $0 $10,107,291$586,574 $4,456,455 $687,855 $5,165,822$21,512 $4,941,469 $530$551





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

FIRST MEDICAL INS CO RRG11278 $106,173,808 $0 $106,862,148$688,340 $38,200,265 $4,952,290 $43,372,386$219,831 $63,489,762 ($8,885)($4,590)

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

FRANKLIN CASUALTY INS CO RRG10842 $5,400,713 $0 $31,560,519$26,159,806 $6,492,347 $1,587,743 $27,420,145$19,340,055 $4,140,374 ($642)($305)

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $12,530,733 $0 $18,293,032$5,762,299 $5,750,271 $0 $6,162,012$411,741 $12,131,020 ($3,284)($1,201)

GABLES RISK RETENTION GROUP, INC.14032 $6,992,292 $0 $9,177,579$2,185,287 $3,369,720 $478,771 $4,767,402$918,911 $4,410,177 ($1,918)($852)

GEISINGER INS CORP RRG12000 $2,554,210 $0 $20,300,427$17,746,217 $500,000 $601,783 $8,858,512$7,756,729 $11,441,916 $0$0

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $2,568,630 $0 $3,218,201$649,571 $43,128 $229,355 $528,751$256,268 $2,689,450 ($17)($11)

GLOBAL HAWK INSURANCE COMPANY RRG11948 $33,640,000 $3,474,642 $44,027,360$6,912,718 $22,132,256 $12,168,721 $36,257,076$1,956,099 $7,770,284 $720$2,264

GOLDEN INS CO RRG11145 $7,703,742 $200,305 $11,492,969$3,588,922 $3,490,754 $4,270,195 $7,946,679$185,730 $3,546,289 $1,386$1,395

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $7,744,917 $0 $7,898,848$153,931 $2,227,255 $0 $2,255,803$28,548 $5,643,045 ($482)($762)

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

13973 $450,547 $0 $1,819,499$1,368,952 $0 $554,917 $1,152,945$598,028 $666,554 $0$0

GRACO RRG INC11581 $538,499 $10,782 $557,595$8,314 $0 $0 $28,699$28,699 $528,896 $0$0

GREEN HILLS INS CO RRG11941 $10,892,845 $0 $13,048,161$2,155,316 $4,978,126 $1,810,290 $7,715,617$927,201 $5,332,544 ($4,488)($3,727)

GUARDIAN RRG INC11696 $5,541,620 $0 $6,201,768$660,148 $3,004,319 $0 $3,387,277$382,958 $2,814,491 $56($413)

GUTHRIE RRG12014 $47,761,412 $0 $51,892,915$4,131,503 $29,522,645 $3,641,344 $33,450,589$286,600 $18,442,326 ($2,950)($1,582)

HAMDEN ASSURANCE RRG, INC.13057 $2,933,384 $0 $95,887,313$92,953,929 $0 $0 $94,120,569$94,120,569 $1,766,744 $0$0

HEALTH CARE CAS RRG INC12236 $11,620,975 $0 $13,918,623$2,297,648 $7,090,594 $1,099,609 $11,747,423$3,557,220 $2,171,200 ($1,000)($408)


11832 $27,994,274 $228,031 $48,831,928$20,609,623 $9,334,616 $1,970,657 $32,179,799$20,874,526 $16,652,103 ($679)($136)

HEALTH NETWORK PROVIDERS MUT INS CO11813 $5,901,016 $0 $7,213,855$1,312,839 $2,848,959 $412,995 $3,603,053$341,099 $3,610,803 ($971)($513)

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $73,098,802 $0 $77,676,314$4,577,512 $15,701,258 $3,948,879 $20,064,869$414,732 $57,611,445 ($6,997)($4,223)

HEALTHCARE PROVIDERS INS CO RRG11683 $75,154,041 $0 $77,393,640$2,239,599 $21,095,215 $4,898,110 $31,719,140$5,725,815 $45,674,500 ($7,611)($5,471)

HEARTLAND HEALTHCARE RECIP RRG11998 $13,311,692 $0 $13,832,346$520,654 $5,792,220 $0 $5,967,747$175,527 $7,864,599 $304($223)

HERITAGE WARRANTY INS RRG INC11097 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

HOME CONSTRUCTION INS CO RRG11950 $5,255,825 $0 $5,290,461$34,636 $2,904,630 $0 $2,944,742$40,112 $2,345,719 $562$136

HOUSING AUTHORITY RRG INC26797 $295,356,977 $0 $311,786,413$16,429,436 $82,210,267 $13,504,488 $119,533,577$23,818,822 $192,252,836 ($22,796)($7,438)

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $323,200,837 $2,121,110 $340,810,223$15,488,276 $58,940,869 $14,163,646 $91,714,791$18,610,276 $249,095,432 ($17,486)($6,579)

INDIANA HEALTHCARE RECIP RRG11692 $30,743,011 $0 $31,128,277$385,266 $13,796,484 $0 $14,146,736$350,252 $16,981,541 ($159)($1,471)

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $3,922,393 $0 $4,543,681$621,288 $2,547,851 $733,016 $3,376,452$95,585 $1,167,229 $449$244

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $502,461 $0 $1,733,716$1,231,255 $238,226 $108,125 $376,369$30,018 $1,357,347 $103$102

IRONSHORE RISK RETENTION GROUP, INC.14375 $981,413 $0 $4,545,054$3,563,641 $289,355 $93,405 $3,674,763$3,292,003 $870,292 ($39)($5)

J.M. WOODWORTH RRG, INC.12594 $7,414,257 $1,454,892 $9,049,593$180,444 $7,127,169 $27,381 $7,161,458$6,908 $1,888,134 $1,296($26)

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $43,580,867 $0 $46,174,589$2,593,722 $13,492,414 $422,652 $14,000,085$85,019 $32,174,504 ($2,522)($6,100)

KENTUCKY HOSPITAL INS CO RRG11939 $18,602,616 $0 $18,832,415$229,799 $9,798,898 $0 $11,725,315$1,926,417 $7,107,100 ($2,119)($2,542)

LAKE STREET RRG INC11803 $2,029,239 $0 $2,030,232$993 $938,720 $0 $987,082$48,362 $1,043,150 ($714)($210)

LAMMICO RRG, INC.14444 $5,689,479 $0 $5,818,610$129,131 $52,185 $17,334 $233,035$163,516 $5,585,575 ($14)($4)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $9,729,845 $2,583,872 $19,245,336$6,931,619 $8,143,299 $4,479,543 $14,180,527$1,557,685 $5,064,809 ($838)$1,149

LENDERS PROTECTION ASSUR CO RRG11500 $2,366,919 $0 $2,413,287$46,368 $0 $0 $37,505$37,505 $2,375,782 $0$0

LIFE SERVICES NETWORK RECIP INS RRG11958 $7,336,157 $0 $7,504,289$168,132 $3,155,861 $0 $3,636,549$480,688 $3,867,740 $259$381

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $2,190,724 $0 $3,859,020$1,668,296 $179,671 $91,601 $2,055,246$1,783,974 $1,803,774 $0($16)

LVHN RRG11684 $52,629,083 $0 $64,154,089$11,525,006 $0 $0 $59,154,089$59,154,089 $5,000,000 $12,029$5,729

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

12554 $3,076,343 $0 $4,165,333$1,088,990 $1,405,722 $527,332 $2,255,856$322,802 $1,909,477 ($343)($15)

MARATHON FIN INS CO INC RRG11117 $7,550,043 $0 $8,945,216$1,395,173 $35,000 ($16,083) $6,616,481$6,597,564 $2,328,735 ($25)($25)

MCIC VERMONT INC RRG10697 $0 $0 $0$0 $0 $0 $0$0 $0 $912,857($45,804)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

MD RISK RETENTION GROUP, INC.12355 $18,605,535 $607,567 $21,646,921$2,433,819 $8,090,501 $324,000 $8,616,366$201,865 $13,030,555 ($3,738)($2,699)

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

MEDAMERICA MUTUAL RRG INC26257 $96,298,726 $0 $99,182,278$2,883,552 $39,307,513 $0 $56,260,029$16,952,516 $42,922,249 ($10,741)($7,690)

MEDPRO RRG RISK RETENTION GROUP13589 $40,566,902 $0 $82,013,979$41,447,077 $3,839,643 $1,344,453 $74,496,316$69,312,220 $7,517,663 ($960)($1,862)

MENTAL HEALTH RISK RETENTION GROUP44237 $26,010,750 $0 $27,018,284$1,007,534 $9,661,054 $1,467,181 $12,054,897$926,662 $14,963,387 ($3,843)($2,504)

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $4,709,309 $0 $6,206,120$1,496,811 $2,766,020 $612,159 $4,480,372$1,102,193 $1,725,748 ($993)($499)

MMIC RRG, INC.14062 $208,200 $0 $612,091$403,891 $0 $390 $19,034$18,644 $593,057 $0$0

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $611,318 $0 $1,766,121$1,154,803 $427,868 $79,333 $586,547$79,346 $1,179,574 ($153)($71)

MOUNTAIN LAUREL RRG INC11547 $18,655,013 $0 $19,451,009$795,996 $7,521,000 $2,329,894 $10,742,516$891,622 $8,708,493 ($3,550)($1,652)

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $104,029,157 $0 $105,584,110$1,554,953 $55,685,226 $1,050,000 $58,493,394$1,758,168 $47,090,716 $718$1,786

NASW RISK RETENTION GROUP, INC.14366 $4,353,178 $97,176 $6,496,012$2,045,658 $180,985 $239,638 $1,671,425$1,250,802 $4,824,587 ($17)$14

NATIONAL ASSISTED LIVING RRG, INC.11806 $7,483,153 $0 $7,974,703$491,550 $2,812,000 $642,928 $3,862,629$407,701 $4,112,074 ($1,675)($782)

NATIONAL BUILDERS & CONTRACTORS INS12235 $2,830,007 $0 $2,978,321$148,314 $1,437,496 $0 $1,338,886($98,610) $1,639,435 ($1,215)$4

NATIONAL CATHOLIC RRG10083 $62,706,677 $0 $65,049,340$2,342,663 $43,167,139 $5,961,935 $51,968,107$2,839,033 $13,081,224 $2,668$4,571

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $6,809,332 $2,509,392 $11,398,810$2,080,086 $3,717,207 $0 $4,753,307$1,036,100 $6,645,503 ($4,774)($4,921)

NATIONAL HOME INSURANCE CO RRG44016 $21,275,493 $0 $24,089,982$2,814,489 $5,233,175 $8,102,617 $15,309,367$1,973,575 $8,780,615 $4,662($735)

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $6,985,762 $212,875 $12,729,787$5,531,150 $2,472,641 $1,607,023 $5,406,368$1,326,704 $7,323,419 $322$74

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

12529 $3,217,628 $86,510 $3,669,779$365,641 $0 $0 $719,304$719,304 $2,950,473 $0$0

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $12,794,682 $0 $13,909,097$1,114,415 $0 $1,735,580 $1,896,769$161,189 $12,012,328 $0$0

NCMIC RISK RETENTION GROUP, INC.14130 $3,990,167 $0 $6,821,083$2,830,916 $1,227,818 $329,551 $2,780,382$1,223,013 $4,040,701 ($66)($94)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

13792 $15,861,098 $0 $18,597,799$2,736,701 $491,345 $8,916,215 $12,328,883$2,921,323 $6,268,916 $99($28)

NEW STAR RISK RETENTION GROUP, INC.12532 $8,134,355 $0 $10,388,817$2,254,462 $2,781,836 $1,321,014 $4,288,844$185,994 $6,099,973 ($540)($137)

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $19,811,187 $0 $26,081,665$6,270,478 $17,581,825 $3,162,897 $21,453,056$708,334 $4,628,609 $2,816$1,359

OASIS RECIPROCAL RISK RETENTION GROUP13644 $11,213,739 $0 $13,779,281$2,565,542 $5,977,193 $1,030,486 $9,166,704$2,159,025 $4,612,577 ($1,094)($312)

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

12845 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

OCEANUS INS CO A RRG12189 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

OMS NATL INS CO RRG44121 $358,478,169 $395,192 $384,305,785$25,432,424 $118,013,442 $36,588,352 $167,542,485$12,940,691 $216,763,300 ($2,349)($4,338)

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $12,372,577 $2,732,032 $23,711,217$8,606,608 $7,366,518 $8,787,979 $19,134,615$2,980,118 $4,576,602 $118$866

OOIDA RISK RETENTION GROUP INC10353 $53,319,670 $0 $92,106,417$38,786,747 $35,024,916 $9,534,995 $72,313,435$27,753,524 $19,792,983 ($1,469)($2,298)

OPHTHALMIC MUTUAL INS CO RRG44105 $263,452,431 $0 $275,088,108$11,635,677 $39,521,341 $24,313,643 $82,374,092$18,539,108 $192,714,016 ($17,695)($4,075)

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $5,592,618 $0 $5,626,546$33,928 $714,622 $0 $837,486$122,864 $4,789,060 ($731)($736)

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

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

14260 $13,446,879 $0 $19,404,237$5,957,358 $11,114,802 $3,908,082 $15,860,272$837,388 $3,543,966 $879$1,404

P&S INSURANCE RISK RETENTION GROUP, INC.15583 $272,328 $0 $865,285$592,957 $0 $0 $305,856$305,856 $559,429 $0$0

PACE RRG INC11575 $3,769,085 $342,296 $6,892,435$2,781,054 $970,913 $0 $3,651,223$2,680,310 $3,241,212 ($1,295)($623)

PALLADIUM RISK RETENTION GROUP, INC.15279 $52,370,189 $0 $53,640,770$1,270,581 $24,343,624 $50,192 $46,035,744$21,641,928 $7,605,026 $0$0

PARATRANSIT INSURANCE COMPANY, RRG44130 $22,457,498 $0 $25,160,084$2,702,586 $7,400,000 $2,009,872 $12,546,497$3,136,625 $12,613,587 ($87)($28)

PCH MUTUAL INSURANCE COMPANY, RRG11973 $6,162,220 $117,731 $7,207,088$927,137 $2,444,051 $1,133,307 $4,634,802$1,057,444 $2,572,286 ($1,328)($37)

PEACE CHURCH RRG INC11846 $19,301,351 $0 $19,532,266$230,915 $4,265,318 $0 $4,609,252$343,934 $14,923,014 ($1,529)($430)

PELICAN INS RRG11587 $17,185,147 $0 $17,503,576$318,429 $3,167,902 $187,832 $4,755,925$1,400,191 $12,747,651 $710$237

PHOEBE RECIPROCAL RRG12004 $5,764,904 $0 $5,785,918$21,014 $1,326,320 $0 $1,381,809$55,489 $4,404,109 ($376)($149)

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $7,607,441 $0 $12,942,214$5,334,773 $3,819,759 $2,461,641 $10,395,189$4,113,789 $2,547,025 ($476)($403)





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 $0 $0 $0$0 $0 $0 $0$0 $0 ($422)($34)

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

12918 $1,994,211 $0 $3,227,816$1,233,605 $1,295,114 $668,356 $2,169,904$206,434 $1,057,912 ($2,094)$101

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

12507 $79,808,926 $0 $83,655,939$3,847,013 $35,968,992 $5,108,803 $57,478,331$16,400,536 $26,177,608 $4,356($3,634)

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $35,911,789 $0 $37,373,014$1,461,225 $9,805,718 $6,182,304 $18,525,190$2,537,168 $18,847,825 ($4,676)($2,164)

PHYSICIANS REIMBURSEMENT RRG10934 $29,164,469 $0 $29,532,881$368,412 $18,217,774 $0 $18,482,746$264,972 $11,050,134 ($7,968)($3,075)

PHYSICIANS SPECIALTY LTD RRG11513 $11,334,147 $0 $12,119,859$785,712 $4,873,674 $0 $6,575,168$1,701,494 $5,544,691 ($1,781)($1,146)

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

14108 $1,500,360 $0 $2,428,591$928,231 $684,482 $243,393 $1,114,653$186,778 $1,313,938 ($169)($228)

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

13582 $14,331,586 $0 $14,389,358$57,772 $3,876,693 $0 $3,923,600$46,907 $10,465,758 ($1,325)($1,991)

PONCE DE LEON LTC RRG, INC.11809 $8,347,792 $3,207 $8,963,244$612,245 $3,696,174 $496,974 $4,215,011$21,863 $4,748,234 ($976)($198)

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 $0 $0 $0$0 $0 $0 $0$0 $0 $11,449$2,479

PREFERRED PHYSICIANS MEDICAL RRG44083 $205,971,277 $0 $211,832,886$5,861,609 $66,067,491 $8,475,051 $88,105,837$13,563,295 $123,727,044 ($7,232)($4,414)

PREFERRED PROFESSIONAL RRG14919 $751,205 $0 $846,960$95,755 $49,393 $20,691 $270,401$200,317 $576,559 ($3)($7)

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

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

12613 $8,018,006 $1,950,739 $11,945,828$1,977,083 $3,895,894 $2,896,842 $10,163,909$3,371,173 $1,781,919 $966$1,057

PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION GROUP15647 $10,084,401 $0 $10,198,650$114,249 $567 $6,897 $146,479$139,015 $10,052,171 $0$0

PROBUILDERS SPECIALTY INS CO RRG11671 $9,922,287 $0 $13,625,264$3,702,977 $35,714 $0 $1,784,786$1,749,072 $11,840,478 ($53,365)($60,401)

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

14461 $6,904,557 $0 $7,283,864$379,307 $3,071,904 $0 $4,425,292$1,353,388 $2,858,572 ($296)($590)


12608 $2,089,514 $0 $2,143,755$54,241 $131,452 $0 $156,452$25,000 $1,987,303 $86$50

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,134,454 $178,558 $2,896,065$583,053 $539,847 $0 $1,660,669$1,120,822 $1,235,396 $39($30)

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $6,204,062 $98,775 $6,359,388$56,551 $653,741 $0 $842,787$189,046 $5,516,601 ($509)($400)

RED CLAY RISK RETENTION GROUP, INC.13078 $5,268,856 $0 $6,916,676$1,647,820 $2,269,219 $0 $2,783,083$513,864 $4,133,593 ($1,608)($972)

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

REPUBLIC RRG12019 $1,225,591 $0 $1,725,591$500,000 $0 $0 $5,000$5,000 $1,720,591 ($12)($32)

RESTORATION RISK RETENTION GROUP, INC.12209 $61,531,349 $0 $70,922,792$9,391,443 $34,857,125 $5,377,937 $45,679,381$5,444,319 $25,243,411 ($4,421)($4,175)

RPX RRG14135 $4,882,793 $147,976 $5,031,123$354 $81,541 $0 $669,188$587,647 $4,361,935 ($433)($363)

SAGE RISK RETENTION GROUP, INC.15631 $713,404 $0 $2,507,823$1,794,419 $291,734 $970,922 $1,460,710$198,054 $1,047,112 $0$0

SAINT LUKE'S HLTH SYSTEM RRG11712 $12,940,576 $0 $13,293,255$352,679 $4,877,261 $455,457 $5,443,929$111,211 $7,849,326 $2,389$916

SAMARITAN RISK RETENTION GROUP, INC.12511 $27,937,701 $0 $30,954,118$3,016,417 $7,385,542 $5,469,662 $13,682,321$827,117 $17,271,797 ($1,020)$884

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

12988 $0 $0 $0$0 $0 $0 $0$0 $0 $370$755

SECURITY AMERICA RRG INC11267 $4,483,155 $0 $5,398,329$915,174 $1,623,470 $781,340 $2,695,370$290,560 $2,702,959 $120($317)

SELECT MD RRG14136 $1,640,207 $247,514 $2,285,757$398,036 $333,948 $0 $1,310,997$977,049 $974,761 ($256)($354)

SENTINEL ASSUR RRG INC12005 $15,557,821 $0 $17,185,042$1,627,221 $4,531,780 $1,285,702 $6,788,490$971,008 $10,396,552 ($2,040)($3,167)

SIGMA RRG, INC.13557 $14,522,785 $0 $17,170,757$2,647,972 $8,073,539 $2,300,522 $10,458,794$84,733 $6,711,963 ($544)($549)

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $71,666,612 $0 $72,440,882$774,270 $40,015,620 $0 $50,903,727$10,888,107 $21,537,155 ($2,324)($6,209)

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $33,133,979 $0 $65,851,235$32,717,256 $36,345,535 $20,541,655 $53,638,154($3,249,036) $12,213,081 $8,966$5,208

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 $6,308,071 $0 $6,553,981$245,910 $1,357,926 $475,757 $2,959,541$1,125,858 $3,594,440 ($1,478)($1,185)

ST CHARLES INS CO RRG11114 $13,297,888 $0 $13,869,907$572,019 $1,292,153 $25,816 $1,827,997$510,028 $12,041,911 ($5,584)($1,792)

ST LUKES HEALTH NETWORK INS CO RRG11688 $54,711,546 $0 $70,653,418$15,941,872 $43,990,568 $11,910,430 $56,163,647$262,649 $14,489,771 ($2,983)($2,261)

STATES SELF-INSURERS RRG44075 $23,431,178 $0 $23,717,746$286,568 $11,502,502 $1,319,364 $14,473,780$1,651,914 $9,243,966 $1,301$843

STICO MUT INS CO RRG10476 $0 $0 $0$0 $0 $0 $0$0 $0 $0$0

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

13135 $138,977 $0 $694,582$555,605 $0 $0 $41,273$41,273 $653,309 $0$0





ReservesUnearned


Surplus1 Year

Development (000s)

2 Year Development

(000s)

SUNLAND RISK RETENTION GROUP, INC.14026 $2,024,461 $0 $4,098,749$2,074,288 $434,710 $0 $2,794,935$2,360,225 $1,303,815 ($118)($96)

TERRA INS CO RRG10113 $23,647,878 $0 $28,063,508$4,415,630 $1,907,557 $0 $9,209,301$7,301,744 $18,854,207 $324$99

TERRAFIRMA RISK RETENTION GROUP LLC14395 $5,932,800 $0 $5,995,070$62,270 $1,119,646 $197,489 $1,408,370$91,235 $4,586,700 $231$190

THE HEALTHCARE UNDERWRITING CO RRG10152 $98,284,472 $0 $144,437,158$46,152,686 $91,423,087 $18,145,466 $114,026,411$4,457,858 $30,410,747 ($2,218)($7,961)

TITAN INS CO INC RRG11153 $50,503,745 $0 $53,830,658$3,326,913 $0 $11,751,616 $13,731,025$1,979,409 $40,099,633 $0$0

TITLE INDUSTRY ASSURANCE CO RRG10084 $5,177,707 $473,512 $6,565,671$914,452 $1,192,917 $267,008 $2,156,146$696,221 $4,409,525 ($344)($121)

UNITED CENTRAL PA RRG11548 $16,687,632 $0 $17,142,342$454,710 $7,903,181 $0 $7,977,302$74,121 $9,165,040 ($1,112)($426)

UNITED EDUCATORS INS RRG INC10020 $809,974,667 $0 $874,475,111$64,500,444 $453,236,875 $80,059,760 $590,125,655$56,829,020 $284,349,456 ($25,594)$0

UNITED HOME INSURANCE CO A RRG10712 $985,492 $0 $1,585,492$600,000 $0 $388,716 $452,053$63,337 $1,133,439 $0$0

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $4,274,611 $0 $5,116,806$842,195 $1,812,365 $982,103 $3,693,419$898,951 $1,423,387 $665($107)

UV INSURANCE RISK RETENTION GROUP, INC.13988 $1,106,448 $0 $1,106,448$0 $140,132 $33,334 $176,532$3,066 $929,916 ($127)($202)

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

11063 $2,549,287 $0 $2,625,262$75,975 $0 $4,835 $28,694$23,859 $2,596,568 $0$0

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,447,246 $0 $1,526,926$79,680 $249,412 $0 $568,006$318,594 $958,921 ($163)($132)

WELLSPAN RRG11682 $17,773,156 $0 $24,376,690$6,603,534 $16,896,948 $0 $16,976,017$79,069 $7,400,673 ($3,003)($2,036)

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $4,199,809 $0 $5,935,455$1,735,646 $2,708,446 $644,418 $4,591,671$1,238,807 $1,343,784 $1,303$420

WESTERN PACIFIC MUT INS CO RRG40940 $134,020,297 $0 $135,684,762$1,664,465 $9,450,188 $14,236,640 $27,900,787$4,213,959 $107,783,975 ($5,522)($2,420)

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $2,889,121 $0 $2,936,424$47,303 $136,727 $179,231 $414,202$98,244 $2,522,222 ($43)($42)

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

11796 $13,672,235 $0 $14,177,737$505,502 $5,027,000 $0 $6,191,749$1,164,749 $7,985,988 ($2,840)($2,559)


COMPANYNAIC Direct Premium Written

Net Premium Written

Risk Retention Groups - Selected Statutory Income Statement DataNet Premium

EarnedLoss & Loss

Adjusted Expenses Incurred

Net Operating Gains/Losses

Net Investment Gains/Losses

Net Income/LossOther Underwriting

Expenses


12934 $678,059 $555,047 $152,944$506,729 $77,832 $0 $152,933$275,953

ADVANCED PHYSICIANS INS RRG INC12166 $180,291 $180,291 $50,000$179,038 ($115,892) $58,125 ($58,247)$244,930

AEGIS HEALTHCARE RRG, INC.12252 $1,689,302 $880,336 $948,475$880,336 ($496,803) $25,908 ($311,128)$428,664

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 $1,518,618 $370,534 $347,471$370,534 ($17,042) $166,271 $149,229$40,105

AGRI INSURANCE EXCHANGE RRG28380 $946,139 $946,139 ($71,474)$946,139 $752,427 $890,783 $1,226,410$265,186

ALLEGIANT INS CO INC A RRG11965 $12,890,245 $4,850,209 $2,594,908$4,850,209 $1,424,218 $159,976 $1,264,135$831,083

ALLIANCE OF NONPROFITS FOR INS RRG10023 $40,063,335 $29,558,572 $19,039,497$28,160,186 $405,006 $1,313,301 $1,920,300$8,715,683

ALLIED PREMIER INSURANCE A RRG15639 $5,354,309 $4,176,361 $2,328,438$2,648,696 ($757,287) $10,510 ($746,777)$1,352,257

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 $22,817,635 $14,221,919 $8,612,584$13,900,926 ($294,743) $488,290 $194,912$5,583,085

ALLIED SERVICES RISK RETENTION GROUP12013 $1,015,000 $1,015,000 $569,181$1,013,602 $209,865 $436,799 $646,664$234,556

AMERICAN ASSOC OF OTHODONTISTS RRG10232 $8,063,672 $6,707,242 $4,535,420$6,521,279 ($264,782) $898,766 $72,183$2,250,641

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 $0 $0 ($2)$0 ($69,128) $307 ($68,821)$69,130

AMERICAN CONTRACTORS INS CO RRG12300 $61,029,192 $0 $0$0 $1,014,534 $82,704 $725,323($1,014,534)

AMERICAN EXCESS INS EXCHANGE RRG10903 $23,902,987 $22,236,253 $31,434,259$22,475,168 ($14,267,525) $12,675,810 ($1,591,619)$5,308,434

AMERICAN FOREST CASUALTY COMPANY RRG11590 $2,261,620 $1,617,446 $873,800$1,587,022 $71,418 $336,954 $334,206$641,804

AMERICAN SAFETY RRG INC25448 $758,701 $468,283 ($1,028,271)$524,638 ($858,268) $71,867 ($809,775)$1,076,918

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 $9,810,969 $6,566,165 $9,604,909$6,904,083 ($3,961,551) $750,885 ($2,342,339)$1,260,725

AMERIGUARD RRG INC12171 $2,711,226 $2,711,226 $1,483,864$2,711,226 $982,080 $0 $638,352$245,282

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 $0 $0 $0$0 $0 $0 $0$0

ARCHITECTS & ENGINEERS INS CO RRG44148 $6,784,990 $1,366,144 $855,286$1,221,834 $552,283 $144,625 $587,992($185,735)

ARCOA RISK RETENTION GROUP, INC.13177 $10,237,340 $10,237,340 $4,069,829$10,237,340 $1,685,871 $444,597 $1,390,903$4,481,640

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 $918,900 $830,906 $0$840,880 $388,571 $17,712 $406,283$452,309

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 $0 $0 ($343,802)$0 $206,285 $9,779 $216,064$137,517


14425 $1,344,583 $110,697 $26,280$118,230 $44,947 $421 $29,943$47,003

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 $3,522,854 $2,107,134 $284,016$2,064,039 ($310,328) ($164,968) ($475,296)$2,090,351

ATTORNEYS INSURANCE MUTUAL RRG INC22670 $5,060,885 $3,560,885 $2,154,833$3,507,679 $20,871 $496,878 $470,896$1,331,975

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 $346,982,552 $222,941,131 $257,477,654$223,431,359 ($57,830,546) $67,210,121 $20,420,749$23,784,251

ATTORNEYS LIAB PROTECTION SOC RRG32450 $44,581,498 $30,471,575 $20,727,646$29,990,287 $12,176 $2,867,544 $2,071,197$9,250,465

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 $1,719,866 ($7,121) $38,774($8,617) ($152,322) $0 ($99,009)$104,931

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 $3,221,170 $1,165,585 $856,742$1,069,348 ($360,446) ($118,955) ($318,023)$573,052

BAR VERMONT RISK RETENTION GROUP INC10174 $35,215,086 $1,838,673 $279,856$1,936,602 $132,413 $252,122 $359,917$1,524,333

BAY INSURANCE RISK RETENTION GROUP, INC.15582 $0 $0 $0$0 ($224,730) $0 ($140,195)$224,730

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 $15,482,150 $6,120,850 $5,729,708$6,120,850 ($147,600) $164,972 $17,693$538,742

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 $890,222 $756,739 ($5,370)$738,569 $182,665 $51,577 $163,752$561,274

BROADLINE RISK RETENTION GROUP, INC.13788 $20,852,731 $18,562,731 $13,827,174$18,717,723 $3,305,757 $1,375,096 $4,870,427$1,584,792

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 $0 $0 $0$0 ($147,013) $0 ($1,344)$147,013

CALIFORNIA HEALTHCARE INS CO INC RRG44504 $27,965,925 $16,712,526 $15,006,825$16,998,163 $308,618 $2,882,754 $3,839,748$1,682,720

CALIFORNIA MEDICAL GRP INS CO RRG12180 $3,735,558 $3,735,558 $1,489,588$3,684,324 $1,422,680 $134,407 ($103,063)$772,056

CARE RRG, INC.11825 $9,131,619 $8,087,253 $6,413,157$7,948,933 ($570,195) $251,050 ($169,623)$2,105,971

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 $2,187,871 $1,326,149 $1,252,167$1,706,615 ($413,105) $13,021 ($295,128)$867,553

CAREGIVERS UNITED LIAB INS CO RRG11544 $5,610,717 $5,099,640 $2,254,648$5,261,751 $2,201,513 $388,415 $1,647,903$805,590

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 $22,916,311 $8,162,747 $3,884,653$8,511,725 $2,669,621 $5,175,020 $3,491,683$1,957,451

CASSATT RISK RETENTION GROUP INC10808 $27,782,026 $100,000 $102,229$100,000 ($286,051) $44,587 ($159,366)$283,822



Net Premium Written


EarnedLoss & Loss





Expenses

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 $0 ($39,042) $0($39,042) ($99,123) $142 $17,607$60,081

CENTRAL PA PHYSICIANS RRG INC11694 $13,096,076 $12,447,820 $7,966,753$12,452,547 $937,963 $2,334,949 $1,734,727$3,547,831

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 $0 $0 $0$0 $0 $0 $0$0

CHEROKEE GUARANTEE COMPANY INC., RRG14388 $4,899,227 $5,010,187 $3,373,189$4,749,825 $511,776 $41,437 $266,606$463,246

CIRCLE STAR INS CO RRG11839 $8,746,433 $437,321 $182,803$437,321 $929,613 ($106) $602,978($675,095)

CLAIM PROFESSIONALS LIAB INS CO RRG12172 $2,429,166 $594,672 $190,665$581,002 $306,036 $41,340 $281,555$84,301

CLARIAN HLTH RRG INC11992 $20,547,293 $0 $629,111$0 ($4,259,309) $4,256 ($118,787)$3,630,198

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

CMIC RISK RETENTION GROUP13756 $2,304,350 $96,949 $167,983($80,214) ($80,751) ($19,422) ($100,173)($167,446)

COLLEGE LIABILITY INS CO A RECIP RRG44598 $2,607,195 $2,607,195 $3,361,781$2,405,647 ($1,549,508) $403,264 ($1,146,217)$593,375

COLLEGE RISK RETENTION GROUP, INC.13613 $6,492,707 $5,698,913 $3,880,312$5,200,752 $21,235 $283,168 $304,403$1,299,205

COLUMBIA NATIONAL RRG INC10803 $228,900 $228,900 $0$211,390 $85,510 $1,709 $56,692$125,879

COMCARE PRO INS RECIPROCAL RRG11864 $1,682,120 $1,682,120 $1,213,891$1,551,736 ($107,123) $60,497 ($46,626)$444,968

COMMUNITIES OF FAITH RRG INC11807 $926,485 $926,485 $397,035$926,485 $71,626 $728,224 $828,560$457,824

COMMUNITY BLOOD CENTERS EXCH RRG13893 $3,006,932 $2,718,617 ($903,961)$2,870,630 $2,922,138 $350,515 $3,272,653$852,453

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 $0 $0 $3,534,995$0 ($4,716,397) $985,414 ($3,898,276)$1,181,402

COMMUNITY HOSPITAL RRG11259 $45,860,285 $41,422,160 $16,360,958$41,422,160 $17,959,936 $4,342,909 $22,545,983$7,101,266

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 $1,240,360 $516,398 $296,382$506,412 ($281,932) $58,518 ($141,385)$491,962

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

CONTINUING CARE RRG, INC.11798 $4,376,630 $4,125,658 $3,562,194$4,125,658 ($708,923) ($562) ($468,558)$1,272,387

CONTRACTORS INS CO OF NORTH AMER RRG11603 $7,713,608 $3,548,260 $4,580,194$3,332,385 ($2,257,727) ($6,447) ($1,502,389)$1,009,918

CONTROLLED RISK INS CO OF VT RRG10341 $123,712,014 $17,014,071 $6,775,907$17,014,071 ($110,350) $164,226 $33,241$10,348,514

COPIC, A RISK RETENTION GROUP14906 $40,229 $1,174 $452$611 ($91,300) ($19,000) ($110,300)$91,459

COVERYS RRG, INC.14160 $17,819,274 $738,190 $791,588$448,358 $133,159 $94,503 ($30,661)($476,389)

CPA MUTUAL INS CO OF AMERICA RRG10164 $8,227,373 $3,768,172 $3,450,151$3,232,384 ($1,104,426) ($49,177) ($742,317)$886,636

CROSSFIT RISK RETENTION GROUP, INC.13720 $3,319,075 $2,157,401 $971,694$2,032,887 $40,862 $1,133 $7,254$1,020,331

CRUDEN BAY RRG INC11676 $3,000,000 $3,000,000 $945,539$3,000,000 $1,784,985 $86,034 $1,871,019$269,476

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 $7,000,124 $3,105,566 $4,315,036$3,592,386 ($1,267,389) $54,901 ($1,195,425)$544,740

DELAWARE PROFESSIONAL INSURANCE CO43125 $901,433 $901,433 $505,352$871,452 ($571,044) $113,267 ($455,810)$937,144

DOCTORS & SURGEONS NATIONAL RRG13018 $0 $0 $0$0 $0 $0 $0$0

DOCTORS COMPANY RISK RETENTION GROUP, A RECIPROCAL EXCHANGE14347 $9,002,861 $859,395 $1,750,944$859,395 ($21,439) ($166,425) ($187,864)($870,110)

DUBOIS MEDICAL RRG11842 $1,011,550 $1,011,550 $129,943$1,050,523 $667,506 $370,870 $1,056,978$253,074

EASTERN DENTISTS INS CO RRG10115 $12,021,846 $11,091,894 $4,646,895$10,839,175 $1,284,610 $1,187,364 $1,746,763$4,907,670

ELITE TRANSPORTATION RRG INC10125 $5,396,044 $3,884,035 $3,208,506$4,128,046 ($57,035) $56,552 $85,900$976,575

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 $3,717,283 $1,049,126 $1,510,803$1,049,126 ($594,522) $71,435 ($523,087)$132,845

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 $6,626,007 $5,617,206 $3,314,273$5,566,114 ($116,806) $287,192 $764$2,368,647

EMERGENCY MEDICINE RRG INC12015 $1,581,265 $1,159,265 $722,821$1,196,352 ($88,941) $228,468 $139,483$562,472

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 $5,721,059 $4,207,204 $3,797,197$5,048,007 ($484,961) $755,672 $38,408$1,735,771

EVERGREEN USA RRG INC38466 ($10,180) ($171,428) ($1,086,902)$460,030 $446,883 $95,617 $476,607$1,100,049

EXCELA RECIPROCAL RRG15337 $2,909,896 $2,909,896 $3,197,660$2,909,896 ($562,375) $6,357 ($556,885)$274,611

FAIRWAY PHYSICIANS INS CO RRG11840 $12,604,081 $10,536,116 $8,789,265$10,254,637 ($2,036,754) $431,336 ($866,483)$3,502,126

FAITH AFFILIATED RRG INC11698 $1,568,631 $1,455,631 $1,782,907$1,384,393 ($666,712) $179,809 ($298,155)$268,198

FIRST MEDICAL INS CO RRG11278 $9,959,000 $9,959,000 $6,230,115$10,159,507 $3,434,705 $226,559 $3,661,264$494,687

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

FRANKLIN CASUALTY INS CO RRG10842 $41,449,299 $3,192,934 $1,550,277$3,248,033 $480,637 $14,903 $495,540$1,217,119



Net Premium Written


EarnedLoss & Loss





Expenses

FREDERICKSBURG PROFESSIONAL RISK EXC12016 $1,976,573 $1,976,573 $601,998$1,976,573 $1,128,153 ($501,189) ($123,036)$246,422

GABLES RISK RETENTION GROUP, INC.14032 $3,105,835 $3,105,835 $1,079,360$3,122,785 $1,678,271 $50,009 $1,140,078$365,154

GEISINGER INS CORP RRG12000 $16,307,565 $1,203,564 $500,000$1,174,203 ($46,673) $601 ($46,072)$628,876

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 $704,495 $406,608 $12,857$200,204 $63,282 $0 $26,275$124,065

GLOBAL HAWK INSURANCE COMPANY RRG11948 $35,000,042 $24,287,205 $21,477,908$24,028,421 ($2,022,794) $182,820 ($1,165,373)$4,573,306

GOLDEN INS CO RRG11145 $5,221,890 $5,017,815 $3,013,536$4,302,945 $17,116 $130,891 $235,968$1,272,293

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 $2,252,000 $2,252,000 $523,397$2,252,000 $1,529,002 $71,158 $1,600,160$199,601


13973 $863,194 $680,566 $22,033$687,924 $111,519 $719 $77,589$554,371

GRACO RRG INC11581 $1,617,839 $0 $0$0 $26,615 $399 $27,014($26,615)

GREEN HILLS INS CO RRG11941 $3,647,323 $3,647,323 $479,817$3,447,119 $2,129,013 $443 $1,388,317$838,289

GUARDIAN RRG INC11696 $1,123,084 $1,123,084 $768,085$1,123,084 $142,959 $103,625 $245,858$212,040

GUTHRIE RRG12014 $7,302,587 $7,302,587 $4,429,849$7,361,845 $2,564,995 $394,355 $2,959,350$367,000

HAMDEN ASSURANCE RRG, INC.13057 $0 $0 $0$0 $91,117 $2,028 $93,145($91,117)

HEALTH CARE CAS RRG INC12236 $8,449,763 $3,159,133 $2,097,772$3,345,426 $130,764 $89,895 $166,798$1,116,889


11832 $44,230,776 $3,984,405 $3,036,644$4,093,814 $903,601 $124,258 $885,451$153,569

HEALTH NETWORK PROVIDERS MUT INS CO11813 $1,318,075 $1,490,833 $337,592$1,513,788 $799,367 $106,937 $420,600$376,829

HEALTH PROVIDERS INS RECIPROCAL RRG10080 $8,485,277 $7,288,515 $2,565,242$7,555,834 $2,738,566 $762,505 $3,501,071$2,252,026

HEALTHCARE PROVIDERS INS CO RRG11683 $9,760,827 $7,880,528 $1,863,603$7,509,931 $2,508,052 $2,944,991 $5,542,264$3,138,276

HEARTLAND HEALTHCARE RECIP RRG11998 $2,748,275 $2,748,275 $1,894,146$2,748,275 ($81,917) $402,099 $315,412$936,046

HERITAGE WARRANTY INS RRG INC11097 $0 $0 $0$0 $0 $0 $0$0

HOME CONSTRUCTION INS CO RRG11950 $0 $0 $10,753$0 ($147,368) $199,239 $89,977$136,615

HOUSING AUTHORITY RRG INC26797 $31,182,529 $30,940,070 $23,897,964$30,772,590 ($3,087,356) $11,106,382 $3,802,308$9,961,982

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 $86,651,130 $30,986,540 $18,076,108$30,381,052 $830,120 $8,921,148 $3,792,319$11,474,824

INDIANA HEALTHCARE RECIP RRG11692 $6,248,642 $6,248,642 $3,856,832$6,248,642 $1,195,320 $846,448 $2,060,570$1,196,490

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 $1,491,227 $1,491,227 $1,185,874$1,473,978 ($321,377) $12,852 ($308,525)$609,481

IQS INSURANCE RISK RETENTION GROUP, INC.15080 $432,500 $432,500 $136,659$431,875 $131,391 $0 $131,391$163,825

IRONSHORE RISK RETENTION GROUP, INC.14375 $3,384,963 $169,248 $125,813$125,359 ($189,399) $894 ($188,505)$188,944

J.M. WOODWORTH RRG, INC.12594 $199,596 $693,160 $759,916$2,004,218 $881,029 $76,919 $951,682$363,273

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 $5,156,014 $5,470,416 ($1,597,388)$5,069,819 $6,001,649 $1,132,266 $7,163,237$665,558

KENTUCKY HOSPITAL INS CO RRG11939 $5,419,347 $2,371,963 $1,364,693$2,371,963 $184,917 $635,627 $658,367$822,353

LAKE STREET RRG INC11803 $229,405 $229,405 $191,031$229,405 ($114,071) $0 ($114,071)$152,445

LAMMICO RRG, INC.14444 $556,389 $21,053 $45,706$12,189 $9,395 ($73,966) ($64,571)($42,912)

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 $12,263,154 $8,417,070 $7,491,142$7,949,050 ($3,355,695) $132,015 ($26,575)$3,813,603

LENDERS PROTECTION ASSUR CO RRG11500 $298,834 $0 $0$0 ($56,201) $52,308 $778$51,393

LIFE SERVICES NETWORK RECIP INS RRG11958 $1,566,147 $575,616 $1,559,266$575,616 ($1,443,321) $176,727 ($1,238,468)$459,671

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 $3,985,372 $199,255 $141,043$111,651 $110,797 ($56,500) $54,374($140,189)

LVHN RRG11684 $0 $0 $5,762,784$0 ($1,058,894) $1,058,894 $0$769,934

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 $1,793,410 $1,317,031 $946,904$1,367,521 $179,192 $29,094 $148,271$241,425

MARATHON FIN INS CO INC RRG11117 $12,331,849 ($932,825) $0($467,175) ($112,436) ($95,663) ($133,930)($354,739)

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

MD RISK RETENTION GROUP, INC.12355 $4,933,568 $3,869,254 $3,716,300$3,810,254 ($485,792) $409,181 $21,716$579,746

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

MEDAMERICA MUTUAL RRG INC26257 $28,479,382 $19,379,032 $15,291,741$19,379,032 $2,325,155 $2,505,745 $2,063,424$1,762,136



Net Premium Written


EarnedLoss & Loss





Expenses

MEDPRO RRG RISK RETENTION GROUP13589 $137,208,662 ($734,157) $72,302($205,334) ($848,665) $11,767 ($529,023)$571,029

MENTAL HEALTH RISK RETENTION GROUP44237 $9,963,017 $3,960,300 $1,034,461$3,865,572 $2,294,164 $583,860 $1,311,442$536,947

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 $1,671,702 $1,450,799 $664,066$1,438,457 $113,760 ($43,337) $46,480$660,631

MMIC RRG, INC.14062 $30,565 $982 $0$1,033 ($43,815) $0 ($28,918)$44,848

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 $120,000 $120,000 $65,001$137,707 ($116,160) $0 ($46,290)$174,866

MOUNTAIN LAUREL RRG INC11547 $38,739,099 $4,688,305 $736,937$5,052,211 $1,312,921 $310,601 $1,623,522$3,002,353

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 $26,313,274 $23,986,836 $24,198,328$23,936,836 ($3,075,750) $3,242,301 $205,723$2,814,258

NASW RISK RETENTION GROUP, INC.14366 $5,819,776 $436,854 $156,538$329,766 $117,794 $258 $118,052$55,434

NATIONAL ASSISTED LIVING RRG, INC.11806 $1,819,248 $1,601,248 $912,157$1,911,309 $87,372 $120,579 $192,001$911,780

NATIONAL BUILDERS & CONTRACTORS INS12235 $102,096 $102,096 $75,841$162,317 ($63,694) $53,695 ($4,751)$150,170

NATIONAL CATHOLIC RRG10083 $21,882,210 $10,824,500 $13,731,477$11,081,033 ($5,984,196) $1,397,854 ($4,550,937)$3,333,753

NATIONAL GUARDIAN RISK RETENTION GROUP36072 $11,805,345 ($2,970,311) ($3,856,713)($2,970,311) $29,406 $92,053 $198,459$856,996

NATIONAL HOME INSURANCE CO RRG44016 ($832) ($428) $3,896,625$4,076,684 ($761,567) $397,146 $25,661$941,626

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 $7,207,398 $3,291,417 $1,170,712$3,365,995 $675,786 $42,759 $485,482$1,519,497

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 $291,486 $0 $132,000$0 ($459,719) $43,712 ($452,927)$327,719

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 $796,399 $686,399 $0$709,541 $75,798 $222,431 $1,101,822$633,743

NCMIC RISK RETENTION GROUP, INC.14130 $8,063,387 $774,029 $470,662$798,832 $787,796 ($3,578) $103,106($459,626)

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 $0 $0 $0$0 $0 $0 $0$0

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 $13,105,610 $3,215,713 $662,144$1,585,391 $377,898 $119,038 $235,585$545,349

NEW STAR RISK RETENTION GROUP, INC.12532 $2,568,550 $2,568,550 $1,229,182$2,492,282 $488,229 $10,521 $958,964$774,871

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 $7,912,438 $6,311,889 $5,424,627$7,346,103 ($637,437) $304,849 ($177,394)$2,558,913

OASIS RECIPROCAL RISK RETENTION GROUP13644 $623,014 $3,416,889 $1,197,607$3,244,476 $1,172,876 $225,380 $1,398,256$873,993

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 $0 $0 $0$0 $0 $0 $0$0

OCEANUS INS CO A RRG12189 $0 $0 $0$0 $0 $0 $0$0

OMS NATL INS CO RRG44121 $68,268,488 $63,831,171 $42,908,826$63,125,976 $2,052,710 $8,084,132 $8,913,905$18,164,440

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 $16,136,771 $11,476,098 $7,730,112$10,777,723 ($1,599,509) $19,376 ($1,582,652)$4,647,120

OOIDA RISK RETENTION GROUP INC10353 $53,625,189 $18,768,816 $14,759,055$18,797,607 $595,619 $340,341 $600,003$3,442,934

OPHTHALMIC MUTUAL INS CO RRG44105 $44,588,084 $39,829,166 $15,662,146$39,298,797 $12,768,155 $8,290,768 $10,833,001$10,868,496

ORANGE COUNTY MEDICAL RECIP INS RRG12183 $716,740 $716,740 ($225,059)$716,740 $786,777 $26,899 $813,676$155,022

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

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 $8,563,259 $6,433,594 $5,483,362$6,145,756 ($717,164) $247,272 ($467,641)$1,379,558

P&S INSURANCE RISK RETENTION GROUP, INC.15583 $0 $0 $0$0 ($136,203) $0 $57,459$136,203

PACE RRG INC11575 $5,399,715 $112,949 ($561,840)$112,949 $459,020 $78,314 $174,673$215,769

PALLADIUM RISK RETENTION GROUP, INC.15279 $27,949,484 $26,189,184 $24,536,323$26,165,064 ($733,037) $546,254 ($112,280)$2,361,778

PARATRANSIT INSURANCE COMPANY, RRG44130 $5,789,063 $3,758,429 $1,877,168$3,658,198 $694,628 $771,770 $334,838$1,086,402

PCH MUTUAL INSURANCE COMPANY, RRG11973 $3,180,778 $2,258,000 $1,032,608$1,871,963 ($201,593) $96,542 ($86,125)$1,040,948

PEACE CHURCH RRG INC11846 $3,224,876 $2,902,388 $1,491,949$2,902,388 $289,385 $451,021 $159,146$1,121,054

PELICAN INS RRG11587 $1,830,359 $901,280 $1,314,020$921,870 ($1,767,800) $1,125,912 ($641,888)$1,375,650

PHOEBE RECIPROCAL RRG12004 $377,220 $377,220 $115,645$377,220 $126,538 $125,100 $251,638$135,037

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 $9,049,516 $5,421,544 $1,990,941$5,194,323 $942,225 $58,297 $781,236$2,261,157

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

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 $1,608,641 $1,063,802 $870,844$982,027 ($563,897) $6,579 ($702,157)$675,080

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 $12,682,604 $9,073,195 $1,942,160$8,799,371 $4,879,449 $37,057 $3,485,041$1,977,761

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 $4,609,665 $4,119,465 $1,590,982$4,123,066 ($812,991) $1,013,658 $111,991$1,738,553

PHYSICIANS REIMBURSEMENT RRG10934 $2,549,985 $2,549,985 $807,250$2,549,985 ($18,567) $664,341 $498,375$1,761,302



Net Premium Written


EarnedLoss & Loss





Expenses

PHYSICIANS SPECIALTY LTD RRG11513 $2,549,511 $209,868 ($697,069)$209,868 $763,683 $406,919 $835,601$143,254

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 $0 $569,996 $444,500$525,806 ($313,377) $2,773 ($203,888)$394,683

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 $5,437,513 $4,164,383 $823,548$4,164,383 $2,761,377 $1,269,805 $4,031,182$579,458

PONCE DE LEON LTC RRG, INC.11809 $1,215,811 $1,135,873 $1,104,989$901,850 ($376,162) $243,480 ($138,258)$173,024

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

PREFERRED PHYSICIANS MEDICAL RRG44083 $36,333,111 $27,855,648 $13,748,313$27,640,229 $6,429,627 $8,620,112 $10,907,843$5,975,503

PREFERRED PROFESSIONAL RRG14919 $391,649 $41,123 $22,843$32,693 ($56,561) $0 ($56,561)$66,411

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

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 $5,271,335 $3,982,588 $3,593,102$3,989,632 ($1,992,243) $221,074 ($1,771,350)$2,388,773

PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION GROUP15647 $154,620 $7,650 $567$753 ($10,664) $74,942 $51,742$10,850

PROBUILDERS SPECIALTY INS CO RRG11671 $0 $0 ($40,848)$0 ($1,340,948) $203,572 ($1,175,094)$1,355,212

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 $4,787,532 $1,662,663 $1,186,084$1,662,663 ($190,694) $1,620 ($136,973)$667,273


12608 $0 $0 $48,551$4,542 ($110,131) $0 ($80,164)$66,122

PROFESSIONALS RISK RETENTION GROUP, INC.13067 $2,940,068 $234,929 $231,971$234,929 ($252,247) $17,172 ($193,512)$255,205

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 $1,619,425 $878,989 $53,929$878,989 $344,360 $71,452 $415,812$480,700

RED CLAY RISK RETENTION GROUP, INC.13078 $1,799,628 $1,421,706 $367,779$1,421,706 $747,257 ($107,074) $470,350$365,670

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

REPUBLIC RRG12019 $0 $0 ($8,086)$0 ($66,103) $47,906 ($18,197)$74,189

RESTORATION RISK RETENTION GROUP, INC.12209 $15,189,503 $13,568,590 $6,509,108$12,587,290 $4,084,635 ($103,589) $2,648,798$1,993,547

RPX RRG14135 $82,500 ($18,750) ($437,502)$230,722 $424,521 $0 $306,347$243,703

SAGE RISK RETENTION GROUP, INC.15631 $1,532,863 $1,532,863 $309,067$561,941 $72,357 $0 $47,032$180,517

SAINT LUKE'S HLTH SYSTEM RRG11712 $3,009,623 $1,869,948 $2,601,185$1,799,754 ($1,455,165) $380,727 ($1,603,313)$653,734

SAMARITAN RISK RETENTION GROUP, INC.12511 $8,897,271 $8,897,271 $6,864,183$8,811,154 $786,060 ($178,322) $329,457$1,160,911

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 $0 $0 $0$0 $0 $0 $0$0

SECURITY AMERICA RRG INC11267 $2,718,094 $2,055,475 $476,220$2,085,561 $255,673 $63,635 $228,683$1,353,668

SELECT MD RRG14136 $1,552,625 $156,877 ($240,892)$156,877 $184,354 $227 $121,824$213,415

SENTINEL ASSUR RRG INC12005 $4,381,597 $4,043,297 ($630,119)$3,977,146 $3,649,165 $356,410 $3,062,142$958,100

SIGMA RRG, INC.13557 $2,462,299 $2,462,299 $2,012,393$2,678,414 $372,081 ($1,409) $251,447$293,940

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 $0 $0 ($5,844,491)$0 $5,719,169 $1,018,854 $4,398,340$125,322

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 $45,330,223 $33,950,079 $31,601,405$32,532,281 $1,148,800 $233,514 $1,060,839$11,633,173

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 $2,427,273 $2,036,998 ($244,421)$2,050,824 $1,038,390 $11,808 $312,020$1,256,855

ST CHARLES INS CO RRG11114 $1,519,827 $1,519,827 ($500,000)$1,513,424 $1,451,504 $357,407 $1,223,039$561,920

ST LUKES HEALTH NETWORK INS CO RRG11688 $14,541,550 $14,541,550 $12,691,337$14,000,596 $335,291 $1,028,535 $1,364,769$973,968

STATES SELF-INSURERS RRG44075 $11,682,432 $2,598,379 $2,779,564$2,159,291 ($517,061) $503,231 ($13,830)$86,820

STICO MUT INS CO RRG10476 $0 $0 $0$0 $0 $0 $0$0

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 $1,980,070 $0 $84,000$0 ($220,898) $406 $17,975$136,898

SUNLAND RISK RETENTION GROUP, INC.14026 $5,598,993 $559,899 $297,644$559,899 $175,106 ($10,412) $88,036$87,149

TERRA INS CO RRG10113 $11,060,790 $7,249,624 $677,197$7,249,624 $2,521,707 $324,078 $2,374,550$4,050,720

TERRAFIRMA RISK RETENTION GROUP LLC14395 $1,204,684 $1,204,684 $798,765$1,186,767 ($43,465) $36,180 $10,365$431,467

THE HEALTHCARE UNDERWRITING CO RRG10152 $43,692,373 $43,692,373 $32,184,800$42,723,684 $8,307,134 ($434,873) $8,681,510$2,231,750

TITAN INS CO INC RRG11153 $30,653,169 $6,527,705 $0$4,474,653 $3,992,655 $598,792 $5,241,373$481,998

TITLE INDUSTRY ASSURANCE CO RRG10084 $6,037,566 $600,414 $258,402$625,341 $820,568 $26,010 $643,251($453,629)

UNITED CENTRAL PA RRG11548 $4,112,184 $4,112,184 $3,099,518$4,112,184 $617,945 $372,483 $990,428$394,721

UNITED EDUCATORS INS RRG INC10020 $165,042,977 $144,581,755 $110,836,064$141,762,180 $1,822,997 $22,187,088 $23,400,991$29,103,119



Net Premium Written


EarnedLoss & Loss





Expenses

UNITED HOME INSURANCE CO A RRG10712 $0 $0 $0$173,340 $65,049 $3,057 $44,269$108,291

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 $2,078,947 $1,642,830 $586,712$1,481,815 $391,676 ($17,943) $223,257$503,427

UV INSURANCE RISK RETENTION GROUP, INC.13988 $400,000 $400,000 ($167,050)$400,000 $321,115 $0 $321,115$245,935

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 $17,062 $17,062 $0$42,419 $80 $10,178 $9,578$42,339

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 $1,212,496 $238,182 $93,284$238,182 $6,099 $12,919 $1,827$138,799

WELLSPAN RRG11682 $8,725,000 $8,725,000 $6,665,410$8,725,000 $1,599,230 $347,849 $1,947,079$460,360

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 $2,401,180 $1,288,835 $768,612$1,629,207 $297,356 $25,662 $323,018$563,239

WESTERN PACIFIC MUT INS CO RRG40940 $3,814,273 $3,237,402 $3,420,643$5,437,636 ($1,683,604) $4,130,059 $2,325,788$3,700,597

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 $219,422 $219,422 $465$219,174 ($19,934) $3,587 ($16,347)$238,643

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 $6,433,661 $3,755,837 ($164,760)$3,755,837 $1,488,144 $436,449 $2,085,764$2,432,453


COMPANYNAIC Liquidity Cash to Losses and

LAE Reserves

Risk Retention Groups - Selected Financial RatiosLeverage Loss & LAE

Reserves to PHS

NPW to PHS Loss & LAE Ratio

Expense Ratio

DPW to PHS Combined Ratio

1 Year Dev to PHS

2 Year Dev to PHS


12934 41.75 439.13 23.0342.22 21.34 30.18 49.7226.07 79.90 -3.20-4.59

ADVANCED PHYSICIANS INS RRG INC12166 13.45 1,596.19 7.1715.39 13.86 27.93 135.8513.86 163.78 -9.79-4.01

AEGIS HEALTHCARE RRG, INC.12252 94.43 131.33 63.2178.39 32.73 107.74 48.6962.80 156.43 -18.564.81

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP13677 27.25 840.31 11.8627.15 7.32 93.78 10.8230.00 104.60 1.371.43

AGRI INSURANCE EXCHANGE RRG28380 15.97 771.28 15.4118.99 6.77 -7.55 28.036.77 20.47 -10.45-4.95

ALLEGIANT INS CO INC A RRG11965 84.49 175.22 126.37187.07 65.50 53.50 17.13174.07 70.64 58.0229.84

ALLIANCE OF NONPROFITS FOR INS RRG10023 78.48 180.71 113.40160.82 87.82 67.61 29.49119.03 97.10 -0.36-2.09

ALLIED PREMIER INSURANCE A RRG15639 89.22 224.35 118.09236.38 219.00 87.91 32.38280.77 120.29 0.000.00

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG11710 64.73 236.50 93.19142.66 72.87 61.96 39.26116.91 101.21 38.4011.01

ALLIED SERVICES RISK RETENTION GROUP12013 42.94 303.45 49.6664.70 25.46 56.15 23.1125.46 79.26 -13.62-0.59

AMERICAN ASSOC OF OTHODONTISTS RRG10232 74.40 167.13 200.71249.57 53.48 69.55 33.5664.29 103.10 -57.88-44.83

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.12631 31.99 318.46 45.0045.85 0.00 0.00 0.000.00 0.00 0.720.34

AMERICAN CONTRACTORS INS CO RRG12300 264.52 0.00 0.00279.09 0.00 0.00 0.00692.04 0.00 0.000.00

AMERICAN EXCESS INS EXCHANGE RRG10903 46.23 234.76 78.2384.89 11.89 139.86 23.8712.78 163.74 -0.916.16

AMERICAN FOREST CASUALTY COMPANY RRG11590 58.28 256.75 74.33111.22 39.66 55.06 39.6855.45 94.74 -13.41-8.82

AMERICAN SAFETY RRG INC25448 33.79 318.96 30.9233.32 7.48 -196.00 229.9712.11 33.98 -21.34-18.38

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG11534 107.24 120.51 533.94690.04 203.53 139.12 19.20304.11 158.32 6.6625.26

AMERIGUARD RRG INC12171 43.74 318.96 53.4274.52 34.36 54.73 9.0534.36 63.78 -2.27-4.83

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.11598 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

ARCHITECTS & ENGINEERS INS CO RRG44148 86.05 421.08 37.13134.55 15.18 70.00 -13.6075.37 56.40 -4.05-1.95

ARCOA RISK RETENTION GROUP, INC.13177 66.03 168.74 150.01167.13 190.06 39.75 43.78190.06 83.53 -28.47-9.51

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP13580 28.96 1,668.05 5.1724.98 28.64 0.00 54.4431.68 54.44 -6.98-6.00

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.12224 12.04 1,010.66 11.0713.48 0.00 0.00 0.000.00 0.00 -67.64-36.99


14425 62.58 4,069.01 2.9675.42 10.72 22.23 42.46130.25 64.69 0.000.00

ATTORNEYS INSURANCE MUTUAL OF THE SOUTH, INC RRG33677 42.10 417.37 40.4771.11 30.60 13.76 99.2051.16 112.96 -16.49-13.03

ATTORNEYS INSURANCE MUTUAL RRG INC22670 50.17 297.21 62.9393.84 41.68 61.43 37.4159.23 98.84 -4.105.72

ATTORNEYS LIAB ASSUR SOCIETY INC RRG10639 71.96 193.33 179.00249.04 40.01 115.24 10.6762.28 125.91 69.631.77

ATTORNEYS LIAB PROTECTION SOC RRG32450 72.60 206.79 133.59200.57 82.03 69.11 30.36120.02 99.47 -6.47-1.15

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP13795 74.28 5,082.54 2.80105.61 -0.57 -449.97 -1,473.54138.53 -1,923.51 2.481.27

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.13791 93.61 218.44 101.99208.55 91.09 80.12 49.16251.72 129.28 37.1725.67

BAR VERMONT RISK RETENTION GROUP INC10174 42.44 556.11 23.3855.19 10.75 14.45 82.90205.88 97.35 -2.03-4.61

BAY INSURANCE RISK RETENTION GROUP, INC.15582 19.84 0.00 0.0022.06 0.00 0.00 0.000.00 0.00 0.000.00

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.12933 123.79 115.82 368.70528.62 89.02 93.61 8.80225.18 102.41 -21.41-26.89

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP13010 56.94 1,531.30 9.4782.54 45.74 -0.73 74.1753.80 73.44 -9.05-5.70

BROADLINE RISK RETENTION GROUP, INC.13788 73.09 164.54 105.48126.86 40.33 73.87 8.5445.31 82.41 -8.56-7.75

BTTS INSURANCE RISK RETENTION GROUP, INC.15591 36.40 0.00 0.0041.85 0.00 0.00 0.000.00 0.00 0.000.00

CALIFORNIA HEALTHCARE INS CO INC RRG44504 65.47 202.02 96.87128.13 31.58 88.28 10.0752.85 98.35 -29.74-10.33

CALIFORNIA MEDICAL GRP INS CO RRG12180 80.04 174.81 153.69215.04 88.12 40.43 20.6788.12 61.10 -55.56-22.24

CARE RRG, INC.11825 110.10 124.03 264.79361.59 184.90 80.68 26.04208.78 106.72 -16.2022.81

CARECONCEPTS INSURANCE, INC., A RISK RETENTION GROUP15089 148.09 74.32 370.21407.47 202.56 73.37 65.42334.18 138.79 -7.4628.69

CAREGIVERS UNITED LIAB INS CO RRG11544 37.05 326.07 45.6355.12 19.62 42.85 15.8021.59 58.65 -10.46-8.30

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP12373 41.87 452.55 28.9454.84 17.08 45.64 23.9847.95 69.62 -6.97-2.32

CASSATT RISK RETENTION GROUP INC10808 181.37 13,220.60 1.17281.56 2.70 102.23 283.82750.61 386.05 -0.07-0.05



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP13784 0.85 0.00 0.000.85 -7.00 0.00 -153.890.00 -153.89 -1.620.00

CENTRAL PA PHYSICIANS RRG INC11694 64.67 215.22 115.03160.10 55.11 63.98 28.5057.98 92.48 -7.86-3.31

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.11976 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

CHEROKEE GUARANTEE COMPANY INC., RRG14388 121.56 132.23 210.36338.12 148.03 71.02 9.25144.75 80.26 -61.10-24.26

CIRCLE STAR INS CO RRG11839 40.13 517.40 32.1166.67 23.87 41.80 -154.37477.45 -112.57 -7.09-3.83

CLAIM PROFESSIONALS LIAB INS CO RRG12172 47.56 467.09 29.2064.85 24.71 32.82 14.18100.94 46.99 -10.87-3.53

CLARIAN HLTH RRG INC11992 176.42 0.00 0.0073.35 0.00 0.00 0.00750.22 0.00 0.000.00

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

CMIC RISK RETENTION GROUP13756 50.60 978.50 15.1474.95 3.67 -209.42 -172.7287.21 -382.13 1.22-1.79

COLLEGE LIABILITY INS CO A RECIP RRG44598 52.10 245.40 62.0879.38 33.19 139.75 22.7633.19 162.50 -4.631.81

COLLEGE RISK RETENTION GROUP, INC.13613 60.04 253.60 91.26138.95 58.90 74.61 22.8067.11 97.41 3.276.71

COLUMBIA NATIONAL RRG INC10803 35.13 0.00 0.0050.86 19.77 0.00 54.9919.77 54.99 0.000.00

COMCARE PRO INS RECIPROCAL RRG11864 37.60 495.52 25.8948.25 48.86 78.23 26.4548.86 104.68 2.224.89

COMMUNITIES OF FAITH RRG INC11807 10.35 1,052.29 10.2211.13 7.63 42.85 49.427.63 92.27 -1.83-1.91

COMMUNITY BLOOD CENTERS EXCH RRG13893 21.41 1,170.73 10.2225.63 16.77 -31.49 31.3618.54 -0.13 -24.35-9.74

COMMUNITY HEALTH ALLIANCE RECIP RRG11536 87.18 197.11 281.10483.04 0.00 0.00 0.000.00 0.00 37.157.24

COMMUNITY HOSPITAL RRG11259 53.35 192.34 107.31110.13 35.32 39.50 17.1439.11 56.64 -44.97-20.97

CONSUMER SPECIALTIES INSURANCE COMPANY RRG10075 45.29 289.06 51.2567.10 16.80 58.53 95.2740.36 153.79 -4.81-2.63

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

CONTINUING CARE RRG, INC.11798 819.07 13.17 103.94112.09 179.40 86.34 30.84190.32 117.18 -0.4637.05

CONTRACTORS INS CO OF NORTH AMER RRG11603 50.04 306.18 27.5442.19 13.30 137.44 28.4628.92 165.91 -62.1711.60

CONTROLLED RISK INS CO OF VT RRG10341 35.14 354.10 41.9352.18 46.38 39.83 60.82337.20 100.65 -2.900.31

COPIC, A RISK RETENTION GROUP14906 13.47 121,347.70 0.0914.27 0.19 73.98 7,790.376.47 7,864.35 0.000.01

COVERYS RRG, INC.14160 84.95 788.61 24.09161.36 16.21 176.55 -64.53391.31 112.02 1.090.04

CPA MUTUAL INS CO OF AMERICA RRG10164 81.50 204.07 88.42147.05 45.89 106.74 23.53100.20 130.27 6.03-2.78

CROSSFIT RISK RETENTION GROUP, INC.13720 66.87 335.79 61.68138.50 79.98 47.80 47.29123.04 95.09 46.0515.38

CRUDEN BAY RRG INC11676 55.80 182.22 122.92124.99 49.22 31.52 8.9849.22 40.50 -38.25-123.61

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP13655 89.52 221.55 321.74638.16 119.50 120.12 17.54269.36 137.66 84.8758.09

DELAWARE PROFESSIONAL INSURANCE CO43125 75.02 180.94 190.46258.52 63.68 57.99 103.9663.68 161.95 -57.85-60.33

DOCTORS & SURGEONS NATIONAL RRG13018 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 -29.59-138.93

DOCTORS COMPANY RISK RETENTION GROUP, A RECIPROCAL EXCHANGE14347 46.74 499.04 31.4873.43 20.20 203.74 -101.25211.65 102.49 0.000.00

DUBOIS MEDICAL RRG11842 23.55 587.16 21.9430.34 11.14 12.37 25.0211.14 37.39 -9.21-8.80

EASTERN DENTISTS INS CO RRG10115 66.51 213.65 96.02136.44 47.90 42.87 44.2551.92 87.12 -17.68-9.69

ELITE TRANSPORTATION RRG INC10125 144.94 82.16 319.74380.76 185.21 77.72 25.14257.31 102.87 62.296.05

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG14163 81.23 131.99 221.94237.95 73.99 144.01 12.66262.17 156.67 26.1625.11

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)12003 96.23 205.95 102.30202.74 78.76 59.54 42.1792.90 101.71 -11.20-5.99

EMERGENCY MEDICINE RRG INC12015 85.02 140.59 154.41184.55 39.66 60.42 48.5254.10 108.94 -3.35-8.90

EMERGENCY PHYSICIANS INSURANCE EXCHANGE RRG (EPIX)11714 72.65 167.93 160.05195.25 40.76 75.22 41.2655.42 116.48 -8.81-7.20

EVERGREEN USA RRG INC38466 37.01 274.58 43.2243.92 -2.47 -236.27 -641.70-0.15 -877.97 -16.71-20.73

EXCELA RECIPROCAL RRG15337 67.11 150.70 197.49199.74 123.45 109.89 9.44123.45 119.33 0.0035.45

FAIRWAY PHYSICIANS INS CO RRG11840 142.31 97.84 258.01359.24 237.89 85.71 33.24284.59 118.95 58.7348.30

FAITH AFFILIATED RRG INC11698 54.26 213.64 90.18104.54 29.46 128.79 18.4231.74 147.21 10.5910.68

FIRST MEDICAL INS CO RRG11278 40.85 277.94 60.1768.31 15.69 61.32 4.9715.69 66.29 -12.25-7.67

FORT WAYNE MEDICAL SURETY COMPANY, RRG12625 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

FRANKLIN CASUALTY INS CO RRG10842 507.71 83.19 156.81662.26 77.12 47.73 38.121,001.10 85.85 -19.97-8.37



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

FREDERICKSBURG PROFESSIONAL RISK EXC12016 49.18 217.92 47.4050.80 16.29 30.46 12.4716.29 42.92 -28.39-9.80

GABLES RISK RETENTION GROUP, INC.14032 68.18 207.50 76.41108.10 70.42 34.56 11.7670.42 46.32 -102.11-25.81

GEISINGER INS CORP RRG12000 346.82 510.84 4.3777.42 10.52 42.58 52.25142.52 94.83 0.000.00

GERIC INSURANCE RISK RETENTION GROUP, INC.13782 20.58 5,955.83 1.6019.66 15.12 6.42 30.5126.19 36.93 -0.80-0.54

GLOBAL HAWK INSURANCE COMPANY RRG11948 107.78 152.00 284.83466.61 312.57 89.39 18.83450.43 108.22 10.8029.95

GOLDEN INS CO RRG11145 103.15 220.69 98.43224.08 141.49 70.03 25.36147.25 95.39 56.6941.90

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.12512 29.13 347.73 39.4739.97 39.91 23.24 8.8639.91 32.10 -17.34-19.45


13973 255.90 0.00 0.00172.97 102.10 3.20 81.46129.50 84.66 0.000.00

GRACO RRG INC11581 5.33 0.00 0.005.43 0.00 0.00 0.00305.89 0.00 0.000.00

GREEN HILLS INS CO RRG11941 70.83 218.81 93.35144.69 68.40 13.92 22.9868.40 36.90 -26.57-79.36

GUARDIAN RRG INC11696 61.12 184.46 106.74120.35 39.90 68.39 18.8839.90 87.27 1.72-15.22

GUTHRIE RRG12014 70.04 161.78 160.08181.38 39.60 60.17 5.0339.60 65.20 -12.92-7.20

HAMDEN ASSURANCE RRG, INC.13057 3,208.60 0.00 0.005,327.35 0.00 0.00 0.000.00 0.00 0.000.00

HEALTH CARE CAS RRG INC12236 101.09 163.89 326.57541.06 145.50 62.71 35.35389.17 98.06 -53.15-20.31


11832 114.95 299.90 56.06193.25 23.93 74.18 3.85265.62 78.03 -4.45-0.86

HEALTH NETWORK PROVIDERS MUT INS CO11813 61.06 207.13 78.9099.79 41.29 22.30 25.2836.50 47.58 -32.55-15.43

HEALTH PROVIDERS INS RECIPROCAL RRG10080 27.45 465.56 27.2534.83 12.65 33.95 30.9014.73 64.85 -13.72-7.75

HEALTHCARE PROVIDERS INS CO RRG11683 42.21 356.26 46.1969.45 17.25 24.82 39.8221.37 64.64 -17.55-11.77

HEARTLAND HEALTHCARE RECIP RRG11998 44.83 229.82 73.6575.88 34.94 68.92 34.0634.94 102.98 3.36-2.49

HERITAGE WARRANTY INS RRG INC11097 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

HOME CONSTRUCTION INS CO RRG11950 56.03 180.95 123.83125.54 0.00 0.00 0.000.00 0.00 22.355.50

HOUSING AUTHORITY RRG INC26797 40.47 359.27 42.7662.18 16.09 77.66 32.2016.22 109.86 -11.71-3.78

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP11268 28.38 548.35 23.6636.82 12.44 59.50 37.0334.79 96.53 -7.41-2.64

INDIANA HEALTHCARE RECIP RRG11692 46.02 222.83 81.2483.31 36.80 61.72 19.1536.80 80.87 -0.94-9.44

INNOVATIVE PHYSICIAN SOLUTIONS RRG12320 86.08 153.95 218.28289.27 127.76 80.45 40.87127.76 121.33 25.5812.99

IQS INSURANCE RISK RETENTION GROUP, INC.15080 74.91 210.92 17.5527.73 31.86 31.64 37.8831.86 69.52 9.788.32

IRONSHORE RISK RETENTION GROUP, INC.14375 374.44 339.17 33.25422.24 19.45 100.36 111.64388.95 212.00 -3.87-0.48

J.M. WOODWORTH RRG, INC.12594 96.59 104.03 377.47379.29 36.71 37.92 52.4110.57 90.32 89.01-3.28

KENTUCKIANA MEDICAL RECIPROCAL RRG11872 32.12 323.00 41.9443.51 17.00 -31.51 12.1716.03 -19.34 -7.54-23.80

KENTUCKY HOSPITAL INS CO RRG11939 63.03 189.84 137.87164.98 33.37 57.53 34.6776.25 92.20 -25.87-30.39

LAKE STREET RRG INC11803 48.64 216.17 89.9994.63 21.99 83.27 66.4521.99 149.72 -44.59-11.62

LAMMICO RRG, INC.14444 4.10 10,902.52 0.934.17 0.38 374.98 -203.839.96 171.15 -1.97-0.07

LANCET INDEMNITY RISK RETENTION GROUP, INC.13014 145.74 119.48 160.78279.98 166.19 94.24 45.31242.12 139.55 -18.5524.08

LENDERS PROTECTION ASSUR CO RRG11500 1.58 0.00 0.001.58 0.00 0.00 0.0012.58 0.00 0.000.00

LIFE SERVICES NETWORK RECIP INS RRG11958 49.57 232.46 81.5994.02 14.88 270.89 79.8640.49 350.74 5.726.94

LONE STAR ALLIANCE, INC., A RISK RETENTION GROUP15211 93.82 1,219.30 9.96113.94 11.05 126.32 -70.36220.95 55.97 0.00-2.08

LVHN RRG11684 112.40 0.00 0.001,183.08 0.00 0.00 0.000.00 0.00 240.59114.58

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP12554 73.33 218.84 73.62118.14 68.97 69.24 18.3393.92 87.57 -21.51-0.85

MARATHON FIN INS CO INC RRG11117 87.64 21,571.55 1.50284.12 -40.06 0.00 38.03529.55 38.03 -1.22-1.07

MCIC VERMONT INC RRG10697 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 8,874.64-7.95

MD RISK RETENTION GROUP, INC.12355 46.31 229.97 62.0966.12 29.69 97.53 14.9837.86 112.52 -36.66-21.57

MED MAL RISK RETENTION GROUP, INC.14446 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

MEDAMERICA MUTUAL RRG INC26257 58.42 244.99 91.58131.07 45.15 78.91 9.0966.35 88.00 -28.24-18.93



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

MEDPRO RRG RISK RETENTION GROUP13589 183.64 1,056.53 51.07990.95 -9.77 -35.21 -77.781,825.15 -112.99 -30.40-23.14

MENTAL HEALTH RISK RETENTION GROUP44237 46.35 269.23 64.5680.56 26.47 26.76 13.5666.58 40.32 -29.16-17.90

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP11999 95.14 170.26 160.28259.62 84.07 46.17 45.5496.87 91.70 -57.93-24.93

MMIC RRG, INC.14062 9.14 0.00 0.003.21 0.17 0.00 4,567.015.15 4,567.01 0.000.00

MOUNTAIN LAKE RISK RETENTION GROUP, INC.13812 95.95 142.88 36.2749.73 10.17 47.20 145.7210.17 192.92 -11.14-4.37

MOUNTAIN LAUREL RRG INC11547 57.59 248.04 86.36123.36 53.84 14.59 64.04444.84 78.63 -39.51-14.08

MOUNTAIN STATES HEALTHCARE RECIP RRG11585 56.23 186.82 118.25124.21 50.94 101.09 11.7355.88 112.82 1.563.58

NASW RISK RETENTION GROUP, INC.14366 38.40 2,405.27 3.7534.64 9.05 47.47 12.69120.63 60.16 -1.281.07

NATIONAL ASSISTED LIVING RRG, INC.11806 51.62 266.11 68.3893.93 38.94 47.72 56.9444.24 104.67 -43.30-18.86

NATIONAL BUILDERS & CONTRACTORS INS12235 47.31 196.87 87.6881.67 6.23 46.72 147.096.23 193.81 -189.840.22

NATIONAL CATHOLIC RRG10083 82.87 145.26 329.99397.27 82.75 123.92 30.80167.28 154.72 14.8724.43

NATIONAL GUARDIAN RISK RETENTION GROUP36072 69.81 183.18 55.9471.53 -44.70 129.84 -28.85177.64 100.99 -79.79-75.88

NATIONAL HOME INSURANCE CO RRG44016 71.96 406.55 59.60174.35 0.00 95.58 -220,006.07-0.01 -219,910.49 28.16-6.41

NATIONAL INDEPENDENT TRUCKERS IC RRG11197 77.39 282.52 33.7673.82 44.94 34.78 46.1798.42 80.95 5.301.14

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.12529 22.36 0.00 0.0024.38 0.00 0.00 0.009.88 0.00 0.000.00

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)10234 14.82 0.00 0.0015.79 5.71 0.00 92.336.63 92.33 0.000.00

NCMIC RISK RETENTION GROUP, INC.14130 69.68 324.98 30.3968.81 19.16 58.92 -59.38199.55 -0.46 -3.68-2.39

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.12539 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP13792 77.73 3,228.10 7.84196.67 51.30 41.77 16.96209.06 58.72 1.83-0.49

NEW STAR RISK RETENTION GROUP, INC.12532 52.73 292.41 45.6070.31 42.11 49.32 30.1742.11 79.49 -12.45-2.66

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG12275 108.29 112.68 379.85463.49 136.37 73.84 40.54170.95 114.38 66.2828.79

OASIS RECIPROCAL RISK RETENTION GROUP13644 81.75 187.61 129.58198.73 74.08 36.91 25.5813.51 62.49 -37.24-9.15

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.12845 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

OCEANUS INS CO A RRG12189 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

OMS NATL INS CO RRG44121 46.74 303.76 54.4477.29 29.45 67.97 28.4631.49 96.43 -1.23-2.02

ONYX INSURANCE COMPANY, INC., A RISK RETENTION GROUP15208 154.65 167.96 160.96418.10 250.76 71.72 40.49352.59 112.22 4.4723.56

OOIDA RISK RETENTION GROUP INC10353 135.62 152.23 176.96365.35 94.83 78.52 18.34270.93 96.86 -8.51-12.01

OPHTHALMIC MUTUAL INS CO RRG44105 31.27 666.61 20.5142.74 20.67 39.85 27.2923.14 67.14 -10.82-2.23

ORANGE COUNTY MEDICAL RECIP INS RRG12183 14.97 782.60 14.9217.49 14.97 -31.40 21.6314.97 -9.77 -12.78-12.31

ORDINARY MUTUAL A RRG CORP10171 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)14260 117.95 120.98 313.63447.53 181.54 89.22 21.44241.63 110.66 29.1539.31

P&S INSURANCE RISK RETENTION GROUP, INC.15583 112.31 0.00 0.0054.67 0.00 0.00 0.000.00 0.00 0.000.00

PACE RRG INC11575 96.87 388.20 29.96112.65 3.48 -497.43 191.03166.60 -306.40 -39.32-17.47

PALLADIUM RISK RETENTION GROUP, INC.15279 87.90 215.13 320.10605.33 344.37 93.78 9.02367.51 102.79 0.000.00

PARATRANSIT INSURANCE COMPANY, RRG44130 55.87 303.48 58.6799.47 29.80 51.31 28.9145.90 80.22 -0.74-0.23

PCH MUTUAL INSURANCE COMPANY, RRG11973 75.21 252.13 95.01180.18 87.78 55.16 46.10123.66 101.26 -43.30-1.42

PEACE CHURCH RRG INC11846 23.88 452.52 28.5830.89 19.45 51.40 38.6321.61 90.03 -10.54-2.87

PELICAN INS RRG11587 27.67 542.48 24.8537.31 7.07 142.54 152.6314.36 295.17 4.451.56

PHOEBE RECIPROCAL RRG12004 23.97 434.65 30.1231.38 8.57 30.66 35.808.57 66.46 -9.89-3.50

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.13995 136.65 199.16 149.97408.13 212.86 38.33 41.71355.30 80.04 -47.44-28.78

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.12746 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 -65.97-2.25

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP12918 108.81 153.98 122.42205.11 100.56 88.68 63.46152.06 152.14 -161.306.29

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP12507 72.02 221.88 137.40219.57 34.66 22.07 21.8048.45 43.87 17.91-15.83

PHYSICIANS PROFESSIONAL LIABILTY RRG11514 51.59 366.23 52.0398.29 21.86 38.59 42.2024.46 80.79 -24.32-11.18

PHYSICIANS REIMBURSEMENT RRG10934 63.37 160.09 164.86167.26 23.08 31.66 69.0723.08 100.73 -73.04-28.07



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

PHYSICIANS SPECIALTY LTD RRG11513 58.01 232.56 87.90118.58 3.79 -332.15 68.2645.98 -263.89 -46.03-23.43

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP14108 74.29 219.20 52.0984.83 43.38 84.54 69.240.00 153.78 -12.68-15.76

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP13582 27.38 369.69 37.0437.49 39.79 19.78 13.9151.96 33.69 -20.36-25.63

PONCE DE LEON LTC RRG, INC.11809 50.49 225.85 77.8488.77 23.92 122.52 15.2325.61 137.76 -19.01-4.04

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC12497 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 89.4427.60

PREFERRED PHYSICIANS MEDICAL RRG44083 42.78 311.76 53.4071.21 22.51 49.74 21.4529.37 71.19 -6.54-3.74

PREFERRED PROFESSIONAL RRG14919 36.00 1,520.87 8.5746.90 7.13 69.87 161.4967.93 231.36 -0.47-1.20

PREMIER INSURANCE EXCHANGE RRG10101 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP12613 126.76 205.81 218.63570.39 223.50 90.06 59.98295.82 150.04 27.3628.81

PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION GROUP15647 1.45 1,778,553.97 0.011.46 0.08 75.30 141.831.54 217.13 0.000.00

PROBUILDERS SPECIALTY INS CO RRG11671 17.99 27,782.63 0.3015.07 0.00 0.00 0.000.00 0.00 -391.82-461.47

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)14461 64.09 224.76 107.46154.81 58.16 71.34 40.13167.48 111.47 -46.88-27.41


12608 7.49 1,589.56 6.617.87 0.00 1,068.93 0.000.00 0.00 4.012.40

PROFESSIONALS RISK RETENTION GROUP, INC.13067 77.80 395.38 43.70134.42 19.02 98.74 108.63237.99 207.37 2.61-2.07

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG11350 13.58 949.01 11.8515.28 15.93 6.14 54.6929.36 60.82 -10.76-7.70

RED CLAY RISK RETENTION GROUP, INC.13078 52.82 232.19 54.9067.33 34.39 25.87 25.7243.54 51.59 -48.09-26.52

RED ROCK RISK RETENTION GROUP, INC.13736 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

REPUBLIC RRG12019 0.41 0.00 0.000.29 0.00 0.00 0.000.00 0.00 -0.66-1.79

RESTORATION RISK RETENTION GROUP, INC.12209 74.24 176.52 138.08180.96 53.75 51.71 14.6960.17 66.40 -22.44-21.11

RPX RRG14135 13.71 5,988.14 1.8715.34 -0.43 -189.62 -1,299.751.89 -1,489.37 -13.33-8.85

SAGE RISK RETENTION GROUP, INC.15631 204.75 244.54 27.86139.50 146.39 55.00 11.78146.39 66.78 0.000.00

SAINT LUKE'S HLTH SYSTEM RRG11712 42.07 265.32 62.1469.36 23.82 144.53 34.9638.34 179.49 16.669.69

SAMARITAN RISK RETENTION GROUP, INC.12511 48.97 378.28 42.7679.22 51.51 77.90 13.0551.51 90.95 -6.714.84

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP12988 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 9.6118.91

SECURITY AMERICA RRG INC11267 60.12 276.15 60.0699.72 76.05 22.83 65.86100.56 88.69 4.47-12.06

SELECT MD RRG14136 79.93 491.16 34.26134.49 16.09 -153.55 136.04159.28 -17.51 -25.61-39.01

SENTINEL ASSUR RRG INC12005 43.63 343.30 43.5965.30 38.89 -15.84 23.7042.14 7.85 -25.72-36.29

SIGMA RRG, INC.13557 72.02 179.88 120.29155.82 36.69 75.13 11.9436.69 87.07 -9.64-8.50

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.12907 71.03 179.10 185.80236.35 0.00 0.00 0.000.00 0.00 -13.69-36.62

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP14207 161.88 91.16 297.60439.19 277.98 97.14 34.27371.16 131.40 136.28122.84

SPIRIT MOUNTAIN INSURANCE COMPANY RRG, INC10754 46.92 464.54 37.7882.34 56.67 -11.92 61.7067.53 49.78 -45.59-35.54

ST CHARLES INS CO RRG11114 13.75 1,029.13 10.7315.18 12.62 -33.04 36.9712.62 3.93 -64.03-16.55

ST LUKES HEALTH NETWORK INS CO RRG11688 102.65 124.37 303.60387.61 100.36 90.65 6.70100.36 97.35 -20.57-16.58

STATES SELF-INSURERS RRG44075 61.77 203.71 124.43156.58 28.11 128.73 3.34126.38 132.07 13.158.94

STICO MUT INS CO RRG10476 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.000.00

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC13135 29.70 0.00 0.006.32 0.00 0.00 0.00303.08 0.00 0.000.00

SUNLAND RISK RETENTION GROUP, INC.14026 138.06 465.70 33.34214.37 42.94 53.16 15.57429.43 68.73 -10.84-7.83

TERRA INS CO RRG10113 38.94 1,239.69 10.1248.84 38.45 9.34 55.8758.66 65.22 1.930.54

TERRAFIRMA RISK RETENTION GROUP LLC14395 23.74 529.88 24.4130.71 26.26 67.31 35.8226.26 103.12 5.274.14

THE HEALTHCARE UNDERWRITING CO RRG10152 116.02 107.51 300.63374.95 143.67 75.33 5.11143.67 80.44 -8.41-34.83

TITAN INS CO INC RRG11153 27.19 0.00 0.0034.24 16.28 0.00 7.3876.44 7.38 0.000.00

TITLE INDUSTRY ASSURANCE CO RRG10084 41.64 434.04 27.0548.90 13.62 41.32 -75.55136.92 -34.23 -9.59-3.13

UNITED CENTRAL PA RRG11548 47.80 211.15 86.2387.04 44.87 75.37 9.6044.87 84.97 -18.08-5.05

UNITED EDUCATORS INS RRG INC10020 72.86 178.71 159.39207.54 50.85 78.18 20.1358.04 98.31 -10.060.00



LAE Reserves


Reserves to PHS


Expense Ratio


1 Year Dev to PHS

2 Year Dev to PHS

UNITED HOME INSURANCE CO A RRG10712 45.87 0.00 0.0039.88 0.00 0.00 0.000.00 0.00 0.000.00

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP12915 86.40 235.86 127.33259.48 115.42 39.59 30.64146.06 70.24 42.43-9.29

UV INSURANCE RISK RETENTION GROUP, INC.13988 15.95 789.58 15.0718.98 43.01 -41.76 61.4843.01 19.72 -21.62-33.18

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP11063 1.13 0.00 0.001.11 0.66 0.00 248.150.66 248.15 0.000.00

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.13974 39.25 580.26 26.0159.23 24.84 39.17 58.27126.44 97.44 -16.28-13.39

WELLSPAN RRG11682 95.51 105.19 228.32229.38 117.89 76.39 5.28117.89 81.67 -34.70-28.26

WESTERN CATHOLIC INSURANCE COMPANY RRG14122 109.33 155.06 201.55341.70 95.91 47.18 43.70178.69 90.88 103.8441.15

WESTERN PACIFIC MUT INS CO RRG40940 20.82 1,418.18 8.7725.89 3.00 62.91 114.313.54 177.21 -5.28-2.21

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP13154 14.34 2,113.06 5.4216.42 8.70 0.21 108.768.70 108.97 -1.74-1.65

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)11796 45.29 271.98 62.9577.53 47.03 -4.39 64.7680.56 60.38 -38.19-41.15


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Risk Retention Groups

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AEGIS Healthcare RRG Inc. (Baltimore, MD)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

555 Fairmount Avenue NAIC Company Code : 12252 Total Assets 3,329 3,288 3,132 4,180 4,798Baltimore, MD 21286-5417 Business Focus : P&C Minimum NPW Policyholder Surplus 1,148 1,200 1,498 3,014 2,690

Geographic Focus: Geography Minimum NPW Total Liabilities 2,181 2,087 1,634 1,166 2,109NAIC Ownership Structure: Risk Retention Group Net Income -224 85 302 112 -311Tax Identification Number : 20-1516551 Revenue 652 1,045 989 940 906

Direct Premiums Written 1,561 1,602 1,660 1,629 1,689Net Premiums Written 615 890 977 914 880

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 615 890 977 914 880

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 1,785 1,675 1,466 1,056 1,700Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 239.78 191.14 163.27 159.92 151.89S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -26.06 -1.41 35.18 9.19 -15.98Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.54 0.74 0.65 0.30 0.33Fitch Financial Strength Rating -- -- -- --

STATUTORY CONTACT INFORMATION OFFICERS & ADVISORS

Name : Angela Stoddard Auditor Johnson Lambert LLPPhone : (410) 339-7263 Actuary Towers Watson & Co.Fax : (410) 339-5897 CEO --Email : [email protected] CFO --

President Isabella Marie Firth

PROFITABILITY RATIOS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Net Yield on Invested Assets 2.14 1.35 0.51 1.14 1.17Net Investment Income/Earned Premiums 6.05 3.22 1.19 2.72 2.98Return on Average Equity (C&S) -17.36 7.45 23.27 6.87 -10.57Return on Avg Assets -6.29 2.22 7.90 2.86 -5.90Loss and LAE Ratio 95.23 57.30 13.06 38.27 107.74Expense Ratio 65.55 47.73 41.35 48.07 48.69Loss Ratio 83.83 51.12 7.43 35.05 73.70Combined Ratio 160.78 105.03 54.41 86.34 156.43Operating Ratio 154.73 101.81 53.22 83.61 153.45Investment ratio 6.05 3.22 1.19 2.72 2.98

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Cash, Short-Term Investments / Liabilities 23.11 90.14 37.32 24.25 27.92Bonds: Liquid Investments/ Liabilities (%) 78.45 116.10 152.53 166.07 105.90Cash & Short-Term Investments / C&S 43.91 156.79 40.70 9.38 21.89Liabilities/ Invested Assets 127.00 90.00 72.00 60.00 94.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 95.89 148.07 175.01 268.73 130.98Cash From Underwriting ($000) 43 133 -5 -353 328Net Cash From Operations ($000) 80 271 -59 -312 334Underwriting Cash Flow Ratio 105.08 112.58 99.42 69.67 153.21Operating Cash Flow Ratio 105.08 102.10 108.27 69.67 157.43Unassigned Funds / Total Assets 11.48 12.76 22.91 19.93 10.23

Unusual Values Equal to orIRIS RATIO ANALYSIS (%) Over Under 2013Y 2014Y 2015Y

GPW to Policyholders' Surplus3 900 --- 111 54 63NPW to Policyholders' Surplus 300 --- 65 30 33Change in Net Premiums Written 33 -33 10 -6 -4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 76 68 118*

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Investment Yield 6.5 3 0.5* 1.2* 1.3*

MSA: Baltimore-Columbia-Towson, MD (Metro)

Distribution Channel: Direct Response

127.0

90.0

72.0

60.0

94.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y

Liquidity ($000) Total Assets Total Liabilities Liabilities/ Invested Assets

160.8

105.0

54.4

86.3

156.4

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2011Y 2012Y 2013Y 2014Y 2015Y

Profitability Ratios (%)

Return on Average Equity (C&S) Return on Avg Assets Net Yield on Invested Assets Combined Ratio

Loss Adjustment Expense Ratio 11.39 6.18 5.63 3.23 34.04 Gross Change in Policyholders' Surplus 50 -10 25 101* -11*Net Commission Ratio 23.89 16.95 16.49 16.80 17.51 Net Change in Adj Policyholders' Surplus 25 -10 25* 8 -11*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 72 60 94Tax, License & Fees Ratio 7.52 5.23 5.15 4.94 5.67 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 34.15 25.55 19.72 26.33 25.51 1-Yr Resv Dev to Policyholders' Surplus 20 --- -47 -23 5Gross Premiums Written ($000)3 1,561 1,602 1,660 1,629 1,689 2-Yr Resv Dev to Policyholders' Surplus 20 --- -43 -96 -19Loss & Loss Adj Expense ($000) 585 510 128 350 948 Est Curr Resv Defi/Policyholders' Surplus 25 --- 11 -9 -22Other Underwriting Exp Incurred ($000) 403 425 404 439 429 *Indicates an unusual value.Net Underwriting Gains ($000) -374 -45 445 125 -497 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 39.39 55.53 58.84 56.13 52.11 complements of each ratio.Effective Tax Rate NM 22.89 33.85 25.79 NM

Pre-Tax Operating Margin -51.60 -1.75 46.23 15.95 -51.90 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 16.40 -1.25 -4.73 33.45 14.80

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 46.49 -4.30 -21.73 -28.65 80.87

Reinsurance Recoverable ex US Aff 1 -31 -32 225 -6 Net Premiums Written Growth -37.11 44.71 9.82 -6.43 -3.71Retention Ratio (NPW/GPW) (%)3 39.39 55.53 58.84 56.13 52.11 Pre-Tax Operating Income Growth NM NM NM -67.22 NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth NM NM 255.24 -62.93 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 28.95 -6.21 -12.48 -27.97 61.06Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -3.88 2.64 3.65 -1.92 3.73Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -2.69 -3.47 1.57 -1.39 7.21

Capital & Surplus Five-year CAGR 5.14 4.11 7.91 19.80 14.42Admitted Assets Five-year CAGR -0.38 -1.09 4.32 11.08 10.90

ASBESTOS/ENVIRONMENTAL RESV 2011Y 2012Y 2013Y 2014Y 2015Y

One-Year Survival Ratio (%) Asbestos NA NA NA NA NA Environmental NA NA NA NA NA Combined NA NA NA NA NA

Three-Year Survival Ratio (%) CAPITAL/LEVERAGE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Asbestos NA NA NA NA NA Capital and Surplus 1,148 1,200 1,498 3,014 2,690 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 1,200 1,498 3,014 2,690 Combined NA NA NA NA NA ACL Risk Based Capital NA 289 239 211 290

ACL RBC Ratio (%) (TAC/ACL RBC) NA 415.96 627.48 1,429.84 927.35

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA 207.98 313.74 714.92 463.67

Loss & Loss Adj Exp Reserves Growth 28.95 -6.21 -12.48 -27.97 61.06 Net Realized Capital Gains Less Taxes 0 126 0 1 01 Yr Loss Reserve Dev / 1Y Prior C&S -7.10 -13.60 -46.89 -22.69 4.81 Net Chg in Unrlzd Cap Gains Less Taxes 1 -37 -4 4 -13Two Yr Loss Reserve Dev Total/ PHS -46.11 -11.82 -43.31 -95.99 -18.55 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 239.78 191.14 163.27 159.92 151.89 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -15.85 -17.56 -57.59 -37.18 16.47 Net Premiums Written / Avg C&S (%) 47.61 77.86 75.21 56.07 29.90IBNR/ Total Reserves 36.44 48.91 53.36 63.35 27.77 Liabilities / Capital & Surplus (%) 189.97 173.93 109.05 38.68 78.39Reserves/ Equity 155.51 139.54 97.83 35.03 63.21 Total Reins Recov Excl US Aff / C&S (%) 0.09 -2.58 -2.14 7.47 -0.22

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.

208.0

313.7

714.9

463.7

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011Y 2012Y 2013Y 2014Y 2015Y

Capital ($000) & Capital Ratios (%)

ACL Risk Based Capital RBC - Total Adjusted Capital

Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))

39.4

55.558.8 56.1

52.1

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011Y 2012Y 2013Y 2014Y 2015Y

Premiums ($000) Net Premiums Written Gross Premiums Written Retention Ratio (NPW/GPW)

when an inter company pooling arrangement exists.

AEGIS Healthcare RRG Inc. (Baltimore, MD)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 0 442 1,465 1,390 1,321 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,561 1,602 1,660 1,629 1,689Common Stocks 1,207 0 191 263 323 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,561 1,602 1,660 1,629 1,689Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -946 -712 -683 -714 -809Occupied Properties 0 0 0 0 0 Net Premiums Written 615 890 977 914 880Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 615 890 977 914 880

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 504 1,882 610 283 589 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 1,711 2,323 2,266 1,936 2,233 Comm'l: Losses Paid Less Salvage 406 290 282 705 177Premiums & Considerations Due 0 0 0 0 0 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 276 0 0 1 127 Losses Paid Less Salvage 406 290 282 705 177All Other Admitted Assets 1,343 964 866 2,243 2,439 Loss Adj Expenses Paid 54 55 55 55 127Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 3,329 3,288 3,132 4,180 4,798 Comm'l: Chg in Unpaid Net Losses 110 165 -209 -384 472

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 16 0 0 -26 173

Unpaid Losses 1,675 1,564 1,355 971 1,442 Total Chg in Loss & LAE Reserves 125 165 -209 -410 645Unpaid Loss Adj Expenses 111 111 111 85 258 Losses and LAE Incurred 585 510 128 350 948

Loss & Loss Adj Exp Reserves 1,785 1,675 1,466 1,056 1,700 Other Underwriting Expense Incurred 403 425 404 439 429Unearned Premiums 0 -127 -189 -252 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 275 313 300 258 323 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 121 105 57 94 85 Net Underwriting Gain (Loss) -374 -45 445 125 -497Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 120 0 9 0 Total underwriting deductions 989 934 532 789 1,377

Total Liabilities 2,181 2,087 1,634 1,166 2,109

Income ($000)Total Capital and Surplus Net Investment Income 37 29 12 25 26

Common Capital Stock 146 151 151 151 151 Net Realized Capital Gains Less Taxes 0 126 0 1 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 382 419 717 833 491 Income after cap gains (loss) before tax -336 110 457 151 -471Other Including Gross Contributed 620 630 630 2,030 2,048 Federal & Foreign Income Taxes -112 25 155 39 -160

Capital & Surplus 1,148 1,200 1,498 3,014 2,690 Net Income -224 85 302 112 -311

Total Liabilities and C&S 3,329 3,288 3,132 4,180 4,798 Pre-tax Operating Income -336 -16 457 150 -471

Revenue 652 1,045 989 940 906Memo: Affiliated Investments ($000) Expenses Paid 450 484 520 469 591

Bonds 0 0 0 0 0

Preferred Stocks 0 0 0 0 0 BOND QUALITY ($000) - Annual Only62011Y 2012Y 2013Y 2014Y 2015Y

Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 542 1,691 1,390 1,170Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 152All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 0 0 0 0 0 Class 3 0 0 0 0 0Class 4 0 0 0 0 0

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Class 5 0 0 0 0 0

Net Investment Income 37 29 12 25 26 Class 6 0 0 0 0 0Realized Capital Gains 0 126 0 1 0N t Ch i U l d C G i L T 1 37 4 4 13 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 1 -37 -4 4 -13Net Adm Cash & Invested Assets 1,711 2,323 2,266 1,936 2,233Affiliated Cash & Investments 0 0 0 0 0Carrying Value 0 542 1,691 1,390 1,321Preferred Stock 0 0 0 0 0Common Stock 1,207 0 191 263 323Mortgage Loans Book Value 0 0 0 0 0Real 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 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 - 2015Y Top Lines of Business by DPW - 2015Y SECURITIES ($000) - Annual Only62011Y 2012Y 2013Y 2014Y 2015Y

CMBS ExposureTotal: LT Bond, Com MBS 0 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 83

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 1,321 1,321 1,345 1,282 5,269Common Stock 323 323 339 -- 985Preferred Stock 0 0 0 -- 0Total 1,644 1,644 1,684 1,282 --

ASSET QUALITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.11Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 19.01 64.66 71.82 59.17Common Stocks / C&S 105.12 0.00 12.75 8.72 12.01Unaff common stock/Invested Assets 70.54 0.00 8.43 13.58 14.46

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 1,689 1. Oth, Prod Liab Cmbnd 1,689 Cash/Invested Assets 29.46 80.99 26.91 14.60 26.372. 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 0.00

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Reinsurance recoverable/Total Assets 8.27 0.00 0.00 0.02 2.64

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 -3.79 -1.86 17.02 -0.79 0.79 All other admitted assets/Total Assets 40.33 29.33 27.64 53.66 50.83National DPW ($000) 1,561 1,602 1,660 1,629 1,689 Invested Assets/Total Assets 51.39 70.67 72.36 46.32 46.54Adjusted Loss Ratio 33.02 28.39 4.37 19.67 40.08 Investment Income/Total Assets 1.12 0.87 0.37 0.60 0.55

5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially 6 - The Securities and Bond section are held at carrying valuewhen an inter-company pooling arrangement exists.

Investment Portfolio (%) - 2015

Bonds - 59.2% Preferred Stocks - 0.0%

Common Stocks - 14.5% Mortgage Loans - 0.0%

Other Invstmts - 26.4%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y

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) 2011Y 2012Y 2013Y 2014Y 2015Y

1100 West Town & Country Road NAIC Company Code : 11710 Total Assets 24,157 31,532 36,901 39,857 47,363Suite 1400 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 11,350 13,003 14,294 14,311 19,518Orange, CA 92868-4655 Geographic Focus: National Total Liabilities 12,808 18,529 22,608 25,546 27,845

NAIC Ownership Structure: Stock Company Net Income 2,235 1,422 1,047 -601 195Tax Identification Number : 86-1070645 Revenue 9,445 13,084 15,694 15,263 14,389

Direct Premiums Written 13,553 20,219 21,567 22,549 22,818Net Premiums Written 9,614 15,366 15,707 12,488 14,222

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 9,088 12,703 15,231 14,169 13,901

AM Best Financial Strength Rating A- 12/14/15 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 6,275 7,917 11,035 16,269 18,189Demotech Financial Strength Rating A 03/15/16 Affirm Loss & LAE Reserves/ NPE (%) 73.02 52.59 62.37 96.45 126.80S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 31.77 19.64 11.43 -12.69 1.27Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.85 1.18 1.10 0.87 0.73Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Mark M. Harnden CPA PCPhone : (714) 571-1864 Actuary Perr&Knight Inc.Fax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Philip Christopher Stump


Net Yield on Invested Assets 1.67 1.50 1.51 1.33 1.28Net Investment Income/Earned Premiums 3.90 3.02 3.03 3.19 3.59Return on Average Equity (C&S) 21.71 11.77 7.68 -4.31 1.22Return on Avg Assets 9.55 5.06 3.03 -1.54 0.45Loss and LAE Ratio 20.93 34.61 49.93 75.85 61.96Expense Ratio 44.42 41.12 41.59 45.21 39.26Loss Ratio 8.37 13.83 23.88 33.79 27.97Combined Ratio 65.34 75.73 91.52 121.06 101.21Operating Ratio 61.44 72.70 88.48 117.87 97.63Investment ratio 3.90 3.02 3.03 3.19 3.59


Cash, Short-Term Investments / Liabilities 19.06 31.21 16.20 28.96 15.43Bonds: Liquid Investments/ Liabilities (%) 173.70 155.06 143.10 140.72 154.81Cash & Short-Term Investments / C&S 21.51 44.47 25.63 51.69 22.01Liabilities/ Invested Assets 57.00 64.00 69.00 72.00 64.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 209.45 195.43 197.38 193.97 213.97Cash From Underwriting ($000) 3,428 6,857 3,625 1,529 1,584Net Cash From Operations ($000) 2,958 6,678 4,162 2,634 3,292Underwriting Cash Flow Ratio 154.01 176.49 131.12 113.14 112.68Operating Cash Flow Ratio 173.71 187.64 134.81 113.57 107.97Unassigned Funds / Total Assets 43.05 32.52 31.28 26.50 22.73


GPW to Policyholders' Surplus3 900 --- 151 158 117NPW to Policyholders' Surplus 300 --- 110 87 73Change in Net Premiums Written 33 -33 2 -20 14Surplus Aid to Policyholders' Surplus 15 --- 3 9 6Two-Year Overall Operating Ratio 100 --- 81 103* 108*


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Broker

57.0

64.069.0

72.0

64.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2011Y 2012Y 2013Y 2014Y 2015Y


65.375.7

91.5

121.1

101.2

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 12.56 20.78 26.05 42.06 33.99 Gross Change in Policyholders' Surplus 50 -10 10 0 36Net Commission Ratio 19.19 25.24 25.33 24.41 23.59 Net Change in Adj Policyholders' Surplus 25 -10 10 -7 1Salaries & Benefits Ratio 0.03 0.17 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 69 72 64Tax, License & Fees Ratio 4.07 3.44 3.75 6.14 4.40 Agents' Bal to Policyholders' Surplus 40 --- 15 11 9Admin & Other Expense Ratio 21.12 12.27 12.51 14.66 11.28 1-Yr Resv Dev to Policyholders' Surplus 20 --- 14 27* 11Gross Premiums Written ($000)3 13,553 20,219 21,567 22,549 22,818 2-Yr Resv Dev to Policyholders' Surplus 20 --- 5 35* 38*Loss & Loss Adj Expense ($000) 1,902 4,397 7,605 10,747 8,613 Est Curr Resv Defi/Policyholders' Surplus 25 --- 4 -17 -10Other Underwriting Exp Incurred ($000) 4,270 6,318 6,532 5,646 5,583 *Indicates an unusual value.Net Underwriting Gains ($000) 2,916 1,988 1,095 -2,224 -295 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 70.94 76.00 72.83 55.38 62.33 complements of each ratio.Effective Tax Rate 31.71 40.00 32.78 NM -0.71

Pre-Tax Operating Margin 34.64 18.13 9.92 -12.12 1.42 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 9.24 30.53 17.03 8.01 18.83

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth -2.02 44.67 22.02 13.00 9.00

Reinsurance Recoverable ex US Aff 2,412 2,632 6,477 9,678 11,470 Net Premiums Written Growth 14.96 59.82 2.22 -20.50 13.89Retention Ratio (NPW/GPW) (%)3 70.94 76.00 72.83 55.38 62.33 Pre-Tax Operating Income Growth 137.35 -27.47 -34.38 NM NMReinsurance Recoverable/Total Excl US Aff 27.07 32.48 16.21 11.74 7.04 Net Income Growth 137.66 -36.38 -26.38 NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -2.42 26.17 39.38 47.42 11.81Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 7.23 49.19 6.66 4.56 1.19Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 14.38 19.05 19.86 19.35 16.33

Capital & Surplus Five-year CAGR 23.75 17.40 14.96 11.33 16.63Admitted Assets Five-year CAGR 18.24 18.35 17.82 16.07 16.45




Asbestos NA NA NA NA NA Capital and Surplus 11,350 13,003 14,294 14,311 19,518 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 11,350 13,003 14,294 14,311 19,518 Combined NA NA NA NA NA ACL Risk Based Capital 1,780 2,789 1,436 2,391 2,311

ACL RBC Ratio (%) (TAC/ACL RBC) 637.62 466.27 995.67 598.49 844.54

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 318.81 233.13 497.83 299.24 422.27

Loss & Loss Adj Exp Reserves Growth -2.42 26.17 39.38 47.42 11.81 Net Realized Capital Gains Less Taxes 2 -3 1 642 -111 Yr Loss Reserve Dev / 1Y Prior C&S -9.90 0.27 13.70 27.38 11.01 Net Chg in Unrlzd Cap Gains Less Taxes 15 62 270 -553 -162Two Yr Loss Reserve Dev Total/ PHS -11.51 -10.66 4.96 34.94 38.39 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 73.02 52.59 62.37 96.45 126.80 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -9.85 0.24 11.69 27.62 11.34 Net Premiums Written / Avg C&S (%) 93.38 127.19 115.30 89.45 88.68IBNR/ Total Reserves 26.09 26.15 19.86 22.55 26.08 Liabilities / Capital & Surplus (%) 112.85 142.49 158.17 178.51 142.66Reserves/ Equity 55.29 60.89 77.20 113.68 93.19 Total Reins Recov Excl US Aff / C&S (%) 21.25 20.24 45.31 67.63 58.77



318.8

233.1

497.8

299.2

422.3

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Y




70.976.0

72.8

55.462.3

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Y



Allied Professionals Ins Co. (Orange, CA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 19,046 22,176 26,881 26,986 33,662 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 13,553 20,219 21,567 22,549 22,818Common Stocks 760 831 1,808 985 5,061 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,939 -4,853 -5,860 -10,062 -8,596Occupied Properties 0 0 0 0 0 Net Premiums Written 9,614 15,366 15,707 12,488 14,222Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 526 2,663 475 -1,681 321Properties for Sale 0 0 0 0 0 Net Premiums Earned 9,088 12,703 15,231 14,169 13,901

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,441 5,783 3,663 7,398 4,295 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 22,247 28,790 32,352 35,369 43,018 Comm'l: Losses Paid Less Salvage 728 957 1,928 2,214 3,220Premiums & Considerations Due 899 1,325 2,075 1,568 1,694 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 15 0 1,061 920 1,135 Losses Paid Less Salvage 728 957 1,928 2,214 3,220All Other Admitted Assets 996 1,417 1,414 1,968 1,515 Loss Adj Expenses Paid 1,329 1,797 2,559 3,299 3,472Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 24,157 31,532 36,901 39,857 47,363 Comm'l: Chg in Unpaid Net Losses 32 799 1,710 2,573 668

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -187 843 1,408 2,660 1,253

Unpaid Losses 3,716 4,515 6,225 8,798 9,466 Total Chg in Loss & LAE Reserves -155 1,642 3,118 5,233 1,921Unpaid Loss Adj Expenses 2,559 3,402 4,810 7,470 8,724 Losses and LAE Incurred 1,902 4,397 7,605 10,747 8,613

Loss & Loss Adj Exp Reserves 6,275 7,917 11,035 16,269 18,189 Other Underwriting Expense Incurred 4,270 6,318 6,532 5,646 5,583Unearned Premiums 5,498 8,161 8,636 6,955 7,276 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 194 900 1,052 1,060 905 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 282 374 806 183 180 Net Underwriting Gain (Loss) 2,916 1,988 1,095 -2,224 -295Payable to Parent, Subs & Affiliates 0 0 0 0 90 Dividends To Policyholders 0 0 0 0 0Other Liabilities 559 1,176 1,078 1,078 1,204 Total underwriting deductions 6,172 10,715 14,137 16,393 14,196



Common Capital Stock 600 2,400 2,400 2,400 2,400 Net Realized Capital Gains Less Taxes 2 -3 1 642 -11Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 5,000 All Other Income 0 0 0 0 0Unassigned Surplus 10,400 10,253 11,544 10,561 10,768 Income after cap gains (loss) before tax 3,273 2,370 1,557 -1,130 194Other Including Gross Contributed 350 350 350 1,350 1,350 Federal & Foreign Income Taxes 1,038 948 510 -529 -1

Capital & Surplus 11,350 13,003 14,294 14,311 19,518 Net Income 2,235 1,422 1,047 -601 195

Total Liabilities and C&S 24,157 31,532 36,901 39,857 47,363 Pre-tax Operating Income 3,271 2,372 1,557 -1,772 204

Revenue 9,445 13,084 15,694 15,263 14,389Memo: Affiliated Investments ($000) Expenses Paid 5,601 8,122 8,460 9,603 9,083

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 17,704 19,136 26,595 27,385 31,119Cash & Short Term Investments 0 0 0 0 0 Class 2 1,343 2,979 287 181 2,633All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 354 384 462 453 499 Class 6 0 0 0 0 0Realized Capital Gains 2 -3 1 642 -11N t Ch i U l d C G i L T 15 62 270 553 162 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 15 62 270 -553 -162Net Adm Cash & Invested Assets 22,247 28,790 32,352 35,369 43,018Affiliated Cash & Investments 0 0 0 0 0Carrying Value 19,046 22,176 26,881 27,565 33,888Preferred Stock 0 0 0 0 0Common Stock 760 831 1,808 985 5,061Mortgage 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 0.27 0.00 0.00 0.40Mortgages 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) 2,179 2,907 3,802 3,150 3,459Issued Political Subdivisions ($000) 7,094 7,981 8,467 7,401 5,398Issued State Rev Obligations ($000) 9,773 10,990 14,612 12,158 8,094Issued Industrial Development ($000) 0 297 0 4,277 16,712


LT Bond 33,662 33,507 35,091 31,786 134,047Common Stock 5,061 5,061 5,247 -- 15,369Preferred Stock 0 0 0 -- 0Total 38,723 38,568 40,339 31,786 --


Bond Avg Asset Quality (1-6) (Actual) 1.07 1.14 1.01 1.01 1.09Bonds Rated 3-6 / C&S 0.00 0.46 0.00 0.00 0.70Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.70Bonds/Invested Assets 85.61 77.03 83.09 76.30 78.25Common Stocks / C&S 6.69 6.39 12.65 6.88 25.93Unaff common stock/Invested Assets 3.41 2.89 5.59 2.78 11.76

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 5,041 1. Med Prof Liab 22,818 Cash/Invested Assets 10.97 20.09 11.32 20.92 9.982. New York 2,991 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 1,627 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Washington 1,181 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Texas 1,115 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00

All Other 10,860 All Other 0 Other Investments/Invested Assets 0.00 0.00 0.00 0.00 0.00Premiums & Cons due/Total Assets 3.72 4.20 5.62 3.93 3.58


Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.08 0.00DPW 5 Yr CAGR 9.40 17.16 17.05 16.38 12.54 All other admitted assets/Total Assets 4.12 4.50 3.83 4.94 3.20National DPW ($000) 13,553 20,219 21,567 22,549 22,818 Invested Assets/Total Assets 92.09 91.30 87.67 88.74 90.83Adjusted Loss Ratio 9.27 17.56 33.03 28.12 25.23 Investment Income/Total Assets 1.47 1.22 1.25 1.14 1.05





Other Invstmts - 10.0%0.00 0.10 0.20 0.30 0.40 0.50

2011Y

2012Y

2013Y

2014Y

2015Y


California - 22.1% New York - 13.1% Florida - 7.1%

Washington - 5.2% Texas - 4.9% All other - 47.6%

Med Prof Liab - 100.0% Acc & Health - 0.0%



Applied Medico-Legal Solutions (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

2555 East Camelback Road NAIC Company Code : 11598 Total Assets 83,910 92,319 104,651 122,368 NASuite 700 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 22,205 25,118 29,236 33,016 NAPhoenix, AZ 85016-4264 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 61,705 67,202 75,414 89,351 NA

NAIC Ownership Structure: Stock Company Net Income 1,240 3,732 2,822 2,346 NATax Identification Number : 81-0603029 Revenue 32,513 34,509 39,110 39,598 NA

Direct Premiums Written 36,078 40,753 44,896 47,014 NANet Premiums Written 30,663 32,936 37,702 39,026 NA

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 28,999 30,575 35,521 36,499 NA

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 43,422 46,206 52,207 54,648 NADemotech Financial Strength Rating A' 04/04/16 Affirm Loss & LAE Reserves/ NPE (%) 138.20 152.45 143.56 149.97 NAS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 6.73 17.55 10.75 8.22 NAMoody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.38 1.31 1.29 1.18 NAFitch Financial Strength Rating -- -- -- --


Name : Lee M. Milizia Auditor Saslow Lufkin & Buggy LLPPhone : (602) 427-3208 Actuary Aon Risk Solutions Global RiskFax : (602) 427-3032 CEO --Email : [email protected] CFO --

President Richard B. Welch


Net Yield on Invested Assets 4.62 3.69 2.63 2.33 NANet Investment Income/Earned Premiums 9.35 8.35 5.84 5.56 NAReturn on Average Equity (C&S) 5.58 15.01 10.22 7.41 NAReturn on Avg Assets 1.56 4.13 2.83 2.09 NALoss and LAE Ratio 74.30 63.46 68.02 67.79 NAExpense Ratio 29.60 29.47 29.07 29.86 NALoss Ratio 43.34 34.43 45.14 17.51 NACombined Ratio 103.90 92.93 97.09 97.65 NAOperating Ratio 94.55 84.59 91.25 92.10 NAInvestment ratio 9.35 8.35 5.84 5.56 NA

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 NA CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Cash, Short-Term Investments / Liabilities 10.37 10.61 16.69 12.17 NABonds: Liquid Investments/ Liabilities (%) 100.45 109.08 107.84 105.31 NACash & Short-Term Investments / C&S 28.82 28.39 43.04 32.93 NALiabilities/ Invested Assets 99.00 81.00 77.00 86.00 NAAffiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 NAReserve coverage2 113.69 128.48 130.43 130.13 NACash From Underwriting ($000) 6,370 6,957 6,592 2,791 NANet Cash From Operations ($000) 9,124 9,201 7,682 4,616 NAUnderwriting Cash Flow Ratio 127.33 126.56 122.73 107.42 NAOperating Cash Flow Ratio 130.13 130.40 128.62 109.48 NAUnassigned Funds / Total Assets 2.91 1.52 1.74 1.37 NA


GPW to Policyholders' Surplus3 900 --- 154 142 NANPW to Policyholders' Surplus 300 --- 129 118 NAChange in Net Premiums Written 33 -33 14 4 NASurplus Aid to Policyholders' Surplus 15 --- 0 0 NATwo-Year Overall Operating Ratio 100 --- 87 90 NA

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Investment Yield 6.5 3 2.7* 2.3* NA

MSA: Phoenix-Mesa-Scottsdale, AZ (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

99.0

81.077.0

86.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2011Y 2012Y 2013Y 2014Y 2015Y


103.9

92.9

97.1 97.7

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 30.96 29.03 22.88 50.28 NA Gross Change in Policyholders' Surplus 50 -10 16 13 NANet Commission Ratio 20.10 20.26 20.02 20.07 NA Net Change in Adj Policyholders' Surplus 25 -10 3 2 NASalaries & Benefits Ratio 0.00 0.00 0.00 0.00 NA Liabilities to Liquid Assets 100 --- 77 86 NATax, License & Fees Ratio 1.44 1.89 1.87 2.48 NA Agents' Bal to Policyholders' Surplus 40 --- 4 2 NAAdmin & Other Expense Ratio 8.06 7.33 7.18 7.31 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -5 NAGross Premiums Written ($000)3 36,078 40,753 44,896 47,014 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -32 -21 NALoss & Loss Adj Expense ($000) 21,546 19,403 24,162 24,743 NA Est Curr Resv Defi/Policyholders' Surplus 25 --- -15 -12 NAOther Underwriting Exp Incurred ($000) 9,075 9,707 10,960 11,654 NA *Indicates an unusual value.Net Underwriting Gains ($000) -1,622 1,465 398 102 NA NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 84.99 80.82 83.98 83.01 NA complements of each ratio.Effective Tax Rate 34.46 30.88 29.21 26.71 NA

Pre-Tax Operating Margin 4.66 13.04 7.79 6.67 NA GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 17.42 10.02 13.36 16.93 NA

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 21.50 8.91 12.22 18.48 NA

Reinsurance Recoverable ex US Aff 7,039 11,898 12,119 11,823 NA Net Premiums Written Growth 9.73 7.41 14.47 3.51 NARetention Ratio (NPW/GPW) (%)3 84.99 80.82 83.98 83.01 NA Pre-Tax Operating Income Growth 26.85 191.80 -31.98 -12.36 NAReinsurance Recoverable/Total Excl US Aff 15.84 14.42 14.89 12.02 NA Net Income Growth 32.92 200.95 -24.37 -16.88 NANonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 26.87 6.41 12.99 4.68 NAReinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth 8.79 12.96 10.17 4.72 NAReinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 27.21 20.42 19.67 16.91 NA

Capital & Surplus Five-year CAGR 12.75 9.33 12.11 11.64 NAAdmitted Assets Five-year CAGR 22.27 16.72 17.25 15.34 NA




Asbestos NA NA NA NA NA Capital and Surplus 22,205 25,118 29,236 33,016 NA Environmental NA NA NA NA NA RBC - Total Adjusted Capital 22,205 25,118 29,236 33,016 NA Combined NA NA NA NA NA ACL Risk Based Capital 5,930 5,094 6,129 6,939 NA

ACL RBC Ratio (%) (TAC/ACL RBC) 374.45 493.06 476.99 475.82 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 187.23 246.53 238.49 237.91 NA

Loss & Loss Adj Exp Reserves Growth 26.87 6.41 12.99 4.68 NA Net Realized Capital Gains Less Taxes 397 1,036 1,019 600 NA1 Yr Loss Reserve Dev / 1Y Prior C&S -5.02 -20.38 -8.86 -4.79 NA Net Chg in Unrlzd Cap Gains Less Taxes 630 1,397 998 1,545 NATwo Yr Loss Reserve Dev Total/ PHS -13.54 -25.73 -31.63 -20.61 NA Dividends to Stockholders -2,986 -4,769 -2,404 -2,498 NALoss and LAE Reserves / NPE 138.20 152.45 143.56 149.97 NA Stockholder Dividends/ Net Income (%) 240.79 127.81 85.18 106.48 NA1 Yr Loss Reserve Development / NPE -3.58 -14.80 -6.26 -3.84 NA Net Premiums Written / Avg C&S (%) 137.92 132.49 136.55 123.28 NAIBNR/ Total Reserves 26.68 18.99 18.33 9.67 NA Liabilities / Capital & Surplus (%) 277.89 267.54 257.95 270.63 NAReserves/ Equity 195.55 183.96 178.57 165.52 NA Total Reins Recov Excl US Aff / C&S (%) 31.70 47.37 41.45 NA NA



187.2

246.5 238.5 237.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2011Y 2012Y 2013Y 2014Y 2015Y




85.0

80.8

84.0

83.0

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

2011Y 2012Y 2013Y 2014Y 2015Y



Applied Medico-Legal Solutions (Phoenix, AZ)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 45,941 48,295 51,653 57,553 NA Personal P&C Direct Premiums 0 0 0 0 NAPreferred Stocks 0 0 0 0 NA Commercial P&C Direct Premiums 36,078 40,753 44,896 47,014 NACommon Stocks 9,672 17,297 20,219 22,549 NA Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 NA Direct Premiums Written 36,078 40,753 44,896 47,014 NAReal Estate Loans Less First Liens 0 0 0 0 NA

Total Mortgage Loans 0 0 0 0 NA Net Reinsurance Premiums5 -5,416 -7,817 -7,194 -7,988 NAOccupied Properties 0 0 0 0 NA Net Premiums Written 30,663 32,936 37,702 39,026 NAIncome Generating Properties 0 0 0 0 NA Calculated Change in Unearned Premiums 1,664 2,361 2,182 2,527 NAProperties for Sale 0 0 0 0 NA Net Premiums Earned 28,999 30,575 35,521 36,499 NA

Total Real Estate 0 0 0 0 NA Net Adm Cash,Cash Equi, Short-Term Inv 6,400 7,131 12,583 10,873 NA Underwriting Deductions ($000)Other Investments -23 0 0 26 NA Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 61,990 72,723 84,456 91,001 NA Comm'l: Losses Paid Less Salvage 5,376 8,702 9,420 13,552 NAPremiums & Considerations Due 9,011 8,705 10,789 11,455 NA Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 286 248 403 2,597 NA Losses Paid Less Salvage 5,376 8,702 9,420 13,552 NAAll Other Admitted Assets 12,624 10,643 9,002 17,315 NA Loss Adj Expenses Paid 6,972 7,916 8,742 8,032 NASeparate & Seg Accts 0 0 0 0 NA Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 83,910 92,319 104,651 122,368 NA Comm'l: Chg in Unpaid Net Losses 7,192 1,824 6,614 -7,160 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves 2,006 960 -613 10,319 NA

Unpaid Losses 35,210 37,034 43,648 36,489 NA Total Chg in Loss & LAE Reserves 9,198 2,784 6,001 3,159 NAUnpaid Loss Adj Expenses 8,212 9,172 8,559 18,160 NA Losses and LAE Incurred 21,546 19,403 24,162 24,743 NA

Loss & Loss Adj Exp Reserves 43,422 46,206 52,207 54,648 NA Other Underwriting Expense Incurred 9,075 9,707 10,960 11,654 NAUnearned Premiums 17,296 19,657 21,838 24,366 NA Other Underwriting Deductions 0 0 0 0 NATotal Reinsurance Liabilities 0 0 0 2,066 NA Net Income Protected Cells 0 0 0 0 NACommissions, Other Exp & Taxes 444 543 818 888 NA Net Underwriting Gain (Loss) -1,622 1,465 398 102 NAPayable to Parent, Subs & Affiliates 0 0 0 0 NA Dividends To Policyholders 0 0 0 0 NAOther Liabilities 543 796 550 7,383 NA Total underwriting deductions 30,621 29,110 35,123 36,397 NA

Total Liabilities 61,705 67,202 75,414 89,351 NA

Income ($000)Total Capital and Surplus Net Investment Income 2,711 2,552 2,076 2,028 NA

Common Capital Stock 21,566 24,925 28,285 31,363 NA Net Realized Capital Gains Less Taxes 397 1,036 1,019 600 NAPreferred Capital Stock 0 0 0 0 NA Finance Service Charges 343 288 290 263 NASurplus Notes 0 0 0 0 NA All Other Income 63 58 204 207 NAUnassigned Surplus 2,446 1,408 1,826 1,674 NA Income after cap gains (loss) before tax 1,892 5,399 3,987 3,201 NAOther Including Gross Contributed -1,806 -1,215 -874 -20 NA Federal & Foreign Income Taxes 652 1,667 1,164 855 NA

Capital & Surplus 22,205 25,118 29,236 33,016 NA Net Income 1,240 3,732 2,822 2,346 NA

Total Liabilities and C&S 83,910 92,319 104,651 122,368 NA Pre-tax Operating Income 1,495 4,363 2,968 2,601 NA

Revenue 32,513 34,509 39,110 39,598 NAMemo: Affiliated Investments ($000) Expenses Paid 15,677 17,890 20,467 20,069 NA

Bonds 0 0 0 0 NA

Preferred Stocks 0 0 0 0 NA BOND QUALITY ($000) - Annual Only62011Y 2012Y 2013Y 2014Y 2015Y

Common Stocks 0 0 0 0 NA Investment GradeMortgage Loans 0 0 0 0 NA Class 1 40,925 41,515 39,490 51,439 NACash & Short Term Investments 0 0 0 0 NA Class 2 4,988 7,360 9,033 9,231 NAAll Other Investments 0 0 0 0 NA Non - Investment Grade

Total Affiliated Investments 0 0 0 0 NA Class 3 0 0 546 916 NAClass 4 4,227 4,321 2,584 2,867 NA

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Class 5 0 0 0 0 NA

Net Investment Income 2,711 2,552 2,076 2,028 NA Class 6 0 0 0 0 NARealized Capital Gains 397 1,036 1,019 600 NAN t Ch i U l d C G i L T 630 1 397 998 1 545 NA Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 630 1,397 998 1,545 NANet Adm Cash & Invested Assets 61,990 72,723 84,456 91,001 NAAffiliated Cash & Investments 0 0 0 0 NACarrying Value 50,141 53,195 51,653 64,453 NAPreferred Stock 0 0 0 0 NACommon Stock 9,672 17,297 20,219 22,549 NAMortgage Loans Book Value 0 0 0 0 NAReal Estate Book Value 0 0 0 0 NA

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 8.43 8.12 6.06 5.87 NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 0 0 1,328 1,713 NA

RMBS ExposureTotal: LT Bond, Res MBS 2,679 2,036 1,109 849 NA

Municipal SecuritiesIssued States & Territories ($000) 1,460 1,710 2,252 2,444 NAIssued Political Subdivisions ($000) 2,001 1,121 1,193 1,109 NAIssued State Rev Obligations ($000) 11,572 12,630 14,732 15,948 NAIssued Industrial Development ($000) 0 0 457 498 NA


LT Bond NA NA NA NA --Common Stock NA NA NA -- --Preferred Stock NA NA NA -- --Total NA NA NA NA --


Bond Avg Asset Quality (1-6) (Actual) 1.35 1.38 1.35 1.31 NABonds Rated 3-6 / C&S 19.04 17.20 10.71 11.46 NAClass 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 NABonds/Invested Assets 74.11 66.41 61.16 63.24 NACommon Stocks / C&S 43.56 68.86 69.16 68.29 NAUnaff common stock/Invested Assets 15.60 23.79 23.94 24.78 NA

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 NACash/Invested Assets 10.32 9.81 14.90 11.95 NAMortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 NAMortgages in Foreclosure/Mortgages NA NA NA NA NAMortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 NAReal Estate/Invested Assets 0.00 0.00 0.00 0.00 NA

All Other All Other Other Investments/Invested Assets -0.04 0.00 0.00 0.03 NAPremiums & Cons due/Total Assets 10.74 9.43 10.31 9.36 NA

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Reinsurance recoverable/Total Assets 0.34 0.27 0.39 2.12 NA

Market Share Ratio 0.01 0.01 0.01 0.01 NA Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 NADPW 5 Yr CAGR 15.02 15.28 14.30 9.40 NA All other admitted assets/Total Assets 15.04 11.53 8.60 14.15 NANational DPW ($000) 36,078 40,753 44,896 47,014 NA Invested Assets/Total Assets 73.88 78.77 80.70 74.37 NAAdjusted Loss Ratio 43.84 38.84 45.79 23.72 NA Investment Income/Total Assets 3.23 2.76 1.98 1.66 NA



0.00 2.00 4.00 6.00 8.00 10.00

2011Y

2012Y

2013Y

2014Y

2015Y


Attorneys Insurance Mutual (Birmingham, AL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

200 Inverness Parkway NAIC Company Code : 33677 Total Assets 15,724 15,646 14,293 12,882 11,783Birmingham, AL 35242-4813 Business Focus : Commercial General Liability Focus Policyholder Surplus 8,306 7,996 7,738 7,290 6,886

Geographic Focus: Regional - Southern Quadrant Total Liabilities 7,418 7,649 6,556 5,592 4,897NAIC Ownership Structure: Mutual Company Net Income 114 -557 40 -194 -475Tax Identification Number : 63-0980826 Revenue 2,808 1,856 2,901 2,417 1,899



AM Best Financial Strength Rating -- 08/22/13 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 4,847 4,276 3,844 3,520 2,787Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 199.40 264.92 137.67 165.45 164.64S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 1.76 -6.74 0.50 -3.35 -2.78Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.32 0.23 0.38 0.32 0.31Fitch Financial Strength Rating -- -- -- --


Name : Susie Pugh Auditor Saslow Lufkin & Buggy LLPPhone : (205) 980-0009 Actuary Merlinos & Associates Inc.Fax : (205) 980-9009 CEO --Email : [email protected] CFO --

President Henry Thomas Henzel


Net Yield on Invested Assets 1.10 0.45 -0.21 0.35 0.93Net Investment Income/Earned Premiums 6.16 3.74 -1.06 2.07 5.61Return on Average Equity (C&S) 1.43 -6.76 0.53 -2.60 -6.80Return on Avg Assets 0.72 -3.56 0.27 -1.40 -3.79Loss and LAE Ratio 37.38 43.46 42.87 40.40 13.76Expense Ratio 64.55 89.64 54.11 72.56 99.20Loss Ratio 9.50 -15.62 -17.50 38.57 -29.01Combined Ratio 101.92 133.10 96.98 112.95 112.96Operating Ratio 95.76 129.36 98.05 110.88 107.35Investment ratio 6.16 3.74 -1.06 2.07 5.61


Cash, Short-Term Investments / Liabilities 23.15 74.96 63.73 73.53 65.77Bonds: Liquid Investments/ Liabilities (%) 183.78 186.34 199.97 214.33 222.79Cash & Short-Term Investments / C&S 20.67 71.71 54.00 56.40 46.77Liabilities/ Invested Assets 54.00 53.00 50.00 46.00 45.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 324.30 337.11 325.22 338.08 362.52Cash From Underwriting ($000) -120 27 -1,326 -1,268 -987Net Cash From Operations ($000) -36 433 -901 -880 -756Underwriting Cash Flow Ratio 95.23 100.79 63.38 56.54 68.82Operating Cash Flow Ratio 95.43 100.79 63.38 56.54 68.66Unassigned Funds / Total Assets 45.76 44.01 46.36 47.97 49.01


GPW to Policyholders' Surplus3 900 --- 46 49 51NPW to Policyholders' Surplus 300 --- 38 32 31Change in Net Premiums Written 33 -33 63* -22 -9Surplus Aid to Policyholders' Surplus 15 --- 1 0 0Two-Year Overall Operating Ratio 100 --- 110* 104* 109*


MSA: Birmingham-Hoover, AL (Metro)


54.053.0

50.0

46.045.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015Y


101.9

133.1

97.0

113.0 113.0

-8.00

-7.00

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 27.88 59.08 60.36 1.83 42.77 Gross Change in Policyholders' Surplus 50 -10 -3 -6 -6Net Commission Ratio -1.72 -2.65 -2.03 -2.37 -2.94 Net Change in Adj Policyholders' Surplus 25 -10 -3 -6 -6Salaries & Benefits Ratio 23.79 35.92 21.87 29.00 44.01 Liabilities to Liquid Assets 100 --- 50 46 45Tax, License & Fees Ratio 5.52 9.61 4.69 6.34 6.47 Agents' Bal to Policyholders' Surplus 40 --- 1 1 1Admin & Other Expense Ratio 36.96 46.76 29.59 39.59 51.66 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -13 -13Gross Premiums Written ($000)3 3,367 3,450 3,529 3,592 3,523 2-Yr Resv Dev to Policyholders' Surplus 20 --- -18 -17 -16Loss & Loss Adj Expense ($000) 998 779 1,256 934 284 Est Curr Resv Defi/Policyholders' Surplus 25 --- 14 -7 -11Other Underwriting Exp Incurred ($000) 1,696 1,635 1,605 1,677 2,090 *Indicates an unusual value.Net Underwriting Gains ($000) -25 -622 69 -299 -310 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 78.06 52.86 84.04 64.36 59.81 complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 0.00

Pre-Tax Operating Margin 4.93 -29.85 1.32 -10.64 -8.92 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 3.74 -0.50 -8.64 -9.88 -8.53

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 2.05 3.12 -14.30 -14.71 -12.42

Reinsurance Recoverable ex US Aff 4,835 3,185 2,423 3,121 2,859 Net Premiums Written Growth 17.60 -30.62 62.64 -22.05 -8.86Retention Ratio (NPW/GPW) (%)3 78.06 52.86 84.04 64.36 59.81 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl US Aff 2.79 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 -4.77 -11.78 -10.10 -8.43 -20.82Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -3.85 2.46 2.29 1.79 -1.93Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -4.37 -2.45 -4.60 -7.37 -7.60

Capital & Surplus Five-year CAGR 1.84 -2.23 0.09 -2.04 -2.68Admitted Assets Five-year CAGR -1.38 -2.34 -2.23 -4.57 -4.91




Asbestos NA NA NA NA NA Capital and Surplus 8,306 7,996 7,738 7,290 6,886 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 8,306 7,996 7,738 7,290 6,886 Combined NA NA NA NA NA ACL Risk Based Capital 941 938 908 874 952



Loss & Loss Adj Exp Reserves Growth -4.77 -11.78 -10.10 -8.43 -20.82 Net Realized Capital Gains Less Taxes -26 -2 2 57 -2811 Yr Loss Reserve Dev / 1Y Prior C&S -23.85 -8.42 -7.18 -13.32 -13.03 Net Chg in Unrlzd Cap Gains Less Taxes -253 249 -99 -216 -23Two Yr Loss Reserve Dev Total/ PHS -40.00 -18.00 -17.60 -17.10 -16.50 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 199.40 264.92 137.67 165.45 164.64 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -70.46 -39.02 -19.59 -44.58 -46.03 Net Premiums Written / Avg C&S (%) 33.10 22.14 38.96 30.88 30.14IBNR/ Total Reserves 38.46 39.50 30.98 47.43 40.25 Liabilities / Capital & Surplus (%) 89.31 95.66 84.72 76.70 71.11Reserves/ Equity 58.36 53.47 49.68 48.29 40.47 Total Reins Recov Excl US Aff / C&S (%) 58.21 39.83 31.31 42.81 41.52



441.2 426.1 425.9 416.9

361.8

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2011Y 2012Y 2013Y 2014Y 2015Y




78.1

52.9

84.0

64.459.8

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011Y 2012Y 2013Y 2014Y 2015Y



Attorneys Insurance Mutual (Birmingham, AL)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 10,158 6,490 6,908 6,219 6,410 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 3,367 3,450 3,529 3,592 3,523Common Stocks 1,758 2,030 2,023 1,654 1,286 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -739 -1,626 -563 -1,280 -1,416Occupied Properties 820 794 767 741 715 Net Premiums Written 2,628 1,824 2,966 2,312 2,107Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -41 32 35 -1 43Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,669 1,791 2,931 2,313 2,064

Total Real Estate 820 794 767 741 715 Net Adm Cash,Cash Equi, Short-Term Inv 1,717 5,734 4,178 4,112 3,221 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 14,452 15,048 13,876 12,726 11,632 Comm'l: Losses Paid Less Salvage 228 162 -297 369 206Premiums & Considerations Due 71 93 97 80 91 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 960 263 249 15 15 Losses Paid Less Salvage 228 162 -297 369 206All Other Admitted Assets 240 242 71 61 44 Loss Adj Expenses Paid 1,013 1,678 1,494 690 764Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 15,724 15,646 14,293 12,882 11,783 Comm'l: Chg in Unpaid Net Losses 26 -442 -216 524 -804

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -269 -620 275 -647 119

Unpaid Losses 2,580 2,138 1,922 2,445 1,641 Total Chg in Loss & LAE Reserves -243 -1,062 59 -124 -686Unpaid Loss Adj Expenses 2,267 2,138 1,922 1,074 1,146 Losses and LAE Incurred 998 779 1,256 934 284

Loss & Loss Adj Exp Reserves 4,847 4,276 3,844 3,520 2,787 Other Underwriting Expense Incurred 1,696 1,635 1,605 1,677 2,090Unearned Premiums 1,100 1,133 1,168 1,167 1,210 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 918 1,717 986 387 380 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 405 431 443 460 401 Net Underwriting Gain (Loss) -25 -622 69 -299 -310Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 147 92 114 58 118 Total underwriting deductions 2,694 2,413 2,861 2,612 2,374


Income ($000)Total Capital and Surplus Net Investment Income 165 67 -31 48 116

Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes -26 -2 2 57 -281Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 7,195 6,885 6,626 6,179 5,775 Income after cap gains (loss) before tax 114 -557 40 -194 -475Other Including Gross Contributed 1,111 1,111 1,111 1,111 1,111 Federal & Foreign Income Taxes 0 0 0 0 0

Capital & Surplus 8,306 7,996 7,738 7,290 6,886 Net Income 114 -557 40 -194 -475

Total Liabilities and C&S 15,724 15,646 14,293 12,882 11,783 Pre-tax Operating Income 140 -555 38 -251 -194


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 9,907 6,490 6,908 6,219 6,403Cash & Short Term Investments 0 0 0 0 0 Class 2 250 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 165 67 -31 48 116 Class 6 0 0 0 0 0Realized Capital Gains -26 -2 2 57 -281N t Ch i U l d C G i L T 253 249 99 216 23 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes -253 249 -99 -216 -23Net Adm Cash & Invested Assets 14,452 15,048 13,876 12,726 11,632Affiliated Cash & Investments 0 0 0 0 0Carrying Value 10,158 6,490 6,908 6,219 6,403Preferred Stock 0 0 0 0 0Common Stock 1,758 2,030 2,023 1,654 1,286Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 820 794 767 741 715

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


CMBS ExposureTotal: LT Bond, Com MBS 730 21 15 496 1,038

RMBS ExposureTotal: LT Bond, Res MBS 160 659 856 2,117 3,431

Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 513 4,779 4,995 2,849 716Issued Industrial Development ($000) 766 1,031 1,042 506 755





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Alabama 3,449 1. Oth, Prod Liab Cmbnd 3,523 Cash/Invested Assets 11.88 38.10 30.11 32.31 27.692. Tennessee 74 2. Acc & Health 0 Mortgage & Real Estate / C&S 9.87 9.93 9.92 10.17 10.383. Alaska 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Arizona 0 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 5.67 5.27 5.53 5.82 6.14



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -4.10 -3.91 -1.88 -0.87 0.12 All other admitted assets/Total Assets 1.53 1.55 0.50 0.48 0.38National DPW ($000) 3,367 3,450 3,529 3,592 3,523 Invested Assets/Total Assets 91.91 96.18 97.08 98.79 98.72Adjusted Loss Ratio 54.04 5.86 -26.19 62.98 -64.08 Investment Income/Total Assets 1.05 0.43 -0.22 0.37 0.98





Other Invstmts - 33.8%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Alabama - 97.9% Tennessee - 2.1% Alaska - 0.0%





CARE RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

2233 Wisconsin Avenue, NW NAIC Company Code : 11825 Total Assets 11,784 13,631 17,382 18,788 20,189Suite 310 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,802 4,678 4,764 4,784 4,374Washington, DC 20007-4104 Geographic Focus: National Total Liabilities 6,981 8,952 12,618 14,004 15,815

NAIC Ownership Structure: Risk Retention Group Net Income 535 87 27 51 -170Tax Identification Number : 52-2395338 Revenue 1,250 3,090 6,757 7,696 8,200

Direct Premiums Written 4,802 6,186 7,517 8,966 9,132Net Premiums Written 960 5,084 6,944 7,925 8,087


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,323 5,570 8,526 9,735 11,582Demotech Financial Strength Rating A 11/17/15 Affirm Loss & LAE Reserves/ NPE (%) 631.45 159.94 106.20 125.85 125.30S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 16.70 2.72 0.16 1.00 -5.96Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.20 1.09 1.46 1.66 1.85Fitch 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


Net Yield on Invested Assets 1.36 1.38 1.13 1.70 1.98Net Investment Income/Earned Premiums 11.37 4.72 2.17 3.35 3.57Return on Average Equity (C&S) 11.79 1.81 0.57 1.06 -3.53Return on Avg Assets 3.73 0.70 0.17 0.27 -0.86Loss and LAE Ratio 30.03 70.06 72.15 64.16 80.68Expense Ratio 16.11 17.59 28.31 36.44 26.04Loss Ratio 5.12 30.60 50.34 27.33 47.77Combined Ratio 46.15 87.65 100.46 100.60 106.72Operating Ratio 34.77 82.93 98.29 97.25 103.15Investment ratio 11.37 4.72 2.17 3.35 3.57


Cash, Short-Term Investments / Liabilities 35.26 37.90 64.76 49.33 6.15Bonds: Liquid Investments/ Liabilities (%) 138.48 127.48 128.02 135.46 90.83Cash & Short-Term Investments / C&S 51.26 72.53 171.51 144.41 22.24Liabilities/ Invested Assets 72.00 78.00 85.00 99.00 110.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 598.23 314.63 186.38 139.56 111.86Cash From Underwriting ($000) 252 2,132 2,882 -728 318Net Cash From Operations ($000) 285 1,923 3,263 -481 653Underwriting Cash Flow Ratio 126.15 201.70 170.21 90.90 104.34Operating Cash Flow Ratio 138.45 218.69 164.90 91.16 104.34Unassigned Funds / Total Assets 20.30 16.64 13.54 12.63 9.72


GPW to Policyholders' Surplus3 900 --- 158 187 209NPW to Policyholders' Surplus 300 --- 146 166 185Change in Net Premiums Written 33 -33 37* 14 2Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 98 100*


MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

Distribution Channel: Broker, Independent Agency

72.078.0

85.0

99.0

110.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Y


46.1

87.6

100.5 100.6106.7

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 24.91 39.46 21.82 36.84 32.91 Gross Change in Policyholders' Surplus 50 -10 2 0 -9Net Commission Ratio -73.45 1.38 16.37 12.48 20.97 Net Change in Adj Policyholders' Surplus 25 -10 2 0 -9Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 85 99 110*Tax, License & Fees Ratio 2.92 0.42 0.14 0.12 0.21 Agents' Bal to Policyholders' Surplus 40 --- 15 23 31Admin & Other Expense Ratio 86.65 15.80 11.80 23.84 4.85 1-Yr Resv Dev to Policyholders' Surplus 20 --- -19 -23 23*Gross Premiums Written ($000)3 4,802 6,186 7,521 8,969 9,133 2-Yr Resv Dev to Policyholders' Surplus 20 --- -34 -27 -16Loss & Loss Adj Expense ($000) 337 2,070 4,776 4,808 6,413 Est Curr Resv Defi/Policyholders' Surplus 25 --- 98* -1 -27Other Underwriting Exp Incurred ($000) 155 894 1,966 2,888 2,106 *Indicates an unusual value.Net Underwriting Gains ($000) 630 -9 -122 -202 -570 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.00 82.18 92.32 88.36 88.55 complements of each ratio.Effective Tax Rate 29.57 30.96 -75.53 NM NM

Pre-Tax Operating Margin 60.64 4.20 0.11 0.63 -3.48 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth -64.66 15.67 27.52 8.09 7.46


Reinsurance Recoverable ex US Aff 19,091 14,334 6,614 4,140 2,512 Net Premiums Written Growth -21.59 429.34 36.59 14.12 2.05Retention Ratio (NPW/GPW) (%)3 20.00 82.18 92.32 88.36 88.55 Pre-Tax Operating Income Growth 161.30 -82.83 -94.06 530.86 NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 244.90 -83.82 -68.94 90.98 NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.06 0.03 0.01 Loss & Loss Adj Exp Reserves Growth -81.80 28.84 53.06 14.18 18.97Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -21.59 28.82 21.53 19.27 1.85Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -25.42 -23.83 -17.61 -14.94 -11.44

Capital & Surplus Five-year CAGR 5.81 1.97 2.06 2.87 0.31Admitted Assets Five-year CAGR -19.04 -19.03 -14.27 -12.00 -9.55




Asbestos NA NA NA NA NA Capital and Surplus 4,802 4,678 4,764 4,784 4,374 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 4,802 4,678 4,764 4,784 4,374 Combined NA NA NA NA NA ACL Risk Based Capital 1,089 933 989 1,584 1,949



Loss & Loss Adj Exp Reserves Growth -81.80 28.84 53.06 14.18 18.97 Net Realized Capital Gains Less Taxes 2 -5 8 -48 -331 Yr Loss Reserve Dev / 1Y Prior C&S -18.27 -9.02 -19.11 -22.81 22.81 Net Chg in Unrlzd Cap Gains Less Taxes -39 89 60 -32 -240Two Yr Loss Reserve Dev Total/ PHS -30.96 -25.58 -33.90 -26.59 -16.20 Dividends to Stockholders 0 -300 0 0 0Loss and LAE Reserves / NPE 631.45 159.94 106.20 125.85 125.30 Stockholder Dividends/ Net Income (%) 0.00 346.76 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -70.20 -14.65 -13.50 -14.51 13.73 Net Premiums Written / Avg C&S (%) 21.18 106.17 147.12 163.45 168.20IBNR/ Total Reserves 29.78 37.86 23.91 30.11 27.00 Liabilities / Capital & Surplus (%) 145.38 191.37 264.83 292.74 361.59Reserves/ Equity 90.02 119.07 178.94 203.50 264.79 Total Reins Recov Excl US Aff / C&S (%) 397.54 306.41 138.82 86.54 57.43



220.6

250.7 240.9

151.0

112.2

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y




20.0

82.2

92.3 88.4 88.5

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2011Y 2012Y 2013Y 2014Y 2015Y



CARE RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 6,259 6,459 4,479 3,289 3,345 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,802 6,186 7,517 8,966 9,132Common Stocks 947 1,560 2,099 3,950 10,047 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -3,841 -1,102 -573 -1,041 -1,044Occupied Properties 0 0 0 0 0 Net Premiums Written 960 5,084 6,944 7,925 8,087Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -161 2,129 324 431 138Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,121 2,955 6,620 7,494 7,949

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,462 3,393 8,171 6,908 973 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 9,667 11,412 14,750 14,147 14,365 Comm'l: Losses Paid Less Salvage 287 449 926 1,707 2,247Premiums & Considerations Due 371 454 718 1,098 1,356 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 850 490 0 622 466 Losses Paid Less Salvage 287 449 926 1,707 2,247All Other Admitted Assets 895 1,274 1,914 2,921 4,002 Loss Adj Expenses Paid 470 374 895 1,892 2,320Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 11,784 13,631 17,382 18,788 20,189 Comm'l: Chg in Unpaid Net Losses -229 455 2,407 341 1,551

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -191 792 549 868 296

Unpaid Losses 2,965 3,419 5,826 6,167 7,718 Total Chg in Loss & LAE Reserves -420 1,247 2,956 1,209 1,846Unpaid Loss Adj Expenses 1,359 2,151 2,700 3,568 3,864 Losses and LAE Incurred 337 2,070 4,776 4,808 6,413

Loss & Loss Adj Exp Reserves 4,323 5,570 8,526 9,735 11,582 Other Underwriting Expense Incurred 155 894 1,966 2,888 2,106Unearned Premiums 484 2,613 2,937 3,368 3,506 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 1,010 238 546 277 90 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 619 531 605 624 638 Net Underwriting Gain (Loss) 630 -9 -122 -202 -570Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 546 0 5 0 0 Total underwriting deductions 491 2,964 6,742 7,696 8,519



Common Capital Stock 1,000 1,000 1,000 1,000 1,000 Net Realized Capital Gains Less Taxes 2 -5 8 -48 -33Preferred 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 -14 0 0Unassigned Surplus 2,392 2,268 2,354 2,373 1,963 Income after cap gains (loss) before tax 759 125 15 1 -319Other Including Gross Contributed 1,411 1,411 1,411 1,411 1,411 Federal & Foreign Income Taxes 224 39 -12 -51 -150

Capital & Surplus 4,802 4,678 4,764 4,784 4,374 Net Income 535 87 27 51 -170

Total Liabilities and C&S 11,784 13,631 17,382 18,788 20,189 Pre-tax Operating Income 757 130 8 49 -286

Revenue 1,250 3,090 6,757 7,696 8,200Memo: Affiliated Investments ($000) Expenses Paid 87 1,125 3,024 4,821 4,479

Bonds 0 0 0 0 0





Net Investment Income 128 139 144 251 284 Class 6 0 0 0 0 0Realized Capital Gains 2 -5 8 -48 -33N t Ch i U l d C G i L T 39 89 60 32 240 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes -39 89 60 -32 -240Net Adm Cash & Invested Assets 9,667 11,412 14,750 14,147 14,365Affiliated Cash & Investments 0 0 0 0 0Carrying Value 6,259 6,459 5,883 8,112 3,345Preferred Stock 0 0 0 0 0Common Stock 947 1,560 2,099 3,950 10,047Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 1,803 1,360 755 1,114 392






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 4,114 1. Med Prof Liab 9,132 Cash/Invested Assets 25.46 29.73 55.40 48.83 6.772. California 1,933 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Florida 930 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Texas 395 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 342 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 -22.20 -16.27 -3.92 5.29 8.32 All other admitted assets/Total Assets 7.60 9.35 11.01 15.55 19.82National DPW ($000) 4,802 6,186 7,517 8,966 9,132 Invested Assets/Total Assets 82.04 83.73 84.85 75.30 71.15Adjusted Loss Ratio 4.82 -17.54 9.17 12.79 33.79 Investment Income/Total Assets 1.08 1.02 0.83 1.34 1.41





Other Invstmts - 6.8%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


New York - 45.1% California - 21.2% Florida - 10.2%

Texas - 4.3% Kentucky - 3.7% All other - 15.5%




Centurion Med Liab Prtctv RRG (Phoenix, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

2700 North Third Street NAIC Company Code : 11976 Total Assets 14,707 15,755 16,228 19,841 NASuite 3050 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,096 8,402 8,289 10,082 NAPhoenix, AZ 85004-1229 Geographic Focus: Regional - Southern Quadrant Total Liabilities 8,611 7,353 7,940 9,759 NA

NAIC Ownership Structure: Stock Company Net Income 816 2,924 575 1,672 NATax Identification Number : 20-1145017 Revenue 4,089 4,325 3,621 3,369 NA

Direct Premiums Written 4,099 3,751 5,463 6,884 NANet Premiums Written 3,538 3,636 3,116 3,184 NA

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 3,778 3,782 3,392 3,084 NA

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 6,516 4,717 4,575 3,388 NADemotech Financial Strength Rating A 04/04/16 Affirm Loss & LAE Reserves/ NPE (%) 162.36 176.20 143.04 132.75 NAS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 19.58 58.82 8.46 25.77 NAMoody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.58 0.43 0.38 0.32 NAFitch 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 Sean MintzEmail : [email protected] CFO --

President Vicente M. Juan


Net Yield on Invested Assets 2.56 2.07 1.85 1.94 NANet Investment Income/Earned Premiums 7.32 6.92 6.92 9.38 NAReturn on Average Equity (C&S) 13.83 44.01 6.69 18.17 NAReturn on Avg Assets 5.84 18.96 3.66 9.16 NALoss and LAE Ratio 53.23 -18.79 63.44 -0.68 NAExpense Ratio 25.12 23.27 23.97 32.11 NALoss Ratio 42.52 -26.22 34.77 -16.87 NACombined Ratio 78.35 4.48 87.41 31.42 NAOperating Ratio 71.04 -2.43 80.49 22.04 NAInvestment ratio 7.32 6.92 6.92 9.38 NA

Policyholder Dividend Ratio 0.00 0.00 0.00 0.00 NA CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Cash, Short-Term Investments / Liabilities 18.56 71.68 9.66 9.10 NABonds: Liquid Investments/ Liabilities (%) 136.06 246.26 166.14 176.15 NACash & Short-Term Investments / C&S 26.22 62.73 9.26 8.81 NALiabilities/ Invested Assets 73.00 56.00 61.00 58.00 NAAffiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 NAReserve coverage2 148.69 219.82 230.53 367.35 NACash From Underwriting ($000) 2,201 1,637 -791 1,049 NANet Cash From Operations ($000) 2,232 1,713 -1,757 1,502 NAUnderwriting Cash Flow Ratio 216.78 181.16 74.41 144.01 NAOperating Cash Flow Ratio 228.98 192.35 113.77 141.10 NAUnassigned Funds / Total Assets 23.77 36.83 35.05 37.71 NA


GPW to Policyholders' Surplus3 900 --- 66 68 NANPW to Policyholders' Surplus 300 --- 38 32 NAChange in Net Premiums Written 33 -33 -14 2 NASurplus Aid to Policyholders' Surplus 15 --- 2 0 NATwo-Year Overall Operating Ratio 100 --- 37 53 NA

UNDERWRITING ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Investment Yield 6.5 3 1.8* 2.0* NA



73.0

56.061.0

58.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Y


78.4

4.5

87.4

31.4

0.00

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10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 10.72 7.43 28.67 16.18 NA Gross Change in Policyholders' Surplus 50 -10 -1 22 NANet Commission Ratio 11.51 10.35 5.16 2.35 NA Net Change in Adj Policyholders' Surplus 25 -10 -1 22 NASalaries & Benefits Ratio 4.65 5.12 6.97 9.14 NA Liabilities to Liquid Assets 100 --- 61 58 NATax, License & Fees Ratio 2.17 1.46 2.66 7.11 NA Agents' Bal to Policyholders' Surplus 40 --- 3 3 NAAdmin & Other Expense Ratio 6.78 6.33 9.19 13.50 NA 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -29 NAGross Premiums Written ($000)3 4,099 3,751 5,463 6,884 NA 2-Yr Resv Dev to Policyholders' Surplus 20 --- -47 -19 NALoss & Loss Adj Expense ($000) 2,011 -710 2,152 -21 NA Est Curr Resv Defi/Policyholders' Surplus 25 --- -15 -11 NAOther Underwriting Exp Incurred ($000) 889 846 747 1,022 NA *Indicates an unusual value.Net Underwriting Gains ($000) 878 3,646 493 2,083 NA NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 86.32 96.95 57.03 46.26 NA complements of each ratio.Effective Tax Rate 31.41 30.21 20.29 29.38 NA

Pre-Tax Operating Margin 28.48 96.65 20.07 70.32 NA GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 13.31 7.13 3.00 22.26 NA

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 17.55 -14.61 7.98 22.91 NA

Reinsurance Recoverable ex US Aff 332 402 375 505 NA Net Premiums Written Growth -18.42 2.78 -14.32 2.20 NARetention Ratio (NPW/GPW) (%)3 86.32 96.95 57.03 46.26 NA Pre-Tax Operating Income Growth 75.07 238.43 -81.37 225.76 NAReinsurance Recoverable/Total Excl US Aff 25.60 25.37 -0.53 5.74 NA Net Income Growth 61.44 258.49 -80.33 190.67 NANonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 NA Loss & Loss Adj Exp Reserves Growth 19.40 -27.60 -3.02 -25.94 NAReinsurance Payable on Losses, LAE 0 0 0 0 NA Direct Premiums Written Growth -6.83 -8.49 45.64 26.01 NAReinsurance on Known Case Reserves 0 0 0 0 NA Total Liabilities Five-year CAGR 18.91 11.58 9.44 11.85 NA

Capital & Surplus Five-year CAGR 17.36 20.62 19.27 15.18 NAAdmitted Assets Five-year CAGR 18.25 15.87 13.83 13.47 NA




Asbestos NA NA NA NA NA Capital and Surplus 6,096 8,402 8,289 10,082 NA Environmental NA NA NA NA NA RBC - Total Adjusted Capital 6,096 8,402 8,289 10,082 NA Combined NA NA NA NA NA ACL Risk Based Capital 653 457 358 627 NA

ACL RBC Ratio (%) (TAC/ACL RBC) 933.09 1,839.90 2,315.26 1,608.14 NA

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 466.54 919.95 1,157.63 804.07 NA

Loss & Loss Adj Exp Reserves Growth 19.40 -27.60 -3.02 -25.94 NA Net Realized Capital Gains Less Taxes 35 282 -6 -4 NA1 Yr Loss Reserve Dev / 1Y Prior C&S -11.18 -40.44 -10.50 -28.90 NA Net Chg in Unrlzd Cap Gains Less Taxes 47 -127 -89 121 NATwo Yr Loss Reserve Dev Total/ PHS -34.94 -41.82 -46.96 -18.85 NA Dividends to Stockholders -420 -490 -600 0 NALoss and LAE Reserves / NPE 162.36 176.20 143.04 132.75 NA Stockholder Dividends/ Net Income (%) 51.49 16.76 104.30 0.00 NA1 Yr Loss Reserve Development / NPE -16.73 -65.18 -26.02 -77.68 NA Net Premiums Written / Avg C&S (%) 60.01 54.74 36.21 34.60 NAIBNR/ Total Reserves 25.24 31.19 34.85 33.63 NA Liabilities / Capital & Surplus (%) 141.27 87.51 95.79 96.80 NAReserves/ Equity 106.89 56.14 55.19 33.60 NA Total Reins Recov Excl US Aff / C&S (%) 5.45 4.78 4.52 5.01 NA



466.5

919.9

1,157.6

804.1

0

2,000

4,000

6,000

8,000

10,000

12,000

2011Y 2012Y 2013Y 2014Y 2015Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))86.396.9

57.046.3

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2011Y 2012Y 2013Y 2014Y 2015Y



Centurion Med Liab Prtctv RRG (Phoenix, AZ)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 7,997 7,866 10,679 10,261 NA Personal P&C Direct Premiums 0 0 0 0 NAPreferred Stocks 0 0 0 0 NA Commercial P&C Direct Premiums 4,099 3,751 5,463 6,884 NACommon Stocks 2,120 0 1,411 5,440 NA Accident & Health Direct Premiums 0 0 0 0 NA

First Lien Real Estate Loans 0 0 0 0 NA Direct Premiums Written 4,099 3,751 5,463 6,884 NAReal Estate Loans Less First Liens 0 0 0 0 NA

Total Mortgage Loans 0 0 0 0 NA Net Reinsurance Premiums5 -561 -115 -2,347 -3,700 NAOccupied Properties 0 0 0 0 NA Net Premiums Written 3,538 3,636 3,116 3,184 NAIncome Generating Properties 0 0 0 0 NA Calculated Change in Unearned Premiums -240 -145 -276 100 NAProperties for Sale 0 0 0 0 NA Net Premiums Earned 3,778 3,782 3,392 3,084 NA

Total Real Estate 0 0 0 0 NA Net Adm Cash,Cash Equi, Short-Term Inv 1,598 5,271 767 888 NA Underwriting Deductions ($000)Other Investments 0 0 0 0 NA Personal: Losses Paid Less Salvage 0 0 0 0 NASubtotals, Cash & Invested Assets 11,716 13,136 12,857 16,589 NA Comm'l: Losses Paid Less Salvage 396 487 1,520 513 NAPremiums & Considerations Due 183 84 272 281 NA Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 NAReinsurance Recoverable 0 0 45 0 NA Losses Paid Less Salvage 396 487 1,520 513 NAAll Other Admitted Assets 2,808 2,534 3,054 2,970 NA Loss Adj Expenses Paid 556 601 774 653 NASeparate & Seg Accts 0 0 0 0 NA Personal: Chg in Unpaid Net Losses 0 0 0 0 NATotal Net Admitted Assets 14,707 15,755 16,228 19,841 NA Comm'l: Chg in Unpaid Net Losses 1,210 -1,478 -341 -1,033 NA

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 NALiabilities Chg in Loss Adj Exp Reserves -151 -320 198 -154 NA

Unpaid Losses 5,343 3,865 3,524 2,492 NA Total Chg in Loss & LAE Reserves 1,059 -1,798 -143 -1,187 NAUnpaid Loss Adj Expenses 1,172 852 1,050 896 NA Losses and LAE Incurred 2,011 -710 2,152 -21 NA

Loss & Loss Adj Exp Reserves 6,516 4,717 4,575 3,388 NA Other Underwriting Expense Incurred 889 846 747 1,022 NAUnearned Premiums 1,587 1,442 1,165 1,266 NA Other Underwriting Deductions 0 0 0 0 NATotal Reinsurance Liabilities 259 154 1,638 3,935 NA Net Income Protected Cells 0 0 0 0 NACommissions, Other Exp & Taxes 214 165 290 361 NA Net Underwriting Gain (Loss) 878 3,646 493 2,083 NAPayable to Parent, Subs & Affiliates 0 0 0 0 NA Dividends To Policyholders 0 0 0 0 NAOther Liabilities 35 875 271 810 NA Total underwriting deductions 2,900 136 2,899 1,001 NA

Total Liabilities 8,611 7,353 7,940 9,759 NA

Income ($000)Total Capital and Surplus Net Investment Income 276 262 235 289 NA

Common Capital Stock 600 600 600 600 NA Net Realized Capital Gains Less Taxes 35 282 -6 -4 NAPreferred Capital Stock 0 0 0 0 NA Finance Service Charges 0 0 0 0 NASurplus Notes 0 0 0 0 NA All Other Income 0 0 0 0 NAUnassigned Surplus 3,496 5,802 5,689 7,482 NA Income after cap gains (loss) before tax 1,189 4,190 722 2,368 NAOther Including Gross Contributed 2,000 2,000 2,000 2,000 NA Federal & Foreign Income Taxes 374 1,266 146 696 NA

Capital & Surplus 6,096 8,402 8,289 10,082 NA Net Income 816 2,924 575 1,672 NA

Total Liabilities and C&S 14,707 15,755 16,228 19,841 NA Pre-tax Operating Income 1,155 3,908 728 2,372 NA

Revenue 4,089 4,325 3,621 3,369 NAMemo: Affiliated Investments ($000) Expenses Paid 1,539 1,584 1,614 1,920 NA

Bonds 0 0 0 0 NA

Preferred Stocks 0 0 0 0 NA BOND QUALITY ($000) - Annual Only62011Y 2012Y 2013Y 2014Y 2015Y

Common Stocks 0 0 0 0 NA Investment GradeMortgage Loans 0 0 0 0 NA Class 1 7,997 12,837 9,672 10,862 NACash & Short Term Investments 0 0 0 0 NA Class 2 0 0 1,340 0 NAAll Other Investments 0 0 0 0 NA Non - Investment Grade

Total Affiliated Investments 0 0 0 0 NA Class 3 0 0 0 0 NAClass 4 0 0 0 0 NA

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Class 5 0 0 0 0 NA

Net Investment Income 276 262 235 289 NA Class 6 0 0 0 0 NARealized Capital Gains 35 282 -6 -4 NAN t Ch i U l d C G i L T 47 127 89 121 NA Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 47 -127 -89 121 NANet Adm Cash & Invested Assets 11,716 13,136 12,857 16,589 NAAffiliated Cash & Investments 0 0 0 0 NACarrying Value 7,997 12,837 11,013 10,862 NAPreferred Stock 0 0 0 0 NACommon Stock 2,120 0 1,411 5,440 NAMortgage Loans Book Value 0 0 0 0 NAReal Estate Book Value 0 0 0 0 NA

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 NAPrivately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 NABonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.00 NAMortgages in Foreclosure / Total (%) NA NA NA NA NAMortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 NAMortgages in Good Standing / Total (%) NA NA NA NA NAReal Estate Occupied / Total (%) NA NA NA NA NA


CMBS ExposureTotal: LT Bond, Com MBS 597 685 461 712 NA

RMBS ExposureTotal: LT Bond, Res MBS 0 0 0 0 NA

Municipal SecuritiesIssued States & Territories ($000) 0 783 4,748 5,192 NAIssued Political Subdivisions ($000) 0 0 0 0 NAIssued State Rev Obligations ($000) 0 0 0 0 NAIssued Industrial Development ($000) 0 0 0 0 NA


LT Bond NA NA NA NA --Common Stock NA NA NA -- --Preferred Stock NA NA NA -- --Total NA NA NA NA --


Bond Avg Asset Quality (1-6) (Actual) 1.00 1.00 1.12 1.00 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 NABonds/Invested Assets 68.26 59.88 83.05 61.85 NACommon Stocks / C&S 34.79 0.00 17.03 53.96 NAUnaff common stock/Invested Assets 18.10 0.00 10.98 32.79 NA

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 NACash/Invested Assets 13.64 40.12 5.97 5.35 NAMortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 NAMortgages in Foreclosure/Mortgages NA NA NA NA NAMortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 NAReal Estate/Invested Assets 0.00 0.00 0.00 0.00 NA

All Other All Other Other Investments/Invested Assets 0.00 0.00 0.00 0.00 NAPremiums & Cons due/Total Assets 1.24 0.54 1.68 1.42 NA

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Reinsurance recoverable/Total Assets 0.00 0.00 0.28 0.00 NA

Market Share Ratio 0.00 0.00 0.00 0.00 NA Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 NADPW 5 Yr CAGR 10.26 10.60 11.48 12.47 NA All other admitted assets/Total Assets 19.09 16.09 18.82 14.97 NANational DPW ($000) 4,099 3,751 5,463 6,884 NA Invested Assets/Total Assets 79.66 83.38 79.23 83.61 NAAdjusted Loss Ratio 48.23 -25.22 28.29 18.47 NA Investment Income/Total Assets 1.88 1.66 1.45 1.46 NA



0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

18835 North Thompson Peak Parkway NAIC Company Code : 14388 Total Assets NA 4,775 9,365 12,572 14,828Suite 210 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus NA 1,512 2,103 2,048 3,385Scottsdale, AZ 85255-6254 Geographic Focus: National Total Liabilities NA 3,263 7,262 10,524 11,444

NAIC Ownership Structure: Stock Company Net Income NA -133 672 -156 267Tax Identification Number : 45-5591447 Revenue NA 937 4,507 2,724 4,791

Direct Premiums Written NA 3,964 5,433 4,365 4,899Net Premiums Written NA 2,806 4,240 3,438 5,010

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA 937 4,486 2,701 4,750

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA 710 4,185 6,457 7,120Demotech Financial Strength Rating A 03/15/16 Affirm Loss & LAE Reserves/ NPE (%) NA NA 52.36 210.47 136.04S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA 61.32 -4.59 18.37Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA 1.86 2.02 1.68 1.48Fitch Financial Strength Rating -- -- -- --


Name : Temperance Wick Robins Auditor Saslow Lufkin & Buggy LLPPhone : (480) 320-2978 Actuary Walter Haner & Assoc. Inc.Fax : (480) 689-5916 CEO --Email : [email protected] CFO --

President Michael Walter Gregory


Net Yield on Invested Assets NA NA 0.16 0.38 0.55Net Investment Income/Earned Premiums NA 0.06 0.10 0.80 0.98Return on Average Equity (C&S) NA NA 40.34 -7.22 8.77Return on Avg Assets NA NA 10.36 -1.46 2.03Loss and LAE Ratio NA 75.91 79.72 113.90 71.02Expense Ratio NA 7.66 -2.52 -7.41 17.26Loss Ratio NA 37.12 36.72 66.46 43.21Combined Ratio NA 83.57 77.20 106.50 88.28Operating Ratio NA 83.52 77.09 105.70 87.30Investment ratio NA 0.06 0.10 0.80 0.98

Policyholder Dividend Ratio NA 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Cash, Short-Term Investments / Liabilities NA 34.18 15.05 12.70 4.70Bonds: Liquid Investments/ Liabilities (%) NA 79.93 69.16 74.76 83.94Cash & Short-Term Investments / C&S NA 73.78 51.97 65.26 15.91Liabilities/ Invested Assets NA 172.00 180.00 147.00 121.00Affiliated Investments / Capital & Surplus NA 0.00 0.00 0.00 0.00Reserve coverage2 NA 86.76 71.96 84.01 94.79Cash From Underwriting ($000) NA 691 2,570 3,405 1,290Net Cash From Operations ($000) NA 540 2,065 3,181 1,315Underwriting Cash Flow Ratio NA 880.13 2,022.43 652.64 136.22Operating Cash Flow Ratio NA 1,049.38 2,411.35 694.60 136.88Unassigned Funds / Total Assets NA 0.25 6.44 4.36 5.97


GPW to Policyholders' Surplus3 900 --- 258 213 145NPW to Policyholders' Surplus 300 --- 202 168 148Change in Net Premiums Written 33 -33 51* -19 46*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 81 88 93




172.0180.0

147.0

121.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2011Y 2012Y 2013Y 2014Y 2015Y


83.677.2

106.5

88.3

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio NA 38.79 43.00 47.45 27.80 Gross Change in Policyholders' Surplus 50 -10 50* -3 65*Net Commission Ratio NA 0.83 1.69 1.82 0.72 Net Change in Adj Policyholders' Surplus 25 -10 50* -3 16Salaries & Benefits Ratio NA 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 180* 147* 121*Tax, License & Fees Ratio NA 1.87 4.34 4.49 3.14 Agents' Bal to Policyholders' Surplus 40 --- 145* 138* 99*Admin & Other Expense Ratio NA 4.96 -8.56 -13.72 13.41 1-Yr Resv Dev to Policyholders' Surplus 20 --- 18 -60 -24Gross Premiums Written ($000)3 NA 3,964 5,433 4,365 4,899 2-Yr Resv Dev to Policyholders' Surplus 20 --- NM* 4 -61Loss & Loss Adj Expense ($000) NA 711 3,576 3,076 3,373 Est Curr Resv Defi/Policyholders' Surplus 25 --- 20 -219 -10Other Underwriting Exp Incurred ($000) NA 215 493 508 463 *Indicates an unusual value.Net Underwriting Gains ($000) NA 11 1,017 -121 512 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA 70.78 78.05 78.76 102.26 complements of each ratio.Effective Tax Rate NA NM 35.28 NM 51.81

Pre-Tax Operating Margin NA 1.19 22.75 -3.65 11.64 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth NA NA 96.13 34.24 17.95

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth NA NA 122.54 44.93 8.74

Reinsurance Recoverable ex US Aff NA 345 674 856 497 Net Premiums Written Growth NA NA 51.13 -18.92 45.73Retention Ratio (NPW/GPW) (%)3 NA 70.78 78.05 78.76 102.26 Pre-Tax Operating Income Growth NA NA NM NM NMReinsurance Recoverable/Total Excl US Aff NA 0.00 0.00 0.00 0.00 Net Income Growth NA NA NM NM NMNonaffiliated Reins Assumed / GPW (%) NA 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA 489.43 54.29 10.27Reinsurance Payable on Losses, LAE NA 0 0 0 0 Direct Premiums Written Growth NA NA 37.05 -19.65 12.24Reinsurance on Known Case Reserves NA 0 0 0 0 Total Liabilities Five-year CAGR NA NA NA NA 51.93

Capital & Surplus Five-year CAGR NA NA NA NA 30.82Admitted Assets Five-year CAGR NA NA NA NA 45.89




Asbestos NA NA NA NA NA Capital and Surplus NA 1,512 2,103 2,048 3,385 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 1,512 2,103 2,048 3,385 Combined NA NA NA NA NA ACL Risk Based Capital NA 157 570 567 491

ACL RBC Ratio (%) (TAC/ACL RBC) NA 964.68 368.97 361.12 689.38


Loss & Loss Adj Exp Reserves Growth NA NA 489.43 54.29 10.27 Net Realized Capital Gains Less Taxes NA 0 17 2 -51 Yr Loss Reserve Dev / 1Y Prior C&S NA NA 16.54 -60.48 -24.26 Net Chg in Unrlzd Cap Gains Less Taxes NA 0 24 24 -45Two Yr Loss Reserve Dev Total/ PHS NA 0.00 0.00 3.91 -61.10 Dividends to Stockholders NA 0 0 0 0Loss and LAE Reserves / NPE NA NA 52.36 210.47 136.04 Stockholder Dividends/ Net Income (%) NA 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA 0.00 5.57 -47.11 -10.46 Net Premiums Written / Avg C&S (%) NA NA 254.59 158.66 164.79IBNR/ Total Reserves NA 36.24 41.74 26.96 19.53 Liabilities / Capital & Surplus (%) NA 215.83 345.25 513.95 338.12Reserves/ Equity NA 46.96 198.95 315.30 210.36 Total Reins Recov Excl US Aff / C&S (%) NA 22.82 32.04 41.80 14.68



482.3

184.5 180.6

344.7

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011Y 2012Y 2013Y 2014Y 2015Y




70.878.1 78.8

102.3

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y



Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds NA 411 2,389 4,569 7,216 Personal P&C Direct Premiums NA 0 0 0 0Preferred Stocks NA 0 0 0 0 Commercial P&C Direct Premiums NA 3,964 5,433 4,365 4,899Common Stocks NA 366 555 1,270 1,708 Accident & Health Direct Premiums NA 0 0 0 0

First Lien Real Estate Loans NA 0 0 0 0 Direct Premiums Written NA 3,964 5,433 4,365 4,899Real Estate Loans Less First Liens NA 0 0 0 0

Total Mortgage Loans NA 0 0 0 0 Net Reinsurance Premiums5 NA -1,158 -1,192 -927 111Occupied Properties NA 0 0 0 0 Net Premiums Written NA 2,806 4,240 3,438 5,010Income Generating Properties NA 0 0 0 0 Calculated Change in Unearned Premiums NA 1,869 -245 737 260Properties for Sale NA 0 0 0 0 Net Premiums Earned NA 937 4,486 2,701 4,750

Total Real Estate NA 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA 1,115 1,093 1,336 538 Underwriting Deductions ($000)Other Investments NA 0 -16 -23 -47 Personal: Losses Paid Less Salvage NA 0 0 0 0Subtotals, Cash & Invested Assets NA 1,893 4,020 7,153 9,414 Comm'l: Losses Paid Less Salvage NA 0 25 56 1,365Premiums & Considerations Due NA 2,582 3,586 2,820 3,338 Cmbnd A&H: Losses Paid Less Salvage NA 0 0 0 0Reinsurance Recoverable NA 0 1,281 1,784 1,382 Losses Paid Less Salvage NA 0 25 56 1,365All Other Admitted Assets NA 300 478 816 694 Loss Adj Expenses Paid NA 363 1,929 1,281 1,321Separate & Seg Accts NA 0 0 0 0 Personal: Chg in Unpaid Net Losses NA 0 0 0 0Total Net Admitted Assets NA 4,775 9,365 12,572 14,828 Comm'l: Chg in Unpaid Net Losses NA 348 1,622 1,739 688

Cmbnd A&H: Chg in Unpaid Net Losses NA 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves NA 0 0 0 0

Unpaid Losses NA 348 2,042 3,781 4,468 Total Chg in Loss & LAE Reserves NA 348 1,622 1,739 688Unpaid Loss Adj Expenses NA 362 2,143 2,676 2,651 Losses and LAE Incurred NA 711 3,576 3,076 3,373

Loss & Loss Adj Exp Reserves NA 710 4,185 6,457 7,120 Other Underwriting Expense Incurred NA 215 493 508 463Unearned Premiums NA 1,869 2,339 3,076 3,337 Other Underwriting Deductions NA 0 -600 -763 402Total Reinsurance Liabilities NA 557 607 927 885 Net Income Protected Cells NA 0 0 0 0Commissions, Other Exp & Taxes NA 128 131 65 78 Net Underwriting Gain (Loss) NA 11 1,017 -121 512Payable to Parent, Subs & Affiliates NA 0 0 0 0 Dividends To Policyholders NA 0 0 0 0Other Liabilities NA 0 0 0 25 Total underwriting deductions NA 926 3,469 2,821 4,238

Total Liabilities NA 3,263 7,262 10,524 11,444

Income ($000)Total Capital and Surplus Net Investment Income NA 1 5 21 47

Common Capital Stock NA 1,500 1,500 1,500 2,500 Net Realized Capital Gains Less Taxes NA 0 17 2 -5Preferred Capital Stock NA 0 0 0 0 Finance Service Charges NA 0 0 0 0Surplus Notes NA 0 0 0 0 All Other Income NA 0 0 0 0Unassigned Surplus NA 12 603 548 885 Income after cap gains (loss) before tax NA 11 1,038 -98 553Other Including Gross Contributed NA 0 0 0 0 Federal & Foreign Income Taxes NA 144 366 59 287

Capital & Surplus NA 1,512 2,103 2,048 3,385 Net Income NA -133 672 -156 267

Total Liabilities and C&S NA 4,775 9,365 12,572 14,828 Pre-tax Operating Income NA 11 1,021 -99 558

Revenue NA 937 4,507 2,724 4,791Memo: Affiliated Investments ($000) Expenses Paid NA 578 2,422 1,789 1,784

Bonds NA 0 0 0 0

Preferred Stocks NA 0 0 0 0 BOND QUALITY ($000) - Annual Only62011Y 2012Y 2013Y 2014Y 2015Y

Common Stocks NA 0 0 0 0 Investment GradeMortgage Loans NA 0 0 0 0 Class 1 NA 1,127 3,375 5,262 7,360Cash & Short Term Investments NA 0 0 0 0 Class 2 NA 0 0 0 0All Other Investments NA 0 0 0 0 Non - Investment Grade

Total Affiliated Investments NA 0 0 0 0 Class 3 NA 0 0 0 0Class 4 NA 0 0 0 0

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Class 5 NA 0 0 0 0

Net Investment Income NA 1 5 21 47 Class 6 NA 0 0 0 0Realized Capital Gains NA 0 17 2 -5N t Ch i U l d C G i L T NA 0 24 24 45 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes NA 0 24 24 -45Net Adm Cash & Invested Assets NA 1,893 4,020 7,153 9,414Affiliated Cash & Investments NA 0 0 0 0Carrying Value NA 1,127 3,375 5,262 7,360Preferred Stock NA 0 0 0 0Common Stock NA 366 555 1,270 1,708Mortgage Loans Book Value NA 0 0 0 0Real Estate Book Value NA 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 0.00Privately Placed Bonds / C&S (%) NA 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 NAMortgages in Foreclosure / C&S (%) NA 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


CMBS ExposureTotal: LT Bond, Com MBS NA 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS NA 0 0 0 0

Municipal SecuritiesIssued States & Territories ($000) NA 0 0 0 0Issued Political Subdivisions ($000) NA 0 0 0 0Issued State Rev Obligations ($000) NA 0 0 0 0Issued Industrial Development ($000) NA 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S NA 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S NA 0.00 0.00 0.00 0.00Bonds/Invested Assets NA 21.74 59.42 63.88 76.65Common Stocks / C&S NA 24.19 26.37 62.03 50.45Unaff common stock/Invested Assets NA 19.33 13.80 17.76 18.14

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA 0.00 0.00 0.00 0.001. Pennsylvania 822 1. Med Prof Liab 4,899 Cash/Invested Assets NA 58.94 27.19 18.68 5.722. New York 497 2. Acc & Health 0 Mortgage & Real Estate / C&S NA 0.00 0.00 0.00 0.003. Delaware 462 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. New Mexico 363 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA 0.00 0.00 0.00 0.005. Ohio 310 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA 0.00 0.00 0.00 0.00

All Other 2,446 All Other 0 Other Investments/Invested Assets NA 0.00 -0.41 -0.32 -0.50Premiums & Cons due/Total Assets NA 54.08 38.29 22.43 22.51

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Reinsurance recoverable/Total Assets NA 0.00 13.68 14.19 9.32

Market Share Ratio NA 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets NA 0.00 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA 6.28 5.11 6.49 4.68National DPW ($000) NA 3,964 5,433 4,365 4,899 Invested Assets/Total Assets NA 39.63 42.93 56.89 63.49Adjusted Loss Ratio NA 31.39 33.36 40.69 44.25 Investment Income/Total Assets NA 0.01 0.05 0.17 0.31





Other Invstmts - 5.2%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Pennsylvania - 16.8% New York - 10.1%

Delaware - 9.4% New Mexico - 7.4%

Ohio - 6.3% All other - 49.9%




Cnsmr Specialties Ins Co (RRG) (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

2386 Airport Road NAIC Company Code : 10075 Total Assets 5,674 5,365 5,369 5,275 5,136Barre, VT 05641-8629 Business Focus : P&C Minimum NPW Policyholder Surplus 3,405 3,373 3,305 3,237 3,074

Geographic Focus: Geography Minimum NPW Total Liabilities 2,269 1,992 2,063 2,039 2,062NAIC Ownership Structure: Risk Retention Group Net Income -64 15 -52 -61 -141Tax Identification Number : 03-0310577 Revenue 804 692 571 638 565

Direct Premiums Written 1,166 944 1,226 1,142 1,240Net Premiums Written 561 405 493 567 516


AM Best Financial Strength Rating -- 05/02/14 Remove Not Covered by SNL Loss & Loss Adj Exp Reserves 1,820 1,641 1,629 1,558 1,575Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 347.05 360.71 375.62 302.11 303.98S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -7.21 -3.90 -6.27 -4.53 -7.27Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.16 0.12 0.15 0.18 0.17Fitch Financial Strength Rating -- -- -- --


Name : Paula A. French Auditor Johnson Lambert LLPPhone : (802) 371-2321 Actuary Financial Risk Analysts LLCFax : (802) 229-6280 CEO --Email : [email protected] CFO --

President D. Christopher Cathcart


Net Yield on Invested Assets 1.49 1.09 0.99 1.01 1.20Net Investment Income/Earned Premiums 13.79 10.22 10.62 8.85 10.67Return on Average Equity (C&S) -1.84 0.44 -1.58 -1.88 -4.51Return on Avg Assets -1.05 0.27 -0.96 -1.15 -2.75Loss and LAE Ratio 60.07 29.08 45.26 41.43 58.53Expense Ratio 102.30 131.91 100.88 89.41 95.27Loss Ratio -50.18 22.51 -31.81 60.14 3.99Combined Ratio 162.37 160.99 146.14 130.84 153.79Operating Ratio 148.58 150.78 135.52 121.99 143.12Investment ratio 13.79 10.22 10.62 8.85 10.67


Cash, Short-Term Investments / Liabilities 67.35 66.76 75.04 78.64 72.60Bonds: Liquid Investments/ Liabilities (%) 277.99 272.92 282.01 245.15 231.85Cash & Short-Term Investments / C&S 44.87 39.43 46.84 49.53 48.71Liabilities/ Invested Assets 45.00 45.00 45.00 43.00 45.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 364.60 377.08 358.13 376.13 353.09Cash From Underwriting ($000) -833 -780 124 -5 -219Net Cash From Operations ($000) -696 -697 204 74 -147Underwriting Cash Flow Ratio 41.83 34.91 137.77 99.12 69.27Operating Cash Flow Ratio 41.83 34.91 137.10 99.12 69.27Unassigned Funds / Total Assets 52.93 55.90 54.85 54.70 53.09


GPW to Policyholders' Surplus3 900 --- 37 35 40NPW to Policyholders' Surplus 300 --- 15 18 17Change in Net Premiums Written 33 -33 22 15 -9Surplus Aid to Policyholders' Surplus 15 --- 2 1 1Two-Year Overall Operating Ratio 100 --- 141* 128* 132*


MSA: Barre, VT (Micro)

Distribution Channel: General Agnt/Managing General Agnt

45.0 45.0 45.0

43.0

45.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y


162.4 161.0

146.1

130.8

153.8

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 110.25 6.58 77.07 -18.71 54.54 Gross Change in Policyholders' Surplus 50 -10 -2 -2 -5Net Commission Ratio 18.16 20.15 14.04 18.08 20.56 Net Change in Adj Policyholders' Surplus 25 -10 -2 -2 -4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 45 43 45Tax, License & Fees Ratio 14.18 10.65 6.45 5.46 5.22 Agents' Bal to Policyholders' Surplus 40 --- 4 2 4Admin & Other Expense Ratio 69.96 101.11 80.40 65.87 69.48 1-Yr Resv Dev to Policyholders' Surplus 20 --- -3 -5 -3Gross Premiums Written ($000)3 1,166 944 1,226 1,142 1,240 2-Yr Resv Dev to Policyholders' Surplus 20 --- -7 -6 -5Loss & Loss Adj Expense ($000) 362 144 201 221 296 Est Curr Resv Defi/Policyholders' Surplus 25 --- -11 3 -1Other Underwriting Exp Incurred ($000) 574 534 498 507 492 *Indicates an unusual value.Net Underwriting Gains ($000) -334 -182 -255 -194 -282 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 48.13 42.87 40.24 49.62 41.63 complements of each ratio.Effective Tax Rate NM -3.79 NM NM NM

Pre-Tax Operating Margin -36.59 -23.99 -42.44 -25.18 -40.66 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth -9.25 -5.45 0.07 -1.74 -2.64

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth -14.83 -12.19 3.57 -1.20 1.16

Reinsurance Recoverable ex US Aff 2,734 2,604 2,212 2,218 2,094 Net Premiums Written Growth -8.86 -27.89 21.91 14.87 -8.86Retention Ratio (NPW/GPW) (%)3 48.13 42.87 40.24 49.62 41.63 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 -11.86 -9.87 -0.68 -4.37 1.08Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -12.11 -19.05 29.87 -6.83 8.63Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -6.24 -8.93 -9.54 -8.21 -4.99

Capital & Surplus Five-year CAGR -2.83 -3.81 -1.58 -2.34 -3.05Admitted Assets Five-year CAGR -4.28 -5.91 -5.13 -4.87 -3.86







Loss & Loss Adj Exp Reserves Growth -11.86 -9.87 -0.68 -4.37 1.08 Net Realized Capital Gains Less Taxes 119 146 81 56 41 Yr Loss Reserve Dev / 1Y Prior C&S -11.93 -4.79 -3.08 -4.90 -2.63 Net Chg in Unrlzd Cap Gains Less Taxes 6 -42 -3 -6 -44Two Yr Loss Reserve Dev Total/ PHS -18.99 -10.14 -7.21 -5.84 -4.81 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 347.05 360.71 375.62 302.11 303.98 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -71.11 -32.86 -23.47 -30.33 -16.78 Net Premiums Written / Avg C&S (%) 16.13 12.02 14.88 17.52 16.48IBNR/ Total Reserves 19.52 23.29 9.41 25.10 18.35 Liabilities / Capital & Surplus (%) 66.62 59.07 62.42 62.99 67.10Reserves/ Equity 53.46 48.65 49.30 48.15 51.25 Total Reins Recov Excl US Aff / C&S (%) 80.29 77.21 66.92 68.53 68.13



438.7

464.3

496.9

486.4

473.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011Y 2012Y 2013Y 2014Y 2015Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))48.1

42.940.2

49.6

41.6

0

200

400

600

800

1,000

1,200

1,400

2011Y 2012Y 2013Y 2014Y 2015Y



Cnsmr Specialties Ins Co (RRG) (Barre, VT)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 2,608 2,497 2,320 2,256 2,247 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,166 944 1,226 1,142 1,240Common Stocks 884 567 705 903 809 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 1,166 944 1,226 1,142 1,240Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -605 -539 -732 -575 -724Occupied Properties 0 0 0 0 0 Net Premiums Written 561 405 493 567 516Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -41 -92 50 32 10Properties for Sale 0 0 0 0 0 Net Premiums Earned 602 496 443 534 506

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,528 1,330 1,548 1,603 1,497 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 5,020 4,393 4,573 4,762 4,553 Comm'l: Losses Paid Less Salvage 255 260 38 101 5Premiums & Considerations Due 76 51 131 75 132 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 299 646 258 102 4 Losses Paid Less Salvage 255 260 38 101 5All Other Admitted Assets 278 275 406 337 446 Loss Adj Expenses Paid 352 64 174 192 275Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 5,674 5,365 5,369 5,275 5,136 Comm'l: Chg in Unpaid Net Losses -557 -148 -179 220 16

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 312 -31 168 -291 1

Unpaid Losses 555 407 228 449 464 Total Chg in Loss & LAE Reserves -245 -180 -11 -71 17Unpaid Loss Adj Expenses 1,265 1,234 1,401 1,110 1,111 Losses and LAE Incurred 362 144 201 221 296

Loss & Loss Adj Exp Reserves 1,820 1,641 1,629 1,558 1,575 Other Underwriting Expense Incurred 574 534 498 507 492Unearned Premiums 306 215 265 297 307 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 36 25 63 33 66 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 106 111 105 150 113 Net Underwriting Gain (Loss) -334 -182 -255 -194 -282Payable 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 936 678 698 728 788



Common Capital Stock 38 36 36 35 32 Net Realized Capital Gains Less Taxes 119 146 81 56 4Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 3,003 2,999 2,945 2,885 2,727 Income after cap gains (loss) before tax -132 14 -127 -90 -223Other Including Gross Contributed 364 338 325 316 315 Federal & Foreign Income Taxes -68 -1 -74 -29 -82

Capital & Surplus 3,405 3,373 3,305 3,237 3,074 Net Income -64 15 -52 -61 -141

Total Liabilities and C&S 5,674 5,365 5,369 5,275 5,136 Pre-tax Operating Income -251 -131 -208 -146 -228

Revenue 804 692 571 638 565Memo: Affiliated Investments ($000) Expenses Paid 1,063 603 683 694 801

Bonds 0 0 0 0 0





Net Investment Income 83 51 47 47 54 Class 6 0 0 0 0 0Realized Capital Gains 119 146 81 56 4N t Ch i U l d C G i L T 6 42 3 6 44 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 6 -42 -3 -6 -44Net Adm Cash & Invested Assets 5,020 4,393 4,573 4,762 4,553Affiliated Cash & Investments 0 0 0 0 0Carrying Value 3,894 3,541 3,566 2,492 2,475Preferred Stock 0 0 0 0 0Common Stock 884 567 705 903 809Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0







LT Bond 2,247 2,247 2,277 2,211 8,982Common Stock 809 809 704 -- 2,322Preferred Stock 0 0 0 -- 0Total 3,056 3,056 2,981 2,211 --



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 494 1. Oth, Prod Liab Cmbnd 1,240 Cash/Invested Assets 30.44 30.27 33.86 33.67 32.882. Wisconsin 176 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Texas 125 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. California 65 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Illinois 62 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 -14.45 -17.25 -10.13 -5.58 -1.33 All other admitted assets/Total Assets 4.91 5.12 7.57 6.38 8.69National DPW ($000) 1,166 944 1,226 1,142 1,240 Invested Assets/Total Assets 88.48 81.89 85.18 90.27 88.65Adjusted Loss Ratio -53.59 -103.26 -31.30 58.92 1.92 Investment Income/Total Assets 1.46 0.94 0.88 0.90 1.05





Other Invstmts - 32.9%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Colorado - 39.8% Wisconsin - 14.2% Texas - 10.0%

California - 5.3% Illinois - 5.0% All other - 25.7%




Continuing Care RRG Inc. (Barre, VT)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

58 East View Lane NAIC Company Code : 11798 Total Assets 4,595 3,695 4,383 4,664 4,877Suite Two Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 3,365 2,937 2,855 2,158 2,300Barre, VT 05641-5324 Geographic Focus: Regional - Western Quadrant Total Liabilities 1,230 758 1,528 2,507 2,578

NAIC Ownership Structure: Risk Retention Group Net Income 787 -451 -217 -987 -469Tax Identification Number : 20-0221911 Revenue 3,890 2,733 3,226 3,452 4,125



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 535 98 13 1,383 2,390Demotech Financial Strength Rating A 11/17/15 Affirm Loss & LAE Reserves/ NPE (%) 39.99 37.20 21.73 33.29 52.79S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 23.31 -18.47 -7.10 -56.46 -30.53Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.16 0.93 1.13 1.60 1.79Fitch Financial Strength Rating -- -- -- --


Name : Steve Bevins Auditor Shores Tagman Butler & Co P.A.Phone : (802) 479-7802 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Leslie Breckenridge


Net Yield on Invested Assets 0.03 -0.08 -0.08 -0.02 -0.02Net Investment Income/Earned Premiums 0.02 -0.05 -0.02 -0.01 -0.01Return on Average Equity (C&S) 26.80 -14.71 -7.28 -37.34 -20.16Return on Avg Assets 14.20 -8.78 -4.26 -16.65 -7.83Loss and LAE Ratio 39.25 55.43 77.24 103.75 86.34Expense Ratio 43.19 65.35 29.30 39.49 30.84Loss Ratio 21.20 45.78 47.53 70.11 61.53Combined Ratio 82.44 120.77 106.54 143.24 117.18Operating Ratio 82.42 120.83 106.56 143.25 117.20Investment ratio 0.02 -0.05 -0.02 -0.01 -0.01


Cash, Short-Term Investments / Liabilities 205.07 68.20 116.41 79.49 12.21Bonds: Liquid Investments/ Liabilities (%) 205.07 68.20 116.41 79.49 12.21Cash & Short-Term Investments / C&S 74.96 17.60 62.33 92.36 13.69Liabilities/ Invested Assets 49.00 147.00 86.00 126.00 819.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 468.43 536.75 5,693.07 86.43 44.92Cash From Underwriting ($000) 489 -2,178 1,129 -77 -1,767Net Cash From Operations ($000) 491 -2,177 1,128 -77 -1,768Underwriting Cash Flow Ratio 115.57 55.68 136.27 97.69 65.45Operating Cash Flow Ratio 115.57 55.68 136.27 97.69 65.45Unassigned Funds / Total Assets -33.87 -58.36 -54.15 -72.05 -78.51


GPW to Policyholders' Surplus3 900 --- 119 234 190NPW to Policyholders' Surplus 300 --- 113 160 179Change in Net Premiums Written 33 -33 18 7 20Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 113* 126* 129*


MSA: Barre, VT (Micro)


49.0

147.086.0

126.0

819.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y


82.4

120.8

106.5

143.2

117.2

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 18.06 9.64 29.71 33.65 24.82 Gross Change in Policyholders' Surplus 50 -10 -3 -24* 7Net Commission Ratio 9.24 9.78 8.72 14.53 12.91 Net Change in Adj Policyholders' Surplus 25 -10 -7 -35* -22*Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 86 126* 819*Tax, License & Fees Ratio 4.51 5.25 1.75 1.39 0.30 Agents' Bal to Policyholders' Surplus 40 --- 0 0 1Admin & Other Expense Ratio 29.44 50.31 18.83 23.57 17.63 1-Yr Resv Dev to Policyholders' Surplus 20 --- -3 0 37*Gross Premiums Written ($000)3 4,276 3,209 3,383 5,059 4,377 2-Yr Resv Dev to Policyholders' Surplus 20 --- -15 -3 0Loss & Loss Adj Expense ($000) 1,526 1,514 2,492 3,582 3,562 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 -64 -47Other Underwriting Exp Incurred ($000) 1,679 1,785 945 1,363 1,272 *Indicates an unusual value.Net Underwriting Gains ($000) 683 -568 -211 -1,493 -709 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 90.92 85.13 95.36 68.24 94.27 complements of each ratio.Effective Tax Rate -14.96 NM NM NM NM

Pre-Tax Operating Margin 17.61 -20.72 -6.56 -43.24 -17.20 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 26.43 -19.59 18.61 6.42 4.57

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 14.55 -38.36 101.60 64.01 2.83

Reinsurance Recoverable ex US Aff -15 10 -1,012 -797 759 Net Premiums Written Growth -25.47 -29.72 18.10 6.99 19.51Retention Ratio (NPW/GPW) (%)3 90.92 85.13 95.36 68.24 94.27 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 29.93 -81.66 -86.27 NM 72.79Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -26.53 -24.94 5.42 49.52 -13.49Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -12.10 -21.07 -1.89 1.20 19.14

Capital & Surplus Five-year CAGR -1.70 -6.79 -6.38 -10.72 -2.13Admitted Assets Five-year CAGR -5.23 -11.08 -4.95 -5.43 6.06





ACL RBC Ratio (%) (TAC/ACL RBC) 577.88 426.80 1,032.78 293.93 306.22


Loss & Loss Adj Exp Reserves Growth 29.93 -81.66 -86.27 NM 72.79 Net Realized Capital Gains Less Taxes 0 0 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S 3.44 -12.15 -3.20 -0.46 37.05 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Two Yr Loss Reserve Dev Total/ PHS 0.00 -11.87 -14.94 -3.20 -0.45 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 39.99 37.20 21.73 33.29 52.79 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 2.26 -14.97 -2.91 -0.38 19.38 Net Premiums Written / Avg C&S (%) 132.28 89.11 108.31 130.56 177.54IBNR/ Total Reserves 40.21 23.13 0.66 24.86 14.87 Liabilities / Capital & Surplus (%) 36.55 25.81 53.54 116.19 112.09Reserves/ Equity 15.91 3.34 0.47 64.12 103.94 Total Reins Recov Excl US Aff / C&S (%) -0.45 0.34 -35.45 -36.94 33.01



288.9

213.4

516.4

147.0 153.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011Y 2012Y 2013Y 2014Y 2015Y



Capital and Surplus CAL RBC Ratio (%) (TAC/(ACL RBC*2))90.985.1

95.4

68.2

94.3

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y



Continuing Care RRG Inc. (Barre, VT)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 0 0 0 0 0 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,276 3,209 3,383 5,059 4,377Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -388 -477 -157 -1,607 -251Occupied Properties 0 0 0 0 0 Net Premiums Written 3,887 2,732 3,227 3,452 4,126Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 0 0 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,887 2,732 3,227 3,452 4,126

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,523 517 1,779 1,993 315 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 2,523 517 1,779 1,993 315 Comm'l: Losses Paid Less Salvage 892 1,447 1,609 1,454 1,654Premiums & Considerations Due 0 -18 -13 -41 12 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 783 Losses Paid Less Salvage 892 1,447 1,609 1,454 1,654All Other Admitted Assets 2,073 3,196 2,617 2,712 3,747 Loss Adj Expenses Paid 510 516 968 758 870Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 4,595 3,695 4,383 4,664 4,877 Comm'l: Chg in Unpaid Net Losses -68 -197 -76 966 884

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 192 -252 -9 404 154

Unpaid Losses 285 89 13 979 1,863 Total Chg in Loss & LAE Reserves 123 -449 -85 1,370 1,038Unpaid Loss Adj Expenses 250 9 0 404 527 Losses and LAE Incurred 1,526 1,514 2,492 3,582 3,562

Loss & Loss Adj Exp Reserves 535 98 13 1,383 2,390 Other Underwriting Expense Incurred 1,679 1,785 945 1,363 1,272Unearned Premiums 0 0 0 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 15 -10 1,012 797 24 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 680 658 494 327 116 Net Underwriting Gain (Loss) 683 -568 -211 -1,493 -709Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 0 12 9 0 48 Total underwriting deductions 3,205 3,300 3,437 4,945 4,835

Total Liabilities 1,230 758 1,528 2,507 2,578

Income ($000)Total Capital and Surplus Net Investment Income 1 -1 -1 0 -1

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 1 3 0 0 0Surplus Notes 0 0 0 175 175 All Other Income 0 0 0 0 0Unassigned Surplus -1,557 -2,157 -2,373 -3,361 -3,829 Income after cap gains (loss) before tax 685 -566 -212 -1,493 -709Other Including Gross Contributed 4,922 5,094 5,228 5,343 5,954 Federal & Foreign Income Taxes -102 -115 5 -505 -241

Capital & Surplus 3,365 2,937 2,855 2,158 2,300 Net Income 787 -451 -217 -987 -469

Total Liabilities and C&S 4,595 3,695 4,383 4,664 4,877 Pre-tax Operating Income 685 -566 -212 -1,493 -709


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 0 0 0Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 1 -1 -1 0 -1 Class 6 0 0 0 0 0Realized Capital Gains 0 0 0 0 0N t Ch i U l d C G i L T 0 0 0 0 0 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Net Adm Cash & Invested Assets 2,523 517 1,779 1,993 315Affiliated 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






LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.00 0.00 0.00Common Stocks / C&S 0.00 0.00 0.00 0.00 0.00Unaff common stock/Invested Assets 0.00 0.00 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 3,365 1. Med Prof Liab 3,939 Cash/Invested Assets 100.00 100.00 100.00 100.00 100.002. Arizona 840 2. Oth, Prod Liab Cmbnd 438 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Maryland 115 3. Acc & Health 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. New Mexico 57 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Alaska 0 5. Comm'l Auto St 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 -0.48 -0.30 -0.87 0.24


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 0.44DPW 5 Yr CAGR -3.19 -10.35 -9.07 -1.49 -5.54 All other admitted assets/Total Assets 45.11 86.49 59.70 58.15 76.82National DPW ($000) 4,276 3,209 3,383 5,059 4,377 Invested Assets/Total Assets 54.89 13.99 40.60 42.72 6.45Adjusted Loss Ratio 19.27 38.98 45.33 82.32 77.23 Investment Income/Total Assets 0.02 -0.04 -0.02 -0.01 -0.01





Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


California - 76.9% Arizona - 19.2% Maryland - 2.6%

New Mexico - 1.3% Alaska - 0.0% All other - 0.0%

Med Prof Liab - 90.0% Oth, Prod Liab Cmbnd - 10.0%

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) 2011Y 2012Y 2013Y 2014Y 2015Y

1627 Connecticut Avenue, NW NAIC Company Code : 14163 Total Assets NA 2,743 3,316 4,164 4,792Suite Six Business Focus : P&C Minimum NPW Policyholder Surplus NA 1,802 1,900 2,043 1,418Washington, DC 20009-1013 Geographic Focus: Geography Minimum NPW Total Liabilities NA 941 1,416 2,121 3,374

NAIC Ownership Structure: Risk Retention Group Net Income NA -11 25 148 -523Tax Identification Number : 45-4057491 Revenue NA 1,018 672 880 1,121

Direct Premiums Written NA 3,023 3,200 3,286 3,717Net Premiums Written NA 1,004 669 852 1,049

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA 1,004 669 852 1,049

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA 769 1,311 1,918 3,147Demotech Financial Strength Rating A 11/18/15 Affirm Loss & LAE Reserves/ NPE (%) NA NA 155.09 184.93 216.05S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA 3.17 8.24 -27.86Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA 0.56 0.35 0.42 0.74Fitch Financial Strength Rating -- -- -- --


Name : Melissa Anne Hancock Auditor Saslow Lufkin & Buggy LLPPhone : (202) 802-1439 Actuary RMS Solutions Inc.Fax : (202) 802-1439 CEO --Email : [email protected] CFO --

President Rodney W. Smith


Net Yield on Invested Assets NA NA 0.27 0.67 0.85Net Investment Income/Earned Premiums NA 0.81 1.37 3.32 3.88Return on Average Equity (C&S) NA NA 1.34 7.35 -26.31Return on Avg Assets NA NA 0.70 3.34 -10.26Loss and LAE Ratio NA 76.57 81.64 71.37 144.01Expense Ratio NA 18.88 10.85 12.49 12.66Loss Ratio NA 38.77 22.34 133.26 54.76Combined Ratio NA 95.45 92.49 83.85 156.67Operating Ratio NA 94.63 91.11 80.54 152.79Investment ratio NA 0.81 1.37 3.32 3.88

Policyholder Dividend Ratio NA 0.00 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Cash, Short-Term Investments / Liabilities NA 114.64 94.51 11.91 -6.31Bonds: Liquid Investments/ Liabilities (%) NA 250.64 232.78 188.69 123.00Cash & Short-Term Investments / C&S NA 59.88 70.45 12.36 -15.02Liabilities/ Invested Assets NA 40.00 45.00 53.00 81.00Affiliated Investments / Capital & Surplus NA 0.00 0.00 0.00 0.00Reserve coverage2 NA 526.49 496.10 459.95 352.80Cash From Underwriting ($000) NA 632 816 770 542Net Cash From Operations ($000) NA 596 787 901 542Underwriting Cash Flow Ratio NA 2,034.89 522.86 1,080.48 228.63Operating Cash Flow Ratio NA 2,237.00 557.83 1,001.74 253.95Unassigned Funds / Total Assets NA 0.97 3.77 6.45 -5.44


GPW to Policyholders' Surplus3 900 --- 168 161 262NPW to Policyholders' Surplus 300 --- 35 42 74Change in Net Premiums Written 33 -33 -33* 27 23Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 93 85 120*




40.045.0

53.0

81.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y


95.4 92.583.9

156.7

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio NA 37.79 59.30 -61.89 89.24 Gross Change in Policyholders' Surplus 50 -10 5 8 -31*Net Commission Ratio NA -13.29 -28.71 -22.86 -20.93 Net Change in Adj Policyholders' Surplus 25 -10 5 8 -26*Salaries & Benefits Ratio NA 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 45 53 81Tax, License & Fees Ratio NA 9.57 12.85 10.63 15.87 Agents' Bal to Policyholders' Surplus 40 --- 0 0 2Admin & Other Expense Ratio NA 22.61 26.70 24.72 17.73 1-Yr Resv Dev to Policyholders' Surplus 20 --- -7 1 25*Gross Premiums Written ($000)3 NA 3,023 3,200 3,286 3,717 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 -9 26*Loss & Loss Adj Expense ($000) NA 769 546 608 1,511 Est Curr Resv Defi/Policyholders' Surplus 25 --- -47 -40 -16Other Underwriting Exp Incurred ($000) NA 190 73 106 133 *Indicates an unusual value.Net Underwriting Gains ($000) NA 46 50 138 -595 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA 33.22 20.91 25.92 28.22 complements of each ratio.Effective Tax Rate NA 118.29 52.60 10.87 0.00

Pre-Tax Operating Margin NA 5.32 8.77 18.84 -50.82 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth NA NA 20.91 25.57 15.08

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth NA NA 50.49 49.74 59.10

Reinsurance Recoverable ex US Aff NA 1,689 3,356 4,818 6,949 Net Premiums Written Growth NA NA -33.40 27.33 23.18Retention Ratio (NPW/GPW) (%)3 NA 33.22 20.91 25.92 28.22 Pre-Tax Operating Income Growth NA NA 10.29 178.93 NMReinsurance Recoverable/Total Excl US Aff NA 0.00 0.00 0.00 0.00 Net Income Growth NA NA NM 488.75 NMNonaffiliated Reins Assumed / GPW (%) NA 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA 70.47 46.31 64.08Reinsurance Payable on Losses, LAE NA 0 0 0 0 Direct Premiums Written Growth NA NA 5.83 2.69 13.14Reinsurance on Known Case Reserves NA 0 0 0 0 Total Liabilities Five-year CAGR NA NA NA NA 53.05

Capital & Surplus Five-year CAGR NA NA NA NA -7.67Admitted Assets Five-year CAGR NA NA NA NA 20.44




Asbestos NA NA NA NA NA Capital and Surplus NA 1,802 1,900 2,043 1,418 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 1,802 1,900 2,043 1,418 Combined NA NA NA NA NA ACL Risk Based Capital NA 377 390 475 657



Loss & Loss Adj Exp Reserves Growth NA NA 70.47 46.31 64.08 Net Realized Capital Gains Less Taxes NA 6 -6 0 311 Yr Loss Reserve Dev / 1Y Prior C&S NA NA -7.27 1.11 25.11 Net Chg in Unrlzd Cap Gains Less Taxes NA 9 28 22 -38Two Yr Loss Reserve Dev Total/ PHS NA 0.00 0.00 -8.54 26.15 Dividends to Stockholders NA 0 0 0 0Loss and LAE Reserves / NPE NA NA 155.09 184.93 216.05 Stockholder Dividends/ Net Income (%) NA 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA 0.00 -19.59 2.47 48.90 Net Premiums Written / Avg C&S (%) NA NA 35.66 42.32 52.77IBNR/ Total Reserves NA 44.14 10.97 43.47 31.81 Liabilities / Capital & Surplus (%) NA 52.23 74.54 103.78 237.95Reserves/ Equity NA 42.68 68.99 93.86 221.94 Total Reins Recov Excl US Aff / C&S (%) NA 93.75 176.63 235.79 490.09



239.0 243.4

215.1

107.9

0

500

1,000

1,500

2,000

2,500

2011Y 2012Y 2013Y 2014Y 2015Y




33.2

20.9

25.928.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011Y 2012Y 2013Y 2014Y 2015Y



Emergency Cap Mgmt LLC A RRG (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds NA 1,050 1,352 2,715 2,856 Personal P&C Direct Premiums NA 0 0 0 0Preferred Stocks NA 0 0 0 0 Commercial P&C Direct Premiums NA 3,023 3,200 3,286 3,717Common Stocks NA 229 456 1,034 1,507 Accident & Health Direct Premiums NA 0 0 0 0

First Lien Real Estate Loans NA 0 0 0 0 Direct Premiums Written NA 3,023 3,200 3,286 3,717Real Estate Loans Less First Liens NA 0 0 0 0

Total Mortgage Loans NA 0 0 0 0 Net Reinsurance Premiums5 NA -2,019 -2,531 -2,434 -2,668Occupied Properties NA 0 0 0 0 Net Premiums Written NA 1,004 669 852 1,049Income Generating Properties NA 0 0 0 0 Calculated Change in Unearned Premiums NA 0 0 0 0Properties for Sale NA 0 0 0 0 Net Premiums Earned NA 1,004 669 852 1,049

Total Real Estate NA 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA 1,079 1,338 253 -213 Underwriting Deductions ($000)Other Investments NA 1 1 2 4 Personal: Losses Paid Less Salvage NA 0 0 0 0Subtotals, Cash & Invested Assets NA 2,359 3,147 4,003 4,153 Comm'l: Losses Paid Less Salvage NA 0 0 0 278Premiums & Considerations Due NA 0 0 6 34 Cmbnd A&H: Losses Paid Less Salvage NA 0 0 0 0Reinsurance Recoverable NA 350 61 81 216 Losses Paid Less Salvage NA 0 0 0 278All Other Admitted Assets NA 33 108 74 386 Loss Adj Expenses Paid NA 0 4 1 5Separate & Seg Accts NA 0 0 0 0 Personal: Chg in Unpaid Net Losses NA 0 0 0 0Total Net Admitted Assets NA 2,743 3,316 4,164 4,792 Comm'l: Chg in Unpaid Net Losses NA 389 149 1,135 297

Cmbnd A&H: Chg in Unpaid Net Losses NA 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves NA 380 392 -528 931

Unpaid Losses NA 389 539 1,674 1,970 Total Chg in Loss & LAE Reserves NA 769 542 607 1,228Unpaid Loss Adj Expenses NA 380 772 244 1,177 Losses and LAE Incurred NA 769 546 608 1,511

Loss & Loss Adj Exp Reserves NA 769 1,311 1,918 3,147 Other Underwriting Expense Incurred NA 190 73 106 133Unearned Premiums NA 0 0 0 0 Other Underwriting Deductions NA 0 0 0 0Total Reinsurance Liabilities NA 0 1 3 0 Net Income Protected Cells NA 0 0 0 0Commissions, Other Exp & Taxes NA 167 102 136 211 Net Underwriting Gain (Loss) NA 46 50 138 -595Payable to Parent, Subs & Affiliates NA 2 0 0 0 Dividends To Policyholders NA 0 0 0 0Other Liabilities NA 3 3 63 16 Total underwriting deductions NA 959 619 714 1,644

Total Liabilities NA 941 1,416 2,121 3,374

Income ($000)Total Capital and Surplus Net Investment Income NA 8 9 28 41

Common Capital Stock NA 0 0 0 0 Net Realized Capital Gains Less Taxes NA 6 -6 0 31Preferred Capital Stock NA 0 0 0 0 Finance Service Charges NA 0 0 0 0Surplus Notes NA 0 0 0 0 All Other Income NA 0 0 0 0Unassigned Surplus NA 27 125 268 -261 Income after cap gains (loss) before tax NA 60 53 166 -523Other Including Gross Contributed NA 1,775 1,775 1,775 1,678 Federal & Foreign Income Taxes NA 70 28 18 0

Capital & Surplus NA 1,802 1,900 2,043 1,418 Net Income NA -11 25 148 -523

Total Liabilities and C&S NA 2,743 3,316 4,164 4,792 Pre-tax Operating Income NA 54 59 166 -554

Revenue NA 1,018 672 880 1,121Memo: Affiliated Investments ($000) Expenses Paid NA 64 -146 365 90

Bonds NA 0 0 0 0

Preferred Stocks NA 0 0 0 0 BOND QUALITY ($000) - Annual Only62011Y 2012Y 2013Y 2014Y 2015Y

Common Stocks NA 0 0 0 0 Investment GradeMortgage Loans NA 0 0 0 0 Class 1 NA 1,050 1,502 2,715 2,856Cash & Short Term Investments NA 0 0 0 0 Class 2 NA 0 0 0 0All Other Investments NA 0 0 0 0 Non - Investment Grade

Total Affiliated Investments NA 0 0 0 0 Class 3 NA 0 0 0 0Class 4 NA 0 0 0 0

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Class 5 NA 0 0 0 0

Net Investment Income NA 8 9 28 41 Class 6 NA 0 0 0 0Realized Capital Gains NA 6 -6 0 31N t Ch i U l d C G i L T NA 9 28 22 38 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes NA 9 28 22 -38Net Adm Cash & Invested Assets NA 2,359 3,147 4,003 4,153Affiliated Cash & Investments NA 0 0 0 0Carrying Value NA 1,050 1,502 2,715 2,856Preferred Stock NA 0 0 0 0Common Stock NA 229 456 1,034 1,507Mortgage Loans Book Value NA 0 0 0 0Real Estate Book Value NA 0 0 0 0

Privately Placed Bonds/Total Bonds (%) NA 0.00 0.00 0.00 0.00Privately Placed Bonds / C&S (%) NA 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 NAMortgages in Foreclosure / C&S (%) NA 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


CMBS ExposureTotal: LT Bond, Com MBS NA 0 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS NA 0 0 0 0

Municipal SecuritiesIssued States & Territories ($000) NA 0 0 0 0Issued Political Subdivisions ($000) NA 0 0 0 0Issued State Rev Obligations ($000) NA 0 0 0 0Issued Industrial Development ($000) NA 0 0 0 0




Bond Avg Asset Quality (1-6) (Actual) NA 1.00 1.00 1.00 1.00Bonds Rated 3-6 / C&S NA 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S NA 0.00 0.00 0.00 0.00Bonds/Invested Assets NA 44.52 42.96 67.82 68.76Common Stocks / C&S NA 12.73 24.00 50.59 106.28Unaff common stock/Invested Assets NA 9.72 14.49 25.82 36.28

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA 0.00 0.00 0.00 0.001. Illinois 1,286 1. Med Prof Liab 3,717 Cash/Invested Assets NA 45.72 42.53 6.31 -5.132. Michigan 872 2. Acc & Health 0 Mortgage & Real Estate / C&S NA 0.00 0.00 0.00 0.003. Indiana 629 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Ohio 629 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets NA 0.00 0.00 0.00 0.005. Delaware 287 5. Comm'l Multi Prl 0 Real Estate/Invested Assets NA 0.00 0.00 0.00 0.00

All Other 15 All Other 0 Other Investments/Invested Assets NA 0.04 0.02 0.05 0.09Premiums & Cons due/Total Assets NA 0.00 0.00 0.14 0.71

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Reinsurance recoverable/Total Assets NA 12.75 1.85 1.94 4.51

Market Share Ratio NA 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets NA 0.00 0.00 0.00 0.05DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA 1.22 3.25 1.78 8.05National DPW ($000) NA 3,023 3,200 3,286 3,717 Invested Assets/Total Assets NA 86.03 94.90 96.14 86.68Adjusted Loss Ratio NA 46.59 49.39 48.74 74.99 Investment Income/Total Assets NA 0.30 0.28 0.68 0.85





Other Invstmts - -5.0%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Illinois - 34.6% Michigan - 23.5% Indiana - 16.9%

Ohio - 16.9% Delaware - 7.7% All other - 0.4%




Emergency Medicine Prof Assr (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

9550 South Eastern Avenue NAIC Company Code : 12003 Total Assets 22,902 21,100 22,605 23,524 21,592Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 6,324 6,002 6,759 7,550 7,132Las Vegas, NV 89123-8042 Geographic Focus: National Total Liabilities 16,578 15,098 15,846 15,974 14,460

NAIC Ownership Structure: Risk Retention Group Net Income 635 -301 816 494 1Tax Identification Number : 20-1141933 Revenue 6,387 4,394 4,112 5,781 5,853



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 7,770 7,739 6,949 7,508 7,296Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 121.30 198.92 203.94 136.55 141.96S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 12.51 -11.54 17.50 2.08 -2.56Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.01 0.62 0.68 0.71 0.79Fitch Financial Strength Rating -- -- -- --


Name : Andrew Carlton Auditor Shores Tagman Butler & Co P.A.Phone : (941) 373-1113 Actuary Milliman Inc.Fax : (941) 366-1076 CEO --Email : [email protected] CFO --

President --


Net Yield on Invested Assets 2.14 1.62 1.93 1.44 1.35Net Investment Income/Earned Premiums 3.82 5.59 6.65 4.44 3.97Return on Average Equity (C&S) 11.42 -4.74 12.69 6.69 0.01Return on Avg Assets 3.80 -1.32 3.72 2.17 0.00Loss and LAE Ratio 45.01 56.42 0.92 59.46 59.54Expense Ratio 43.57 52.50 56.39 41.11 42.17Loss Ratio 16.66 21.08 -8.46 37.47 26.10Combined Ratio 88.58 128.33 66.37 100.58 107.05Operating Ratio 84.76 122.74 59.72 96.14 103.08Investment ratio 3.82 5.59 6.65 4.44 3.97


Cash, Short-Term Investments / Liabilities 24.09 22.29 21.26 28.44 15.05Bonds: Liquid Investments/ Liabilities (%) 70.02 74.08 91.05 99.91 99.35Cash & Short-Term Investments / C&S 63.15 56.06 49.84 60.17 30.52Liabilities/ Invested Assets 142.00 130.00 105.00 96.00 96.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 181.35 156.62 171.86 168.05 141.39Cash From Underwriting ($000) 1,961 -2,119 3,537 800 -827Net Cash From Operations ($000) 2,226 -2,533 3,476 960 -1,018Underwriting Cash Flow Ratio 141.26 62.97 277.95 115.80 88.13Operating Cash Flow Ratio 141.26 55.92 236.58 115.90 88.21Unassigned Funds / Total Assets 2.24 1.13 5.10 6.32 5.14


GPW to Policyholders' Surplus3 900 --- 87 84 93NPW to Policyholders' Surplus 300 --- 68 71 79Change in Net Premiums Written 33 -33 24 17 5Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 81 100


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


142.0130.0

105.096.0 96.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Y


88.6

128.3

66.4

100.6107.1

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 28.35 35.33 9.38 21.99 33.44 Gross Change in Policyholders' Surplus 50 -10 13 12 -6Net Commission Ratio 9.82 9.57 2.90 0.00 0.00 Net Change in Adj Policyholders' Surplus 25 -10 15 5 -5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 105* 96 96Tax, License & Fees Ratio 5.55 5.66 5.31 4.86 4.90 Agents' Bal to Policyholders' Surplus 40 --- 8 6 6Admin & Other Expense Ratio 28.20 37.27 48.18 36.26 37.27 1-Yr Resv Dev to Policyholders' Surplus 20 --- -46 -7 -6Gross Premiums Written ($000)3 8,724 4,452 5,904 6,361 6,626 2-Yr Resv Dev to Policyholders' Surplus 20 --- -47 -53 -11Loss & Loss Adj Expense ($000) 2,665 2,283 35 3,113 3,314 Est Curr Resv Defi/Policyholders' Surplus 25 --- -45 -2 13Other Underwriting Exp Incurred ($000) 2,787 1,938 2,585 2,201 2,369 *Indicates an unusual value.Net Underwriting Gains ($000) 469 -174 1,217 -79 -117 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 73.32 82.93 77.64 84.16 84.78 complements of each ratio.Effective Tax Rate 32.10 NM 28.65 -5.76 NM

Pre-Tax Operating Margin 11.31 -17.17 27.49 2.81 -3.34 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 66.82 -7.87 7.13 4.07 -8.21

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 86.15 -8.93 4.96 0.81 -9.48

Reinsurance Recoverable ex US Aff 5,980 2,988 889 83 -1,192 Net Premiums Written Growth 16.77 -42.28 24.16 16.78 4.94Retention Ratio (NPW/GPW) (%)3 73.32 82.93 77.64 84.16 84.78 Pre-Tax Operating Income Growth 239.05 NM NM -86.37 NMReinsurance Recoverable/Total Excl US Aff 78.08 55.02 74.02 67.47 NM Net Income Growth 58.69 NM NM -39.45 -99.85Nonaffiliated Reins Assumed / GPW (%) 3.44 0.47 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 18.98 -0.40 -10.20 8.04 -2.82Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 9.18 -47.40 33.23 7.74 4.17Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 22.89 16.53 14.72 12.47 10.18





Asbestos NA NA NA NA NA Capital and Surplus 6,324 6,002 6,759 7,550 7,132 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 6,324 6,002 6,759 7,550 7,132 Combined NA NA NA NA NA ACL Risk Based Capital 1,494 1,160 1,352 964 1,041



Loss & Loss Adj Exp Reserves Growth 18.98 -0.40 -10.20 8.04 -2.82 Net Realized Capital Gains Less Taxes 240 120 19 314 661 Yr Loss Reserve Dev / 1Y Prior C&S -9.56 -9.44 -46.30 -7.00 -5.99 Net Chg in Unrlzd Cap Gains Less Taxes -67 26 98 -161 -377Two Yr Loss Reserve Dev Total/ PHS 12.11 -22.22 -47.29 -53.01 -11.20 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 121.30 198.92 203.94 136.55 141.96 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -7.79 -14.75 -72.41 -9.04 -8.12 Net Premiums Written / Avg C&S (%) 115.09 58.08 71.31 72.43 74.45IBNR/ Total Reserves 21.62 25.86 23.27 23.19 25.32 Liabilities / Capital & Surplus (%) 262.16 251.55 234.45 211.57 202.74Reserves/ Equity 122.88 128.95 102.82 99.44 102.30 Total Reins Recov Excl US Aff / C&S (%) 94.57 49.78 13.15 1.10 -16.71



211.6

258.8 250.0

391.7

342.6

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2011Y 2012Y 2013Y 2014Y 2015Y




73.3

82.9

77.6

84.2 84.8

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2011Y 2012Y 2013Y 2014Y 2015Y



Emergency Medicine Prof Assr (Las Vegas, NV)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,028 -739 -1,320 -1,008 -1,009Occupied Properties 0 0 0 0 0 Net Premiums Written 6,396 3,692 4,584 5,353 5,617Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 475 -356 746 118 51Properties for Sale 0 0 0 0 0 Net Premiums Earned 5,921 4,047 3,838 5,235 5,566

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,993 3,365 3,368 4,543 2,177 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 11,609 11,597 15,040 16,630 15,026 Comm'l: Losses Paid Less Salvage 560 1,308 442 1,447 1,973Premiums & Considerations Due 357 322 545 440 405 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 754 611 367 307 498 Losses Paid Less Salvage 560 1,308 442 1,447 1,973All Other Admitted Assets 10,182 8,571 6,653 6,148 5,664 Loss Adj Expenses Paid 866 1,006 384 1,107 1,554Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 22,902 21,100 22,605 23,524 21,592 Comm'l: Chg in Unpaid Net Losses 427 -455 -766 514 -520

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 812 424 -24 44 308

Unpaid Losses 4,991 4,536 3,770 4,284 3,765 Total Chg in Loss & LAE Reserves 1,239 -31 -790 559 -212Unpaid Loss Adj Expenses 2,779 3,203 3,180 3,224 3,531 Losses and LAE Incurred 2,665 2,283 35 3,113 3,314

Loss & Loss Adj Exp Reserves 7,770 7,739 6,949 7,508 7,296 Other Underwriting Expense Incurred 2,787 1,938 2,585 2,201 2,369Unearned Premiums 1,929 1,573 2,319 2,437 2,488 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 27 2,670 2,058 2,192 2,483 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 943 170 322 160 -536 Net Underwriting Gain (Loss) 469 -174 1,217 -79 -117Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 786 348 0 297Other Liabilities 5,910 2,945 4,198 3,677 2,728 Total underwriting deductions 5,452 4,221 2,620 5,314 5,683



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 240 120 19 314 66Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 514 239 1,153 1,487 1,110 Income after cap gains (loss) before tax 935 -613 1,144 467 -127Other Including Gross Contributed 5,810 5,763 5,606 6,064 6,022 Federal & Foreign Income Taxes 300 -312 328 -27 -128

Capital & Surplus 6,324 6,002 6,759 7,550 7,132 Net Income 635 -301 816 494 1

Total Liabilities and C&S 22,902 21,100 22,605 23,524 21,592 Pre-tax Operating Income 695 -734 1,125 153 -193


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 6,106 4,240 6,754 6,550 5,987Cash & Short Term Investments 0 0 0 0 0 Class 2 0 471 0 0 1,279All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 226 226 255 232 221 Class 6 0 0 0 0 0Realized Capital Gains 240 120 19 314 66N t Ch i U l d C G i L T 67 26 98 161 377 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes -67 26 98 -161 -377Net Adm Cash & Invested Assets 11,609 11,597 15,040 16,630 15,026Affiliated Cash & Investments 0 0 0 0 0Carrying Value 6,106 4,711 6,754 6,550 7,266Preferred Stock 0 412 626 670 660Common Stock 1,510 3,109 4,306 4,866 4,922Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 0 0 1,237 1,169 651

Municipal SecuritiesIssued States & Territories ($000) 3,574 2,598 2,484 2,639 4,673Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 7,266 7,266 7,466 6,950 28,948Common Stock 4,922 4,922 5,109 -- 14,954Preferred Stock 660 660 657 -- 1,978Total 12,849 12,849 13,232 6,950 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 6.87 9.26 8.88 9.261. Washington 1,676 1. Med Prof Liab 6,626 Cash/Invested Assets 34.40 29.01 22.40 27.32 14.492. Indiana 1,419 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 968 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. California 886 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Tennessee 563 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 4.79 -9.05 -3.46 -2.73 -3.00 All other admitted assets/Total Assets 44.46 40.62 29.43 26.13 26.23National DPW ($000) 8,424 4,431 5,904 6,361 6,626 Invested Assets/Total Assets 50.69 54.96 66.53 70.69 69.59Adjusted Loss Ratio 12.12 28.24 -5.99 29.45 26.28 Investment Income/Total Assets 0.99 1.07 1.13 0.99 1.02





Other Invstmts - 14.5%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Washington - 25.3% Indiana - 21.4% Ohio - 14.6%

California - 13.4% Tennessee - 8.5% All other - 16.8%




Emergency Physicians Insurance (Auburn, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

13620 Lincoln Way NAIC Company Code : 11714 Total Assets 40,255 41,501 39,493 33,739 30,478Suite 230 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 7,778 8,890 9,978 10,715 10,323Auburn, CA 95603-3263 Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 32,478 32,611 29,515 23,023 20,155

NAIC Ownership Structure: Risk Retention Group Net Income 353 994 1,542 459 38Tax Identification Number : 56-2317340 Revenue 14,832 13,763 9,256 5,697 5,823



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 24,866 27,610 23,172 19,075 16,522Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 160.84 204.69 458.95 444.08 359.67S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 9.55 10.30 21.36 6.58 -0.67Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 1.78 1.14 0.51 0.39 0.41Fitch Financial Strength Rating -- -- -- --


Name : Michael Andrew Kollath Auditor Johnson Lambert LLPPhone : (916) 772-2080 Actuary Milliman Inc.Fax : (916) 772-7071 CEO Edward David BoudreauEmail : [email protected] CFO Michael Andrew Kollath

President Edward David Boudreau


Net Yield on Invested Assets 2.53 2.24 2.12 2.38 2.29Net Investment Income/Earned Premiums 5.79 6.42 13.26 16.59 13.77Return on Average Equity (C&S) 4.85 11.88 15.78 4.36 0.36Return on Avg Assets 0.92 2.43 3.76 1.24 0.12Loss and LAE Ratio 68.04 67.88 56.78 59.44 75.22Expense Ratio 33.93 40.21 64.41 49.31 41.26Loss Ratio 17.60 33.74 3.64 35.21 24.85Combined Ratio 101.97 108.09 130.01 108.74 122.42Operating Ratio 96.18 101.67 116.75 92.15 108.66Investment ratio 5.79 6.42 13.26 16.59 13.77


Cash, Short-Term Investments / Liabilities 27.57 33.08 38.39 25.70 21.60Bonds: Liquid Investments/ Liabilities (%) 107.06 119.77 135.99 142.57 135.46Cash & Short-Term Investments / C&S 115.12 121.34 113.57 55.22 42.18Liabilities/ Invested Assets 89.00 89.00 80.00 71.00 71.00Affiliated Investments / Capital & Surplus 0.06 0.00 0.00 0.00 0.00Reserve coverage2 131.30 131.23 148.43 164.28 167.79Cash From Underwriting ($000) 6,664 -603 -2,392 -5,688 -4,232Net Cash From Operations ($000) 7,679 71 632 -4,933 -3,558Underwriting Cash Flow Ratio 163.64 93.70 77.43 38.74 52.07Operating Cash Flow Ratio 163.64 97.58 82.61 33.46 51.00Unassigned Funds / Total Assets -4.51 -1.85 0.72 3.03 2.07


GPW to Policyholders' Surplus3 900 --- 85 54 55NPW to Policyholders' Surplus 300 --- 51 39 41Change in Net Premiums Written 33 -33 -50* -18 0Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 89 77 100*


MSA: Sacramento--Roseville--Arden-Arcade, CA (Metro)


89.0 89.0

80.0

71.0 71.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2011Y 2012Y 2013Y 2014Y 2015Y


102.0108.1

130.0

108.7

122.4

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 50.45 34.15 53.14 24.23 50.38 Gross Change in Policyholders' Surplus 50 -10 12 7 -4Net Commission Ratio 8.03 9.17 11.36 -0.22 -0.35 Net Change in Adj Policyholders' Surplus 25 -10 12 7 -4Salaries & Benefits Ratio 7.75 7.95 17.50 16.34 15.31 Liabilities to Liquid Assets 100 --- 80 71 71Tax, License & Fees Ratio 4.34 4.93 6.40 4.92 4.66 Agents' Bal to Policyholders' Surplus 40 --- 0 0 2Admin & Other Expense Ratio 13.81 18.16 29.14 28.27 21.63 1-Yr Resv Dev to Policyholders' Surplus 20 --- -36 -6 -7Gross Premiums Written ($000)3 13,817 11,332 8,482 5,755 5,721 2-Yr Resv Dev to Policyholders' Surplus 20 --- -25 -19 -9Loss & Loss Adj Expense ($000) 9,529 8,538 3,220 2,863 3,797 Est Curr Resv Defi/Policyholders' Surplus 25 --- -131 -42 29*Other Underwriting Exp Incurred ($000) 4,689 4,073 3,289 2,066 1,736 *Indicates an unusual value.Net Underwriting Gains ($000) -214 -34 -838 -112 -485 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.03 89.40 60.20 72.81 73.54 complements of each ratio.Effective Tax Rate 42.58 13.68 31.37 40.33 NM

Pre-Tax Operating Margin 4.66 6.40 22.95 12.31 -1.23 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 13.01 3.10 -4.84 -14.57 -9.66

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 12.84 0.41 -9.49 -22.00 -12.46

Reinsurance Recoverable ex US Aff 4,381 4,191 2,124 2,847 2,003 Net Premiums Written Growth 22.60 -26.70 -49.60 -17.94 0.41Retention Ratio (NPW/GPW) (%)3 100.03 89.40 60.20 72.81 73.54 Pre-Tax Operating Income Growth 10.65 24.02 142.17 -66.84 NMReinsurance Recoverable/Total Excl US Aff 2.69 2.20 0.75 6.39 9.04 Net Income Growth 234.96 182.04 55.08 -70.27 -91.62Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 17.16 11.04 -16.07 -17.68 -13.38Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 0.06 -17.99 -25.15 -32.16 -0.58Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 14.83 7.61 5.40 -3.31 -6.88

Capital & Surplus Five-year CAGR 0.24 8.13 8.26 8.39 8.59Admitted Assets Five-year CAGR 10.94 7.72 6.08 -0.39 -3.07







Loss & Loss Adj Exp Reserves Growth 17.16 11.04 -16.07 -17.68 -13.38 Net Realized Capital Gains Less Taxes -81 290 160 76 611 Yr Loss Reserve Dev / 1Y Prior C&S 24.88 7.19 -36.15 -5.56 -7.20 Net Chg in Unrlzd Cap Gains Less Taxes 392 52 -489 279 -431Two Yr Loss Reserve Dev Total/ PHS 32.43 12.04 -24.57 -18.84 -8.80 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 160.84 204.69 458.95 444.08 359.67 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 12.15 4.44 -56.68 -11.52 -15.29 Net Premiums Written / Avg C&S (%) 189.97 121.04 52.25 39.83 39.40IBNR/ Total Reserves 15.28 11.64 8.44 7.77 10.66 Liabilities / Capital & Surplus (%) 417.56 366.83 295.81 214.86 195.25Reserves/ Equity 319.70 310.58 232.23 178.01 160.05 Total Reins Recov Excl US Aff / C&S (%) 56.33 47.14 21.29 26.57 19.40



144.3163.0

212.6

297.9

334.2

0

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4,000

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12,000

2011Y 2012Y 2013Y 2014Y 2015Y




100.089.4

60.2

72.8 73.5

0

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4,000

6,000

8,000

10,000

12,000

14,000

16,000

2011Y 2012Y 2013Y 2014Y 2015Y



Emergency Physicians Insurance (Auburn, CA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 26,670 24,071 23,155 24,058 21,232 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 104 92 84 42 42 Commercial P&C Direct Premiums 13,817 11,332 8,482 5,755 5,721Common Stocks 4 1,341 1,670 1,837 2,109 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 4 -1,201 -3,376 -1,564 -1,514Occupied Properties 0 0 0 0 0 Net Premiums Written 13,821 10,131 5,106 4,190 4,207Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -183 -2,446 -564 -626 -841Properties for Sale 0 0 0 0 0 Net Premiums Earned 14,004 12,577 5,670 4,816 5,048

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 8,954 10,787 11,332 5,917 4,354 Underwriting Deductions ($000)Other Investments 0 0 0 0 7 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 35,732 36,291 36,241 31,854 27,744 Comm'l: Losses Paid Less Salvage 2,042 1,839 4,103 3,562 3,086Premiums & Considerations Due 944 425 215 271 437 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 100 1,829 489 7 858 Losses Paid Less Salvage 2,042 1,839 4,103 3,562 3,086All Other Admitted Assets 3,479 2,956 2,548 1,607 1,439 Loss Adj Expenses Paid 3,846 2,844 4,665 3,398 3,264Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 40,255 41,501 39,493 33,739 30,478 Comm'l: Chg in Unpaid Net Losses 422 2,404 -3,896 -1,867 -1,832

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 3,219 1,451 -1,652 -2,231 -721

Unpaid Losses 16,279 18,683 14,786 12,920 11,088 Total Chg in Loss & LAE Reserves 3,641 3,854 -5,548 -4,098 -2,553Unpaid Loss Adj Expenses 8,587 8,928 8,386 6,155 5,434 Losses and LAE Incurred 9,529 8,538 3,220 2,863 3,797

Loss & Loss Adj Exp Reserves 24,866 27,610 23,172 19,075 16,522 Other Underwriting Expense Incurred 4,689 4,073 3,289 2,066 1,736Unearned Premiums 5,685 3,239 2,675 2,048 1,208 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 1,744 879 1,443 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 794 861 956 223 191 Net Underwriting Gain (Loss) -214 -34 -838 -112 -485Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 500 0 300Other Liabilities 1,132 901 969 798 791 Total underwriting deductions 14,218 12,611 6,508 4,929 5,533



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes -81 290 160 76 61Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 15 12 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 83 77 2,674 6 19Unassigned Surplus -1,814 -768 286 1,023 630 Income after cap gains (loss) before tax 614 1,152 2,247 768 -10Other Including Gross Contributed 9,592 9,658 9,692 9,692 9,693 Federal & Foreign Income Taxes 262 158 705 310 -49

Capital & Surplus 7,778 8,890 9,978 10,715 10,323 Net Income 353 994 1,542 459 38

Total Liabilities and C&S 40,255 41,501 39,493 33,739 30,478 Pre-tax Operating Income 695 862 2,087 692 -71


Bonds 0 0 0 0 0


Common Stocks 4 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 21,236 17,194 20,684 20,253 15,221Cash & Short Term Investments 0 0 0 0 0 Class 2 4,576 9,736 6,453 4,817 5,617All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 811 807 752 799 695 Class 6 0 0 0 23 0Realized Capital Gains -81 290 160 76 61N t Ch i U l d C G i L T 392 52 489 279 431 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 392 52 -489 279 -431Net Adm Cash & Invested Assets 35,732 36,291 36,241 31,854 27,744Affiliated Cash & Investments 4 0 0 0 0Carrying Value 26,035 27,156 27,137 26,048 22,201Preferred Stock 104 92 84 42 42Common Stock 4 1,341 1,670 1,837 2,109Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0




RMBS ExposureTotal: LT Bond, Res MBS 11,276 7,282 9,149 10,261 6,959

Municipal SecuritiesIssued States & Territories ($000) 1,423 1,276 1,029 0 410Issued Political Subdivisions ($000) 0 0 0 1,337 1,718Issued State Rev Obligations ($000) 753 712 1,162 568 284Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 1.33 1.04 0.84 0.39 0.411. Illinois 1,880 1. Med Prof Liab 5,663 Cash/Invested Assets 25.06 29.72 31.27 18.58 15.692. Ohio 741 2. Oth, Prod Liab Cmbnd 58 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Washington 565 3. Acc & Health 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. South Carolina 531 4. Aircraft 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Nevada 458 5. Comm'l Auto St 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -1.73 -7.33 -13.42 -20.25 -16.16 All other admitted assets/Total Assets 8.64 7.12 6.45 4.76 4.72National DPW ($000) 13,817 11,332 8,482 5,755 5,721 Invested Assets/Total Assets 88.76 87.45 91.76 94.41 91.03Adjusted Loss Ratio 5.33 26.75 31.74 44.02 31.71 Investment Income/Total Assets 2.02 1.94 1.90 2.37 2.28





Other Invstmts - 15.7%0.00 2.00 4.00 6.00 8.00

2011Y

2012Y

2013Y

2014Y

2015Y


Illinois - 32.9% Ohio - 13.0%

Washington - 9.9% South Carolina - 9.3%

Nevada - 8.0% All other - 27.0%




HlthCare Industry Liab Recpl (Ann Arbor, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

130 South First Street NAIC Company Code : 11832 Total Assets 158,899 42,070 47,791 48,638 48,832Fourth Floor Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 8,688 9,127 15,262 15,805 16,652Ann Arbor, MI 48104-1386 Geographic Focus: National Total Liabilities 150,211 32,944 32,528 32,832 32,180

NAIC Ownership Structure: Risk Retention Group Net Income 1,162 375 882 406 885Tax Identification Number : 43-2032415 Revenue 4,231 3,997 3,815 3,555 4,218



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 107,924 9,198 9,286 9,181 9,335Demotech Financial Strength Rating A 03/15/16 Affirm Loss & LAE Reserves/ NPE (%) 2,843.53 574.35 259.35 264.84 225.10S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 22.01 5.12 8.68 4.74 6.70Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.43 0.41 0.22 0.24 0.24Fitch Financial Strength Rating -- -- -- --


Name : Peter M. Feeney Auditor BDO USA LLPPhone : (734) 996-2700 Actuary Demotech Inc.Fax : (734) 996-1261 CEO --Email : [email protected] CFO --

President Peter M. Feeney


Net Yield on Invested Assets 2.54 1.90 1.28 0.37 0.69Net Investment Income/Earned Premiums 11.99 9.72 8.72 2.77 4.61Return on Average Equity (C&S) 14.30 4.11 6.23 2.61 5.43Return on Avg Assets 0.76 0.73 2.09 0.91 1.90Loss and LAE Ratio 79.79 110.12 75.43 78.78 74.18Expense Ratio -15.93 -12.84 -1.00 2.68 3.85Loss Ratio 57.91 69.13 50.43 55.15 49.96Combined Ratio 63.86 97.28 74.43 81.46 78.03Operating Ratio 51.87 87.56 65.70 78.68 73.42Investment ratio 11.99 9.72 8.72 2.77 4.61


Cash, Short-Term Investments / Liabilities 2.09 10.38 9.16 8.59 7.60Bonds: Liquid Investments/ Liabilities (%) 12.47 59.53 80.66 82.34 86.70Cash & Short-Term Investments / C&S 36.17 37.48 19.52 17.84 14.69Liabilities/ Invested Assets 721.00 101.00 72.00 76.00 70.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 96.57 1,084.97 1,175.59 1,168.57 1,174.56Cash From Underwriting ($000) 2,537 824 1,680 627 827Net Cash From Operations ($000) 2,373 1,101 1,334 887 937Underwriting Cash Flow Ratio 959.49 132.15 278.45 129.74 144.00Operating Cash Flow Ratio 1,213.55 138.00 299.69 141.63 154.09Unassigned Funds / Total Assets 4.78 19.08 18.13 18.93 20.59


GPW to Policyholders' Surplus3 900 --- 263 268 266NPW to Policyholders' Surplus 300 --- 22 24 24Change in Net Premiums Written 33 -33 -9 10 7Surplus Aid to Policyholders' Surplus 15 --- 44* 42* 41*Two-Year Overall Operating Ratio 100 --- 77 72 76


MSA: Ann Arbor, MI (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

721.0

101.072.0 76.0 70.0

0

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40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2011Y 2012Y 2013Y 2014Y 2015Y


63.9

97.3

74.481.5 78.0

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 21.88 40.99 25.00 23.63 24.21 Gross Change in Policyholders' Surplus 50 -10 67* 4 5Net Commission Ratio -19.70 -17.24 -12.85 -1.83 -0.08 Net Change in Adj Policyholders' Surplus 25 -10 7 4 5Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 72 76 70Tax, License & Fees Ratio 0.52 0.76 0.73 0.52 0.49 Agents' Bal to Policyholders' Surplus 40 --- 12 20 15Admin & Other Expense Ratio 3.26 3.64 11.13 3.98 3.45 1-Yr Resv Dev to Policyholders' Surplus 20 --- -3 0 -1Gross Premiums Written ($000)3 42,568 42,796 40,091 42,316 44,231 2-Yr Resv Dev to Policyholders' Surplus 20 --- 5 -2 -4Loss & Loss Adj Expense ($000) 2,959 4,031 2,705 2,748 3,037 Est Curr Resv Defi/Policyholders' Surplus 25 --- 311* -2 5Other Underwriting Exp Incurred ($000) -595 -481 -34 100 154 *Indicates an unusual value.Net Underwriting Gains ($000) 1,345 110 915 640 904 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 8.78 8.75 8.52 8.84 9.01 complements of each ratio.Effective Tax Rate 37.77 16.16 22.86 42.64 13.85

Pre-Tax Operating Margin 43.08 11.61 31.50 20.56 25.51 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth 2.98 -73.52 13.60 1.77 0.40

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 2.31 -78.07 -1.26 0.93 -1.99

Reinsurance Recoverable ex US Aff 106,689 101,581 104,478 104,410 104,793 Net Premiums Written Growth 4.78 0.25 -8.84 9.51 6.56Retention Ratio (NPW/GPW) (%)3 8.78 8.75 8.52 8.84 9.01 Pre-Tax Operating Income Growth 10.25 -73.93 163.40 -40.01 48.25Reinsurance Recoverable/Total Excl US Aff 87.88 86.02 87.72 0.00 0.00 Net Income Growth 1.34 -67.76 135.47 -54.03 118.35Nonaffiliated Reins Assumed / GPW (%) 1.02 1.03 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 4.65 -91.48 0.95 -1.12 1.67Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 4.38 0.52 -5.35 5.55 4.52Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 13.07 -20.95 -22.71 -24.05 -26.18

Capital & Surplus Five-year CAGR 21.81 15.78 22.57 20.48 17.35Admitted Assets Five-year CAGR 13.46 -17.65 -17.29 -18.61 -20.56




Asbestos NA NA NA NA NA Capital and Surplus 8,688 9,127 15,262 15,805 16,652 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA 9,127 15,262 15,805 16,652 Combined NA NA NA NA NA ACL Risk Based Capital NA 6,017 6,139 6,118 6,133



Loss & Loss Adj Exp Reserves Growth 4.65 -91.48 0.95 -1.12 1.67 Net Realized Capital Gains Less Taxes 78 -20 -85 -30 -651 Yr Loss Reserve Dev / 1Y Prior C&S 3.98 10.34 -3.45 0.38 -0.86 Net Chg in Unrlzd Cap Gains Less Taxes 42 64 -246 137 -39Two Yr Loss Reserve Dev Total/ PHS 2.70 12.50 4.65 -1.63 -4.45 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 2,843.53 574.35 259.35 264.84 225.10 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 8.04 24.53 -8.78 1.66 -3.32 Net Premiums Written / Avg C&S (%) 45.97 41.09 24.13 24.04 24.45IBNR/ Total Reserves 3.16 40.37 40.53 35.67 35.82 Liabilities / Capital & Surplus (%) 1,728.88 360.97 213.13 207.73 193.25Reserves/ Equity 1,242.17 100.78 60.84 58.09 56.06 Total Reins Recov Excl US Aff / C&S (%) NM NM 684.55 660.60 629.31



75.8

124.3 129.2135.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015Y




8.8 8.8

8.5

8.8

9.0

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

2011Y 2012Y 2013Y 2014Y 2015Y



HlthCare Industry Liab Recpl (Ann Arbor, MI)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 15,822 16,510 23,209 24,369 25,548 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 42,136 42,354 40,091 42,316 44,231Common Stocks 0 0 0 0 0 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -38,400 -38,609 -36,676 -38,577 -40,246Occupied Properties 0 0 0 0 0 Net Premiums Written 3,736 3,745 3,414 3,739 3,984Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 28 85 -172 251 -109Properties for Sale 0 0 0 0 0 Net Premiums Earned 3,708 3,660 3,587 3,488 4,094

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,142 3,421 2,978 2,820 2,447 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 18,965 19,931 26,187 27,189 27,994 Comm'l: Losses Paid Less Salvage 1,458 2,436 1,785 1,926 1,920Premiums & Considerations Due 14,501 15,756 15,533 15,201 14,869 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 99,623 289 237 503 228 Losses Paid Less Salvage 1,458 2,436 1,785 1,926 1,920All Other Admitted Assets 25,810 6,094 5,833 5,745 5,741 Loss Adj Expenses Paid 1,264 1,625 206 929 963Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 158,899 42,070 47,791 48,638 48,832 Comm'l: Chg in Unpaid Net Losses 689 95 24 0 125

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -453 -124 690 -104 28

Unpaid Losses 84,019 7,084 7,108 7,108 7,233 Total Chg in Loss & LAE Reserves 237 -30 714 -107 153Unpaid Loss Adj Expenses 23,904 2,114 2,178 2,073 2,101 Losses and LAE Incurred 2,959 4,031 2,705 2,748 3,037

Loss & Loss Adj Exp Reserves 107,924 9,198 9,286 9,181 9,335 Other Underwriting Expense Incurred -595 -481 -34 100 154Unearned Premiums 22,197 2,002 1,829 2,080 1,971 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 13,217 14,367 14,151 13,813 13,563 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 5,948 6,410 6,472 6,651 6,065 Net Underwriting Gain (Loss) 1,345 110 915 640 904Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 926 967 790 1,107 1,247 Total underwriting deductions 2,364 3,550 2,671 2,848 3,190



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 78 -20 -85 -30 -65Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 5,500 5,500 5,500 All Other Income 0 0 0 0 0Unassigned Surplus 7,588 8,027 8,662 9,205 10,052 Income after cap gains (loss) before tax 1,867 447 1,143 707 1,028Other Including Gross Contributed 1,100 1,100 1,100 1,100 1,100 Federal & Foreign Income Taxes 705 72 261 302 142

Capital & Surplus 8,688 9,127 15,262 15,805 16,652 Net Income 1,162 375 882 406 885

Total Liabilities and C&S 158,899 42,070 47,791 48,638 48,832 Pre-tax Operating Income 1,789 466 1,228 737 1,093

Revenue 4,231 3,997 3,815 3,555 4,218Memo: Affiliated Investments ($000) Expenses Paid 175 714 156 1,135 1,992

Bonds 0 0 0 0 0





Net Investment Income 445 356 313 97 189 Class 6 0 0 0 0 0Realized Capital Gains 78 -20 -85 -30 -65N t Ch i U l d C G i L T 42 64 246 137 39 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 42 64 -246 137 -39Net Adm Cash & Invested Assets 18,965 19,931 26,187 27,189 27,994Affiliated Cash & Investments 0 0 0 0 0Carrying Value 15,594 16,191 23,259 24,214 25,452Preferred 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 2,000 1,043 1,760 1,454 1,359

RMBS ExposureTotal: LT Bond, Res MBS 2,449 3,264 2,218 1,663 1,327

Municipal SecuritiesIssued States & Territories ($000) 2,709 3,836 5,480 5,397 6,641Issued Political Subdivisions ($000) 0 0 0 0 239Issued State Rev Obligations ($000) 0 1,533 0 0 0Issued Industrial Development ($000) 0 0 0 0 0





Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Michigan 7,211 1. Med Prof Liab 44,231 Cash/Invested Assets 16.57 17.16 11.37 10.37 8.742. Illinois 5,058 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Ohio 3,042 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. North Carolina 2,532 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. West Virginia 2,382 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 8.7%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Michigan - 16.3% Illinois - 11.4%

Ohio - 6.9% North Carolina - 5.7%

West Virginia - 5.4% All other - 54.3%




Lancet Indemnity RRG Inc. (Las Vegas, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

9550 South Eastern Avenue NAIC Company Code : 13014 Total Assets 12,880 16,579 17,951 19,072 19,245Suite 253 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 2,774 3,728 4,517 4,769 5,065Las Vegas, NV 89123-8042 Geographic Focus: Regional - Southern Quadrant Total Liabilities 10,106 12,851 13,434 14,303 14,181

NAIC Ownership Structure: Risk Retention Group Net Income 86 -451 -1,397 -677 -27Tax Identification Number : 26-1479165 Revenue 6,278 9,217 9,059 6,860 10,229



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,057 7,020 7,622 8,041 8,143Demotech Financial Strength Rating A 12/11/15 Affirm Loss & LAE Reserves/ NPE (%) 48.25 60.49 82.54 115.34 102.40S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 5.36 -20.84 -49.27 -19.49 -16.72Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 2.33 2.45 1.93 1.35 1.66Fitch 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 Alan Joseph Iezzi


Net Yield on Invested Assets 0.49 0.85 0.72 0.87 1.06Net Investment Income/Earned Premiums 0.50 0.87 1.10 1.79 1.66Return on Average Equity (C&S) 3.46 -13.88 -32.18 -13.13 -0.41Return on Avg Assets 0.88 -3.31 -7.84 -3.54 -0.13Loss and LAE Ratio 58.89 74.58 85.13 60.76 94.24Expense Ratio 38.72 34.96 42.16 59.79 45.31Loss Ratio 21.49 22.12 42.06 17.49 64.47Combined Ratio 97.61 109.54 127.29 120.56 139.55Operating Ratio 97.11 108.67 126.19 118.77 137.89Investment ratio 0.50 0.87 1.10 1.79 1.66


Cash, Short-Term Investments / Liabilities 75.73 81.33 90.68 75.27 60.31Bonds: Liquid Investments/ Liabilities (%) 78.96 89.00 105.14 82.90 64.83Cash & Short-Term Investments / C&S 275.91 280.35 269.71 225.73 168.85Liabilities/ Invested Assets 132.00 118.00 102.00 116.00 138.00Affiliated Investments / Capital & Surplus 11.77 14.93 20.70 -10.50 -20.55Reserve coverage2 124.07 129.25 144.47 123.95 103.68Cash From Underwriting ($000) 2,842 1,768 -79 -2,833 -4,900Net Cash From Operations ($000) 2,563 2,173 354 -2,549 -2,626Underwriting Cash Flow Ratio 168.73 124.81 99.30 68.28 58.94Operating Cash Flow Ratio 177.80 122.38 97.38 67.82 59.00Unassigned Funds / Total Assets 4.88 1.99 -4.34 -12.47 -19.82


GPW to Policyholders' Surplus3 900 --- 277 262 242NPW to Policyholders' Surplus 300 --- 193 135 166Change in Net Premiums Written 33 -33 -5 -26 31Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 116* 121* 114*


MSA: Las Vegas-Henderson-Paradise, NV (Metro)


132.0

118.0

102.0

116.0

138.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Y


97.6109.5

127.3120.6

139.5

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 37.39 52.46 43.07 43.27 29.77 Gross Change in Policyholders' Surplus 50 -10 21 6 6Net Commission Ratio 16.04 10.55 17.86 30.88 19.75 Net Change in Adj Policyholders' Surplus 25 -10 -30* -35* -30*Salaries & Benefits Ratio 0.00 0.00 2.14 6.51 6.98 Liabilities to Liquid Assets 100 --- 102* 116* 138*Tax, License & Fees Ratio 0.83 0.24 0.53 0.79 0.54 Agents' Bal to Policyholders' Surplus 40 --- 26 48* 59*Admin & Other Expense Ratio 21.85 24.17 21.63 21.62 18.04 1-Yr Resv Dev to Policyholders' Surplus 20 --- 33* -38 24*Gross Premiums Written ($000)3 8,826 11,327 12,501 12,516 12,263 2-Yr Resv Dev to Policyholders' Surplus 20 --- 79* -22 -19Loss & Loss Adj Expense ($000) 3,640 6,697 7,532 4,021 7,491 Est Curr Resv Defi/Policyholders' Surplus 25 --- 20 -75 8Other Underwriting Exp Incurred ($000) 2,504 3,197 3,667 3,843 3,814 *Indicates an unusual value.Net Underwriting Gains ($000) 37 -914 -2,351 -1,247 -3,356 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 73.27 80.73 69.57 51.35 68.64 complements of each ratio.Effective Tax Rate 35.43 NM NM NM NM

Pre-Tax Operating Margin 2.12 -7.35 -23.62 -14.64 -10.51 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y


REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 68.79 27.16 4.54 6.47 -0.86

Reinsurance Recoverable ex US Aff 2,250 3,061 2,758 2,715 3,358 Net Premiums Written Growth 19.63 41.40 -4.89 -26.10 30.95Retention Ratio (NPW/GPW) (%)3 73.27 80.73 69.57 51.35 68.64 Pre-Tax Operating Income Growth -73.94 NM NM NM NMReinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth -74.46 NM NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 91.98 73.01 8.58 5.50 1.27Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 52.03 28.34 10.36 0.13 -2.02Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 143.70 107.12 80.65 22.36 18.82








Loss & Loss Adj Exp Reserves Growth 91.98 73.01 8.58 5.50 1.27 Net Realized Capital Gains Less Taxes 0 0 0 -1 01 Yr Loss Reserve Dev / 1Y Prior C&S 9.27 39.61 32.66 -38.49 24.08 Net Chg in Unrlzd Cap Gains Less Taxes 17 153 289 -924 -1,409Two Yr Loss Reserve Dev Total/ PHS 7.18 39.24 78.68 -22.05 -18.54 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 48.25 60.49 82.54 115.34 102.40 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 3.01 12.24 13.76 -26.27 14.45 Net Premiums Written / Avg C&S (%) 260.24 281.36 200.27 124.74 130.82IBNR/ Total Reserves 28.04 32.94 30.76 15.63 15.21 Liabilities / Capital & Surplus (%) 364.33 344.70 297.43 299.91 279.98Reserves/ Equity 146.27 188.29 168.75 168.62 160.78 Total Reins Recov Excl US Aff / C&S (%) 81.11 82.11 61.06 56.93 66.30



115.7 119.0 116.1122.1

140.1

0

1,000

2,000

3,000

4,000

5,000

6,000

2011Y 2012Y 2013Y 2014Y 2015Y




80.7

69.6

51.4

68.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2011Y 2012Y 2013Y 2014Y 2015Y



Lancet Indemnity RRG Inc. (Las Vegas, NV)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 0 0 71 69 47 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 8,826 11,327 12,501 12,516 12,263Common Stocks 326 985 1,871 1,023 594 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -2,359 -2,183 -3,803 -6,089 -3,846Occupied Properties 0 0 0 0 0 Net Premiums Written 6,467 9,145 8,697 6,428 8,417Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 285 165 -150 -190 468Properties for Sale 0 0 0 0 0 Net Premiums Earned 6,182 8,980 8,848 6,618 7,949

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,653 10,452 12,182 10,765 8,552 Underwriting Deductions ($000)Other Investments 0 200 200 368 536 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 7,980 11,637 14,324 12,225 9,730 Comm'l: Losses Paid Less Salvage 483 869 3,264 1,218 4,178Premiums & Considerations Due 2,834 3,048 1,184 2,312 3,011 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 394 1,882 2,584 Losses Paid Less Salvage 483 869 3,264 1,218 4,178All Other Admitted Assets 2,066 1,894 2,049 2,654 3,921 Loss Adj Expenses Paid 1,214 2,866 3,666 2,384 3,211Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 12,880 16,579 17,951 19,072 19,245 Comm'l: Chg in Unpaid Net Losses 846 1,117 457 -61 946

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 1,098 1,845 145 480 -845

Unpaid Losses 2,098 3,215 3,673 3,612 4,558 Total Chg in Loss & LAE Reserves 1,944 2,962 603 419 102Unpaid Loss Adj Expenses 1,960 3,804 3,950 4,430 3,585 Losses and LAE Incurred 3,640 6,697 7,532 4,021 7,491

Loss & Loss Adj Exp Reserves 4,057 7,020 7,622 8,041 8,143 Other Underwriting Expense Incurred 2,504 3,197 3,667 3,843 3,814Unearned Premiums 4,188 4,352 4,202 4,012 4,480 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities -35 -127 489 1,710 983 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 1,046 894 352 273 285 Net Underwriting Gain (Loss) 37 -914 -2,351 -1,247 -3,356Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 851 712 770 268 290 Total underwriting deductions 6,144 9,894 11,199 7,864 11,305



Common Capital Stock 27 28 30 32 34 Net Realized Capital Gains Less Taxes 0 0 0 -1 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 65 159 114 124 148Surplus Notes 75 75 75 75 75 All Other Income 0 0 0 0 2,000Unassigned Surplus 628 330 -779 -2,379 -3,815 Income after cap gains (loss) before tax 133 -677 -2,140 -1,005 -1,076Other Including Gross Contributed 2,044 3,295 5,190 7,041 8,771 Federal & Foreign Income Taxes 47 -226 -742 -328 -1,049

Capital & Surplus 2,774 3,728 4,517 4,769 5,065 Net Income 86 -451 -1,397 -677 -27

Total Liabilities and C&S 12,880 16,579 17,951 19,072 19,245 Pre-tax Operating Income 133 -677 -2,140 -1,004 -1,076


Bonds 0 0 0 0 0


Common Stocks 326 557 935 -501 -1,041 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 0 0 71 69 47Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade

Total Affiliated Investments 326 557 935 -501 -1,041 Class 3 0 0 0 0 0Class 4 0 0 0 0 0


Net Investment Income 31 78 97 118 132 Class 6 0 0 0 0 0Realized Capital Gains 0 0 0 -1 0N t Ch i U l d C G i L T 17 153 289 924 1 409 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 17 153 289 -924 -1,409Net Adm Cash & Invested Assets 7,980 11,637 14,324 12,225 9,730Affiliated Cash & Investments 326 557 935 -501 -1,041Carrying Value 0 0 71 69 47Preferred Stock 0 0 0 0 0Common Stock 326 985 1,871 1,023 594Mortgage 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






LT Bond 47 47 51 45 191Common Stock 594 594 2,898 -- 4,087Preferred Stock 0 0 0 -- 0Total 642 642 2,949 45 --


Bond Avg Asset Quality (1-6) (Actual) NA NA 1.00 1.00 1.00Bonds Rated 3-6 / C&S 0.00 0.00 0.00 0.00 0.00Class 5 and 6 Bonds / C&S 0.00 0.00 0.00 0.00 0.00Bonds/Invested Assets 0.00 0.00 0.50 0.57 0.49Common Stocks / C&S 11.77 26.42 41.42 21.44 11.74Unaff common stock/Invested Assets 0.00 3.68 6.53 12.46 16.80

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 6,483 1. Med Prof Liab 12,263 Cash/Invested Assets 95.91 89.82 85.05 88.06 87.902. California 1,666 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Texas 936 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 889 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Georgia 622 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 80.81 17.88 16.13 All other admitted assets/Total Assets 16.04 11.42 11.41 13.91 20.37National DPW ($000) 8,826 11,327 12,501 12,516 12,263 Invested Assets/Total Assets 61.96 70.19 79.80 64.10 50.56Adjusted Loss Ratio 22.13 26.35 35.62 49.37 57.07 Investment Income/Total Assets 0.24 0.47 0.54 0.62 0.69





Other Invstmts - 84.4%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Florida - 52.9% California - 13.6% Texas - 7.6%

Michigan - 7.3% Georgia - 5.1% All other - 13.6%




National Assisted Living RRG (Norcross, GA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

3740 Davinci Court NAIC Company Code : 11806 Total Assets 6,955 7,604 8,158 8,534 7,975Suite 130 Business Focus : Commercial General Liability Focus Policyholder Surplus 3,088 3,493 3,868 4,146 4,112Norcross, GA 30092-7634 Geographic Focus: Regional - Southern Quadrant Total Liabilities 3,868 4,111 4,291 4,388 3,863

NAIC Ownership Structure: Risk Retention Group Net Income 263 290 334 463 192Tax Identification Number : 20-0127980 Revenue 1,959 1,667 1,657 2,219 2,032



AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 2,721 2,916 2,952 2,911 2,812Demotech Financial Strength Rating A 03/15/16 Affirm Loss & LAE Reserves/ NPE (%) 158.53 203.92 209.93 167.39 157.37S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 8.41 8.99 11.48 11.86 5.06Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.50 0.42 0.45 0.46 0.39Fitch 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


Net Yield on Invested Assets 2.31 2.51 1.81 2.14 1.48Net Investment Income/Earned Premiums 8.69 12.29 9.09 9.13 6.16Return on Average Equity (C&S) 8.97 8.82 9.60 11.70 4.73Return on Avg Assets 3.72 3.90 4.25 5.46 2.29Loss and LAE Ratio 44.68 43.96 31.12 34.87 47.72Expense Ratio 54.42 47.10 44.72 48.90 56.94Loss Ratio 23.88 28.18 17.63 10.49 39.72Combined Ratio 99.10 91.06 75.84 83.77 104.67Operating Ratio 90.41 78.77 66.74 74.64 98.51Investment ratio 8.69 12.29 9.09 9.13 6.16


Cash, Short-Term Investments / Liabilities 12.99 13.12 4.68 4.96 8.57Bonds: Liquid Investments/ Liabilities (%) 174.08 177.80 184.02 187.06 196.89Cash & Short-Term Investments / C&S 16.27 15.44 5.20 5.25 8.05Liabilities/ Invested Assets 59.00 56.00 55.00 54.00 51.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 193.10 201.72 201.34 210.98 221.86Cash From Underwriting ($000) -48 344 536 282 -347Net Cash From Operations ($000) -4 457 621 324 -344Underwriting Cash Flow Ratio 96.90 130.52 145.15 117.42 82.15Operating Cash Flow Ratio 104.13 135.80 150.49 125.37 88.88Unassigned Funds / Total Assets 15.27 19.37 22.32 25.93 27.71


GPW to Policyholders' Surplus3 900 --- 45 46 44NPW to Policyholders' Surplus 300 --- 45 46 39Change in Net Premiums Written 33 -33 18 11 -16Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 73 71 86


MSA: Atlanta-Sandy Springs-Roswell, GA (Metro)

Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

59.0

56.055.0

54.0

51.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2011Y 2012Y 2013Y 2014Y 2015Y


99.191.1

75.883.8

104.7

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 20.80 15.77 13.48 24.38 8.01 Gross Change in Policyholders' Surplus 50 -10 11 7 -1Net Commission Ratio 10.90 9.76 8.79 10.55 13.26 Net Change in Adj Policyholders' Surplus 25 -10 10 7 -1Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 55 54 51Tax, License & Fees Ratio 6.74 6.20 5.29 6.01 7.23 Agents' Bal to Policyholders' Surplus 40 --- 2 2 2Admin & Other Expense Ratio 36.78 31.15 30.64 32.33 36.45 1-Yr Resv Dev to Policyholders' Surplus 20 --- -20 -33 -19Gross Premiums Written ($000)3 1,540 1,462 1,724 1,916 1,819 2-Yr Resv Dev to Policyholders' Surplus 20 --- -35 -49 -43Loss & Loss Adj Expense ($000) 782 633 467 660 912 Est Curr Resv Defi/Policyholders' Surplus 25 --- -28 -26 -22Other Underwriting Exp Incurred ($000) 838 689 771 937 912 *Indicates an unusual value.Net Underwriting Gains ($000) 130 118 262 297 87 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 88.02 complements of each ratio.Effective Tax Rate 22.45 15.94 20.42 25.51 7.67


Admitted Assets Growth -0.04 9.33 7.29 4.61 -6.56

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth -2.76 6.28 4.37 2.27 -11.97

Reinsurance Recoverable ex US Aff 0 0 0 0 182 Net Premiums Written Growth -17.80 -5.03 17.86 11.16 -16.42Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 88.02 Pre-Tax Operating Income Growth 16.43 19.72 34.98 17.74 -56.32Reinsurance Recoverable/Total Excl US Aff NA NA NA NA 0.00 Net Income Growth 55.98 10.20 15.02 38.85 -58.56Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 4.79 7.16 1.23 -1.39 -3.40Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -17.80 -5.03 17.86 11.16 -5.04Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 13.70 6.96 4.20 5.58 -0.59








Loss & Loss Adj Exp Reserves Growth 4.79 7.16 1.23 -1.39 -3.40 Net Realized Capital Gains Less Taxes 93 50 21 152 31 Yr Loss Reserve Dev / 1Y Prior C&S -15.37 -12.24 -20.01 -33.04 -18.86 Net Chg in Unrlzd Cap Gains Less Taxes -161 195 22 -108 -279Two Yr Loss Reserve Dev Total/ PHS -26.02 -20.69 -34.75 -49.13 -43.29 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 158.53 203.92 209.93 167.39 157.37 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -26.17 -26.24 -46.60 -67.48 -40.92 Net Premiums Written / Avg C&S (%) 52.49 44.48 49.60 48.39 39.48IBNR/ Total Reserves 68.54 74.87 68.33 62.42 64.02 Liabilities / Capital & Surplus (%) 125.27 117.67 110.93 105.83 93.93Reserves/ Equity 88.13 83.47 76.33 70.21 68.38 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 4.43



187.9 195.0

261.0278.5

265.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2011Y 2012Y 2013Y 2014Y 2015Y




100.0 100.0 100.0 100.0

88.0

0

500

1,000

1,500

2,000

2,500

2011Y 2012Y 2013Y 2014Y 2015Y



National Assisted Living RRG (Norcross, GA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 1,015 899 1,453 1,832 1,511 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 1,540 1,462 1,724 1,916 1,819Common Stocks 5,061 5,870 6,164 6,103 5,641 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 0 0 0 0 -218Occupied Properties 0 0 0 0 0 Net Premiums Written 1,540 1,462 1,724 1,916 1,601Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -210 22 224 22 -310Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,750 1,440 1,500 1,894 1,911

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 502 539 201 217 331 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 6,578 7,309 7,818 8,152 7,483 Comm'l: Losses Paid Less Salvage 367 248 167 325 704Premiums & Considerations Due 90 76 86 97 95 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 367 248 167 325 704All Other Admitted Assets 288 219 254 285 396 Loss Adj Expenses Paid 291 190 264 377 256Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 6,955 7,604 8,158 8,534 7,975 Comm'l: Chg in Unpaid Net Losses 51 158 97 -126 55

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 73 37 -61 85 -103

Unpaid Losses 2,085 2,243 2,341 2,215 2,270 Total Chg in Loss & LAE Reserves 124 195 36 -41 -48Unpaid Loss Adj Expenses 636 673 611 696 542 Losses and LAE Incurred 782 633 467 660 912

Loss & Loss Adj Exp Reserves 2,721 2,916 2,952 2,911 2,812 Other Underwriting Expense Incurred 838 689 771 937 912Unearned Premiums 685 707 931 953 643 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 118 120 134 155 133 Net Underwriting Gain (Loss) 130 118 262 297 87Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 343 368 273 369 275 Total underwriting deductions 1,620 1,322 1,238 1,597 1,824



Common Capital Stock 2,454 2,502 2,528 2,528 2,528 Net Realized Capital Gains Less Taxes 93 50 21 152 3Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 30 30 30 30 30 All Other Income -35 0 0 0 0Unassigned Surplus 1,062 1,473 1,821 2,213 2,210 Income after cap gains (loss) before tax 339 345 419 622 208Other Including Gross Contributed -458 -511 -511 -625 -656 Federal & Foreign Income Taxes 76 55 86 159 16

Capital & Surplus 3,088 3,493 3,868 4,146 4,112 Net Income 263 290 334 463 192

Total Liabilities and C&S 6,955 7,604 8,158 8,534 7,975 Pre-tax Operating Income 247 295 399 470 205

Revenue 1,959 1,667 1,657 2,219 2,032Memo: Affiliated Investments ($000) Expenses Paid 1,254 986 1,153 1,428 1,411

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 1,170 899 1,530 1,888 1,246Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 387All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 152 177 136 173 118 Class 6 0 0 0 0 0Realized Capital Gains 93 50 21 152 3N t Ch i U l d C G i L T 161 195 22 108 279 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes -161 195 22 -108 -279Net Adm Cash & Invested Assets 6,578 7,309 7,818 8,152 7,483Affiliated Cash & Investments 0 0 0 0 0Carrying Value 1,170 899 1,530 1,938 1,682Preferred Stock 0 0 0 0 0Common Stock 5,061 5,870 6,164 6,103 5,641Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 1,278 1. Oth, Prod Liab Cmbnd 1,819 Cash/Invested Assets 7.64 7.38 2.57 2.67 4.432. North Carolina 445 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. South Carolina 44 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Virginia 32 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Georgia 17 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 4.4%0.00 1.00 2.00 3.00 4.00

2011Y

2012Y

2013Y

2014Y

2015Y


Florida - 70.2% North Carolina - 24.5%

South Carolina - 2.4% Virginia - 1.7%

Georgia - 0.9% All other - 0.2%




National Guardian RRG Inc. (Traverse City, MI)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

4075 Copper Ridge Drive NAIC Company Code : 36072 Total Assets 15,823 16,314 16,356 15,840 11,399Traverse City, MI 49684-7059 Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 5,529 5,980 5,983 6,486 6,646

Geographic Focus: Regional - Midwestern Quadrant Total Liabilities 10,294 10,334 10,373 9,355 4,753NAIC Ownership Structure: Risk Retention Group Net Income 890 516 25 507 198Tax Identification Number : 38-2848487 Revenue 2,756 2,741 2,133 2,617 -2,878

Direct Premiums Written 12,140 13,150 13,937 12,723 11,805Net Premiums Written 2,555 2,507 1,999 2,493 -2,970

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 2,527 2,585 1,999 2,493 -2,970

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 9,295 8,820 8,947 8,847 3,717Demotech Financial Strength Rating A 03/15/16 Affirm Loss & LAE Reserves/ NPE (%) 392.75 348.77 450.33 363.11 NMS&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 24.30 12.87 0.03 12.32 1.92Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.46 0.42 0.33 0.38 -0.45Fitch Financial Strength Rating -- -- -- --


Name : Mark Alan Burnheimer Auditor Johnson Lambert LLPPhone : (231) 946-6200 Actuary Towers Watson & Co.Fax : (231) 946-6006 CEO Derik Kent KingEmail : [email protected] CFO --

President Mark Alan Burnheimer


Net Yield on Invested Assets 1.21 1.39 1.33 1.42 1.02Net Investment Income/Earned Premiums 5.72 6.14 6.78 4.94 -3.18Return on Average Equity (C&S) 18.12 9.24 0.42 8.10 3.07Return on Avg Assets 5.25 3.04 0.15 2.89 1.31Loss and LAE Ratio 43.48 70.82 99.06 50.22 NMExpense Ratio 14.82 7.74 7.64 23.75 NMLoss Ratio 14.60 34.88 59.87 24.25 NMCombined Ratio 58.30 78.56 106.70 73.97 NMOperating Ratio 52.58 72.42 99.92 69.02 NMInvestment ratio 5.72 6.14 6.78 4.94 NA


Cash, Short-Term Investments / Liabilities 29.18 39.07 11.00 28.45 14.98Bonds: Liquid Investments/ Liabilities (%) 130.90 141.86 88.85 102.67 155.89Cash & Short-Term Investments / C&S 54.33 67.51 19.07 41.03 10.71Liabilities/ Invested Assets 85.00 70.00 105.00 91.00 55.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 125.34 139.84 93.59 103.18 183.16Cash From Underwriting ($000) -1,282 652 -3,818 161 -2,471Net Cash From Operations ($000) -1,638 737 -3,766 130 -2,228Underwriting Cash Flow Ratio 63.12 157.87 -79.81 107.37 26.23Operating Cash Flow Ratio 82.17 180.52 -69.33 118.07 24.51Unassigned Funds / Total Assets 25.46 27.46 27.41 31.47 45.14


GPW to Policyholders' Surplus3 900 --- 223 196 178NPW to Policyholders' Surplus 300 --- 33 38 0Change in Net Premiums Written 33 -33 -20 25 NM*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 84 83 0


MSA: Traverse City, MI (Micro)


85.0

70.0

105.0

91.0

55.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015Y


58.3

78.6

106.7

74.0

0.00.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 28.88 35.94 39.20 25.97 NM Gross Change in Policyholders' Surplus 50 -10 0 8 2Net Commission Ratio -21.06 -35.49 -38.41 -12.57 NM Net Change in Adj Policyholders' Surplus 25 -10 0 8 2Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 105* 91 55Tax, License & Fees Ratio 12.54 13.28 15.78 14.07 NM Agents' Bal to Policyholders' Surplus 40 --- 44* 43* 14Admin & Other Expense Ratio 23.35 29.94 30.26 22.26 NM 1-Yr Resv Dev to Policyholders' Surplus 20 --- -9 -17 -76Gross Premiums Written ($000)3 12,348 13,259 13,362 12,723 11,805 2-Yr Resv Dev to Policyholders' Surplus 20 --- -16 -22 -80Loss & Loss Adj Expense ($000) 1,099 1,831 1,980 1,252 -3,857 Est Curr Resv Defi/Policyholders' Surplus 25 --- -41 -5 -138Other Underwriting Exp Incurred ($000) 379 194 153 592 857 *Indicates an unusual value.Net Underwriting Gains ($000) 1,050 560 -134 649 29 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 20.69 18.91 14.96 19.60 -25.16 complements of each ratio.Effective Tax Rate 30.35 27.93 NM 34.31 -63.40

Pre-Tax Operating Margin 44.70 26.20 0.08 29.52 NM GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth -3.76 3.10 0.26 -3.16 -28.04

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth -12.88 0.38 0.38 -9.82 -49.19

Reinsurance Recoverable ex US Aff -142 -125 -199 0 -1 Net Premiums Written Growth 21.55 -1.88 -20.27 24.72 NMRetention Ratio (NPW/GPW) (%)3 20.69 18.91 14.96 19.60 -25.16 Pre-Tax Operating Income Growth 2.91 -39.79 -99.77 NM -83.96Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 NA 0.00 Net Income Growth 0.17 -42.04 -95.15 1,926.68 -60.88Nonaffiliated Reins Assumed / GPW (%) 1.69 0.82 -4.30 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -6.86 -5.11 1.44 -1.12 -57.98Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 1.56 8.32 5.99 -8.71 -7.21Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -3.29 -5.57 -6.80 -5.25 -16.65

Capital & Surplus Five-year CAGR 12.18 14.39 11.42 12.11 7.51Admitted Assets Five-year CAGR 0.70 -0.60 -2.15 -0.09 -7.07




Asbestos NA NA NA NA NA Capital and Surplus 5,529 5,980 5,983 6,486 6,646 Environmental NA NA NA NA NA RBC - Total Adjusted Capital 5,390 5,769 5,758 6,274 6,557 Combined NA NA NA NA NA ACL Risk Based Capital 1,282 1,220 1,187 1,335 310

ACL RBC Ratio (%) (TAC/ACL RBC) 420.46 472.97 485.26 469.91 2,115.81

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 210.23 236.48 242.63 234.96 1,057.90

Loss & Loss Adj Exp Reserves Growth -6.86 -5.11 1.44 -1.12 -57.98 Net Realized Capital Gains Less Taxes 84 -3 -2 0 -21 Yr Loss Reserve Dev / 1Y Prior C&S -25.94 -6.89 -9.10 -17.42 -75.88 Net Chg in Unrlzd Cap Gains Less Taxes 13 0 0 0 3Two Yr Loss Reserve Dev Total/ PHS -70.70 -30.30 -16.40 -21.90 -79.80 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 392.75 348.77 450.33 363.11 NM Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -47.48 -14.74 -27.21 -41.79 NM Net Premiums Written / Avg C&S (%) 51.98 44.89 33.16 39.79 -45.94IBNR/ Total Reserves 39.65 38.22 40.02 38.20 36.49 Liabilities / Capital & Surplus (%) 186.19 172.80 173.37 144.24 71.53Reserves/ Equity 168.12 147.49 149.54 136.41 55.94 Total Reins Recov Excl US Aff / C&S (%) -2.57 -2.09 -3.33 0.00 -0.02



210.2 236.5 242.6 235.0

1,057.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011Y 2012Y 2013Y 2014Y 2015Y




20.7 18.915.0

19.6

-25.2-4,000-2,000

02,0004,0006,0008,000

10,00012,00014,00016,000

2011Y 2012Y 2013Y 2014Y 2015Y



National Guardian RRG Inc. (Traverse City, MI)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -9,584 -10,643 -11,938 -10,230 -14,776Occupied Properties 0 0 0 0 0 Net Premiums Written 2,555 2,507 1,999 2,493 -2,970Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 28 -78 0 0 0Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,527 2,585 1,999 2,493 -2,970

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 3,004 4,037 1,141 2,661 712 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 11,891 12,459 8,573 9,128 6,809 Comm'l: Losses Paid Less Salvage 903 1,175 1,157 707 637Premiums & Considerations Due 83 1,535 3,953 3,859 1,933 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 3,109 1,661 3,121 2,684 2,509 Losses Paid Less Salvage 903 1,175 1,157 707 637All Other Admitted Assets 741 660 709 169 147 Loss Adj Expenses Paid 880 1,131 697 645 636Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 15,823 16,314 16,356 15,840 11,399 Comm'l: Chg in Unpaid Net Losses -534 -273 40 -103 -3,212

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -150 -202 87 3 -1,917

Unpaid Losses 5,899 5,625 5,666 5,563 2,350 Total Chg in Loss & LAE Reserves -684 -475 127 -100 -5,130Unpaid Loss Adj Expenses 3,396 3,195 3,281 3,284 1,367 Losses and LAE Incurred 1,099 1,831 1,980 1,252 -3,857

Loss & Loss Adj Exp Reserves 9,295 8,820 8,947 8,847 3,717 Other Underwriting Expense Incurred 379 194 153 592 857Unearned Premiums 78 0 0 0 0 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 142 125 199 0 1 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 232 184 207 253 223 Net Underwriting Gain (Loss) 1,050 560 -134 649 29Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 548 1,204 1,020 255 812 Total underwriting deductions 1,478 2,025 2,133 1,844 -3,000



Common Capital Stock 600 600 600 300 300 Net Realized Capital Gains Less Taxes 84 -3 -2 0 -2Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 500 500 500 1,000 1,000 All Other Income 0 0 0 0 0Unassigned Surplus 4,029 4,480 4,483 4,986 5,146 Income after cap gains (loss) before tax 1,278 716 0 772 121Other Including Gross Contributed 400 400 400 200 200 Federal & Foreign Income Taxes 388 200 -25 265 -77


Total Liabilities and C&S 15,823 16,314 16,356 15,840 11,399 Pre-tax Operating Income 1,194 719 2 772 124

Revenue 2,756 2,741 2,133 2,617 -2,878Memo: Affiliated Investments ($000) Expenses Paid 1,287 1,420 874 1,230 1,560

Bonds 0 0 0 0 0





Net Investment Income 145 159 136 123 94 Class 6 0 0 0 0 0Realized Capital Gains 84 -3 -2 0 -2N t Ch i U l d C G i L T 13 0 0 0 3 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 13 0 0 0 3Net Adm Cash & Invested Assets 11,891 12,459 8,573 9,128 6,809Affiliated Cash & Investments 0 0 0 0 0Carrying Value 10,471 10,622 8,076 6,943 6,698Preferred 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




RMBS ExposureTotal: LT Bond, Res MBS 1,065 895 606 461 78

Municipal SecuritiesIssued States & Territories ($000) 304 279 275 270 0Issued Political Subdivisions ($000) 664 2,428 2,289 832 1,207Issued State Rev Obligations ($000) 271 518 3,329 0 440Issued 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. Ohio 2,753 1. Med Prof Liab 11,805 Cash/Invested Assets 25.26 32.41 13.31 29.15 10.462. Illinois 1,887 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Missouri 1,129 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Delaware 929 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Michigan 832 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 -4.52 -0.30 4.19 2.34 -0.25 All other admitted assets/Total Assets 4.68 4.04 4.34 1.07 1.29National DPW ($000) 12,140 13,150 13,937 12,723 11,805 Invested Assets/Total Assets 75.15 76.37 52.41 57.62 59.74Adjusted Loss Ratio 23.36 36.87 46.24 24.35 8.91 Investment Income/Total Assets 0.91 0.97 0.83 0.78 0.83





Other Invstmts - 10.5%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Ohio - 23.3% Illinois - 16.0% Missouri - 9.6%

Delaware - 7.9% Michigan - 7.0% All other - 36.2%




Natl Svc Contract Ins Co. RRG (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

2233 Wisconsin Avenue, NW NAIC Company Code : 10234 Total Assets 9,363 12,554 12,361 12,851 13,909Suite 310 Business Focus : P&C Minimum NPW Policyholder Surplus 7,654 10,807 10,584 10,982 12,012Washington, DC 20007-4104 Geographic Focus: Geography Minimum NPW Total Liabilities 1,709 1,747 1,778 1,869 1,897

NAIC Ownership Structure: Risk Retention Group Net Income 28 28 67 219 1,102Tax Identification Number : 99-0319305 Revenue 1,171 879 845 853 932

Direct Premiums Written 501 953 875 904 796Net Premiums Written 390 843 765 794 686


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 20 20 0 0 0Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 2.60 2.87 1.25 0.05 0.00S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -1.33 -0.40 0.55 1.76 2.62Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.05 0.08 0.07 0.07 0.06Fitch Financial Strength Rating -- -- -- --


Name : Charles Halstead-Johnson Auditor PricewaterhouseCoopers LLPPhone : (802) 479-7801 Actuary GPW Actuarial Services Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Mark H. Mishler


Net Yield on Invested Assets 1.48 1.17 1.23 1.31 1.82Net Investment Income/Earned Premiums 20.79 17.20 20.61 22.04 31.36Return on Average Equity (C&S) 0.29 0.32 0.63 2.04 9.69Return on Avg Assets 0.23 0.26 0.54 1.74 8.31Loss and LAE Ratio 29.30 13.03 0.94 -0.06 0.00Expense Ratio 230.06 90.21 100.87 79.89 92.33Loss Ratio 29.30 13.03 0.94 -0.06 0.00Combined Ratio 259.37 103.24 101.81 79.83 92.33Operating Ratio 238.58 86.03 81.20 57.79 60.97Investment ratio 20.79 17.20 20.61 22.04 31.36


Cash, Short-Term Investments / Liabilities 389.41 392.82 379.73 180.19 256.00Bonds: Liquid Investments/ Liabilities (%) 538.25 686.31 640.28 608.49 674.55Cash & Short-Term Investments / C&S 86.96 63.50 63.79 30.67 40.42Liabilities/ Invested Assets 19.00 15.00 16.00 16.00 15.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 635.96 753.87 694.14 646.74 737.20Cash From Underwriting ($000) -603 -118 -458 -368 129Net Cash From Operations ($000) -346 -4 -287 -183 379Underwriting Cash Flow Ratio 43.85 87.49 62.15 68.33 123.19Operating Cash Flow Ratio 41.76 87.49 62.15 68.33 123.19Unassigned Funds / Total Assets 37.39 28.82 27.46 29.51 34.68


GPW to Policyholders' Surplus3 900 --- 8 8 7NPW to Policyholders' Surplus 300 --- 7 7 6Change in Net Premiums Written 33 -33 -9 4 -14Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 83 69 59




19.0

15.016.0 16.0

15.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2011Y 2012Y 2013Y 2014Y 2015Y


259.4

103.2 101.879.8

92.3

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 0.00 0.00 0.00 0.00 0.00 Gross Change in Policyholders' Surplus 50 -10 -2 4 9Net Commission Ratio 4.93 0.77 0.19 0.00 0.00 Net Change in Adj Policyholders' Surplus 25 -10 -2 4 9Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 16 16 15Tax, License & Fees Ratio 11.72 6.51 18.49 7.08 6.25 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 213.41 82.92 82.19 72.81 86.08 1-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Gross Premiums Written ($000)3 500 953 875 904 796 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 0 0Loss & Loss Adj Expense ($000) 246 91 7 0 0 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 0 0Other Underwriting Exp Incurred ($000) 864 761 772 634 634 *Indicates an unusual value.Net Underwriting Gains ($000) -302 -155 -84 41 76 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 77.99 88.46 87.43 87.83 86.19 complements of each ratio.Effective Tax Rate 0.00 0.00 0.00 0.00 -269.46

Pre-Tax Operating Margin -12.54 -4.35 7.05 23.02 32.01 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth -35.44 34.08 -1.53 3.96 8.23


Reinsurance Recoverable ex US Aff -32 -13 0 0 0 Net Premiums Written Growth -22.76 116.39 -9.28 3.73 -13.52Retention Ratio (NPW/GPW) (%)3 77.99 88.46 87.43 87.83 86.19 Pre-Tax Operating Income Growth NM NM NM 221.00 57.45Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 NA NA NA Net Income Growth -64.06 0.56 139.42 226.92 403.45Nonaffiliated Reins Assumed / GPW (%) -0.20 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -20.00 0.00 -98.00 NM NAReinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -19.45 90.39 -8.21 3.26 -11.87Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -22.41 -16.43 -4.97 6.38 -1.63

Capital & Surplus Five-year CAGR -10.45 -4.90 -5.73 -4.67 -0.70Admitted Assets Five-year CAGR -13.53 -7.14 -5.62 -3.45 -0.83





ACL RBC Ratio (%) (TAC/ACL RBC) 1,888.08 3,376.24 3,188.42 4,131.89 4,462.08

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 944.04 1,688.12 1,594.21 2,065.94 2,231.04

Loss & Loss Adj Exp Reserves Growth -20.00 0.00 -98.00 NM NA Net Realized Capital Gains Less Taxes 155 63 8 29 01 Yr Loss Reserve Dev / 1Y Prior C&S -0.04 0.00 -0.19 0.00 0.00 Net Chg in Unrlzd Cap Gains Less Taxes 214 51 -290 179 -71Two Yr Loss Reserve Dev Total/ PHS -2.29 -0.04 -0.26 -0.18 0.00 Dividends to Stockholders -5,000 0 0 0 0Loss and LAE Reserves / NPE 2.60 2.87 1.25 0.05 0.00 Stockholder Dividends/ Net Income (%) NM 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -0.59 0.00 -2.88 0.00 0.00 Net Premiums Written / Avg C&S (%) 4.08 9.60 7.17 7.38 6.04IBNR/ Total Reserves 100.00 100.00 100.00 NA NA Liabilities / Capital & Surplus (%) 22.33 16.17 16.80 17.02 15.79Reserves/ Equity 0.26 0.19 0.00 0.00 0.00 Total Reins Recov Excl US Aff / C&S (%) -0.42 -0.12 0.00 0.00 0.00



944.0

1,688.11,594.2

2,065.92,231.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2011Y 2012Y 2013Y 2014Y 2015Y




78.0

88.587.4 87.8

86.2

0

200

400

600

800

1,000

1,200

2011Y 2012Y 2013Y 2014Y 2015Y



Natl Svc Contract Ins Co. RRG (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 2,318 4,944 4,437 7,794 7,730 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 501 953 875 904 796Common Stocks 226 183 195 212 209 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 501 953 875 904 796Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -111 -110 -110 -110 -110Occupied Properties 0 0 0 0 0 Net Premiums Written 390 843 765 794 686Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -451 147 71 119 -23Properties for Sale 0 0 0 0 0 Net Premiums Earned 841 696 694 674 710

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 6,656 6,862 6,751 3,368 4,856 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 9,200 11,989 11,383 11,374 12,795 Comm'l: Losses Paid Less Salvage 251 91 26 0 0Premiums & Considerations Due 0 0 0 0 0 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 88 88 88 88 0 Losses Paid Less Salvage 251 91 26 0 0All Other Admitted Assets 40 45 80 64 944 Loss Adj Expenses Paid 0 0 0 0 0Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 9,363 12,554 12,361 12,851 13,909 Comm'l: Chg in Unpaid Net Losses -5 0 -20 0 0

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 0 0 0 0 0

Unpaid Losses 20 20 0 0 0 Total Chg in Loss & LAE Reserves -5 0 -20 0 0Unpaid Loss Adj Expenses 0 0 0 0 0 Losses and LAE Incurred 246 91 7 0 0

Loss & Loss Adj Exp Reserves 20 20 0 0 0 Other Underwriting Expense Incurred 864 761 772 634 634Unearned Premiums 1,422 1,569 1,640 1,759 1,736 Other Underwriting Deductions 32 0 0 0 0Total Reinsurance Liabilities 33 13 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 235 146 138 111 161 Net Underwriting Gain (Loss) -302 -155 -84 41 76Payable 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 1,143 851 778 634 634



Common Capital Stock 30 30 30 30 30 Net Realized Capital Gains Less Taxes 155 63 8 29 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 3,501 3,618 3,394 3,792 4,823 Income after cap gains (loss) before tax 28 28 67 219 298Other Including Gross Contributed 4,122 7,159 7,159 7,159 7,159 Federal & Foreign Income Taxes 0 0 0 0 -804

Capital & Surplus 7,654 10,807 10,584 10,982 12,012 Net Income 28 28 67 219 1,102

Total Liabilities and C&S 9,363 12,554 12,361 12,851 13,909 Pre-tax Operating Income -127 -35 59 189 298

Revenue 1,171 879 845 853 932Memo: Affiliated Investments ($000) Expenses Paid 819 874 794 674 600

Bonds 0 0 0 0 0





Net Investment Income 175 120 143 149 223 Class 6 0 0 0 0 0Realized Capital Gains 155 63 8 29 0N t Ch i U l d C G i L T 214 51 290 179 71 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 214 51 -290 179 -71Net Adm Cash & Invested Assets 9,200 11,989 11,383 11,374 12,795Affiliated Cash & Investments 0 0 0 0 0Carrying Value 2,318 4,944 4,437 7,794 7,730Preferred Stock 0 0 0 0 0Common Stock 226 183 195 212 209Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 1,802 2,946 2,710 2,670 2,630Issued Political Subdivisions ($000) 67 1,163 1,108 838 684Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 448 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. Texas 200 1. Oth, Prod Liab Cmbnd 796 Cash/Invested Assets 72.35 57.24 59.31 29.61 37.952. Arizona 148 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Virginia 43 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Georgia 32 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. North Carolina 29 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.38 3.44 6.55 10.31 1.23DPW 5 Yr CAGR -18.68 -9.75 6.54 3.84 5.08 All other admitted assets/Total Assets 0.43 0.36 0.65 0.49 6.79National DPW ($000) 501 953 875 904 796 Invested Assets/Total Assets 98.26 95.50 92.09 88.51 91.99Adjusted Loss Ratio 0.00 0.00 0.00 0.00 0.00 Investment Income/Total Assets 1.87 0.95 1.16 1.16 1.60





Other Invstmts - 38.0%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Texas - 25.1% Arizona - 18.6%

Virginia - 5.4% Georgia - 4.1%

North Carolina - 3.6% All other - 43.2%




Onyx Insurance Co. Inc. A RRG (Carson City, NV)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

575 South Saliman Road NAIC Company Code : 15208 Total Assets NA NA 5,682 17,975 23,711Carson City, NV 89701-5000 Business Focus : Commercial Property Focus Policyholder Surplus NA NA 2,638 3,676 4,577

Geographic Focus: Regional - Western Quadrant Total Liabilities NA NA 3,044 14,299 19,135NAIC Ownership Structure: Stock Company Net Income NA NA -153 -548 -1,583Tax Identification Number : 46-2878950 Revenue NA NA 545 5,391 10,797

Direct Premiums Written NA NA 2,555 13,279 16,137Net Premiums Written NA NA 2,416 11,604 11,476

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned NA NA 595 5,335 10,778

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves NA NA 375 2,753 7,367Demotech Financial Strength Rating S 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) NA NA NA 21.84 44.69S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) NA NA NA -25.96 -38.03Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 NA NA 0.92 3.16 2.51Fitch Financial Strength Rating -- -- -- --


Name : Renea Louie Auditor Saslow Lufkin & Buggy LLPPhone : (775) 887-2480 Actuary Financial Risk Analysts LLCFax : (775) 887-2481 CEO Louis Burt RovensEmail : [email protected] CFO --

President Peter Hinman Foley


Net Yield on Invested Assets NA NA NA 1.03 0.18Net Investment Income/Earned Premiums NA NA -8.37 1.05 0.18Return on Average Equity (C&S) NA NA NA -16.79 -38.10Return on Avg Assets NA NA NA -5.14 -7.66Loss and LAE Ratio NA NA 68.61 87.37 71.72Expense Ratio NA NA 15.26 13.59 40.49Loss Ratio NA NA 61.65 56.64 61.98Combined Ratio NA NA 83.87 100.96 112.22Operating Ratio NA NA 92.24 99.91 112.04Investment ratio NA NA -8.37 1.05 0.18

Policyholder Dividend Ratio NA NA 0.00 0.00 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Cash, Short-Term Investments / Liabilities NA NA 105.49 52.80 64.66Bonds: Liquid Investments/ Liabilities (%) NA NA 105.49 52.80 64.66Cash & Short-Term Investments / C&S NA NA 121.72 205.40 270.34Liabilities/ Invested Assets NA NA 95.00 189.00 155.00Affiliated Investments / Capital & Surplus NA NA 0.00 0.00 0.00Reserve coverage2 NA NA 136.27 63.18 77.55Cash From Underwriting ($000) NA NA 1,366 2,827 2,320Net Cash From Operations ($000) NA NA 1,316 2,753 2,339Underwriting Cash Flow Ratio NA NA -975.41 149.97 134.25Operating Cash Flow Ratio NA NA -975.41 152.26 134.25Unassigned Funds / Total Assets NA NA -2.70 -3.90 -9.63


GPW to Policyholders' Surplus3 900 --- 97 361 353NPW to Policyholders' Surplus 300 --- 92 316* 251Change in Net Premiums Written 33 -33 NM* 380* -1Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 92 99 103*


MSA: Carson City, NV (Metro)

Distribution Channel: General Agnt/Managing General Agnt

95.0

189.0

155.0

0

5,000

10,000

15,000

20,000

25,000

2011Y 2012Y 2013Y 2014Y 2015Y


83.9

101.0

112.2

-45.00

-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio NA NA 6.96 30.73 9.74 Gross Change in Policyholders' Surplus 50 -10 NM* 39 25Net Commission Ratio NA NA 1.17 6.60 13.20 Net Change in Adj Policyholders' Surplus 25 -10 NM* -21* -43*Salaries & Benefits Ratio NA NA 0.01 0.00 10.63 Liabilities to Liquid Assets 100 --- 95 189* 155*Tax, License & Fees Ratio NA NA 1.51 1.87 4.05 Agents' Bal to Policyholders' Surplus 40 --- 57* 137* 99*Admin & Other Expense Ratio NA NA 12.57 5.13 12.61 1-Yr Resv Dev to Policyholders' Surplus 20 --- NM* 9 24*Gross Premiums Written ($000)3 NA NA 2,555 13,279 16,137 2-Yr Resv Dev to Policyholders' Surplus 20 --- NM* NM* 4Loss & Loss Adj Expense ($000) NA NA 408 4,661 7,730 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 74* 16Other Underwriting Exp Incurred ($000) NA NA 369 1,577 4,647 *Indicates an unusual value.Net Underwriting Gains ($000) NA NA -182 -904 -1,600 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio NA NA 94.57 87.38 71.12 complements of each ratio.Effective Tax Rate NA NA NM NM NM

Pre-Tax Operating Margin NA NA -42.48 -15.72 -14.63 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth NA NA NA 216.36 31.92

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth NA NA NA 369.80 33.82

Reinsurance Recoverable ex US Aff NA NA -219 -699 155 Net Premiums Written Growth NA NA NA 380.32 -1.10Retention Ratio (NPW/GPW) (%)3 NA NA 94.57 87.38 71.12 Pre-Tax Operating Income Growth NA NA NA NM NMReinsurance Recoverable/Total Excl US Aff NA NA 0.00 0.00 0.00 Net Income Growth NA NA NA NM NMNonaffiliated Reins Assumed / GPW (%) NA NA 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth NA NA NA 634.49 167.55Reinsurance Payable on Losses, LAE NA NA 0 0 0 Direct Premiums Written Growth NA NA NA 419.82 21.52Reinsurance on Known Case Reserves NA NA 0 0 0 Total Liabilities Five-year CAGR NA NA NA NA NA

Capital & Surplus Five-year CAGR NA NA NA NA NAAdmitted Assets Five-year CAGR NA NA NA NA NA




Asbestos NA NA NA NA NA Capital and Surplus NA NA 2,638 3,676 4,577 Environmental NA NA NA NA NA RBC - Total Adjusted Capital NA NA 2,638 3,676 4,577 Combined NA NA NA NA NA ACL Risk Based Capital NA NA 133 630 2,125

ACL RBC Ratio (%) (TAC/ACL RBC) NA NA 1,980.95 582.99 215.40

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) NA NA 990.47 291.49 107.70

Loss & Loss Adj Exp Reserves Growth NA NA NA 634.49 167.55 Net Realized Capital Gains Less Taxes NA NA 0 0 01 Yr Loss Reserve Dev / 1Y Prior C&S NA NA NA 8.95 23.56 Net Chg in Unrlzd Cap Gains Less Taxes NA NA 0 0 0Two Yr Loss Reserve Dev Total/ PHS NA NA 0.00 0.00 4.47 Dividends to Stockholders NA NA 0 0 0Loss and LAE Reserves / NPE NA NA NA 21.84 44.69 Stockholder Dividends/ Net Income (%) NA NA 0.00 0.00 0.001 Yr Loss Reserve Development / NPE NA NA 0.00 4.42 8.04 Net Premiums Written / Avg C&S (%) NA NA NA 355.36 276.23IBNR/ Total Reserves NA NA 30.68 39.95 46.83 Liabilities / Capital & Surplus (%) NA NA 115.38 389.01 418.10Reserves/ Equity NA NA 14.21 74.91 160.96 Total Reins Recov Excl US Aff / C&S (%) NA NA -8.30 4.66 3.39



990.5

291.5

107.70

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2011Y 2012Y 2013Y 2014Y 2015Y




94.687.4

71.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015Y



Onyx Insurance Co. Inc. A RRG (Carson City, NV)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds NA NA 0 0 0 Personal P&C Direct Premiums NA NA 0 0 0Preferred Stocks NA NA 0 0 0 Commercial P&C Direct Premiums NA NA 2,555 13,279 16,137Common Stocks NA NA 0 0 0 Accident & Health Direct Premiums NA NA 0 0 0

First Lien Real Estate Loans NA NA 0 0 0 Direct Premiums Written NA NA 2,555 13,279 16,137Real Estate Loans Less First Liens NA NA 0 0 0

Total Mortgage Loans NA NA 0 0 0 Net Reinsurance Premiums5 NA NA -139 -1,675 -4,661Occupied Properties NA NA 0 0 0 Net Premiums Written NA NA 2,416 11,604 11,476Income Generating Properties NA NA 0 0 0 Calculated Change in Unearned Premiums NA NA 1,821 6,269 698Properties for Sale NA NA 0 0 0 Net Premiums Earned NA NA 595 5,335 10,778

Total Real Estate NA NA 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv NA NA 3,211 7,550 12,373 Underwriting Deductions ($000)Other Investments NA NA 0 0 0 Personal: Losses Paid Less Salvage NA NA 0 0 0Subtotals, Cash & Invested Assets NA NA 3,211 7,550 12,373 Comm'l: Losses Paid Less Salvage NA NA 11 624 2,230Premiums & Considerations Due NA NA 1,496 5,026 4,527 Cmbnd A&H: Losses Paid Less Salvage NA NA 0 0 0Reinsurance Recoverable NA NA 0 1,309 2,732 Losses Paid Less Salvage NA NA 11 624 2,230All Other Admitted Assets NA NA 975 4,090 4,080 Loss Adj Expenses Paid NA NA 41 1,658 887Separate & Seg Accts NA NA 0 0 0 Personal: Chg in Unpaid Net Losses NA NA 0 0 0Total Net Admitted Assets NA NA 5,682 17,975 23,711 Comm'l: Chg in Unpaid Net Losses NA NA 356 2,398 4,450

Cmbnd A&H: Chg in Unpaid Net Losses NA NA 0 0 0Liabilities Chg in Loss Adj Exp Reserves NA NA 0 -19 163

Unpaid Losses NA NA 356 2,753 7,203 Total Chg in Loss & LAE Reserves NA NA 356 2,378 4,613Unpaid Loss Adj Expenses NA NA 19 0 163 Losses and LAE Incurred NA NA 408 4,661 7,730

Loss & Loss Adj Exp Reserves NA NA 375 2,753 7,367 Other Underwriting Expense Incurred NA NA 369 1,577 4,647Unearned Premiums NA NA 1,821 8,090 8,788 Other Underwriting Deductions NA NA 0 0 0Total Reinsurance Liabilities NA NA 319 2,038 580 Net Income Protected Cells NA NA 0 0 0Commissions, Other Exp & Taxes NA NA 529 1,418 2,400 Net Underwriting Gain (Loss) NA NA -182 -904 -1,600Payable to Parent, Subs & Affiliates NA NA 0 0 0 Dividends To Policyholders NA NA 0 0 0Other Liabilities NA NA 0 0 0 Total underwriting deductions NA NA 777 6,238 12,377

Total Liabilities NA NA 3,044 14,299 19,135

Income ($000)Total Capital and Surplus Net Investment Income NA NA -50 56 19

Common Capital Stock NA NA 291 1,877 4,361 Net Realized Capital Gains Less Taxes NA NA 0 0 0Preferred Capital Stock NA NA 0 0 0 Finance Service Charges NA NA 0 0 0Surplus Notes NA NA 2,500 2,500 2,500 All Other Income NA NA 0 0 0Unassigned Surplus NA NA -153 -701 -2,284 Income after cap gains (loss) before tax NA NA -232 -848 -1,580Other Including Gross Contributed NA NA 0 0 0 Federal & Foreign Income Taxes NA NA -78 -299 3

Capital & Surplus NA NA 2,638 3,676 4,577 Net Income NA NA -153 -548 -1,583

Total Liabilities and C&S NA NA 5,682 17,975 23,711 Pre-tax Operating Income NA NA -232 -848 -1,580

Revenue NA NA 545 5,391 10,797Memo: Affiliated Investments ($000) Expenses Paid NA NA 410 1,818 6,952

Bonds NA NA 0 0 0

Preferred Stocks NA NA 0 0 0 BOND QUALITY ($000) - Annual Only62011Y 2012Y 2013Y 2014Y 2015Y

Common Stocks NA NA 0 0 0 Investment GradeMortgage Loans NA NA 0 0 0 Class 1 NA NA 0 0 0Cash & Short Term Investments NA NA 0 0 0 Class 2 NA NA 0 0 0All Other Investments NA NA 0 0 0 Non - Investment Grade

Total Affiliated Investments NA NA 0 0 0 Class 3 NA NA 0 0 0Class 4 NA NA 0 0 0

INVESTMENT ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Class 5 NA NA 0 0 0

Net Investment Income NA NA -50 56 19 Class 6 NA NA 0 0 0Realized Capital Gains NA NA 0 0 0N t Ch i U l d C G i L T NA NA 0 0 0 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes NA NA 0 0 0Net Adm Cash & Invested Assets NA NA 3,211 7,550 12,373Affiliated Cash & Investments NA NA 0 0 0Carrying Value NA NA 0 0 0Preferred Stock NA NA 0 0 0Common Stock NA NA 0 0 0Mortgage Loans Book Value NA NA 0 0 0Real Estate Book Value NA NA 0 0 0

Privately Placed Bonds/Total Bonds (%) NA NA NA NA NAPrivately Placed Bonds / C&S (%) NA NA 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 (%) NA NA 0.00 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 NA NA 0 0 0

RMBS ExposureTotal: LT Bond, Res MBS NA NA 0 0 0

Municipal SecuritiesIssued States & Territories ($000) NA NA 0 0 0Issued Political Subdivisions ($000) NA NA 0 0 0Issued State Rev Obligations ($000) NA NA 0 0 0Issued Industrial Development ($000) NA NA 0 0 0


LT Bond 0 0 0 0 0Common Stock 0 0 0 -- 0Preferred Stock 0 0 0 -- 0Total 0 0 0 0 --


Bond Avg Asset Quality (1-6) (Actual) NA NA NA NA NABonds Rated 3-6 / C&S NA NA 0.00 0.00 0.00Class 5 and 6 Bonds / C&S NA NA 0.00 0.00 0.00Bonds/Invested Assets NA NA 0.00 0.00 0.00Common Stocks / C&S NA NA 0.00 0.00 0.00Unaff common stock/Invested Assets NA NA 0.00 0.00 0.00

Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S NA NA 0.00 0.00 0.001. California 6,119 1. Comm'l Auto St 16,137 Cash/Invested Assets NA NA 100.00 100.00 100.002. New Jersey 5,992 2. Acc & Health 0 Mortgage & Real Estate / C&S NA NA 0.00 0.00 0.003. Pennsylvania 896 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Virginia 621 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets NA NA 0.00 0.00 0.005. North Carolina 453 5. Fidelity & Surety 0 Real Estate/Invested Assets NA NA 0.00 0.00 0.00

All Other 2,056 All Other 0 Other Investments/Invested Assets NA NA 0.00 0.00 0.00Premiums & Cons due/Total Assets NA NA 26.33 27.96 19.09

MARKET POSITION ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y Reinsurance recoverable/Total Assets NA NA 0.00 7.28 11.52

Market Share Ratio NA NA 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets NA NA 0.00 0.00 0.00DPW 5 Yr CAGR NA NA NA NA NA All other admitted assets/Total Assets NA NA 17.15 22.76 17.21National DPW ($000) NA NA 2,555 13,279 16,137 Invested Assets/Total Assets NA NA 56.51 42.00 52.18Adjusted Loss Ratio NA NA 61.82 62.20 57.53 Investment Income/Total Assets NA NA -0.88 0.31 0.08





Other Invstmts - 100.0%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


California - 37.9% New Jersey - 37.1%

Pennsylvania - 5.6% Virginia - 3.8%

North Carolina - 2.8% All other - 12.7%

Comm'l Auto St - 100.0% Acc & Health - 0.0%

Aircraft - 0.0% Comm'l Multi Prl - 0.0%

Fidelity & Surety - 0.0% All Other - 0.0%

Paratransit Ins Co. A Mutl RRG (Memphis, TN)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

1715 Aaron Brenner Drive NAIC Company Code : 44130 Total Assets 23,250 23,274 23,468 23,870 25,160Suite 512 Business Focus : Commercial Property Focus Policyholder Surplus 9,170 10,580 11,800 12,351 12,614Memphis, TN 38120-1443 Geographic Focus: National Total Liabilities 14,080 12,694 11,668 11,518 12,546

NAIC Ownership Structure: Mutual Company Net Income 604 1,093 374 298 335Tax Identification Number : 36-3584321 Revenue 3,657 3,700 4,037 4,171 4,430



AM Best Financial Strength Rating A- 02/21/13 Affirm Not Covered by SNL Loss & Loss Adj Exp Reserves 10,200 8,100 7,400 7,200 7,400Demotech Financial Strength Rating A' 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 366.83 344.52 253.38 223.38 207.01S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) 8.44 13.97 -0.65 0.84 0.56Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.33 0.28 0.28 0.29 0.30Fitch Financial Strength Rating -- -- -- --


Name : Anita M. Perkins Auditor Faulkner Mackie & Cochran P.C.Phone : (802) 371-2219 Actuary --Fax : (802) 371-2225 CEO --Email : [email protected] CFO --

President William Hamilton Smythe IV


Net Yield on Invested Assets 3.02 2.68 2.28 2.09 2.19Net Investment Income/Earned Premiums 21.10 19.37 15.24 12.94 13.01Return on Average Equity (C&S) 6.80 11.06 3.31 2.47 2.68Return on Avg Assets 2.70 4.69 1.61 1.25 1.40Loss and LAE Ratio 22.09 -17.37 49.01 54.11 51.31Expense Ratio 29.73 29.62 26.88 26.25 28.91Loss Ratio 17.46 -22.75 32.09 40.39 53.92Combined Ratio 94.58 71.92 115.43 109.12 110.29Operating Ratio 73.48 52.56 100.20 96.17 97.28Investment ratio 21.10 19.37 15.24 12.94 13.01


Cash, Short-Term Investments / Liabilities 15.22 12.16 22.77 18.17 25.79Bonds: Liquid Investments/ Liabilities (%) 153.19 171.35 188.44 195.44 184.63Cash & Short-Term Investments / C&S 23.37 14.58 22.51 16.95 25.65Liabilities/ Invested Assets 58.00 52.00 46.00 44.00 45.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 223.87 294.09 285.48 292.32 272.93Cash From Underwriting ($000) 983 650 -335 124 1,747Net Cash From Operations ($000) 390 -357 -1,320 -396 1,102Underwriting Cash Flow Ratio 164.39 124.31 90.05 103.92 171.36Operating Cash Flow Ratio 111.33 95.52 55.93 70.53 126.85Unassigned Funds / Total Assets 21.39 26.75 30.96 32.03 30.70


GPW to Policyholders' Surplus3 900 --- 44 45 46NPW to Policyholders' Surplus 300 --- 28 29 30Change in Net Premiums Written 33 -33 13 8 4Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 78 98 97


MSA: Memphis, TN-MS-AR (Metro)

Distribution Channel: Direct Response, General Agnt/Managing General Agnt, Independent Agency

58.0

52.0

46.0 44.0 45.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2011Y 2012Y 2013Y 2014Y 2015Y


94.6

71.9

115.4109.1 110.3

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 4.63 5.38 16.91 13.72 -2.60 Gross Change in Policyholders' Surplus 50 -10 12 5 2Net Commission Ratio 1.77 1.72 1.85 2.11 1.94 Net Change in Adj Policyholders' Surplus 25 -10 10 3 1Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 46 44 45Tax, License & Fees Ratio 6.30 6.03 6.35 5.11 6.51 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 21.65 21.87 18.68 19.03 20.46 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 4 0Gross Premiums Written ($000)3 4,570 4,665 5,201 5,579 5,789 2-Yr Resv Dev to Policyholders' Surplus 20 --- -40 -9 -1Loss & Loss Adj Expense ($000) 646 -509 1,549 1,881 1,877 Est Curr Resv Defi/Policyholders' Surplus 25 --- 0 11 5Other Underwriting Exp Incurred ($000) 900 877 900 950 1,086 *Indicates an unusual value.Net Underwriting Gains ($000) 1,377 2,565 711 645 695 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 66.26 63.47 64.40 64.90 64.92 complements of each ratio.Effective Tax Rate 29.77 30.93 -10.67 12.26 8.61

Pre-Tax Operating Margin 21.14 39.46 -2.04 2.57 1.71 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y


REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 3.99 -9.85 -8.08 -1.29 8.93

Reinsurance Recoverable ex US Aff 5,444 7,453 5,105 5,513 3,225 Net Premiums Written Growth 10.69 -2.24 13.14 8.10 3.80Retention Ratio (NPW/GPW) (%)3 66.26 63.47 64.40 64.90 64.92 Pre-Tax Operating Income Growth 114.14 84.09 NM NM -30.20Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth 36.59 80.85 -65.78 -20.31 12.36Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 0.00 -20.59 -8.64 -2.70 2.78Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth 9.82 2.06 11.51 7.27 3.76Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 1.33 -1.35 -2.15 -2.75 -1.51






ACL RBC Ratio (%) (TAC/ACL RBC) 1,259.89 1,522.36 2,205.99 1,779.28 1,837.41

RESERVE ANALYSIS (%) 2011Y 2012Y 2013Y 2014Y 2015Y CAL RBC Ratio (%) (TAC/(ACL RBC*2)) 629.95 761.18 1,102.99 889.64 918.71

Loss & Loss Adj Exp Reserves Growth 0.00 -20.59 -8.64 -2.70 2.78 Net Realized Capital Gains Less Taxes 111 202 412 239 2961 Yr Loss Reserve Dev / 1Y Prior C&S -21.54 -35.76 -9.56 3.53 -0.23 Net Chg in Unrlzd Cap Gains Less Taxes -32 151 428 131 -306Two Yr Loss Reserve Dev Total/ PHS -39.77 -60.60 -39.72 -9.35 -0.73 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 366.83 344.52 253.38 223.38 207.01 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -63.01 -111.81 -31.99 11.99 -0.77 Net Premiums Written / Avg C&S (%) 34.09 29.97 29.64 30.06 30.05IBNR/ Total Reserves 63.56 56.41 48.66 43.98 48.63 Liabilities / Capital & Surplus (%) 153.54 119.98 98.89 93.26 99.47Reserves/ Equity 111.23 76.56 62.71 58.29 58.67 Total Reins Recov Excl US Aff / C&S (%) 59.37 70.44 43.26 44.63 25.57



629.9

761.2

1,103.0

889.6 918.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2011Y 2012Y 2013Y 2014Y 2015Y




66.3

63.5

64.4

64.9 64.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011Y 2012Y 2013Y 2014Y 2015Y



Paratransit Ins Co. A Mutl RRG (Memphis, TN)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -1,542 -1,704 -1,852 -1,958 -2,031Occupied Properties 0 0 0 0 0 Net Premiums Written 3,028 2,961 3,350 3,621 3,758Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums 105 28 189 144 100Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,923 2,933 3,161 3,477 3,658

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 2,143 1,543 2,656 2,093 3,236 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 20,857 21,004 21,061 21,117 22,457 Comm'l: Losses Paid Less Salvage 550 1,335 1,952 1,863 1,507Premiums & Considerations Due 1,871 1,699 1,967 2,250 2,482 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 19 238 109 279 0 Losses Paid Less Salvage 550 1,335 1,952 1,863 1,507All Other Admitted Assets 504 333 332 224 221 Loss Adj Expenses Paid 96 256 297 218 170Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 23,250 23,274 23,468 23,870 25,160 Comm'l: Chg in Unpaid Net Losses -40 -2,002 -937 -459 466

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 40 -98 237 259 -266

Unpaid Losses 9,989 7,987 7,049 6,590 7,056 Total Chg in Loss & LAE Reserves 0 -2,100 -700 -200 200Unpaid Loss Adj Expenses 211 113 351 610 344 Losses and LAE Incurred 646 -509 1,549 1,881 1,877

Loss & Loss Adj Exp Reserves 10,200 8,100 7,400 7,200 7,400 Other Underwriting Expense Incurred 900 877 900 950 1,086Unearned Premiums 1,548 1,576 1,765 1,910 2,010 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 319 456 183 160 815 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 213 227 181 210 245 Net Underwriting Gain (Loss) 1,377 2,565 711 645 695Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 1,250 1,750 1,250 1,000 1,100Other Liabilities 1,800 2,334 2,139 2,039 2,076 Total underwriting deductions 1,546 368 2,449 2,831 2,964



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 111 202 412 239 296Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 6 -3 -17 6 0Unassigned Surplus 4,974 6,226 7,267 7,646 7,725 Income after cap gains (loss) before tax 860 1,582 338 340 366Other Including Gross Contributed 4,196 4,354 4,533 4,706 4,889 Federal & Foreign Income Taxes 256 489 -36 42 32

Capital & Surplus 9,170 10,580 11,800 12,351 12,614 Net Income 604 1,093 374 298 335

Total Liabilities and C&S 23,250 23,274 23,468 23,870 25,160 Pre-tax Operating Income 750 1,380 -74 101 70


Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 14,903 14,565 13,157 13,533 13,370Cash & Short Term Investments 0 0 0 0 0 Class 2 670 1,119 883 935 816All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income 617 568 482 450 476 Class 6 0 0 0 0 0Realized Capital Gains 111 202 412 239 296N t Ch i U l d C G i L T 32 151 428 131 306 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes -32 151 428 131 -306Net Adm Cash & Invested Assets 20,857 21,004 21,061 21,117 22,457Affiliated Cash & Investments 0 0 0 0 0Carrying Value 15,573 15,685 14,040 14,468 14,186Preferred Stock 0 0 0 0 0Common Stock 3,853 4,523 5,292 5,950 5,743Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 1,247 472 300 1,365 605







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 929 1. Comm'l Auto St 5,789 Cash/Invested Assets 10.27 7.35 12.61 9.91 14.412. Ohio 762 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Oklahoma 487 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Missouri 461 4. Comm'l Multi Prl 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Kentucky 448 5. Fidelity & Surety 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 14.4%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Virginia - 16.1% Ohio - 13.2% Oklahoma - 8.4%

Missouri - 8.0% Kentucky - 7.7% All other - 46.7%

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%

PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

1605 Main Street NAIC Company Code : 11973 Total Assets 8,566 8,169 9,174 9,717 7,207Suite 800 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,538 3,383 3,067 2,614 2,572Sarasota, FL 34236-5823 Geographic Focus: National Total Liabilities 6,028 4,786 6,107 7,102 4,635

NAIC Ownership Structure: Mutual Company Net Income 32 609 -509 -584 -86Tax Identification Number : 20-1065673 Revenue 2,393 2,687 1,433 1,581 1,969

Direct Premiums Written 3,009 3,167 3,061 3,199 3,181Net Premiums Written 2,280 2,505 980 1,185 2,258


AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 4,187 3,123 2,642 2,981 2,444Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 215.71 145.72 258.53 173.44 143.65S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -1.15 29.41 -29.36 -30.85 -5.62Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.90 0.74 0.32 0.45 0.88Fitch Financial Strength Rating -- -- -- --


Name : Teresa Marie Matthews Auditor Saslow Lufkin & Buggy LLPPhone : (941) 373-1162 Actuary Milliman Inc.Fax : (800) 963-7276 CEO --Email : [email protected] CFO Troy Winch

President Edgar Blumenfeld


Net Yield on Invested Assets 0.67 0.94 0.83 0.71 0.81Net Investment Income/Earned Premiums 2.25 2.67 5.33 3.91 3.00Return on Average Equity (C&S) 1.26 20.28 -15.34 -19.24 -3.33Return on Avg Assets 0.36 7.35 -5.73 -6.22 -1.06Loss and LAE Ratio 57.27 12.75 101.70 81.93 55.16Expense Ratio 46.82 45.54 113.85 109.01 46.10Loss Ratio 42.97 22.39 97.74 67.92 41.36Combined Ratio 104.10 70.57 215.54 188.80 101.26Operating Ratio 101.85 67.90 210.21 184.89 98.26Investment ratio 2.25 2.67 5.33 3.91 3.00

Policyholder Dividend Ratio 0.00 12.28 0.00 -2.15 0.00 CASH FLOW & LIQUIDITY (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Cash, Short-Term Investments / Liabilities 32.49 24.61 28.26 43.54 45.99Bonds: Liquid Investments/ Liabilities (%) 137.38 167.53 131.56 138.23 158.06Cash & Short-Term Investments / C&S 77.17 34.81 56.27 118.29 82.87Liabilities/ Invested Assets 81.00 64.00 87.00 81.00 75.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 155.75 212.74 215.49 238.70 222.07Cash From Underwriting ($000) -862 -211 -553 940 -2,582Net Cash From Operations ($000) -903 -295 -860 1,508 -2,516Underwriting Cash Flow Ratio 76.14 90.38 84.91 172.68 4.80Operating Cash Flow Ratio 78.85 98.05 86.08 125.05 4.80Unassigned Funds / Total Assets 0.77 10.22 4.63 -1.40 -4.44


GPW to Policyholders' Surplus3 900 --- 100 122 124NPW to Policyholders' Surplus 300 --- 32 45 88Change in Net Premiums Written 33 -33 -61* 21 91*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 107* 191* 130*


MSA: North Port-Sarasota-Bradenton, FL (Metro)


81.0

64.0

87.081.0

75.0

0

2,000

4,000

6,000

8,000

10,000

12,000

2011Y 2012Y 2013Y 2014Y 2015Y


104.1

70.6

215.5

188.8

101.3

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 14.30 -9.64 3.95 14.01 13.80 Gross Change in Policyholders' Surplus 50 -10 -9 -15* -2Net Commission Ratio 20.34 19.02 47.19 40.02 21.00 Net Change in Adj Policyholders' Surplus 25 -10 -12* -18* -7Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 87 81 75Tax, License & Fees Ratio 4.56 4.44 9.94 8.76 4.60 Agents' Bal to Policyholders' Surplus 40 --- 8 9 9Admin & Other Expense Ratio 21.92 22.08 56.72 60.23 20.50 1-Yr Resv Dev to Policyholders' Surplus 20 --- -20 -34 -1Gross Premiums Written ($000)3 3,009 3,167 3,061 3,199 3,181 2-Yr Resv Dev to Policyholders' Surplus 20 --- -59 -37 -43Loss & Loss Adj Expense ($000) 1,322 332 1,160 1,208 1,033 Est Curr Resv Defi/Policyholders' Surplus 25 --- -47 -54 20Other Underwriting Exp Incurred ($000) 1,067 1,141 1,115 1,292 1,041 *Indicates an unusual value.Net Underwriting Gains ($000) -81 1,134 -1,135 -1,025 -202 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 75.77 79.07 32.00 37.04 70.99 complements of each ratio.Effective Tax Rate -715.67 31.85 NM NM NM

Pre-Tax Operating Margin -1.24 33.00 -74.84 -61.06 -7.54 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth -17.42 -4.63 12.31 5.91 -25.83

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth -23.24 -20.61 27.62 16.29 -34.74

Reinsurance Recoverable ex US Aff 1,121 1,744 907 163 1,782 Net Premiums Written Growth -6.82 9.86 -60.88 20.93 90.56Retention Ratio (NPW/GPW) (%)3 75.77 79.07 32.00 37.04 70.99 Pre-Tax Operating Income Growth NM NM NM NM NMReinsurance Recoverable/Total Excl US Aff 20.61 16.34 13.12 12.88 12.91 Net Income Growth -94.03 1,799.28 NM NM NMNonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -31.57 -25.43 -15.40 12.83 -18.00Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -15.51 5.27 -3.35 4.49 -0.57Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 15.94 -2.84 -2.07 -5.66 -10.01

Capital & Surplus Five-year CAGR 13.67 6.06 0.28 8.74 0.42Admitted Assets Five-year CAGR 15.24 0.30 -1.32 -2.84 -7.02







Loss & Loss Adj Exp Reserves Growth -31.57 -25.43 -15.40 12.83 -18.00 Net Realized Capital Gains Less Taxes 33 10 132 48 401 Yr Loss Reserve Dev / 1Y Prior C&S -6.79 -52.74 -19.96 -34.18 -1.42 Net Chg in Unrlzd Cap Gains Less Taxes -67 160 99 23 -98Two Yr Loss Reserve Dev Total/ PHS -53.11 -46.39 -59.10 -36.95 -43.30 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 215.71 145.72 258.53 173.44 143.65 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -7.41 -51.35 -59.21 -71.07 -1.98 Net Premiums Written / Avg C&S (%) 89.46 83.41 29.54 39.06 87.27IBNR/ Total Reserves 25.96 47.76 38.27 22.39 20.23 Liabilities / Capital & Surplus (%) 237.51 141.45 199.14 271.68 180.18Reserves/ Equity 164.99 92.30 86.13 114.02 95.01 Total Reins Recov Excl US Aff / C&S (%) 44.17 51.55 29.57 6.23 69.28



163.5

238.1215.3

162.7

205.3

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011Y 2012Y 2013Y 2014Y 2015Y




75.8 79.1

32.037.0

71.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011Y 2012Y 2013Y 2014Y 2015Y



PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -729 -663 -2,082 -2,014 -923Occupied Properties 0 0 0 0 0 Net Premiums Written 2,280 2,505 980 1,185 2,258Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -28 -102 -161 -290 386Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,308 2,607 1,141 1,475 1,872

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 1,958 1,178 1,726 3,093 2,132 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 7,425 7,448 7,021 8,736 6,162 Comm'l: Losses Paid Less Salvage 1,768 857 1,370 621 1,219Premiums & Considerations Due 181 208 243 240 227 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 326 0 930 28 118 Losses Paid Less Salvage 1,768 857 1,370 621 1,219All Other Admitted Assets 634 513 981 713 700 Loss Adj Expenses Paid 450 540 271 248 350Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 8,566 8,169 9,174 9,717 7,207 Comm'l: Chg in Unpaid Net Losses -776 -273 -255 381 -445

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -120 -792 -226 -42 -92

Unpaid Losses 2,409 2,136 1,881 2,262 1,817 Total Chg in Loss & LAE Reserves -896 -1,065 -481 339 -537Unpaid Loss Adj Expenses 1,778 986 761 719 627 Losses and LAE Incurred 1,322 332 1,160 1,208 1,033

Loss & Loss Adj Exp Reserves 4,187 3,123 2,642 2,981 2,444 Other Underwriting Expense Incurred 1,067 1,141 1,115 1,292 1,041Unearned Premiums 1,300 1,198 1,037 747 1,133 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 278 -17 1,949 2,996 875 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 263 270 273 269 203 Net Underwriting Gain (Loss) -81 1,134 -1,135 -1,025 -202Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 320 0 -32 0Other Liabilities 0 212 206 110 -20 Total underwriting deductions 2,389 1,473 2,275 2,500 2,074



Common Capital Stock 0 0 0 0 0 Net Realized Capital Gains Less Taxes 33 10 132 48 40Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 100 0 0Unassigned Surplus 66 835 425 -136 -320 Income after cap gains (loss) before tax 4 894 -842 -888 -105Other Including Gross Contributed 2,472 2,548 2,642 2,750 2,892 Federal & Foreign Income Taxes -28 285 -333 -304 -19

Capital & Surplus 2,538 3,383 3,067 2,614 2,572 Net Income 32 609 -509 -584 -86

Total Liabilities and C&S 8,566 8,169 9,174 9,717 7,207 Pre-tax Operating Income -29 883 -974 -936 -145


Bonds 0 0 0 0 0





Net Investment Income 52 70 61 58 56 Class 6 0 0 0 0 0Realized Capital Gains 33 10 132 48 40N t Ch i U l d C G i L T 67 160 99 23 98 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes -67 160 99 23 -98Net Adm Cash & Invested Assets 7,425 7,448 7,021 8,736 6,162Affiliated Cash & Investments 0 0 0 0 0Carrying Value 4,531 4,420 4,278 4,625 3,409Preferred Stock 0 0 0 0 0Common Stock 1,792 2,420 2,030 2,100 1,785Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0





Municipal SecuritiesIssued States & Territories ($000) 396 316 306 300 264Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 0 0 0 0 0Issued Industrial Development ($000) 3,160 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. Washington 706 1. Oth, Prod Liab Cmbnd 3,181 Cash/Invested Assets 26.37 15.81 24.58 35.40 34.592. Pennsylvania 494 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Georgia 267 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Michigan 219 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. California 205 5. Comm'l Multi Prl 0 Real Estate/Invested Assets 0.00 0.00 0.00 0.00 0.00








Other Invstmts - 34.6%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Washington - 22.2% Pennsylvania - 15.5%

Georgia - 8.4% Michigan - 6.9%

California - 6.4% All other - 40.5%




Ponce De Leon LTC RRG Inc. (Orange, CA)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

1100 West Town & Country Road NAIC Company Code : 11809 Total Assets 16,789 14,352 12,209 9,916 8,963Suite 1400 Business Focus : P&C Minimum NPW Policyholder Surplus 8,194 7,831 5,133 4,899 4,748Orange, CA 92868-4655 Geographic Focus: Geography Minimum NPW Total Liabilities 8,595 6,521 7,076 5,018 4,215

NAIC Ownership Structure: Risk Retention Group Net Income -527 -471 -3,289 879 -138Tax Identification Number : 02-0650614 Revenue 5,420 3,886 2,572 2,690 1,145

Direct Premiums Written 4,524 2,754 2,578 882 1,216Net Premiums Written 4,165 2,476 1,884 623 1,136

Credit Ratings Rating Date Direction Watch/Outlook Net Premiums Earned 4,918 3,502 2,283 1,255 902

AM Best Financial Strength Rating -- -- -- Not Covered by SNL Loss & Loss Adj Exp Reserves 5,249 4,801 5,795 4,306 3,696Demotech Financial Strength Rating A 03/16/16 Affirm Loss & LAE Reserves/ NPE (%) 118.50 144.64 223.24 410.94 459.88S&P Financial Strength Rating -- -- -- -- Pre-tax Operating ROAE (%) -11.41 -6.32 -47.29 -5.38 -3.02Moody's Financial Strength Rating -- -- -- -- Operating Leverage (%)1 0.51 0.32 0.37 0.13 0.24Fitch Financial Strength Rating -- -- -- --


Name : Douglas Joseph Hauser Auditor Mark M. Harnden CPA PCPhone : (714) 571-1864 Actuary Milliman Inc.Fax : (714) 571-1863 CEO --Email : [email protected] CFO --

President Jack Mease Norton


Net Yield on Invested Assets 2.14 1.77 1.75 2.49 2.65Net Investment Income/Earned Premiums 6.64 7.10 9.90 21.43 26.16Return on Average Equity (C&S) -6.50 -5.77 -46.42 16.47 -2.98Return on Avg Assets -3.04 -3.05 -23.70 7.72 -1.45Loss and LAE Ratio 83.17 74.83 194.30 87.89 122.52Expense Ratio 50.03 70.15 75.61 113.57 15.23Loss Ratio 38.13 30.30 105.91 2.06 33.66Combined Ratio 133.20 144.98 269.91 201.46 137.76Operating Ratio 126.55 137.88 260.01 180.03 111.60Investment ratio 6.64 7.10 9.90 21.43 26.16


Cash, Short-Term Investments / Liabilities 6.17 19.28 18.27 24.97 22.96Bonds: Liquid Investments/ Liabilities (%) 167.06 203.17 165.41 187.19 198.05Cash & Short-Term Investments / C&S 6.47 16.05 25.19 25.58 20.38Liabilities/ Invested Assets 59.00 49.00 60.00 53.00 50.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 190.35 219.09 176.84 206.51 200.92Cash From Underwriting ($000) -2,352 -2,031 -2,598 -2,620 -1,239Net Cash From Operations ($000) -1,746 -1,198 -2,279 -2,304 -899Underwriting Cash Flow Ratio 65.82 58.28 47.23 19.79 45.51Operating Cash Flow Ratio 62.55 49.31 47.23 19.79 45.76Unassigned Funds / Total Assets 5.12 5.80 -15.37 -21.29 -25.23


GPW to Policyholders' Surplus3 900 --- 50 18 26NPW to Policyholders' Surplus 300 --- 37 13 24Change in Net Premiums Written 33 -33 -24 -67* 82*Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 184* 228* 129*


MSA: Los Angeles-Long Beach-Anaheim, CA (Metro)

Distribution Channel: Broker, General Agnt/Managing General Agnt

59.0

49.0

60.0

53.050.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2011Y 2012Y 2013Y 2014Y 2015Y


133.2145.0

269.9

201.5

137.8

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 45.04 44.53 88.39 85.83 88.87 Gross Change in Policyholders' Surplus 50 -10 -34* -5 -3Net Commission Ratio 5.69 3.63 1.89 0.00 2.80 Net Change in Adj Policyholders' Surplus 25 -10 -35* -5 -3Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 60 53 50Tax, License & Fees Ratio 2.68 2.84 3.41 2.10 1.74 Agents' Bal to Policyholders' Surplus 40 --- 0 0 1Admin & Other Expense Ratio 41.67 63.68 70.31 111.47 10.69 1-Yr Resv Dev to Policyholders' Surplus 20 --- 6 -8 -4Gross Premiums Written ($000)3 4,524 2,754 2,578 882 1,216 2-Yr Resv Dev to Policyholders' Surplus 20 --- 0 7 -19Loss & Loss Adj Expense ($000) 4,091 2,621 4,436 1,103 1,105 Est Curr Resv Defi/Policyholders' Surplus 25 --- -56 -38 -27Other Underwriting Exp Incurred ($000) 2,084 1,737 1,424 708 173 *Indicates an unusual value.Net Underwriting Gains ($000) -1,256 -855 -3,577 -556 -376 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 92.07 89.89 73.07 70.66 93.43 complements of each ratio.Effective Tax Rate NM 0.00 0.00 0.00 NM

Pre-Tax Operating Margin -17.63 -13.43 -133.56 -18.82 -12.33 GROWTH RATES & TRENDS (%) 2011Y 2012Y 2013Y 2014Y 2015Y

Admitted Assets Growth -10.35 -14.51 -14.93 -18.78 -9.61

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth -14.94 -24.13 8.51 -29.09 -15.99

Reinsurance Recoverable ex US Aff 50 105 127 42 77 Net Premiums Written Growth -22.86 -40.55 -23.93 -66.91 82.24Retention Ratio (NPW/GPW) (%)3 92.07 89.89 73.07 70.66 93.43 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 -11.31 -8.54 20.71 -25.71 -14.15Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -19.18 -39.11 -6.42 -65.78 37.84Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR -3.57 -10.43 -7.67 -11.73 -16.04

Capital & Surplus Five-year CAGR 1.27 -0.24 -8.05 -11.78 -11.25Admitted Assets Five-year CAGR -1.39 -5.69 -7.83 -11.75 -13.70





ACL RBC Ratio (%) (TAC/ACL RBC) 906.46 962.84 573.39 907.94 1,263.99


Loss & Loss Adj Exp Reserves Growth -11.31 -8.54 20.71 -25.71 -14.15 Net Realized Capital Gains Less Taxes 171 45 62 1,166 81 Yr Loss Reserve Dev / 1Y Prior C&S 2.37 -3.78 5.68 -8.34 -4.04 Net Chg in Unrlzd Cap Gains Less Taxes 4 150 221 -1,113 -12Two Yr Loss Reserve Dev Total/ PHS 17.16 -3.70 -0.31 6.90 -19.01 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 118.50 144.64 223.24 410.94 459.88 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE 4.16 -8.84 19.49 -34.10 -21.95 Net Premiums Written / Avg C&S (%) 51.37 30.30 26.58 11.68 24.49IBNR/ Total Reserves 53.56 54.82 42.43 52.31 47.49 Liabilities / Capital & Surplus (%) 104.90 83.27 137.84 102.43 88.77Reserves/ Equity 64.06 61.31 112.90 87.90 77.84 Total Reins Recov Excl US Aff / C&S (%) 0.61 1.34 2.47 0.86 1.62



453.2481.4

286.7

454.0

632.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2011Y 2012Y 2013Y 2014Y 2015Y




92.1 89.9

73.1 70.7

93.4

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2011Y 2012Y 2013Y 2014Y 2015Y



Ponce De Leon LTC RRG Inc. (Orange, CA)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 11,668 9,579 7,203 7,088 6,403 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 0 Commercial P&C Direct Premiums 4,524 2,754 2,578 882 1,216Common Stocks 2,161 2,413 3,208 1,051 977 Accident & Health Direct Premiums 0 0 0 0 0

First Lien Real Estate Loans 0 0 0 0 0 Direct Premiums Written 4,524 2,754 2,578 882 1,216Real Estate Loans Less First Liens 0 0 0 0 0

Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -359 -278 -694 -259 -80Occupied Properties 0 0 0 0 0 Net Premiums Written 4,165 2,476 1,884 623 1,136Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -753 -1,026 -400 -632 234Properties for Sale 0 0 0 0 0 Net Premiums Earned 4,918 3,502 2,283 1,255 902

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 530 1,257 1,293 1,253 968 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 14,359 13,249 11,704 9,393 8,348 Comm'l: Losses Paid Less Salvage 2,652 1,507 1,752 1,268 945Premiums & Considerations Due 782 105 8 14 56 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 537 316 0 0 3 Losses Paid Less Salvage 2,652 1,507 1,752 1,268 945All Other Admitted Assets 1,111 682 497 510 556 Loss Adj Expenses Paid 2,108 1,562 1,690 1,325 769Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 16,789 14,352 12,209 9,916 8,963 Comm'l: Chg in Unpaid Net Losses -776 -445 666 -1,242 -642

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 107 -3 329 -248 32

Unpaid Losses 4,441 3,996 4,662 3,420 2,778 Total Chg in Loss & LAE Reserves -669 -448 994 -1,490 -609Unpaid Loss Adj Expenses 808 805 1,133 885 918 Losses and LAE Incurred 4,091 2,621 4,436 1,103 1,105

Loss & Loss Adj Exp Reserves 5,249 4,801 5,795 4,306 3,696 Other Underwriting Expense Incurred 2,084 1,737 1,424 708 173Unearned Premiums 2,321 1,295 895 263 497 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 317 0 29 58 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 708 426 357 391 22 Net Underwriting Gain (Loss) -1,256 -855 -3,577 -556 -376Payable 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 6,174 4,358 5,861 1,811 1,278



Common Capital Stock 20 20 20 20 20 Net Realized Capital Gains Less Taxes 171 45 62 1,166 8Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 5,350 4,980 4,976 4,976 4,976 All Other Income 4 91 0 0 0Unassigned Surplus 859 832 -1,876 -2,111 -2,261 Income after cap gains (loss) before tax -754 -471 -3,289 879 -133Other Including Gross Contributed 1,965 1,999 2,013 2,013 2,013 Federal & Foreign Income Taxes -227 0 0 0 6

Capital & Surplus 8,194 7,831 5,133 4,899 4,748 Net Income -527 -471 -3,289 879 -138

Total Liabilities and C&S 16,789 14,352 12,209 9,916 8,963 Pre-tax Operating Income -925 -516 -3,351 -287 -140

Revenue 5,420 3,886 2,572 2,690 1,145Memo: Affiliated Investments ($000) Expenses Paid 4,349 3,628 3,583 2,050 956

Bonds 0 0 0 0 0





Net Investment Income 327 249 226 269 236 Class 6 0 0 0 0 0Realized Capital Gains 171 45 62 1,166 8N t Ch i U l d C G i L T 4 150 221 1 113 12 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 4 150 221 -1,113 -12Net Adm Cash & Invested Assets 14,359 13,249 11,704 9,393 8,348Affiliated Cash & Investments 0 0 0 0 0Carrying Value 11,668 9,579 7,203 7,088 6,403Preferred Stock 0 0 0 0 0Common Stock 2,161 2,413 3,208 1,051 977Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0



CMBS ExposureTotal: LT Bond, Com MBS 0 1,384 653 0 0


Municipal SecuritiesIssued States & Territories ($000) 0 0 0 0 0Issued Political Subdivisions ($000) 0 0 0 0 0Issued State Rev Obligations ($000) 1,941 1,787 1,137 355 0Issued Industrial Development ($000) 0 0 0 0 0


LT Bond 6,403 6,316 6,905 5,905 25,529Common Stock 977 977 933 -- 2,887Preferred Stock 0 0 0 -- 0Total 7,380 7,293 7,838 5,905 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. Florida 1,216 1. Med Prof Liab 914 Cash/Invested Assets 3.69 9.49 11.05 13.34 11.592. Alaska 0 2. Oth, Prod Liab Cmbnd 302 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



Market Share Ratio 0.00 0.00 0.00 0.00 0.00 Rec from parent,sub or aff./Total Assets 0.00 0.00 0.00 0.00 0.00DPW 5 Yr CAGR -7.23 -15.50 -14.39 -29.85 -26.31 All other admitted assets/Total Assets 6.61 4.75 4.07 5.14 6.21National DPW ($000) 4,524 2,754 2,578 882 1,216 Invested Assets/Total Assets 85.53 92.32 95.86 94.72 93.13Adjusted Loss Ratio 38.57 23.12 82.70 1.65 30.11 Investment Income/Total Assets 1.95 1.73 1.85 2.71 2.63





Other Invstmts - 11.6%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Florida - 100.0% Alaska - 0.0% Alabama - 0.0%





Sigma RRG Inc. (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

c/o Aon Risk Services, Inc. NAIC Company Code : 13557 Total Assets 10,992 13,162 14,650 16,195 17,1711120 20th Street, NW Business Focus : Commercial Medical Malpractice Focus Policyholder Surplus 4,592 5,461 5,642 6,461 6,712Washington, DC 20036-3406 Geographic Focus: Regional - Northeastern Quadrant Total Liabilities 6,400 7,701 9,007 9,734 10,459






Name : Emi Swaim Auditor Saslow Lufkin & Buggy LLPPhone : (202) 862-5339 Actuary Aon Global Risk ConsultingFax : (847) 953-3462 CEO Richard A. Graciano Jr.Email : [email protected] CFO --

President Ross J. Nese


Net Yield on Invested Assets -0.12 0.91 1.55 2.42 -0.41Net Investment Income/Earned Premiums -0.35 3.68 7.39 12.23 -2.19Return on Average Equity (C&S) 17.07 10.80 5.71 10.18 3.90Return on Avg Assets 6.90 4.75 2.44 4.17 1.59Loss and LAE Ratio 48.61 58.93 74.06 67.28 75.13Expense Ratio 11.88 10.88 12.09 10.03 11.94Loss Ratio 37.58 37.05 41.74 27.39 43.24Combined Ratio 60.49 69.81 86.15 77.31 87.07Operating Ratio 60.84 66.13 78.76 65.08 89.26Investment ratio -0.35 3.68 7.39 12.23 -2.19


Cash, Short-Term Investments / Liabilities 119.35 123.75 43.12 87.20 92.74Bonds: Liquid Investments/ Liabilities (%) 131.81 135.23 144.53 196.85 133.00Cash & Short-Term Investments / C&S 166.33 174.50 68.83 131.39 144.51Liabilities/ Invested Assets 76.00 74.00 59.00 57.00 59.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 134.89 140.58 134.19 141.32 139.99Cash From Underwriting ($000) 1,628 1,691 1,673 1,023 1,525Net Cash From Operations ($000) 1,044 1,592 1,461 1,112 1,267Underwriting Cash Flow Ratio 281.02 438.11 300.77 166.59 231.30Operating Cash Flow Ratio 345.13 462.10 330.16 173.75 265.25Unassigned Funds / Total Assets 11.69 13.80 14.56 16.97 17.47


GPW to Policyholders' Surplus3 900 --- 45 42 37NPW to Policyholders' Surplus 300 --- 45 42 37Change in Net Premiums Written 33 -33 9 6 -9Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 73 72 77




76.0 74.0

59.0 57.0 59.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2011Y 2012Y 2013Y 2014Y 2015Y


60.5

69.8

86.2

77.3

87.1

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio 11.03 21.88 32.32 39.89 31.89 Gross Change in Policyholders' Surplus 50 -10 3 14 4Net Commission Ratio 0.00 0.00 0.00 0.00 0.00 Net Change in Adj Policyholders' Surplus 25 -10 6 11 4Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 59 57 59Tax, License & Fees Ratio 2.90 2.69 4.00 2.60 2.85 Agents' Bal to Policyholders' Surplus 40 --- 0 0 0Admin & Other Expense Ratio 8.98 8.18 8.09 7.43 9.08 1-Yr Resv Dev to Policyholders' Surplus 20 --- -10 -5 -8Gross Premiums Written ($000)3 2,351 2,344 2,545 2,697 2,462 2-Yr Resv Dev to Policyholders' Surplus 20 --- -17 -6 -10Loss & Loss Adj Expense ($000) 1,234 1,384 1,744 1,721 2,012 Est Curr Resv Defi/Policyholders' Surplus 25 --- -46 -14 -20Other Underwriting Exp Incurred ($000) 279 255 308 270 294 *Indicates an unusual value.Net Underwriting Gains ($000) 1,025 709 303 567 372 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 100.00 100.00 100.00 100.00 100.00 complements of each ratio.Effective Tax Rate 35.30 33.68 34.00 33.79 32.16



REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth 1.72 20.32 16.97 8.07 7.44

Reinsurance Recoverable ex US Aff 0 0 0 0 0 Net Premiums Written Growth -17.49 -0.28 8.57 5.96 -8.70Retention Ratio (NPW/GPW) (%)3 100.00 100.00 100.00 100.00 100.00 Pre-Tax Operating Income Growth 23.74 -21.65 -40.03 84.24 -64.37Reinsurance Recoverable/Total Excl US Aff NA NA NA NA NA Net Income Growth 23.21 -18.87 -40.44 94.53 -59.15Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth 17.72 28.51 24.05 7.13 16.39Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -17.49 -0.28 8.57 5.96 -8.70Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 13.32 15.03 15.42 12.48 10.70






ACL RBC Ratio (%) (TAC/ACL RBC) 779.62 720.28 1,077.70 938.38 895.65


Loss & Loss Adj Exp Reserves Growth 17.72 28.51 24.05 7.13 16.39 Net Realized Capital Gains Less Taxes -4 5 2 50 571 Yr Loss Reserve Dev / 1Y Prior C&S -23.21 -13.37 -9.83 -5.19 -8.50 Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Two Yr Loss Reserve Dev Total/ PHS -6.47 -38.27 -17.46 -6.04 -9.64 Dividends to Stockholders 0 0 0 0 0Loss and LAE Reserves / NPE 161.72 205.51 253.38 278.74 290.93 Stockholder Dividends/ Net Income (%) 0.00 0.00 0.00 0.00 0.001 Yr Loss Reserve Development / NPE -32.31 -26.14 -22.80 -11.45 -20.50 Net Premiums Written / Avg C&S (%) 61.30 47.64 45.93 44.62 38.21IBNR/ Total Reserves 52.16 48.49 45.85 49.95 51.84 Liabilities / Capital & Surplus (%) 139.37 141.01 159.63 150.67 155.82Reserves/ Equity 88.45 95.58 114.75 107.37 120.29 Total Reins Recov Excl US Aff / C&S (%) 0.00 0.00 0.00 0.00 0.00



389.8360.1

538.9

469.2 447.8

0

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2,000

3,000

4,000

5,000

6,000

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8,000

2011Y 2012Y 2013Y 2014Y 2015Y




100.0 100.0 100.0 100.0 100.0

2,100

2,200

2,300

2,400

2,500

2,600

2,700

2,800

2011Y 2012Y 2013Y 2014Y 2015Y



Sigma RRG Inc. (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

Assets RevenueBonds 283 133 124 77 52 Personal P&C Direct Premiums 0 0 0 0 0Preferred Stocks 0 0 0 0 81 Commercial P&C Direct Premiums 2,351 2,344 2,545 2,697 2,462Common Stocks 514 751 7,223 4,161 4,073 Accident & Health Direct Premiums 0 0 0 0 0


Total Mortgage Loans 0 0 648 633 618 Net Reinsurance Premiums5 0 0 0 0 0Occupied Properties 0 0 0 0 0 Net Premiums Written 2,351 2,344 2,545 2,697 2,462Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -187 -4 190 139 -216Properties for Sale 0 0 0 0 0 Net Premiums Earned 2,538 2,349 2,355 2,558 2,678

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 7,638 9,530 3,884 8,488 9,700 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 8,436 10,414 11,879 13,359 14,523 Comm'l: Losses Paid Less Salvage 343 50 86 629 191Premiums & Considerations Due 2,192 2,345 2,385 2,523 2,300 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 343 50 86 629 191All Other Admitted Assets 364 403 386 312 348 Loss Adj Expenses Paid 279 176 462 631 685Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 10,992 13,162 14,650 16,195 17,171 Comm'l: Chg in Unpaid Net Losses 611 820 897 72 967

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves 1 338 299 390 170

Unpaid Losses 2,861 3,681 4,578 4,651 5,618 Total Chg in Loss & LAE Reserves 611 1,158 1,196 462 1,137Unpaid Loss Adj Expenses 1,201 1,538 1,896 2,286 2,456 Losses and LAE Incurred 1,234 1,384 1,744 1,721 2,012

Loss & Loss Adj Exp Reserves 4,062 5,220 6,475 6,937 8,074 Other Underwriting Expense Incurred 279 255 308 270 294Unearned Premiums 2,192 2,188 2,378 2,517 2,301 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 0 0 0 0 0 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 137 118 82 77 85 Net Underwriting Gain (Loss) 1,025 709 303 567 372Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 0 0 0 0 0Other Liabilities 9 175 72 205 0 Total underwriting deductions 1,513 1,639 2,052 1,992 2,306


Income ($000)Total Capital and Surplus Net Investment Income -9 87 174 313 -59

Common Capital Stock 3,308 3,645 3,510 3,713 3,713 Net Realized Capital Gains Less Taxes -4 5 2 50 57Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 1,285 1,816 2,132 2,748 2,999 Income after cap gains (loss) before tax 1,012 801 479 930 371Other Including Gross Contributed 0 0 0 0 0 Federal & Foreign Income Taxes 357 270 163 314 119


Total Liabilities and C&S 10,992 13,162 14,650 16,195 17,171 Pre-tax Operating Income 1,016 796 477 879 313

Revenue 2,525 2,440 2,532 2,921 2,677Memo: Affiliated Investments ($000) Expenses Paid 565 579 699 947 1,015

Bonds 0 0 0 0 0


Common Stocks 0 0 0 0 0 Investment GradeMortgage Loans 0 0 0 0 0 Class 1 283 133 1,911 6,513 138Cash & Short Term Investments 0 0 0 0 0 Class 2 0 0 0 0 0All Other Investments 0 0 0 0 0 Non - Investment Grade



Net Investment Income -9 87 174 313 -59 Class 6 0 0 0 0 0Realized Capital Gains -4 5 2 50 57N t Ch i U l d C G i L T 0 0 0 0 0 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 0 0 0 0 0Net Adm Cash & Invested Assets 8,436 10,414 11,879 13,359 14,523Affiliated Cash & Investments 0 0 0 0 0Carrying Value 283 133 1,911 6,513 138Preferred Stock 0 0 0 0 81Common Stock 514 751 7,223 4,161 4,073Mortgage Loans Book Value 0 0 648 633 618Real Estate Book Value 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) 0.00 0.00 0.00 0.00 0.00Privately Placed Bonds / C&S (%) 0.00 0.00 0.00 0.00 0.00Bonds Rated 3-6 / Total Bonds (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Foreclosure / Total (%) NA NA 0.00 0.00 0.00Mortgages in Foreclosure / C&S (%) 0.00 0.00 0.00 0.00 0.00Mortgages in Good Standing / Total (%) NA NA 100.00 100.00 100.00Real Estate Occupied / Total (%) NA NA NA NA NA






LT Bond 52 52 51 50 204Common Stock 4,073 4,073 3,842 -- 11,987Preferred Stock 81 81 80 -- 242Total 4,205 4,205 3,973 50 --



Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 1.211. Pennsylvania 2,462 1. Med Prof Liab 2,462 Cash/Invested Assets 90.55 91.51 32.69 63.54 66.792. Alaska 0 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 11.48 9.80 9.203. Alabama 0 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA 0.00 0.00 0.004. Arkansas 0 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 5.45 4.74 4.255. 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 -8.08 4.93 -2.88 All other admitted assets/Total Assets 3.31 3.06 2.63 1.93 2.03National DPW ($000) 2,351 2,344 2,545 2,697 2,462 Invested Assets/Total Assets 76.74 79.12 81.09 82.49 84.58Adjusted Loss Ratio 37.58 37.05 41.74 27.39 43.24 Investment Income/Total Assets -0.08 0.66 1.19 1.93 -0.34





Other Invstmts - 66.8%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


Pennsylvania - 100.0% Alaska - 0.0%

Alabama - 0.0% Arkansas - 0.0%

Arizona - 0.0% All other - 0.0%




Spirit Mountain Ins Co RRG Inc (Washington, DC)Address and Geographic Business Profile HIGHLIGHTS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y

2233 Wisconsin Avenue, NW NAIC Company Code : 10754 Total Assets 6,200 5,697 6,463 6,457 6,554Suite 310 Business Focus : Commercial General Liability Focus Policyholder Surplus 2,843 2,885 3,242 3,335 3,594Washington, DC 20007-4104 Geographic Focus: National Total Liabilities 3,357 2,812 3,221 3,122 2,960






Name : Charles Halstead-Johnson Auditor Saslow Lufkin & Buggy LLPPhone : (802) 479-7801 Actuary Milliman Inc.Fax : (802) 223-3911 CEO --Email : [email protected] CFO --

President Roberta Renzi


Net Yield on Invested Assets 0.50 0.31 0.26 0.23 0.19Net Investment Income/Earned Premiums 1.44 0.76 0.70 0.62 0.58Return on Average Equity (C&S) 1.48 1.98 13.03 2.87 9.01Return on Avg Assets 0.68 0.94 6.32 1.47 4.80Loss and LAE Ratio -3.39 6.83 -12.36 -0.05 -11.92Expense Ratio 65.55 66.24 58.73 52.59 61.70Loss Ratio -2.48 4.84 -10.64 -0.16 -9.83Combined Ratio 100.42 100.33 74.32 86.51 82.94Operating Ratio 98.98 99.58 73.62 85.89 82.36Investment ratio 1.44 0.76 0.70 0.62 0.58


Cash, Short-Term Investments / Liabilities 126.10 124.04 145.81 140.50 170.85Bonds: Liquid Investments/ Liabilities (%) 180.38 193.99 195.07 206.30 229.86Cash & Short-Term Investments / C&S 148.86 120.92 144.85 131.55 140.67Liabilities/ Invested Assets 58.00 52.00 52.00 50.00 47.00Affiliated Investments / Capital & Surplus 0.00 0.00 0.00 0.00 0.00Reserve coverage2 258.39 250.13 296.91 306.59 355.90Cash From Underwriting ($000) 838 145 1,514 957 856Net Cash From Operations ($000) 269 -371 893 -23 168Underwriting Cash Flow Ratio 165.29 108.76 232.38 189.80 172.82Operating Cash Flow Ratio 144.79 73.42 147.12 136.10 112.75Unassigned Funds / Total Assets 39.41 43.62 43.98 45.45 48.74


GPW to Policyholders' Surplus3 900 --- 77 76 68NPW to Policyholders' Surplus 300 --- 66 67 57Change in Net Premiums Written 33 -33 -1 3 -8Surplus Aid to Policyholders' Surplus 15 --- 0 0 0Two-Year Overall Operating Ratio 100 --- 87 80 84




58.0

52.0 52.0 50.047.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011Y 2012Y 2013Y 2014Y 2015Y


100.4 100.3

74.3

86.5 82.9

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2011Y 2012Y 2013Y 2014Y 2015Y



Loss Adjustment Expense Ratio -0.91 1.99 -1.72 0.11 -2.09 Gross Change in Policyholders' Surplus 50 -10 12 3 8Net Commission Ratio 46.22 37.92 46.62 40.15 45.73 Net Change in Adj Policyholders' Surplus 25 -10 12 3 8Salaries & Benefits Ratio 0.00 0.00 0.00 0.00 0.00 Liabilities to Liquid Assets 100 --- 52 50 47Tax, License & Fees Ratio 6.05 5.49 4.56 4.24 4.98 Agents' Bal to Policyholders' Surplus 40 --- 0 1 0Admin & Other Expense Ratio 13.28 22.84 7.54 8.20 10.99 1-Yr Resv Dev to Policyholders' Surplus 20 --- -43 -30 -36Gross Premiums Written ($000)3 2,717 2,501 2,503 2,529 2,427 2-Yr Resv Dev to Policyholders' Surplus 20 --- -51 -55 -46Loss & Loss Adj Expense ($000) -66 150 -265 -1 -244 Est Curr Resv Defi/Policyholders' Surplus 25 --- -33 -33 -31Other Underwriting Exp Incurred ($000) 1,246 1,430 1,261 1,167 1,257 *Indicates an unusual value.Net Underwriting Gains ($000) 780 621 1,151 1,072 1,038 NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the Retention Ratio 70.00 86.29 85.77 87.70 83.92 complements of each ratio.Effective Tax Rate 30.77 20.49 28.09 70.53 15.72


Admitted Assets Growth -2.20 -8.11 13.44 -0.09 1.51

REINSURANCE ANALYSIS ($000) 2011Y 2012Y 2013Y 2014Y 2015Y Total Liabilities Growth -5.62 -16.22 14.52 -3.06 -5.21

Reinsurance Recoverable ex US Aff 295 624 47 208 218 Net Premiums Written Growth -8.80 13.51 -0.55 3.33 -8.17Retention Ratio (NPW/GPW) (%)3 70.00 86.29 85.77 87.70 83.92 Pre-Tax Operating Income Growth -93.32 -35.73 1,406.86 -42.48 13.73Reinsurance Recoverable/Total Excl US Aff 0.00 0.00 0.00 0.00 0.00 Net Income Growth -92.79 33.98 593.39 -75.54 226.90Nonaffiliated Reins Assumed / GPW (%) 0.00 0.00 0.00 0.00 0.00 Loss & Loss Adj Exp Reserves Growth -16.63 5.65 -15.62 -0.36 -15.25Reinsurance Payable on Losses, LAE 0 0 0 0 0 Direct Premiums Written Growth -8.80 -7.92 0.05 1.06 -4.03Reinsurance on Known Case Reserves 0 0 0 0 0 Total Liabilities Five-year CAGR 5.91 -5.15 -0.53 -0.32 -3.61








Loss & Loss Adj Exp Reserves Growth -16.63 5.65 -15.62 -0.36 -15.25 Net Realized Capital Gains Less Taxes 2 33 -23 -2 01 Yr Loss Reserve Dev / 1Y Prior C&S -44.16 -32.71 -42.98 -30.07 -35.54 Net Chg in Unrlzd Cap Gains Less Taxes 18 -15 -8 -3 -7Two Yr Loss Reserve Dev Total/ PHS -75.82 -49.79 -50.50 -55.39 -45.58 Dividends to Stockholders 0 0 -25 0 -45Loss and LAE Reserves / NPE 96.73 82.35 87.34 74.61 76.37 Stockholder Dividends/ Net Income (%) 0.00 0.00 6.41 0.00 14.521 Yr Loss Reserve Development / NPE -62.70 -42.25 -57.77 -43.58 -57.78 Net Premiums Written / Avg C&S (%) 66.80 76.06 71.68 66.66 58.80IBNR/ Total Reserves 78.78 79.89 79.78 80.00 78.82 Liabilities / Capital & Surplus (%) 118.05 97.48 99.34 93.63 82.34Reserves/ Equity 63.44 66.06 49.60 48.05 37.78 Total Reins Recov Excl US Aff / C&S (%) 10.37 21.63 1.45 6.24 6.06



256.0231.7

305.3

344.0 344.8

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011Y 2012Y 2013Y 2014Y 2015Y




86.3 85.8 87.7 83.9

0

500

1,000

1,500

2,000

2,500

3,000

2011Y 2012Y 2013Y 2014Y 2015Y



Spirit Mountain Ins Co RRG Inc (Washington, DC)BALANCE SHEET ($000) 2011Y 2012Y 2013Y 2014Y 2015Y INCOME STATEMENT ($000) 2011Y 2012Y 2013Y 2014Y 2015Y



Total Mortgage Loans 0 0 0 0 0 Net Reinsurance Premiums5 -815 -343 -356 -311 -390Occupied Properties 0 0 0 0 0 Net Premiums Written 1,902 2,158 2,147 2,218 2,037Income Generating Properties 0 0 0 0 0 Calculated Change in Unearned Premiums -59 -43 0 -19 -14Properties for Sale 0 0 0 0 0 Net Premiums Earned 1,960 2,201 2,146 2,237 2,051

Total Real Estate 0 0 0 0 0 Net Adm Cash,Cash Equi, Short-Term Inv 4,233 3,488 4,696 4,387 5,056 Underwriting Deductions ($000)Other Investments 0 0 0 0 0 Personal: Losses Paid Less Salvage 0 0 0 0 0Subtotals, Cash & Invested Assets 5,789 5,414 6,237 6,206 6,308 Comm'l: Losses Paid Less Salvage 15 30 9 0 0Premiums & Considerations Due 6 1 9 24 7 Cmbnd A&H: Losses Paid Less Salvage 0 0 0 0 0Reinsurance Recoverable 0 0 0 0 0 Losses Paid Less Salvage 15 30 9 0 0All Other Admitted Assets 405 282 216 227 239 Loss Adj Expenses Paid 7 18 23 5 0Separate & Seg Accts 0 0 0 0 0 Personal: Chg in Unpaid Net Losses 0 0 0 0 0Total Net Admitted Assets 6,200 5,697 6,463 6,457 6,554 Comm'l: Chg in Unpaid Net Losses -64 77 -237 -4 -202

Cmbnd A&H: Chg in Unpaid Net Losses 0 0 0 0 0Liabilities Chg in Loss Adj Exp Reserves -25 25 -60 -2 -43

Unpaid Losses 1,446 1,523 1,285 1,282 1,080 Total Chg in Loss & LAE Reserves -88 102 -298 -6 -244Unpaid Loss Adj Expenses 358 383 323 320 278 Losses and LAE Incurred -66 150 -265 -1 -244

Loss & Loss Adj Exp Reserves 1,804 1,906 1,608 1,602 1,358 Other Underwriting Expense Incurred 1,246 1,430 1,261 1,167 1,257Unearned Premiums 551 508 509 490 476 Other Underwriting Deductions 0 0 0 0 0Total Reinsurance Liabilities 235 -124 394 212 191 Net Income Protected Cells 0 0 0 0 0Commissions, Other Exp & Taxes 372 181 324 429 515 Net Underwriting Gain (Loss) 780 621 1,151 1,072 1,038Payable to Parent, Subs & Affiliates 0 0 0 0 0 Dividends To Policyholders 750 600 600 760 680Other Liabilities 396 342 386 389 420 Total underwriting deductions 1,180 1,580 995 1,165 1,012



Common Capital Stock 100 100 100 100 100 Net Realized Capital Gains Less Taxes 2 33 -23 -2 0Preferred Capital Stock 0 0 0 0 0 Finance Service Charges 0 0 0 0 0Surplus Notes 0 0 0 0 0 All Other Income 0 0 0 0 0Unassigned Surplus 2,443 2,485 2,842 2,935 3,194 Income after cap gains (loss) before tax 61 71 543 324 370Other Including Gross Contributed 300 300 300 300 300 Federal & Foreign Income Taxes 19 15 152 228 58


Total Liabilities and C&S 6,200 5,697 6,463 6,457 6,554 Pre-tax Operating Income 58 38 566 326 370


Bonds 0 0 0 0 0





Net Investment Income 28 17 15 14 12 Class 6 0 0 0 0 0Realized Capital Gains 2 33 -23 -2 0N t Ch i U l d C G i L T 18 15 8 3 7 Investment Portfolio (%) 2015 Bonds Rated 3 6 / Total Bonds (%)Net Chg in Unrlzd Cap Gains Less Taxes 18 -15 -8 -3 -7Net Adm Cash & Invested Assets 5,789 5,414 6,237 6,206 6,308Affiliated Cash & Investments 0 0 0 0 0Carrying Value 1,822 1,967 1,587 2,054 1,746Preferred Stock 0 0 0 0 0Common Stock 0 0 0 0 0Mortgage Loans Book Value 0 0 0 0 0Real Estate Book Value 0 0 0 0 0










Rank and States DPW ($000) Rank and LOBs DPW ($000) Preferred Stocks / C&S 0.00 0.00 0.00 0.00 0.001. California 263 1. Oth, Prod Liab Cmbnd 2,427 Cash/Invested Assets 73.12 64.43 75.29 70.69 80.162. Florida 156 2. Acc & Health 0 Mortgage & Real Estate / C&S 0.00 0.00 0.00 0.00 0.003. Texas 155 3. Aircraft 0 Mortgages in Foreclosure/Mortgages NA NA NA NA NA4. Pennsylvania 121 4. Comm'l Auto St 0 Mortgages Loans/Invested Assets 0.00 0.00 0.00 0.00 0.005. Ohio 95 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 -0.72 -2.46 -3.68 -3.20 -4.01 All other admitted assets/Total Assets 6.53 4.95 3.35 3.52 3.64National DPW ($000) 2,717 2,501 2,503 2,529 2,427 Invested Assets/Total Assets 93.37 95.03 96.51 96.11 96.25Adjusted Loss Ratio -1.26 5.08 -14.91 -0.27 -11.90 Investment Income/Total Assets 0.46 0.29 0.23 0.22 0.18





Other Invstmts - 80.2%0.00 0.20 0.40 0.60 0.80 1.00

2011Y

2012Y

2013Y

2014Y

2015Y


California - 10.8% Florida - 6.4% Texas - 6.4%

Pennsylvania - 5.0% Ohio - 3.9% All other - 67.5%




®

®

1985Founded by Joseph L. Petrelli and Sharon M. Romano Petrelli to serve the financial analysis and actuarial services needs of regional and specialty insurers.1986First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).1987First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process.1989First to review and rate independent regional and specialty insurance companies.First to have Property & Casualty insurance company rating process formally reviewed and accepted by Fannie Mae. An FSR of A or better eliminates the need for property insurance cut-through endorsements.1990First to have Property & Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.Began offering Property & Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.Responded to the National Association of Insurance Commissioners requirements for Property & Casualty insurers to submit Statements of Actuarial Opinion related to loss and loss adjustment expense reserves concurrent with the 1990 Property & Casualty annual statement.1992First to analyze the financial position of each Title underwriter in the industry.1993First to have Property & Casualty insurance company rating process formally reviewed and accepted by HUD.1994Fannie Mae issued Title underwriter acceptance guidelines, naming Demotech as an approved Title underwriter rating service.1995First to promulgate Commercial Real Estate Recommendations to provide financial due diligence of Title underwriters involved in larger real estate transactions.1996Contacted by the Florida Office of Insurance Regulation when the property insurance market required newly established insurers to obtain ratings. Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies.Coordinated the first seminar regarding the implementation of statements of actuarial opinion for Title underwriters on behalf of the Conference of Consulting Actuaries.1999Co-authored the Commerce Clearing House publication describing the evolution of the Canadian Title insurance industry.2001Completed the initial loss and loss adjustment expense review of the Iowa Finance Authority – Title Guaranty Division.2002Revitalized the Ohio Title Insurance Rating Bureau, Inc. (OTIRB).2003Auto-Owners Insurance Group made umbrella insurance available to insurers earning an FSR of A or better.Assisted the North Carolina Title Insurance Rating Bureau with the development and filing of Closing Services coverage.Assisted OTIRB with its first rate revision since 1980.2004Published Serious about Solvency – Financial Stability Rating® Survival Rates 1989 through 2004.

Introduced Demotech Performance of Title Insurance Companies and Quarterly Updates, presenting consolidated statutory financial information for the Title insurance industry.2005HUD approved Demotech’s rating process for general and professional liability insurance under Notice H04-15, Professional Liability Insurance for Section 232 and 223(f) Programs.2006Joseph L. Petrelli, ACAS, MAAA, FCA, authored What We’ve Got Here Is a Failure to Communicate – How Traditional Financial Reporting Contributes to Misunderstanding of Title Insurance Loss Activity.2007Demotech introduced its Company Classification System.Demotech designated as the Official Research Partner of Insurance Journal. Expanded operations into a larger facility reflecting our increased capacity to serve our clients.2008Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage.2009Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.2010Celebrated 25th Anniversary.2011The Florida State University published “A Comprehensive Examination of Insurer Financial Strength Ratings” comparing and contrasting Demotech to A.M. Best, Moody’s, Standard & Poor’s and Fitch.2012Financial Stability Ratings® added to SNL Financial’s products, www.snl.com. 2013A leading insurance agents’ errors and omissions insurance carrier retained Demotech to perform a financial due diligence on the carriers that request an extension of insolvency coverage.Introduced Stakeholder Team Accomplishment Recognition™ Award to identify Property & Casualty insurers that successfully addressed the diverse needs of all corporate stakeholders.2014Achieved the milestone of more than 400 insurance entities being actively reviewed, rated and monitored.Fannie Mae MultiFamily accepted captive insurers and risk retention groups rated A or better by Demotech as regards professional and general liability insurance coverage for senior housing facilities.Nominated for Intelligent Insurer Global Award – Best Rating Agency.ACQ Global Award – Niche Insurer Rating Service – US.ACQ Law Award – Niche Lawyer of the Year – US to W. Burke Coleman, Esquire, Demotech’s Legal Counsel and Compliance Manager.2015Celebrated 30th Anniversary.ACQ Global Award – Niche Insurer Rating Service – US.Financial Monthly – Innovation and Excellence Award for Financial Analysis.ACQ Global Award – US – Gamechanger of the Year (Financial Analysis).On behalf of Demotech, Inc., Joseph Petrelli and Sharon Romano received the Founder’s Award from the Florida Association for Insurance Reform.Nominated as Rating Agency of the Year – Reactions North America Awards Banquet.Published inaugural issue of The Demotech Difference. Corporate Vision – Corporate Excellence Awards 2015 – Best Evaluator of US Regional & Specialty Insurers and Sustained Excellence in Insurer Financial Analysis.

Demotech Milestones

®

Demotech, Inc.2715 Tuller Parkway

Dublin, OH 43017-2310www.demotech.com

Demotech, Inc.By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc. Company Information and...

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Transcript of Demotech, Inc.By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc. Company Information and...