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www.demotech.com Volume 3 Issue 3

July 2013

Demotech, Inc. Analysis of Risk Retention Groups First Quarter 2013


Contents

Analysis of Risk Retention Groups

July 2013

Volume 3

Issue 3

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

3

Opening Remarks

FEATURED ARTICLE

5

RRGs Report Financially Stable Results at First Quarter 2013 By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc.

SPECIAL ANNOUNCEMENT

Risk Retention Reporter and Demotech

10 Partner to Release Supplemental Publication

INDUSTRY PERSPECTIVE INDUSTRY PERSPECTIVE

Relationships Common in 11 Affiliate Reinsuring RRGs - 2012 Update By Rachel Wilkins, Analyst, Demotech, Inc.

Purpose Driven Portfolio - Part 3 13 A By Josh Magden, Vice President of Insurance and Institutional Marketing, Sage Advisory Services

LEGAL PERSPECTIVE

of Risk Retention Group Members 15 ByLiability W. Burke Coleman, Esq., Legal Counsel and Compliance Manager, Demotech, Inc.

Information and 17 Company Financial Results of RRGs

Additional Analysis of RRGs Assigned

67 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.

ISSN 2168-7013 (online) Published July 10, 2013 COPYRIGHT© 2013 Demotech, Inc.

Special thank you to the following people for their contributions, comments and commitment: W. Burke Coleman | Legal Counsel and Compliance Manager, Demotech, Inc. James Cutts | Publisher, Risk Retention Reporter Joseph Deems | Executive Director, National Risk Retention Association Melissa-Anne Duncan | Executive Director, Insurance Industry Charitable Foundation Keith Enslow | Senior Program Manager, SNL Center for Financial Education Karrie Hyatt | Managing Editor, Risk Retention Reporter Barry Koestler | Chief Ratings Officer, Demotech, Inc. Josh Magden | Vice President of Insurance and Institutional Marketing, Sage Advisory Services Mechlin Moore | Communications Director, National Risk Retention Association Paul Osborne | Senior Consultant, Demotech, Inc. Rachel Wilkins | Analyst, Demotech, Inc.

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.

®


Opening Remarks

Analysis of Risk Retention Groups – First Quarter 2013 Welcome to the third issue of 2013. As noted in the last issue, based on feedback I have received, more financial statement results as well as more key performance ratios will be presented. Although we look at many other indicators and metrics, I believe this will give the reader a better understanding of some of the key indicators we assess in determining the financial stability of RRGs. Analysis of Risk Retention Groups – First Quarter 2013 contains expert analysis from Demotech, Inc. as well as perspective on other topics pertaining to RRGs from other industry experts. I would like to point out a special announcement on page 10: Demotech recently partnered with Risk Retention Reporter to create the Market Analysis and Financial Stability Supplement. The Supplement will add to this analysis and will include a review of the state of the RRG marketplace. Also, I will be presenting at the Society of Financial Examiners’ annual career development seminar on July 24th. In my presentation, Rating Process and Analysis of Property/Casualty Insurers, I will be discussing the qualitative and quantitative aspects of analyzing P/C insurers. As always, I hope you find this information applicable and informative. If you have any questions, comments or suggestions, please contact me at dpowell@demotech.com. Also, you can connect with me on LinkedIn, www.linkedin.com/in/powdoug. Thank you, nk you,

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

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®


RRGs Report Financially Stable Results at First Quarter 2013

Featured Article

Financial analysis of Risk Retention Groups based on reported historical results through first quarter 2013.

Douglas A Powell | Senior Financial Analyst, Demotech, Inc. In reviewing the reported financial results of risk retention groups (RRGs), one gets the impression that this is a group of insurers with a great deal of financial stability. Based on first quarter 2013 reported financial information, RRGs continue to effectively provide specialized coverage to their insureds. Over the past five years, RRGs have remained committed to maintaining adequate capital to handle losses. It is important to note that ownership of an RRG is restricted to the policyholders of the RRG. This unique ownership structure required of RRGs may be a driving force in the strengthened capital position exhibited by RRGs. 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. While RRGs have reported direct premium written in nine lines of business so far in 2013, more than 60 percent of this premium was in the medical professional liability lines. Balance Sheet Analysis Comparing the last five years of results, cash and invested assets, total net admitted assets and policyholders’ surplus have all continued to increase at a faster rate than total liabilities (figure 1). The level of policyholders’ surplus becomes increasingly important in times of difficult economic conditions, as properly capitalized insurers can remain solvent while facing uncertain economic conditions. Since first quarter 2009, cash and invested assets increased 44.4 percent and total net admitted assets increased 33.4 percent. More importantly, over a five year period from first quarter 2009 through first quarter 2013, RRGs collectively increased policyholders’ surplus 81.7 percent. This increase represents the addition of more than $1.5 billion to policyholders’ surplus. During this same time period, liabilities increased only 14 percent, approximately $597 million. These reported results indicate that RRGs collectively are adequately capitalized 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 first quarter 2013 was approximately 72.4 percent. A value less than 100 percent is considered favorable as it

indicates that there was more than $1 of net liquid assets for each $1 of total liabilities. This also indicates an improvement for RRGs collectively as liquidity was reported at 75.9 percent at first quarter 2012. Moreover, this ratio has improved steadily each of the last five years. Loss and loss adjustment expense (LAE) reserves represent the total reserves for unpaid losses and unpaid LAE. This includes reserves for any incurred but not reported losses as well as supplemental reserves established by the company. The cash and invested assets to loss and LAE reserves ratio measures liquidity in terms of the carried reserves. The cash and invested assets to loss and LAE reserves ratio for first quarter 2013 was 237.7 percent and indicates an improvement over first quarter 2012, as this ratio was 220.5 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, as measured by total liabilities to policyholders’ surplus, for first quarter 2013 was 136.4 percent. This indicates an improvement for RRGs collectively as leverage was reported at 148.7 percent at first quarter 2012. The loss and LAE reserves to policyholders’ surplus ratio for first quarter 2013 was 79.3 percent and indicates an improvement over first quarter 2012, as this ratio was 88.8 percent. The higher the ratio of loss reserves to surplus, the more an insurer’s stability is dependent on having and Figure 1 - RRG Balance Sheet Metrics at 3/31 (In Billions)

$9

Short‐term Assets

$8

Net Admitted Assets Liabilities

$7

Policyholders Surplus

$6

$5

$4

$3

$2

$1

$‐ 2009

2010

2011

2012

2013

®


maintaining reserve adequacy. In regards to RRGs collectively, the ratios pertaining to the balance sheet appear to be appropriate.

Figure 2 - RRG Income at 3/31 (In Millions)

$75

Premium Written Analysis RRGs collectively reported $1.3 of billion direct premium written (DPW) through first quarter 2013, an increase of 4.9 percent over first quarter 2012. RRGs reported $541 million of net premium written (NPW) through first quarter 2013, an increase of 16.6 percent over first quarter 2012. These results are reasonable. The DPW to policyholders’ surplus ratio for RRGs collectively through first quarter 2013 was 150.5 percent and indicates an improvement over first quarter 2012, as this ratio was 156.4 percent. The NPW to policyholders’ surplus ratio for RRGs through first quarter 2013 was 60.6 percent and indicates a diminishment over 2011, as this ratio was 56.7 percent. Please note that both of these amounts have been adjusted to reflect projected annual DPW and NPW based on first quarter 2013 results. 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.

$50 Underwriting Income $25

Investment Income Net Income

$0

‐$25 2009

2010

2011

2012

2013

million, an increase of $8.3 million over first quarter 2012. The loss ratio for RRGs collectively, as measured by losses and loss adjustment expenses incurred to net premiums earned, through first quarter 2013 was approximately 68.8 percent and is the same result as first quarter 2012. This ratio is a measure of an insurer’s underlying profitability on its book of business.

expense ratio, as measured by other The first quarter The underwriting expenses incurred to net results of RRGs premiums written, through first quarter was 18.6 percent and indicates a indicate that these 2013 slight improvement over first quarter specialty insurers 2012, as the expense ratio was reported at 19.7 percent. This ratio measurers continue to an insurer’s operational efficiency in exhibit financial underwriting its book of business. The combined ratio, loss ratio plus stability. expense ratio, through first quarter 2013

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 was relative improvement in rate adequacy. In regards to RRGs collectively, the ratios pertaining to premium written appear to be conservative. Income Statement Analysis The profitability of RRG operations remains positive (figure 2). RRGs reported an aggregate underwriting gain through first quarter 2013 of $3.6 million, an increase of $14.2 million over first quarter 2012, and a net investment gain of nearly $57.1 million, a decrease of $4.3 million over first quarter 2012. RRGs collectively reported net income of over $56.4

was 87.4 percent and is comparable to first quarter 2012, as the combined ratio was reported at 88.5 percent. This ratio measures an insurer’s overall underwriting profitability. A combined ratio of less than 100 Figure 3 - RRG Ratios at 3/31 100%

Combined Ratio

90%

Loss Ratio

Expense Ratio

80% 70% 60% 50% 40% 30% 20% 10% 0% 2009

2010

2011

2012

2013

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Figure 4 - Key Ratios and Metrics - 3/31/13 No. of RRGs

Liquidity

Cash/ Losses & LAE Res.

Leverage

Losses & LAE Res./ PHS

DPW/ PHS*

NPW/ PHS*

Loss Ratio

Expense Ratio

Combined Ratio

Net Underwriting Gain (Loss)

Net Investment Gain (Loss)

Net Income (Loss)

Commercial Auto

19

90.3%

207.3%

175.4%

93.7%

158.2%

87.5%

73.9%

24.0%

97.9%

-$788K

$1.2M

-$297K

Medical Professional (Claims-made)

128

79.2%

228.8%

156.9%

86.6%

170.0%

79.5%

73.7%

15.0%

88.7%

-$2.3M

$32.5M

$30.2M

Medical Professional (Occurrence)

10

80.0%

168.6%

150.2%

111.3%

101.8%

53.0%

88.7%

12.4%

101.1%

-$601K

$3.9M

$3.0M

Other (Claims-made)

47

54.3%

358.1%

84.7%

43.6%

192.4%

37.4%

55.1%

20.8%

75.9%

$2.7M

$11.7M

$11.2M

Other (Occurrence)

38

73.9%

187.6%

169.2%

121.9%

54.1%

42.6%

56.1%

38.4%

94.5%

$4.8M

$7.6M

$12.1M

percent indicates an underwriting profit.

Jurisdictional Analysis

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

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

Analysis by Primary Lines of Business The financial ratios calculated based on first quarter results of the various primary lines of business appear to be reasonable (figure 4). Also, the RRGs have continued to report changes in DPW within a reasonable threshold (figure 5). It is typical for insurers’ financial ratios to fluctuate year over year. Moreover, none of the reported results are indicative of a continuing negative trend. Figure 5- Direct Premium Written by Lines of Business (000’s omitted) Line of Business Auto Phys Boiler & Machinery Comm'l Auto Liab Fidelity Med Prof Liab (Claims Made) Med Prof Liab (Occurrence) Oth Liab (Claims) Oth Liab (Occurrence) Other P&C Product Liab (Claims) Product Liab (Occ) Total

DPW 3/31/13 0 239 43,911 482 741,671 47,449 436,505 70,911 95 964 615 1,342,844

DPW 3/31/12 1,471 194 33,912 454 736,342 43,884 405,941 55,792 305 849 543 1,279,686

DPW 3/31/11 1,513 195 39,418 361 753,027 41,405 407,651 46,017 309 913 345 1,291,154

DPW 3/31/10 0 187 35,503 783 718,249 42,157 433,983 47,970 117 952 0 1,279,901

Conclusions Based on First Quarter 2013 Results Despite political and economic uncertainty, RRGs remain financially stable and continue to provide specialized coverage to their insureds. The financial ratios calculated based on the first quarter results of RRGs appear to be reasonable, keeping in mind that it is typical for insurers’ financial ratios to fluctuate over time. DPW 3/31/09 0 0 27,699 696 662,406 60,675 464,017 49,321 55 1,399 0 1,266,268

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The first quarter results of RRGs indicate that these specialty insurers continue to exhibit financial stability. It is important to note again that while RRGs have reported net underwriting gains and net profits, they have also continued to maintain adequate loss reserves while increasing premium written year over year. RRGs continue to exhibit a great deal of financial stability. Mr. Powell has nearly ten years of progressively responsible experience involving Property and Casualty insurers, Title underwriters, financial analysis and business consulting. He has previous work experience as an accountant and auditor in the not-forprofit and government sectors. He possesses extensive experience in monitoring, reviewing and assessing the financial stability of insurers. Since joining Demotech, Mr. Powell has been actively engaged in the Property and Casualty and Title insurance industries. Demotech produces many articles and studies throughout the year. Mr. Powell is instrumental in providing research, analysis and insight for these endeavors. Mr. Powell also acts as a liaison on behalf of Demotech and its clients in correspondence with various government agencies, insurance industry associations, insureds and the media. Email your questions or comments to Mr. Powell at dpowell@demotech.com.

®


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

State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming American Samoa Guam Puerto Rico U.S. Virgin Islands Northern Mariana Islands Canada Aggregate Other Alien Total

DPW 3/31/13 9,571 1,985 21,655 11,884 104,405 11,367 65,493 8,209 39,083 54,703 21,057 1,745 5,604 47,084 17,405 3,412 3,097 17,381 7,363 3,786 73,760 138,730 18,652 6,448 9,409 19,007 16,747 3,928 7,629 1,798 19,897 7,977 258,429 11,884 703 23,751 7,441 10,416 106,670 2,066 4,473 616 10,435 41,745 5,095 1,441 18,696 16,742 18,271 6,961 6,874 0 32 116 289 46 316 16,742 1,350,521

DPW 3/31/12 8,518 2,061 19,522 14,958 95,754 12,522 63,420 10,080 36,809 44,799 20,210 1,450 5,872 46,852 16,766 2,671 2,801 15,588 6,780 4,694 79,950 135,578 17,562 6,297 9,799 18,378 16,392 4,567 8,778 1,510 18,534 6,784 244,339 11,228 757 21,457 6,923 9,024 102,197 1,883 3,476 643 10,097 39,441 4,592 1,532 17,334 15,527 17,932 6,660 6,285 7 35 70 338 42 242 12,905 1,291,223

DPW 3/31/11 8,467 2,059 31,225 8,489 89,386 12,947 65,599 5,299 37,197 46,639 19,936 1,610 6,110 48,674 17,732 2,705 2,850 17,534 7,123 4,783 75,371 137,986 18,409 5,730 9,966 19,068 17,477 4,326 9,546 1,454 19,031 7,692 246,387 11,638 573 21,597 7,578 9,151 103,536 1,837 6,577 620 10,191 38,960 5,687 1,646 17,787 15,159 17,543 6,542 6,228 0 31 25 344 35 263 12,368 1,304,723

DPW 3/31/10 8,640 2,154 24,908 9,079 92,774 13,677 68,988 5,022 39,631 41,469 19,405 1,493 6,445 48,476 18,314 2,836 2,545 16,689 7,347 5,937 75,144 137,785 17,886 5,942 10,716 19,180 16,801 3,576 9,923 1,457 19,549 7,278 239,282 11,109 557 23,216 7,662 4,251 104,101 1,880 9,009 517 8,614 36,254 5,706 2,386 20,167 15,724 16,331 6,450 5,284 0 30 86 351 36 152 13,138 1,293,361

DPW 3/31/09 8,299 2,390 19,111 7,407 93,621 13,368 69,527 6,299 41,948 41,591 21,017 1,388 9,039 52,644 16,091 2,584 3,396 18,399 6,918 5,745 72,188 137,042 17,968 5,023 10,855 20,307 14,405 2,844 9,626 1,648 19,567 5,976 225,606 10,484 558 24,393 7,790 3,833 102,921 1,937 8,990 522 9,128 43,424 5,384 1,936 20,199 16,137 12,681 6,838 4,437 0 31 95 363 36 131 13,896 1,279,980

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Risk Retention Reporter and Demotech Partner to Release Supplemental Publication

Special Announcement

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

The Risk Retention Reporter (RRR) and Demotech, Inc. have partnered to create an in-depth analysis of the risk retention group (RRG) marketplace to be published in conjunction with the Risk Retention Reporter’s annual book, the Risk Retention Group Directory and Guide. The Market Analysis and Financial Stability Supplement will be available as a supplement to the 2013 edition of the Risk Retention Group Directory and Guide. The supplement will review the state of the RRG marketplace in the context of trends that developed from 2008 through 2012. “As risk retention groups have grown into a major alternative to traditional insurance, with more than 250 companies generating over $2.5 billion of revenue, there is increasing demand for data and analysis of the sector’s marketplace impact and financial strength. Our new report draws upon Demotech’s extensive expertise and long experience in rating RRGs combined with the Risk Retention Reporter’s in-depth reporting on industry trends,” said James Cutts, publisher of the Risk Retention Reporter and the Risk Retention Group Directory and Guide. Joseph Petrelli, President of Demotech, added, “This Supplement will help risk retention groups make informed decisions and give those working in the risk retention group marketplace detailed data on industry trends. It will become an important resource for RRGs and industry analysts that want to remain leaders.”

The Supplement will have four sections:  Section I – A review of trends by business area in the RRG marketplace focusing on 2012 financial information in the context of the prior five years of data.  Section II – A review of financial stability data from 2008 through 2012.  Section III – An in-depth look at the RRG marketplace by business area, including trends in premium, policyholder count and the financial stability of each sector.  Section IV – Financial data for individual RRGs with a comparison to industry benchmarks. Karrie Hyatt, Editor of Risk Retention Reporter, managed the project and Powell provided financial data and analysis. The Market Analysis and Financial Stability Supplement will be included as a companion to the Risk Retention Group Directory and Guide. The CD-Rom version will contain files for both the Directory and Supplement on a single disc. The price for either the printed books or the CD-Rom is $445. Pre-orders can be placed online at www.rrr.com/order.

The Supplement will add to Demotech’s quarterly analysis, Analysis of Risk Retention Groups. “We are delighted to have partnered with the Risk Retention Reporter to publish this new resource,” said Douglas Powell, Senior Financial Analyst. “Combining Demotech’s analytical capabilities and the RRR’s long-history of covering the industry will provide the ingredients for a robust companion publication. In fact, we believe this Supplement will become an essential reference for anyone working in the risk retention group marketplace.”

Zap this to jump to the Risk Retention Reporter’s online order form and order your copy of the 2013 Edition of the Risk Retention Group Directory and Guide. The Market Analysis and Financial Stability Supplement is included in the purchase price.

Demotech Levels the Playing Field for Risk Retention Groups Financial Stability Ratings® look beyond the size of an insurer to evaluate stability based on insurance fundamentals. Financial Stability Ratings® offer:

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

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

®


Affiliate Relationships Common in Reinsuring RRGs 2012 Update

Special Report

RRG Reinsurance

By Rachel Wilkins | Analyst, Demotech, Inc. In considering a reinsurer, an RRG should evaluate how the relationship will affect various aspects of its business. As it pertains to underwriting, reinsurance is used to increase the RRG’s underwriting capacity, stabilize underwriting results and reduce risk. As it relates to capital, reinsurance is used to protect capital and finance growth. Additionally, reinsurance can be used by an RRG to enter or exit a geographic area or line of business. The primary function of reinsurance is to increase the RRG’s capacity to accept larger risk exposures. An RRG achieves this either by ceding a portion of every risk it writes or by transferring risks for losses in excess of a predetermined amount. By ceding premium to a reinsurer, the RRG is leveraging its underwriting capacity. Detailed below, are the companies that assumed the ten highest amounts of premium from RRGs in the year ended December 31, 2012. Attorneys’ Liability Assurance Society Ltd. had the highest amount of premium assumed from a RRGs, with almost $285 million assumed. They have an affiliated arrangement, which is common, as do seven of the top ten RRG reinsurers for the year ended 2012.

Reinsurer Attorneys’ Liability Assurance Society (Bermuda) Ltd. Medical Centre Insurance Company Ltd. Controlled Risk Insurance Company Limited American Safety Reinsurance, Ltd. Five Pointe Professional Liability Insurance Company Quaker Insurance Company Limited Transatlantic Reinsurance Company Universal Reinsurance Company Limited American Contractors Insurance Group Limited Lloyd’s of London

2012 # of RRGs Premium Reinsured Assumed

American Contractors Insurance Group Limited Originally formed in 1981 as American Risk Transfer Insurance Company Ltd., American Contractors Insurance Group Limited (ACIG) provides services and insurance such as workers compensation, general liability and subcontractor/supplier default exposures to the construction industry. ACIG is an insurance group started by three construction companies, with the goal of reducing the cost of risk and insurance for its members. ACIG is a Bermuda based corporation that assumed over $32 million in direct premium from RRGs for the year 2012, in ninth overall. ACIG is currently licensed in 49 states as well as the District of Columbia and provides services and policies for its members and related parties.

(000s omitted) 2011 2010 2009 Premium Premium Premium Assumed Assumed Assumed

2008 Premium Assumed

1

284,926

283,280

248,997

284,715

375,607

1

124,512

130,942

170,958

225,923

224,391

1

99,323

101,319

99,645

99,518

94,971

31

54,690

10,977

14,880

13,912

15,167

1

51,365

52,635

52,088

63,460

65,025

1

41,769

40,107

37,810

35,113

33,161

30

35,128

28,858

27,815

32,970

17,643

1

35,032

34,814

33,279

26,707

26,085

1

32,239

23,832

23,383

15,948

23,891

12

25,238

25,248

28,905

32,586

19,576

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American Safety Reinsurance Limited

Medical Centre Insurance Company Limited

American Safety Reinsurance Limited (ASRE) had the fourth highest amount of premium assumed from RRGs in 2012, with almost $55 million assumed from thirty-one different RRGs. There was limited public information available regarding ASRE.

The Medical Centre Insurance Company Limited (MCIC Ltd.) was established on July 1, 1978 in Bermuda. MCIC Ltd. is affiliated with MCIC Vermont, Inc. (A Risk Retention Group), a specialty insurance company that provides coverage to its shareholders, as well as their affiliates, employees and physicians.

Attorneys’ Liability Assurance Society, Limited The company with the highest amount of premium assumed in 2012, Attorneys’ Liability Assurance Society, Limited (ALAS Ltd.), was founded when 35 law firms pooled $1 million in capital in October of 1979. ALAS Ltd. is owned by its member firms. They have a wholly owned subsidiary domiciled in Vermont, Attorneys’ Liability Assurance Society, Inc., A Risk Retention Group (ALAS, Inc.), which was formed to act as the primary insurance company for ALAS Ltd. ALAS, Inc. was incorporated in October of 1987 and converted to an RRG in 1996.

MCIC Limited was the reinsurer with the second highest amount of premium assumed in 2012, with over $124 million from MCIC Vermont, Inc. (an RRG). MCIC Vermont, Inc. generates nearly $300 million of written annually, insuring over 12,000 physicians, 50,000 employees, its shareholders and their affiliates, including over 16 hospitals and 375 individual locations in seven states. Quaker Insurance Company Limited

At the end of November 2012, ALAS Ltd.’s assets totaled over $2.4 billion and the members’ equity was $690 million. In 2012, they assumed nearly $285 million in premium from their affiliated RRG, ALAS, Inc.

Quaker Insurance Company Limited is a Bermuda based company, affiliated with Franklin Casualty Insurance Company (A Risk Retention Group) in Vermont. Both of these companies have the ultimate parent Trustees of the University of Pennsylvania. Limited information was available about Quaker Insurance Company Limited, which had the sixth highest amount of premium assumed from RRGs in 2012, with almost $42 million total assumed.

Controlled Risk Insurance Company, Limited

Transatlantic Reinsurance Company

The Harvard Medical Institutions (HMIs) formed Controlled Risk Insurance Company, Limited (CRICO, Ltd.) in 1976, driven by a lack of insurance availability. CRICO, Ltd. is domiciled in the Cayman Islands and provides reinsurance for their affiliate, Controlled Risk Insurance Company of Vermont, Inc. (an RRG), which provides primary insurance coverage.

Licensed or authorized as a reinsurer in all 50 states, the District of Columbia, Puerto Rico and Guam, Transatlantic Reinsurance Company (TRC) had the seventh highest amount of assumed premium in the year 2012. By providing reinsurance to thirty RRGs, TRC assumed over $35 million in premium.

In 2012, CRICO, Ltd. assumed nearly $100 million in premium from the Controlled Risk Insurance Company of Vermont, Inc. Together, CRICO, Ltd. and CRICO of Vermont, Inc. provide their members with medical professional liability coverage, claims management and patient safety resources. Five Pointe Professional Liability Insurance Company Five Pointe Professional Liability Insurance Company was domiciled in the Cayman Islands until 2007, when they relocated to Wilmington, Delaware as a captive insurance company. They assumed over $51 million in premium in 2012 from one RRG, Mountain Laurel Risk Retention Group, Inc., which reinsures 100 percent of their medical malpractice and defense expense risks. Five Pointe is managed by March Captive Management.

TRC has many international locations and operations worldwide including Bermuda, Canada, Europe, Central and South America, Asia, Australia and Africa. Universal Reinsurance Company Limited An international reinsurer, Universal Reinsurance Company, Limited assumed $35 million in premium from Health Care Industry Liability Reciprocal Insurance Company, an RRG in Michigan. Universal Reinsurance Company had the eighth highest amount of premium assumed from RRGs in 2012. Ms. Wilkins is an Analyst with Demotech, Inc. Email your questions or comments to Ms. Wilkins at rwilkins@demotech.com. Visit www. demotech.com for more information about Demotech or Financial Stability Ratings®.

Lloyd’s of London Lloyd’s of London had the tenth highest assumed premium from RRGs in 2012. Lloyd’s assumed premium from twelve different RRGs, totaling over $25 million. Lloyd’s is over 300 years old and has business in over two-hundred different countries and territories across the globe. Zap this to discover the benefits of finalizing a Financial Stability Rating®.

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A Purpose Driven Portfolio - Part 3

Industry Perspective

By Josh Magden | Vice President of Insurance and Institutional Marketing, Sage Advisory Services Last quarter we discussed several tenets of insurance portfolio management, in particular the risk-based capital standards that are both prudent and generally required by regulators. In many cases, risk retention groups (RRGs) abide by the same regulatory framework as general carriers in their state of domicile, meaning a more prescribed range of investments than applies to some of their self-insured brethren such as single parent captives. The deployment of an insurance entity’s economic capital affects all aspects of its business operation, and the decision-making must take into account various risks. Financial risks surrounding the investment portfolio include credit, duration, default, credit spread, liquidity, currency and interest rate risk. Non-financial risks include items such as underwriting, expense and reserving risk – which themselves all have clear, if at the time unknown, future financial costs.

Sage Advisory Services

Intuitively then, in this environment an RRG may be inclined to allocate more of its portfolio towards corporates because of the low yields in the Treasury/Agency segments. In so doing, an RRG should be aware that the volume of issuance today is skewing towards lower-rated credits. Corporate issuance hit $1.4 trillion in 2012, and high yield new issuance (credits rated lower than the BBB category) was $329 billion of that total, up from $43 billion in 2008 amidst the financial crisis. Moreover, trading activity – an indication of what is available for purchase in the market – is also up in the A and BBB segments (the lower half of the investment grade universe) as shown in SIFMA data. The takehome is that not only are there a greater number of lower-rated corporate credits being issued, but the availability from day to day of fixed income credits as measured by trading volume reflects the same trend. Indeed, according to Morningstar data, the average intermediate core bond fund now holds 36 percent in BBB credits versus 22 percent just five years ago. Investors are hungry for yield, and lower-rated issuers are willing to oblige as they themselves seek to take advantage of low rates.

RRG portfolios must be built primarily of fixed income components that conform to defined regulatory guidelines...aggregate 2012 P&C industry data indicates that asset allocation is made up of 74 percent fixed income components.

Of the aforementioned financial risks, interest rate risk – specifically rising rates – are a concern to most fixed income investors, yet there appears to be little evidence that rates will rise in the near-term and inflation indicators have been subdued. There are areas where insurers need to pay attention, however, and one important area in today’s market is credit risk. As mentioned, RRG portfolios must be built primarily of fixed income components that conform to defined regulatory guidelines. Indeed, aggregate 2012 P&C industry data from SNL Financial indicates that asset allocation breaks down to roughly 74 percent fixed income, 11 percent equity, 2 percent preferreds, 9 percent cash and 4 percent other. An RRG’s portfolio is often oriented around fixed income segments such as corporate credit, Treasuries and Agencies. (While mortgage-backed securities offer good opportunities for insurance portfolios, they are often avoided due to seeming complexity, a topic for a future column.) Thus it may be presumed more likely that RRGs will first look for additional yield within the asset classes and segments of the fixed income market that are familiar to them.

Yet, yields on five, ten and 30 year Treasuries were hovering around 0.70 percent, 1.72 percent and 2.90 percent at mid-April 2013. Current interest rates on government agency debt from Fannie Mae, Freddie Mac and the Federal Home Loan Bank are equally paltry. To be sure, there are still some insurance portfolios today built in 2008 “bunker mentality” fashion and comprised primarily of short Treasuries. There may be less risk of capital volatility for such a portfolio, but it puts tremendous pressure on the other areas of the economic capital structure, most of it probably falling on premiums.

For an RRG, the word of caution is to pay attention to the portfolio even in territory as seemingly familiar as corporate debt. Credit risk persists, and a portfolio’s liquidity should remain a foremost concern. In a bond market that is providing more opportunity to buy lower-rated credits than it ever has historically, an insurer must stay vigilant about the overall credit quality of its portfolio. Markets have proven themselves to move quickly over the past few years, and volatility can be more pronounced. For a fixed income portfolio that has drifted into lower rated credits in search of yield, this can lead to more rapid risk-based capital erosion, and that becomes a dinner party at which one is at risk of being on the menu rather than simply having a seat at the table.

Mr. Magden serves as Vice President of Insurance & Institutional Marketing at Sage Advisory Services, working with clients including insurance entities, public agencies and nonprofits on mission and liability-driven portfolio solutions. Prior to joining Sage, he was a First Vice President with George K. Baum & Company, where he spent a year on the firm’s trading desk and seven years as a banker structuring bond issues. Email your questions or comments to Mr. Magden at jmagden@sageadvisory.com. Visit www.sageadvisory.com for more information about Sage Advisory Services.

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Liability of Risk Retention Group Members By W. Burke Coleman, Esq. | Legal Counsel and Compliance Manger, Demotech, Inc. Although RRGs offer a number of benefits to their members, their unique structure has caused uneasiness regarding the liability of individual RRG members. Many members and prospective members of RRGs are apprehensive about the individual liability that may come with insuring with an RRG, as some industry participants and commentators have indicated that the ownership structure of RRGs exposes members to joint and several liability or makes them assessable. However, the notion that RRGs are all assessable or subject to joint and several liability is not supported by law, as such liability determinations depend on factors wholly independent of the group’s status as an RRG. The liability of RRG members does not stem from the LRRA,1 but rather from the RRG’s structure, state law and contractual obligations. Questions of member liability come primarily from the unique status of RRGs as an alternative risk transfer entity created by federal law. The LRRA requires RRGs to have “as its owners only persons who comprise the membership of the risk retention group and who are provided insurance by such group.”2 This provision is presumably the source of confusion regarding member liability. While the section limits RRGs in certain respects— precluding access to equity markets and restricting the ability to raise capital outside of the RRG members—it does not mandate assessable policies or joint and several liability for group members. RRGs rely on their members for initial capital contributions and could turn to its members for future capital needs, although other avenues are also available. While voluntary capital contributions may be requested, assessable policies and extended liability are not necessary elements of RRGs. The LRRA does not directly impose liability requirements on RRG members and is silent regarding joint and several liability and assessable policies; however, a few provisions of the LRRA guide the analysis of member liability. First, the LRRA requires RRGs to be domiciled in a home state, which retains regulatory control over the insurer, but the law allows the groups to freely conduct business in all fifty states while remaining largely exempt from the regulations of non-domiciliary states. Under the Act, RRGs must be chartered as a liability insurance company under the laws of a state.3 The RRG may charter as any acceptable form of liability insurer, including as a stock, mutual, or reciprocal insurance company. It is this form that most directly determines the liability characteristics of the group rather than the group’s status as an RRG. If the RRG forms as a stock insurer that issues nonassessable policies, the members will not be assessable. If the RRG forms as a reciprocal, the member may be assessable and retain contingent liability for a portion of the group’s losses pursuant to state law and the subscriber agreement. The determination depends on the chartering state’s law regarding the specific insurance structure assumed by the RRG and the accompanying contractual obligations—not the LRRA. In addition, RRGs must be formed as a corporation or limited liability association.4 The corporate structure of the RRG may provide additional protections to the individual members. RRGs that incorporate or register as limited liability corporations enjoy the protections of state corporate law. A foundational principle of corporate law is that the formation of a corporation creates a legal entity separate from the entity’s individual owners. The liabilities of a corporation are distinct from the liabilities of its shareholders and do not become their personal obligations. The shareholder’s exposure is generally limited to its equity in the corporation. In the case of an RRG assuming a corporate form, each member has risked capital to support the group, but its assets are not at risk beyond its capital contribution (except as may be modified by contract). In rare circumstances, a court may deem it appropriate to “pierce the corporate veil” by reaching through the corporate structure and imposing personal

Legal Perspective

Demotech, Inc.

liability on the shareholders. This is an infrequent and disfavored occurrence. Courts typically look at a number of factors to determine if it is appropriate to pierce the corporate veil, including whether corporate formalities have been followed and whether the corporation was adequately capitalized. This liability is not unique to RRGs and is an exposure faced by all corporations, but undercapitalization may be of primary concern in the case of an RRG. One commentator has suggested that members of RRGs may be vulnerable to additional liability under this theory of piercing the corporate veil, particularly relating to the adequacy of capitalization.5 RRGs that are adequately capitalized and compliant with state law will generally enjoy the protections provided to corporations and shareholders will be insulated from corporate liabilities. These corporate protections can be contractually modified and shareholders are generally free to assume additional liability. For example, as mentioned above, should an RRG structure itself as an assessable insurer or contractually agree to joint and several liability, then the members may be exposed to additional liability. Also, reciprocal insurers, as unincorporated associations formed under state insurance law, do not enjoy the same corporate protections. However, reciprocal insurers still constitute an entity separate from its subscribers and attorney-in-fact. Liability is determined under the state’s insurance law and the subscriber agreement, which often limit the extent of liability.6 Ultimately, it is the chartering form, corporate structure, state law, and contractual obligations that determine the extent of liability for RRG members—not the LRRA or the group’s status as an RRG. All RRGs are not necessarily assessable and all members of RRGs are not necessarily subject to joint and several liability. Notably, however, RRGs may not participate in state guaranty funds.7 In the event of an insolvency, insureds and third-party claimants have no reassurance of any state-backed fund to cover their claims and may seek payment only from the RRG or the individual insured. This limitation does not expose individual members of an RRG to the group’s losses but would leave each member responsible for its own liabilities and claims. Members and managers of RRGs should understand the RRG’s structure and the potential liabilities associated with that structure. The RRG designation itself does not impart any group liabilities on RRG members, as any exposure is the product of the insurance structure, corporate form, and contractual obligations assumed by the members. Footnotes 1 – Liability Risk Retention Act of 1986 (LRRA), 15 U.S.C. § 3901 et seq. 2 – 15 U.S.C. § 3901(a)(4)(E) 3 – 15 U.S.C. § 3901(a)(4)(C) 4 – 15 U.S.C. § 3901(a)(4) 5 – Maureen Sanders, Risk Retention Groups: Who’s Sorry Now?, 17 S. Ill. U. L. J. 531 (1993). 6 – See, e.g., 8 Vermont Statutes Annotated § 4848-4853 (outlining subscriber liability as “individual, several and proportionate liability, not joint…”; providing for “contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers’ agreement…[but] at the rate of not less than one nor more than 10 times the premium or premium deposit stated in the policy…”; and further detailing assessment and liability obligations. 7 – 15 U.S.C. § 3902(a)(2)

Since joining Demotech, Mr. Coleman has focused on supporting the advancement of the organization’s business interests, as well as providing counsel on all legal issues and compliance matters. Mr. Coleman also supports Demotech’s client companies by providing insight into legal and regulatory developments affecting the insurance industry. He is a member in good standing of the Ohio State Bar Association and the Columbus Bar Association. Email your questions or comments to Mr. Coleman at bcoleman@demotech.com.

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Risk Retention Groups Listing of RRGs


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

12934 ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION

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

GROUP

Statement Contact TESS J. COUTURE

Phone (802) 264-4586

12166 ADVANCED PHYSICIANS INS RRG INC Statement Contact ED CALDWELL

Phone (802) 864-6301

13606 AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP Statement Contact RICK O'BRIEN

Phone (702) 938-3175

28380 AGRI INSURANCE EXCHANGE RRG Statement Contact KEVIN MANDEVILLE

Phone (317) 541-1800

Phone (515) 254-0400

NV

Primary Line of Business Other Liability (Claims-made)

Domiciled

IN

Primary Line of Business Other Liability (Occurrence)

Domiciled

HI

Primary Line of Business Commercial Auto Liability

Domiciled

VT

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

AZ

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

SC

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

AZ

Primary Line of Business Other Liability (Occurrence)

Domiciled

MT

Primary Line of Business Commercial Auto Liability

Domiciled

TX

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Other Liability (Occurrence)

Domiciled

IA

Primary Line of Business Commercial Auto Liability

Domiciled

SC

Domiciled

VT

Domiciled

MT

100 GALLERIA PARKWAY, SE, SUITE 700, ATLANTA, GA 30339-5947 Phone (770) 485-4423

11534 AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG Statement Contact PATRICIA LORRAINE MALONEY

Primary Line of Business Other Liability (Occurrence)

1605 MAIN STREET, SUIT 800, SARASOTA, FL 34236-5840 Phone (941) 955-0793

25448 AMERICAN SAFETY RRG INC Statement Contact MATTHEW ROBERT POLLAK

Domiciled

1707 VILLAGE CENTER CIRCLE, SUITE 100, LAS VEGAS, NV 89134-0515

4685 MERLE HAY ROAD, SUITE 200, DES MOINES, IA 50322-1982

11590 AMERICAN FOREST CASUALTY COMPANY RRG Statement Contact TERESA MARIE MATTHEWS

VT

12544 HIGH BLUFF DRIVE, SUITE 430, SAN DIEGO, CA 92130-3052 Phone (802) 863-4400

44202 AMERICAN FEED INDUSTRY INS CO RRG Statement Contact SUSAN P. TINGLEFF

Primary Line of Business Medical Professional Liability (Claims-made)

12222 MERIT DRIVE, SUITE 1660, DALLAS, TX 75251-3212 Phone (800) 563-6051

10903 AMERICAN EXCESS INS EXCHANGE RRG Statement Contact KATHRYN MICHENER BOUCHE

Domiciled

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

27 NORTH 27TH STREET, SUITE 1900, CROWNE PLAZA, BILLINGS, MT Phone 800-226-0793

12300 AMERICAN CONTRACTORS INS CO RRG Statement Contact AMANDA CHORN

DC

15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150 Phone (802) 371-2229

12631 AMERICAN BUILDERS INSURANCE COMPANY RRG, INC. Statement Contact KATIE GRAY

Domiciled

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone (877) 872-7475

10232 AMERICAN ASSOC OF OTHODONTISTS RRG Statement Contact REBECCA J. AITCHISON

Primary Line of Business Other Liability (Claims-made)

1100 W. TOWN & COUNTRY RD., STE. 1400, ORANGE, CA US Phone 714-571-1864

12013 ALLIED SERVICES RISK RETENTION GROUP Statement Contact LEN T. LOGAN

AZ

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2227

11710 ALLIED PROFESSIONALS INSURANCE COMPANY, RRG Statement Contact DOUGLAS JOSEPH HAUSER

Domiciled

745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3800 Phone (808) 585-3526

10023 ALLIANCE OF NONPROFITS FOR INS RRG Statement Contact CINDY L. LYFORD

Primary Line of Business Other Liability (Occurrence)

5825 LAWTON LOOP EAST DRIVE INDIANAPOLIS, IN 46216-1064

11965 ALLEGIANT INS CO INC A RRG Statement Contact MARK HIRONAGA

VT

555 FAIRMOUNT AVENUE, BALTIMORE, MD Phone 410-339-7263-1

13677 AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP Statement Contact JAY E. CURTIS

Domiciled

2700 NORTH THIRD STREET, SUITE 3050, PHOENIX, AZ 85004-4620 Phone (602) 200-6900

12252 AEGIS HEALTHCARE RRG, INC. Statement Contact BARBARA LABUSKES

Primary Line of Business Medical Professional Liability (Claims-made)

Phone 406-523-3908

Primary Line of Business Other Liability (Occurrence)

111 NORTH HIGGINS, FOURTH FLOOR, MISSOULA, MT US Primary Line of Business Commercial Auto Liability

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

12171 AMERIGUARD RRG INC Statement Contact MATTHEW A. GRIFFES

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2217

11598 APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC. Statement Contact LEE MILIZIA

Phone (602) 263-6755 Phone (502) 244-1343

12224 ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC. Statement Contact MATT WATSON

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

AZ

Primary Line of Business Other Liability (Claims-made)

Domiciled

DE

Domiciled

NV

Domiciled

KY

Domiciled

SC

Domiciled

NV

Domiciled

DC

Domiciled

HI

Domiciled

VT

1325 AIRMOTIVE WAY, SUITE 100, RENO, NV 89502-3294

13580 ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP Statement Contact SUSAN LEDFORD

VT

2056 WESTINGS AVENUE, SUITE 20, NAPERVILLE, IL 60563-2495 Phone (800) 437-2342

13177 ARCOA RISK RETENTION GROUP, INC. Statement Contact MICHELLE RENEE TRIMBLE

Domiciled

2555 E. CAMELBACK RD., PHOENIX, AZ Phone 623-427-3208

44148 ARCHITECTS & ENGINEERS INS CO RRG Statement Contact MICHAEL T. IANNOTTI

Primary Line of Business Commercial Auto Liability

Phone (843) 853-0446

14425 ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP,

Primary Line of Business Commercial Auto Liability

1700 EASTPOINT PARKWAY LOUISVILLE, KY 40223-4140 Primary Line of Business Boiler and Machinery

177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160 Primary Line of Business Other Liability (Occurrence)

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

INC.

Statement Contact LINDA VILLANI

Phone (941) 373-1116

33677 ATTORNEYS INS MUTUAL OF ALABAMA INC Statement Contact MELANIE T. DIXON

200 INVERNESS PARKWAY BIRMINGHAM, AL 35242-4813 Phone (205) 980-0009

22670 ATTORNEYS INSURANCE MUTUAL RRG INC Statement Contact KAREN M. VENNER

Phone (406) 523-3873

10174 BAR VERMONT RISK RETENTION GROUP INC Statement Contact JAMES E. SALTER

Phone (212) 915-8498 Phone (800) 226-0793

13010 BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP Statement Contact MICHAEL T. ROGERS

Phone (702) 678-6868

13788 BROADLINE RISK RETENTION GROUP, INC. Statement Contact MELISSA H. LAROSE

MT

Primary Line of Business Other Liability (Claims-made)

Domiciled

DC

Domiciled

MT

Domiciled

VT

Domiciled

VT

Domiciled

NV

Domiciled

NV

Domiciled

VT

111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401 Primary Line of Business Product Liability (Occurrence) Primary Line of Business Other Liability (Claims-made)

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492

14169 BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC. Statement Contact ANDREW CARLTON

Domiciled

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4718

12933 BEDFORD PHYSICIANS RISK RETENTION GROUP, INC. Statement Contact ALICIA M. RUBALCABA

Primary Line of Business Other Liability (Claims-made)

1050 K STREET, NW, SUITE 400, WASHINGTON, DC 20001-4448 Phone (260) 486-0418

13791 AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC. Statement Contact DANIEL JOHN SEMAN

Primary Line of Business Other Liability (Claims-made)

FLORENCE BUILDING, 111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401 Phone (406) 728-3113

13795 ATTPRO RRG RECIPROCAL RISK RETENTION GROUP Statement Contact GARRETT JAMES DAVENPORT

Primary Line of Business Other Liability (Claims-made)

311 SOUTH WACKER DRIVE, SUITE 5700, CHICAGO, IL 60606-6629 Phone (312) 697-6950

32450 ATTORNEYS LIAB PROTECTION SOC RRG Statement Contact MARY PATRICIA NORDHAGEN

Primary Line of Business Other Liability (Claims-made)

140 KENNEDY DRIVE SOUTH BURLINGTON, VT 05403-6710 Phone (802) 651-3377

10639 ATTORNEYS LIAB ASSUR SOCIETY INC RRG Statement Contact KEITH RUSSELL CRAVEN

Primary Line of Business Other Liability (Claims-made)

Primary Line of Business Medical Professional Liability (Claims-made)

1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823 Primary Line of Business Medical Professional Liability (Claims-made)

9550 SOUTH EASTERN AVENUE LAS VEGAS, NV 89123-8038 Primary Line of Business Other Liability (Occurrence)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-1716

Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

44504 CALIFORNIA HEALTHCARE INS CO INC RRG Statement Contact JEFFREY DUECK

9229 SIERRA COLLEGE BOULEVARD ROSEVILLE, CA 95661-5919 Phone (916) 772-5110

12180 CALIFORNIA MEDICAL GRP INS CO RRG Statement Contact MATTHEW D. R. TAKAMINE

Phone (802) 371-2251

Phone (847) 549-8225

10808 CASSATT RISK RETENTION GROUP INC Statement Contact SCOTT ANDREW MAILLE

Phone (406) 523-3873

11694 CENTRAL PA PHYSICIANS RRG INC Statement Contact MATT WATSON

Phone (843) 853-0446

MT

Domiciled

DC

Domiciled

VT

Domiciled

MT

Domiciled

SC

Domiciled

AZ

Domiciled

AZ

Domiciled

VT

Domiciled

AZ

Domiciled

VT

Domiciled

VT

Domiciled

SC

Domiciled

HI

Domiciled

DC

1850 WEST WINCHESTER ROAD, SUITE 109, LIBERTYVILLE, IL 60048-5355 Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made)

111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401 Primary Line of Business Other Liability (Occurrence) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Other Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Commercial Auto Liability Primary Line of Business Other Liability (Claims-made) Primary Line of Business Medical Professional Liability (Occurrence)

1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 96813-6436 Phone (808) 521-0730

13756 CMIC RISK RETENTION GROUP Statement Contact SCOTT C. STONE

Domiciled

151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 Phone (843) 577-1034

43770 CLINIC MUTUAL INSURANCE CO RRG Statement Contact JASON L. PALMER

Primary Line of Business

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2275

11992 CLARIAN HLTH RRG INC Statement Contact TONIA A. EPPS

SC

58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324 Phone (802) 479-7803

12172 CLAIM PROFESSIONALS LIAB INS CO RRG Statement Contact RAMON ROBERT RAMOS V

Domiciled

18835 N. THOMPSON PEAK PARKWAY, SUITE 220, SCOTTSDALE, AZ Phone 480-682-4983-

11839 CIRCLE STAR INS CO RRG Statement Contact RENEE LAGUE

Primary Line of Business Medical Professional Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-1717

14388 CHEROKEE GUARANTEE COMPANY INC., RRG Statement Contact ANDREW SCOTT MARSON

DC

15255 N. 40TH STREET, SUITE 109, PHOENIX, AZ US Phone 602-952-9532-

11531 CHC CAS RRG Statement Contact AMY L. DAIGLE

Domiciled

2700 N. THIRD STREET, SUITE 3050, PHOENIX, AZ Phone 800-226-0793

12167 CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG Statement Contact R&Q QUEST MANAGEMENT SE

Primary Line of Business Medical Professional Liability (Claims-made)

177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160

11976 CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC. Statement Contact GEMMA AGUSTIN TUANQUI

AZ

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4711

13784 CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP Statement Contact DANIEL JOHN SEMAN

Domiciled

2500 WESTCHESTER AVENUE, FOURTH FLOOR, PURCHASE, NY 10577-2540 Phone

12373 CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP Statement Contact CHAD CURTIS SWIGERT

Primary Line of Business Medical Professional Liability (Claims-made)

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384

15089 CARENEXT RISK RETENTION GROUP, INC. Statement Contact

HI

2233 WISCONSIN AVE, N.W., SUITE 310, WASHINGTON, DC Phone 802-479-7801

11544 CAREGIVERS UNITED LIAB INS CO RRG Statement Contact KIM CONNELLY BLOOMER

Domiciled

2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295 Phone (808) 526-2900

11825 CARE RRG, INC. Statement Contact CHARLES HALSTEAD-JOHNSO

Primary Line of Business Medical Professional Liability (Claims-made)

Primary Line of Business Medical Professional Liability (Claims-made)

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2231

Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

11668 COASTAL INS RRG INC Statement Contact JOHN MARK KILLINGSWORTH

509 OLIVER ROAD MONTGOMERY, AL 36117-2207 Phone (334) 271-5515

44598 COLLEGE LIABILITY INS CO A RECIP RRG Statement Contact TONI KANEHIRA

Phone (802) 864-2751

Phone (412) 212-3476

Phone (303) 469-8450

14906 COPIC, A RISK RETENTION GROUP Statement Contact

Phone

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

SC

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

IN

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Other Liability (Occurrence)

Domiciled

VT

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

SC

Primary Line of Business Other Liability (Occurrence)

Domiciled

HI

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Domiciled

HI

Domiciled

DC

Domiciled

DC

Domiciled

VT

333 SOUTH HOPE STREET, EIGHTH FLOOR, LOS ANGELES, CA 90071-3001 Primary Line of Business Other Liability (Claims-made) Primary Line of Business Primary Line of Business Medical Professional Liability (Claims-made)

4923 NORTHWEST 43RD STREET, SUITE C, GAINESVILLE, FL 32606-4460 Phone (802) 264-2060

13720 CROSSFIT RISK RETENTION GROUP, INC. Statement Contact TONY JAMES SCHMIDT

VT

101 ARCH STREET BOSTON, MA 02110-1129 Phone (617) 330-1755

10164 CPA MUTUAL INS CO OF AMERICA RRG Statement Contact DAVID D. GUERINO

Domiciled

2386 AIRPORT ROAD BARRE, VT 05641-8629

14160 COVERYS RRG, INC. Statement Contact CAROL LOUISE HICKMAN

Primary Line of Business Other Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-1716

12042 COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG Statement Contact NANCY VELASQUEZ

VT

201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 Phone (802) 264-4588

10341 CONTROLLED RISK INS CO OF VT RRG Statement Contact MELISSA H. LAROSE

Domiciled

223-B HEATLEY STREET, MONCKS CORNER, SC Phone 800-226-0793

11603 CONTRACTORS INS CO OF NORTH AMER RRG Statement Contact STACEY GIBBS

Primary Line of Business Warranty

2386 AIRPORT ROAD, BARRE, VT US Phone 802-371-2321

11798 CONTINUING CARE RRG, INC. Statement Contact KATIE GRAY

VT

2547 WASHINGTON ROAD, 720 SUMMERFIELD COMMONS, UPPER SAINT CLAIR, PA 152412557

10075 CONSUMER SPECIALTIES INSURANCE COMPANY RRG Statement Contact PAULA A. FRENCH

Domiciled

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-1716

11259 COMMUNITY HOSPITAL RRG Statement Contact DONNA B. NORMAND

Primary Line of Business Other Liability (Occurrence)

7015 COLLEGE BOULEVARD, SUITE 400, OVERLAND PARK, KS 66211-1671 Phone (502) 882-4459

11536 COMMUNITY HEALTH ALLIANCE RECIP RRG Statement Contact MELISSA H. LAROSE

HI

2711 MIDDLEBURG DRIVE, SUITE 309-A, COLUMBIA, SC 29204-2475 Phone (941) 373-1114

13893 COMMUNITY BLOOD CENTERS EXCH RRG Statement Contact J. TODD ROSENBAUM

Domiciled

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 Phone (802) 264-2086

11807 COMMUNITIES OF FAITH RRG INC Statement Contact MARY ELIZABETH GAROFALO

Primary Line of Business Other Liability (Claims-made)

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

11864 COMCARE PRO INS RECIPROCAL RRG Statement Contact SHERRY ANN RICKER

AL

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-2111

10803 COLUMBIA NATIONAL RRG INC Statement Contact JOHN H. RAYMOND

Domiciled

745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810 Phone (808) 585-3584

13613 COLLEGE RISK RETENTION GROUP, INC. Statement Contact JENNIFER L. PETTENGILL

Primary Line of Business Medical Professional Liability (Claims-made)

Primary Line of Business Other Liability (Claims-made)

111 NORTH SEPULVEDA BOULEVARD, SUITE 243, MANHATTAN BEACH, CA 90266-6849 Phone (808) 988-3215

Primary Line of Business Other Liability (Claims-made)

Domiciled

First Quarter 2013 - RRG Analysis

MT


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

11676 CRUDEN BAY RRG INC Statement Contact PAULA A. FRENCH

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2321

13655 CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP Statement Contact DERICK A. WHITE

Phone 877-614-6425-3

Phone 941-373-1105

12015 EMERGENCY MEDICINE RRG INC Statement Contact MANNU LUO

Phone (602) 952-9532

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Commercial Auto Liability

Domiciled

AZ

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

DE

Domiciled

NV

Domiciled

SC

Domiciled

NV

Domiciled

VT

Domiciled

DC

Domiciled

VT

Domiciled

NV

Domiciled

SC

Domiciled

VT

Domiciled

AZ

9550 S. EASTERN AVENUE, SUITE 253, LAS VEGAS, NV Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Other Liability (Occurrence) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Occurrence) Primary Line of Business Other Liability (Claims-made) Primary Line of Business Commercial Auto Liability

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-6332

12625 FORT WAYNE MEDICAL SURETY COMPANY, RRG Statement Contact LEE M. MILIZIA

DC

4421 ARAMINGO AVENUE PHILADELPHIA, PA 19124-4101 Phone (215) 235-5000

11278 FIRST MEDICAL INS CO RRG Statement Contact JODI K. GUZZARDO

Domiciled

1605 MAIN STREET, SUITE 800, SARASOTA, FL 34236-5823 Phone (941) 955-0793

11801 FIRST KEYSTONE RISK RETENTION GROUP, INC. Statement Contact JOSEPH SCHMIDT

Primary Line of Business Medical Professional Liability (Claims-made)

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 Phone (843) 614-3132

14439 FIDUCIARIES RISK RETENTION GROUP, INC. Statement Contact TERESA MARIE MATTHEWS

KY

15255 NORTH 40TH STREET, SUITE 109, PHOENIX, AZ 85032-4638

11698 FAITH AFFILIATED RRG INC Statement Contact KELLY BOURNE

Domiciled

10 FALCON ROAD LEWISTON, ME 04240-5833 Phone (802) 264-4577

11840 FAIRWAY PHYSICIANS INS CO RRG Statement Contact RICHARD P. MARSHALL

Primary Line of Business Medical Professional Liability (Claims-made)

1528 EUREKA ROAD, SUITE 102, ROSEVILLE, CA 95661-3047 Phone (916) 772-2080

38466 EVERGREEN USA RRG INC Statement Contact ERIC GILCRIS

DE

151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 Phone (843) 577-1035

11714 EMERGENCY PHYSICIANS INS CO RRG Statement Contact PAUL SHAMPAY

Domiciled

1627 CONNECTICUT AVE, NW, SUITE 6, WASHINGTON, DC US Phone 202-802-1439-

12003 EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC) Statement Contact BRIAN TROY WINCH

Primary Line of Business Medical Professional Liability (Claims-made)

15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150 Phone (802) 371-2229

14163 EMERGENCY CAPITAL MANAGEMENT, LLC, RRG Statement Contact MELISSA ANNE HANCOCK

VT

126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456 Phone (802) 383-0419

10125 ELITE TRANSPORTATION RRG INC Statement Contact REBECCA J. AITCHISON

Domiciled

1200 G STREET, NW, SUITE 800, WASHINGTON, DC 20005-6705 Phone (814) 375-6377

10115 EASTERN DENTISTS INS CO RRG Statement Contact KAREN L. MAHONEY

Primary Line of Business Medical Professional Liability (Claims-made)

3370 SUGARLOAF PARKWAY SUITE G-2/302, LAWRENCEVILLE, GA US

11842 DUBOIS MEDICAL RRG Statement Contact BRIAN S. KLINE

VT

845 THIRD AVENUE, 20TH FLOOR, NEW YORK, NY 10022-6601 Phone (212) 687-2525

13018 DOCTORS & SURGEONS NATIONAL RRG Statement Contact SARA M CARPENTER

Domiciled

126 COLLEGE STREET, SUITE 400, BURLINGTON, VT 05401-8456 Phone (802) 860-1763

43125 DELAWARE PROFESSIONAL INSURANCE CO Statement Contact I. DAVID GORDON

Primary Line of Business Medical Professional Liability (Claims-made)

Primary Line of Business Medical Professional Liability (Occurrence)

2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264 Phone (602) 427-3208

Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

10842 FRANKLIN CASUALTY INS CO RRG Statement Contact DELISCA A. CHRISTIAN

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-2110

12016 FREDERICKSBURG PROFESSIONAL RISK EXC Statement Contact SCOTT C. STONE

Phone (802) 264-4593

VT

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Other Liability (Occurrence)

Domiciled

VT

Primary Line of Business Other Liability (Claims-made)

Domiciled

HI

Primary Line of Business Commercial Auto Liability

Domiciled

VT

Primary Line of Business Other Liability (Claims-made)

Domiciled

DC

Domiciled

NV

Domiciled

SC

Domiciled

NV

Domiciled

SC

Domiciled

VT

Domiciled

MT

Domiciled

SC

Domiciled

VT

Domiciled

DC

Domiciled

DC

2121 VALLEY SAND STREET LAS VEGAS, NV 89135-1101 Phone (303) 996-5446

12512 GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC. Statement Contact DAWN M. DINARDO

Domiciled

607 14TH STREET, NW, SUITE 900, WASHINGTON, DC 20005-2019 Phone (802) 479-7802

11145 GOLDEN INS CO RRG Statement Contact LEN CLAPP

Primary Line of Business Medical Professional Liability (Claims-made)

84 PINE STREET SUITE 450, BURLINGTON, VT US Phone 802-651-0168

10991 GLOBAL INTL INS CO INC A RRG Statement Contact STEVE BEVINS

VT

15615 NORTH 71ST STREET, SUITE 103, SCOTTSDALE, AZ 85254-2150 Phone (800) 872-7475

11948 GLOBAL HAWK INSURANCE COMPANY RRG Statement Contact STEPHEN BROWN

Domiciled

76 SAINT PAUL STREET BURLINGTON, VT 05401-4470 Phone (802) 264-4713

13782 GERIC INSURANCE RISK RETENTION GROUP, INC. Statement Contact JONATHAN A. ARBEIT

Primary Line of Business Medical Professional Liability (Claims-made)

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

10163 GENERAL EASTERN SKI INS RRG INC Statement Contact DYAN O'HERNE

VT

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-5599

12000 GEISINGER INS CORP RRG Statement Contact RONDA LYNN DEVINO

Domiciled

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2231

14032 GABLES RISK RETENTION GROUP, INC. Statement Contact JEFFREY M. TUCKER

Primary Line of Business Medical Professional Liability (Claims-made)

Phone (843) 614-3134

Primary Line of Business Other Liability (Claims-made)

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 Primary Line of Business Medical Professional Liability (Claims-made)

13973 GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC. 5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307 Statement Contact ANDREW CARLTON

Phone (800) 226-0793

11581 GRACO RRG INC Statement Contact DAWN M. DINARDO

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 Phone (843) 614-3134

11941 GREEN HILLS INS CO RRG Statement Contact JEFFREY M. TUCKER

Phone (802) 864-5599

Primary Line of Business Medical Professional Liability (Claims-made)

8725 WEST HIGGINS ROAD, SUITE 810, CHICAGO, IL 60631-2734 Phone (773) 864-8280

11813 HEALTH NETWORK PROVIDERS MUT INS CO Statement Contact KATIE GRAY

Primary Line of Business Medical Professional Liability (Claims-made)

30 MAIN STREET, SUITE 330, BURLINGTON, VT 05401-8427 Phone (802) 419-1218

12236 HEALTH CARE CAS RRG INC Statement Contact JOSEPH ROGER HERMAN

Primary Line of Business Medical Professional Liability (Claims-made)

151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 Phone (843) 577-1032

13057 HAMDEN ASSURANCE RRG, INC. Statement Contact JOSEPH BERNARD PERCY

Primary Line of Business Medical Professional Liability (Claims-made)

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 Phone (802) 264-2071

12014 GUTHRIE RRG Statement Contact VIRGINIA ADRIHAN

Primary Line of Business Medical Professional Liability (Claims-made)

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

11696 GUARDIAN RRG INC Statement Contact TRISHA L. DESRANLEAU

Primary Line of Business Other Liability (Claims-made)

Primary Line of Business Medical Professional Liability (Claims-made)

2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 Phone (800) 226-0793

Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

10080 HEALTH PROVIDERS INS RECIPROCAL RRG Statement Contact JASON L. PALMER

1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 96813-6436 Phone (808) 521-0730

11832 HEALTHCARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

HI

Domiciled

DC

201 S. MAIN STREET, SUITE 200, ANN ARBOR, MI US

(HEALTHCAP RRG)

Statement Contact PETER M FEENEY

Phone 734 996-2700

11683 HEALTHCARE PROVIDERS INS CO RRG Statement Contact GEOFFREY LEWIS SALMON

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone (404) 835-0454

11998 HEARTLAND HEALTHCARE RECIP RRG Statement Contact DAVID D. GUERINO

Phone (941) 373-1114

Phone (512) 404-6555

11268 ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP Statement Contact CHARLES WARREN BEHR

Phone (202) 326-5464

12018 INDEMNITY INSURANCE CORPORATION, RRG Statement Contact JEFFREY BRIAN COHEN

Phone (802) 864-6301

NV

Primary Line of Business Other Liability (Claims-made)

Domiciled

VT

Domiciled

VA

Domiciled

VT

Domiciled

DE

Domiciled

VT

Domiciled

AZ

11401 CENTURY OAKS TERRACE, SUITE 310, AUSTIN, TX 78758-8702 Primary Line of Business Product Liability (Occurrence)

1401 H STREET, NW, SUITE 1000, WASHINGTON, DC 20005-2031 Primary Line of Business Other Liability (Claims-made) Primary Line of Business Other Liability (Occurrence) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

DE

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

NV

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

KY

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

KY

Domiciled

VT

Domiciled

DC

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 862-4400

14444 LAMMICO RRG, INC. Statement Contact THOMAS LANE MCCORMICK

Domiciled

2501 NELSON MILLER PARKWAY LOUISVILLE, KY 40223-2221 Phone (502) 992-4329

11803 LAKE STREET RRG INC Statement Contact DANIEL S. SCOTT

Primary Line of Business Other Liability (Occurrence)

201 EAST JEFFERSON STREET, SUITE 104, LOUISVILLE, KY 40202-1250

11939 KENTUCKY HOSPITAL INS CO RRG Statement Contact DEBORAH ROSE RILEY

SC

3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA 30022-1430 Phone (678) 781-2400

11872 KENTUCKIANA MEDICAL RECIPROCAL RRG Statement Contact JAY E. CURTIS

Domiciled

1627 CONNECTICUT AVENUE, NW, SUITE SIX, WASHINGTON, DC 20009-1013 Phone (802) 861-3204

12594 J.M. WOODWORTH RRG, INC. Statement Contact CAROLYN VERDE

Primary Line of Business Other Liability (Claims-made)

2325 EAST CAMELBACK ROAD, SUITE 600, PHOENIX, AZ 85016-3474 Phone (602) 337-6247

14375 IRONSHORE RISK RETENTION GROUP, INC. Statement Contact BELINDA L. FORTMAN

VT

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 Phone (802) 264-2074

12320 INNOVATIVE PHYSICIAN SOLUTIONS RRG Statement Contact WENDY RAE BROWN

Domiciled

950 RIDGEBROOK ROAD, SUITE 1500, SPARKS, MD 21152-9390 Phone (410) 472-6000

11692 INDIANA HEALTHCARE RECIP RRG Statement Contact ALIHAN ALIHAN

Primary Line of Business Medical Professional Liability (Claims-made)

189 COMMERCE COURT, P.O. BOX 189, CHESHIRE, CT 06410-0189 Phone (203) 272-8220

41246 HOW INSURANCE COMPANY, A RISK RETENTION GROUP Statement Contact BRENDA J. STEWART

SC

9950 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-0001

26797 HOUSING AUTHORITY RRG INC Statement Contact PAULETTE ACHILLI

Domiciled

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone (802) 371-2251

11950 HOME CONSTRUCTION INS CO RRG Statement Contact MARY ELIZABETH GAROFALO

Primary Line of Business Medical Professional Liability (Claims-made)

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 Phone (802) 264-2060

11097 HERITAGE WARRANTY INS RRG INC Statement Contact KIM CONNELLY BLOOMER

Primary Line of Business Medical Professional Liability (Occurrence)

Primary Line of Business Medical Professional Liability (Claims-made)

1333 H STREET, NW, SUITE 820E, WASHINGTON, DC 20005-4781 Phone (504) 831-3756

Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

13014 LANCET INDEMNITY RISK RETENTION GROUP, INC. Statement Contact GEMMA AGUSTIN TUANQUI

9550 S. EASTERN AVENUE, SUITE 253, LAS VEGAS, NV Phone 800-226-0793

11500 LENDERS PROTECTION ASSUR CO RRG Statement Contact CAROL S. WEEDER

Phone (800) 730-6614

11958 LIFE SERVICES NETWORK RECIP INS RRG Statement Contact TERESA MARIE MATTHEWS

Phone (941) 955-0793 Phone (941) 373-1116

11684 LVHN RRG Statement Contact MANNU LUO

Phone (802) 861-2630

11117 MARATHON FIN INS CO INC RRG Statement Contact STEPHEN DOUGLAS KANTNER

Phone (802) 864-2120

Phone (802) 861-2930

14219 MILLBROOK NMF RISK RETENTION GROUP, INC. Statement Contact LAURA ELIZABETH ROEMER

Domiciled

NV

Domiciled

SC

Domiciled

DE

Domiciled

DE

Domiciled

VT

Domiciled

MT

Domiciled

HI

Domiciled

DC

Domiciled

DC

Domiciled

VT

Domiciled

VT

Domiciled

SC

Domiciled

DC

Domiciled

VT

9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042 Primary Line of Business Other Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made)

1925 LOVERING AVENUE WILMINGTON, DE 19806-2157 Primary Line of Business Commercial Auto Liability Primary Line of Business Other Liability (Occurrence) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Other Liability (Claims-made)

148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 Primary Line of Business Other Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made)

7701 FRANCE AVENUE, SOUTH, SUITE 500, MINNEAPOLIS, MN 55435-5288 Phone (952) 838-6766

13812 MOUNTAIN LAKE RISK RETENTION GROUP, INC. Statement Contact ANDREW HAMME

DC

360 CONCORD STREET, SUITE 106, CHARLESTON, SC 29401-6303 Phone (843) 884-5902

14062 MMIC RRG, INC. Statement Contact JON GARY BEHNKEN

Domiciled

103 EISENHOWER PARKWAY, SUITE 101, ROSELAND, NJ 07068-1029 Phone (802) 863-2398

11999 MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP Statement Contact THAO T. NGUYEN

Primary Line of Business Medical Professional Liability (Claims-made)

5565 STERRETT PLACE, FIFTH FLOOR, COLUMBIA, MD 21044-2665

44237 MENTAL HEALTH RISK RETENTION GROUP Statement Contact MERISSA S. BUSHEY

UT

1050 K STREET, NW, SUITE 400, WASHINGTON, DC 20001-4448 Phone (260) 486-0418

10124 MEDSTAR LIABILITY LTD INS CO INC RRG Statement Contact LISA M. KANE

Primary Line of Business Commercial Auto Liability

3000 OAK ROAD, SUITE 600, WALNUT CREEK, CA 94597-2071 Phone (925) 949-0101

13589 MEDPRO RRG RISK RETENTION GROUP Statement Contact GARRETT JAMES DAVENPORT

Domiciled

5679 SOUTH REDWOOD ROAD, SUITE 25, SALT LAKE CITY, UT 84123-5464

805 MADISON STREET, SUITE 901, SEATTLE, WA 98104-1172 Phone (406) 282-0170

26257 MEDAMERICA MUTUAL RRG INC Statement Contact CHRISTOPHER PAUL MERTES

NE

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 652-1571

12355 MD RISK RETENTION GROUP, INC. Statement Contact BRENDA M. OLSON

Domiciled

1710 CORPORATE CROSSING, SUITE ONE, O'FALLON, IL 62269-3741 Phone (302) 651-8354

10697 MCIC VERMONT INC RRG Statement Contact DIANE M. HANSON

Primary Line of Business Other Liability (Occurrence)

151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 Phone (843) 577-1035

12554 MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP Statement Contact PATRICK GHISLAIN THERIAULT

NV

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

14084 LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP Statement Contact LINDA VILLANI

Domiciled

1212 NORTH 96TH STREET OMAHA, NE 68114-2274 Phone (402) 392-6689

12627 LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY Statement Contact V. J. PETITT

Primary Line of Business Medical Professional Liability (Claims-made)

Primary Line of Business Medical Professional Liability (Claims-made)

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4592

Primary Line of Business Commercial Auto Liability

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

11547 MOUNTAIN LAUREL RRG INC Statement Contact AMANDA R. WESCOTT

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-2037

11585 MOUNTAIN STATES HEALTHCARE RECIP RRG Statement Contact DAVID D. GUERINO

Phone (843) 614-3132

14366 NASW RISK RETENTION GROUP, INC. Statement Contact LEN CLAPP

Phone (303) 996-5446

Phone (303) 306-0002

Phone (843) 614-3135

10234 NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG) Statement Contact CHARLES HALSTEAD-JOHNSO

Phone 802-479-7801

14130 NCMIC RISK RETENTION GROUP, INC. Statement Contact MARY MARIO RICHARDS

Phone (941) 955-0793 Phone (941) 373-1116

12532 NEW STAR RISK RETENTION GROUP, INC. Statement Contact BRETT BELT

Primary Line of Business Other Liability (Claims-made)

Domiciled

DC

Primary Line of Business Other Liability (Occurrence)

Domiciled

NV

Primary Line of Business Other Liability (Occurrence)

Domiciled

VT

Primary Line of Business Other Liability (Occurrence)

Domiciled

MT

Primary Line of Business Medical Professional Liability (Occurrence)

Domiciled

HI

Primary Line of Business Other Liability (Claims-made)

Domiciled

CO

Primary Line of Business Commercial Auto Liability

Domiciled

SC

Domiciled

SC

Domiciled

DC

Domiciled

VT

Domiciled

NV

Domiciled

DC

Domiciled

SC

Domiciled

DC

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 Primary Line of Business Medical Professional Liability (Claims-made)

2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC Primary Line of Business Other Liability (Occurrence) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made)

10375 EAST HARVARD AVENUE, SUITE 100, DENVER, CO 80231-3966 Primary Line of Business Other Liability (Claims-made)

151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 Phone (843) 577-1361

12275 NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG Statement Contact KATIE GRAY

DC

5430 WEST SAHARA AVENUE LAS VEGAS, NV 89146-3307

13792 NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP Statement Contact LINDA VILLANI

Domiciled

148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 Phone (802) 861-2930

12539 NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC. Statement Contact TERESA MARIE MATTHEWS

Primary Line of Business Other Liability (Claims-made)

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone (802) 371-2249

12529 NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC. Statement Contact MICHAEL JOHN COULTER

WV

ONE DENVER HIGHLANDS, 10375 EAST HARVARD AVENUE, SUITE 550, DENVER, CO 802313966

11197 NATIONAL INDEPENDENT TRUCKERS IC RRG Statement Contact NICOLE S. HUBLER

Primary Line of Business Medical Professional Liability (Claims-made)

4075 COPPER RIDGE DRIVE, TRAVERSE CITY, MI Phone 231-946-6200

44016 NATIONAL HOME INSURANCE CO RRG Statement Contact HUGH B. MCCREERY

Domiciled

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441

27 GAGE TERRACE BIGFORK, MT 59911-3544 Phone (406) 282-0170

36072 NATIONAL GUARDIAN RISK RETENTION GROUP Statement Contact MARK A BURNHEIMER

MT

148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 Phone (802) 861-2930

12293 NATIONAL CONTRACTORS INS CO INC RRG Statement Contact BRENDA M. OLSON

Domiciled

9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042 Phone (800) 226-0793

10083 NATIONAL CATHOLIC RRG Statement Contact MARY MARIO RICHARDS

Primary Line of Business Medical Professional Liability (Claims-made)

3740 DAVINCI COURT, STE. 130, NORCROSS, GA Phone 770-255-4913

12235 NATIONAL BUILDERS & CONTRACTORS INS Statement Contact GEMMA AGUSTIN TUANQUI

VT

1333 H STREET, NW, SUITE 820, WASHINGTON, DC 20005-4707

11806 NATIONAL ASSISTED LIVING RRG, INC. Statement Contact ROSE PATRICK

Domiciled

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 Phone (802) 264-2060

12779 MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC. Statement Contact KELLY BOURNE

Primary Line of Business Medical Professional Liability (Claims-made)

Phone 800-226-0793

Primary Line of Business Medical Professional Liability (Claims-made)

1001 PENNSYLVANIA AVE., N.W., SUITE 400 SOUTH, WASHINGTON, DC Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

13059 NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP Statement Contact LISA M. KANE

Phone (802) 864-2120

10752 NOVUS INS CO RRG Statement Contact MILES J. HOPKINS

Phone (802) 479-7802

10158 OCEAN RRG INC Statement Contact MARY CLAIRE GOFF

Phone (802) 264-2073

11575 PACE RRG INC Statement Contact GARY P. O'HARE

Domiciled

DC

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

SC

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

AZ

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

IL

Primary Line of Business Commercial Auto Liability

Domiciled

VT

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

AZ

Primary Line of Business Other Liability (Claims-made)

Domiciled

VT

4000 FABER PLACE DRIVE, SUITE 300, NORTH CHARLESTON, SC 29405-8587 Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

SC

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Commercial Auto Liability

Domiciled

TN

Primary Line of Business Other Liability (Claims-made)

Domiciled

DC

Domiciled

VT

Domiciled

DC

148 COLLEGE STREET, SUITE 204, BURLINGTON, VT 05401-8476 Phone (802) 861-2930

11772 PEDIATRICANS INS RRG OF AMER Statement Contact CHARLES HALSTEAD-JOHNSON

Primary Line of Business Commercial Auto Liability

1605 MAIN STREET, SUITE 800, SARASOTA, FL Phone 941-955-0793

11846 PEACE CHURCH RRG INC Statement Contact MARY MARIO RICHARDS

MT

1715 AARON BRENNER DRIVE, SUITE 512, MEMPHIS, TN US Phone 802-371-2219

11973 PCH MUTUAL INSURANCE COMPANY, RRG Statement Contact TERESA MARIE MATTHEWS

Primary Line of Business Medical Professional Liability (Claims-made)

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 652-1568

44130 PARATRANSIT INSURANCE COMPANY, RRG Statement Contact ANITA M. PERKINS

Domiciled

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

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4574

14260 ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP) Statement Contact JONATHAN J. MCKENZIE

VT

2999 NORTH 44TH STREET, SUITE 550, PHOENIX, AZ 85018-7295 Phone (941) 373-1114

10171 ORDINARY MUTUAL A RRG CORP Statement Contact MARK PIDGEON

Domiciled

655 BEACH STREET SAN FRANCISCO, CA 94109-1336 Phone (415) 202-4618

12183 ORANGE COUNTY MEDICAL RECIP INS RRG Statement Contact MARY ELIZABETH GAROFALO

Primary Line of Business Medical Professional Liability (Claims-made)

58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324 Phone (802) 479-7802

44105 OPHTHALMIC MUTUAL INS CO RRG Statement Contact LES J. SCACCALOSI

SC

6133 NORTH RIVER ROAD, SUITE 650, ROSEMONT, IL 60018-5173 Phone (847) 384-0041

10353 OOIDA RISK RETENTION GROUP INC Statement Contact STEVE BEVINS

Domiciled

2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264 Phone (602) 427-3217

44121 OMS NATL INS CO RRG Statement Contact KATHERINE ANN EHMANN

Primary Line of Business Medical Professional Liability (Claims-made)

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone (877) 872-7475

13062 OLYMPIA RISK RETENTION GROUP, INC. Statement Contact KIMBERLY E. WACK

VT

1620 PROVIDENCE ROAD TOWSON, MD 21286-1525 Phone (877) 587-1763

12189 OCEANUS INS CO A RRG Statement Contact LEN T. LOGAN

Domiciled

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 Phone (802) 658-9466

12845 OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC. Statement Contact STEVE BEVINS

Primary Line of Business Medical Professional Liability (Claims-made)

1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384 Phone (843) 573-4834

13644 OASIS RECIPROCAL RISK RETENTION GROUP Statement Contact GARY A. GRISWOLD

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

Primary Line of Business Medical Professional Liability (Claims-made)

2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 Phone (802) 479-7801

Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

11587 PELICAN INS RRG Statement Contact JONATHAN J. MCKENZIE

40 MAIN STREET, SUITE 200, BURLINGTON, VT 05401-8492 Phone (802) 264-2073

12004 PHOEBE RECIPROCAL RRG Statement Contact MATT WATSON

Phone (954) 236-2400 Phone (802) 864-2037

12507 PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP Statement Contact CHRISTOPHER CRAIG LEIGH

Phone (843) 577-1360

11514 PHYSICIANS PROFESSIONAL LIABILTY RRG Statement Contact STACEY GIBBS

Phone (406) 523-3873

13582 PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP Statement Contact JASON L. PALMER

Phone (808) 521-0730

12348 PINE TREE INS RECIPROCAL RRG Statement Contact DIANE T. KING

Phone (802) 479-7803

Domiciled

VT

Domiciled

SC

Domiciled

VT

Domiciled

VT

Domiciled

SC

Domiciled

MT

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Primary Line of Business Medical Professional Liability (Occurrence)

151 MEETING STREET, SUITE 301, CHARLESTON, SC 29401-2238 Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Occurrence) Primary Line of Business Medical Professional Liability (Claims-made)

111 NORTH HIGGINS AVENUE, SUITE 200, MISSOULA, MT 59802-4401 Primary Line of Business Reinsurance - Nonproportional Assumed Liability

C/O WILLIS MANAGEMENT (HAWAII), 1003 BISHOP STREET, SUITE 1220, HONOLULU, HI 968136436 Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

HI

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Primary Line of Business Commercial Auto Liability

Domiciled

DC

Primary Line of Business Other Liability (Occurrence)

Domiciled

VT

Primary Line of Business Other Liability (Occurrence)

Domiciled

DC

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

OK

Domiciled

FL

Domiciled

MT

3655 BROOKSIDE PARKWAY, SUITE 200, ALPHARETTA, GA US Phone 678-781-2445

12497 PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC Statement Contact MARY CLAIRE GOFF

NV

226 DEAN A. MCGEE AVENUE OKLAHOMA CITY, OK 73102-3413 Phone (405) 815-4825

11809 PONCE DE LEON LTC RRG, INC. Statement Contact CHRISTY ANN MOULTRIE

Domiciled

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

14205 PLICO RISK RETENTION GROUP, INC. Statement Contact BRYAN SCOTTY POTTER

Primary Line of Business Medical Professional Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-6269

11858 PINNACLE RRG INC Statement Contact RENEE LAGUE

NV

2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 Phone (800) 226-0793

11980 PINNACLE CONSORTIUM OF HIGHER ED RRG Statement Contact MARCY WATERFALL

Domiciled

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2223

12198 PINELANDS INS CO RRG INC Statement Contact ANDREW CARLTON

Primary Line of Business Medical Professional Liability (Claims-made)

4535 DRESSLER ROAD, NW CANTON, OH 44718-2545 Phone (802) 371-2252

14108 PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP Statement Contact DANIEL JOHN SEMAN

SC

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2221

11513 PHYSICIANS SPECIALTY LTD RRG Statement Contact JEFFRY M. DELMAS

Domiciled

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4588

10934 PHYSICIANS REIMBURSEMENT RRG Statement Contact MICHELE EMMONS

Primary Line of Business Other Liability (Claims-made)

BUILDING G, 7890 PETERS ROAD, SUITE 106, PLANTATION, FL 33324-4028

12918 PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP Statement Contact AMANDA R. WESCOTT

VT

415 SOUTH SIXTH STREET, SUITE 200K, LAS VEGAS, NV 89101-6912 Phone (800) 226-0793

12746 PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC. Statement Contact ERNEST WILLIAM ARTERBERRY

Domiciled

177 MEETING STREET, SUITE 470, CHARLESTON, SC 29401-3160 Phone (843) 853-0446

13995 PHYSICIANS CASUALTY RISK RETENTION GROUP, INC. Statement Contact ANDREW CARLTON

Primary Line of Business Medical Professional Liability (Claims-made)

Phone (877) 587-1763

Primary Line of Business Medical Professional Liability (Claims-made)

1620 PROVIDENCE ROAD TOWSON, MD 21286-1525 Primary Line of Business Other Liability (Occurrence)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

44083 PREFERRED PHYSICIANS MEDICAL RRG Statement Contact TIMOTHY JAMES MCGILL

9000 WEST 67TH STREET SHAWNEE MISSION, KS 66202-3656 Phone (913) 262-2585

14919 PREFERRED PROFESSIONAL RRG Statement Contact

Phone 775-887-2480

13179 PROAIR RISK RETENTION GROUP, INC. Statement Contact TERESA MARIE MATTHEWS

Phone (941) 955-0793

Phone (808) 540-4312

10840 PROFESSIONAL MEDICAL INS RRG INC Statement Contact STEPHEN CHONG

Primary Line of Business

Domiciled

DC

Domiciled

NV

Domiciled

NV

Domiciled

DC

Domiciled

HI

Domiciled

HI

Domiciled

VT

Domiciled

MT

Domiciled

VT

Domiciled

SC

Domiciled

AZ

575 S SALIMAN ROAD, CARSON CITY, NV US Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Other Liability (Occurrence)

2859 PACES FERRY ROAD, SUITE 800, ATLANTA, GA 30339-5733 Phone (770) 257-1709

14461 PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP) Statement Contact NADINE TOMIYASU

MO

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

11671 PROBUILDERS SPECIALTY INS CO RRG Statement Contact CRAIG BOWDEN

Domiciled

11605 MIRACLE HILLS DRIVE, SUITE 200, OMAHA, NE 68154-4467 Phone

12613 PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP Statement Contact JESSICA CONTRERAS

Primary Line of Business Medical Professional Liability (Claims-made)

Primary Line of Business Other Liability (Occurrence)

201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 Primary Line of Business Other Liability (Claims-made)

201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 Phone (808) 540-4323

12608 PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION

Primary Line of Business Medical Professional Liability (Occurrence)

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

GROUP

Statement Contact MICHAEL A. CZAPLICKE

Phone (802) 864-2109

13067 PROFESSIONALS RISK RETENTION GROUP, INC. Statement Contact BRENDA M. OLSON

27 GAGE TERRACE BIGFORK, MT 59911-3544 Phone (406) 282-0170

11350 PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG Statement Contact MARCY WATERFALL

Phone (229) 226-1937

Primary Line of Business Other Liability (Occurrence)

Domiciled

VT

Primary Line of Business Product Liability (Occurrence)

Domiciled

HI

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

SC

Domiciled

SC

Domiciled

VT

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 Phone (843) 614-3134

11808 SCHUYKILL CROSSING RECIPROCAL RRG Statement Contact JEFFREY CALLANE

SC

1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone (802) 371-2238

12511 SAMARITAN RISK RETENTION GROUP, INC. Statement Contact DAWN M. DINARDO

Domiciled

201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 Phone (808) 540-4312

11712 SAINT LUKE'S HLTH SYSTEM RRG Statement Contact ALICIA D. COLELLA

Primary Line of Business Other Liability (Occurrence)

58 EAST VIEW LANE, SUITE TWO, BARRE, VT 05641-5324 Phone (800) 226-0793

14135 RPX RRG Statement Contact NADINE TOMIYASU

Primary Line of Business Other Liability (Occurrence)

1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384 Phone (843) 573-4676

12209 RESTORATION RISK RETENTION GROUP, INC. Statement Contact GEMMA AGUSTIN TUANQUI

Primary Line of Business Medical Professional Liability (Claims-made)

2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264 Phone (602) 427-3208

12019 REPUBLIC RRG Statement Contact ROBERT G. MEETZE

Primary Line of Business Other Liability (Claims-made)

14382 US HIGHWAY 19, SOUTH THOMASVILLE, GA 31757-4801

13736 RED ROCK RISK RETENTION GROUP, INC. Statement Contact LEE M. MILIZIA

Primary Line of Business Medical Professional Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-6269

13078 RED CLAY RISK RETENTION GROUP, INC. Statement Contact CORY E. BROWN

Primary Line of Business Medical Professional Liability (Claims-made)

Primary Line of Business Medical Professional Liability (Claims-made)

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4719

Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

12988 SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP Statement Contact REBECCA S. BOUDREAU

Phone (802) 864-1710

11267 SECURITY AMERICA RRG INC Statement Contact JODI K. GUZZARDO

Phone (808) 585-3584

Phone (800) 226-0793

44075 STATES SELF-INSURERS RRG Statement Contact SHERYL ANN SATTLER

Phone (802) 264-4576 Phone (843) 614-3132

14026 SUNLAND RISK RETENTION GROUP, INC. Statement Contact LAURA LEE DURKIN

Domiciled

DC

Primary Line of Business Medical Professional Liability (Occurrence)

Domiciled

SC

Primary Line of Business Commercial Auto Liability

Domiciled

NV

Primary Line of Business Other Liability (Claims-made)

Domiciled

DC

Primary Line of Business Other Liability (Claims-made)

Domiciled

SC

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

VT

Domiciled

NV

Domiciled

VT

Domiciled

VT

Domiciled

SC

9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042 Primary Line of Business Other Liability (Claims-made) Primary Line of Business Other Liability (Occurrence) Primary Line of Business Other Liability (Occurrence)

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

DE

Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

SC

Domiciled

VT

Domiciled

VT

2386 AIRPORT ROAD BARRE, VT 05641-8629 Phone (802) 371-2233

14395 TERRAFIRMA RISK RETENTION GROUP LLC Statement Contact MARCY WATERFALL

Primary Line of Business Other Liability (Claims-made)

1180 SAM RITTENBERG BOULEVARD, SUITE 235, CHARLESTON, SC 29407-3384 Phone (843) 573-4946

10113 TERRA INS CO RRG Statement Contact ABIGAIL M. BERNIER

HI

14362 NORTH FRANK LLOYD WRIGHT BOULEVARD, SUITE 1000, SCOTTSDALE, AZ 85260-8847 Phone (800) 800-4324

11669 SUPERIOR INS CO RRG Statement Contact PIPER H. CROCKETT

Domiciled

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

13135 SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC Statement Contact KELLY BOURNE

Primary Line of Business Medical Professional Liability (Claims-made)

222 SOUTH NINTH STREET, SUITE 1300, MINNEAPOLIS, MN 55402-3332 Phone (612) 766-3000

10476 STICO MUT INS CO RRG Statement Contact BECKI MINOLI

MT

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4710

13993 STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC. Statement Contact KATIE GRAY

Domiciled

3507 ROSEWOOD DRIVE COLUMBIA, SC 29205-3448 Phone (602) 200-6900

11688 ST LUKES HEALTH NETWORK INS CO RRG Statement Contact MARY B. DESRANLEAU

Primary Line of Business Medical Professional Liability (Claims-made)

2233 WISCONSIN AVENUE, NW, SUITE 310, WASHINGTON, DC 20007-4104 Phone (802) 479-7801

11114 ST CHARLES INS CO RRG Statement Contact ED CALDWELL

VT

9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042 Phone (800) 226-0793

10754 SPIRIT MOUNTAIN INS CO RRG INC Statement Contact CHARLES HALSTEAD-JOHNSON

Domiciled

ONE POSTON ROAD, SUITE 155, CHARLESTON, SC 29407-3441 Phone (202) 862-5339

14207 SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP Statement Contact KATIE GRAY

Primary Line of Business Other Liability (Occurrence)

C/O AON RISK SERVICES, INC., 1120 20TH STREET, N.W, WASHINGTON, DC Phone 202-862-5339

12907 SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC. Statement Contact EMI SWAIM

NV

745 FORT STREET, SUITE 1100, HONOLULU, HI 96813-3810

13557 SIGMA RRG, INC. Statement Contact EMI SWAIM

Domiciled

27 GAGE TERRACE BIGFORK, MT 59911-3544 Phone (406) 282-0170

12005 SENTINEL ASSUR RRG INC Statement Contact TONI KANEHIRA

Primary Line of Business Medical Professional Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-6332

14136 SELECT MD RRG Statement Contact BRENDA M. OLSON

7251 WEST LAKE MEAD BOULEVARD, SUITE 401, LAS VEGAS, NV 89128-8370

Primary Line of Business Other Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-6269

Primary Line of Business Other Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

10152 THE HEALTHCARE UNDERWRITING CO RRG Statement Contact MARCY WATERFALL

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-6269

11153 TITAN INS CO INC RRG Statement Contact

Phone (802) 652-1554

Phone (800) 226-0793

13988 UV INSURANCE RISK RETENTION GROUP, INC. Statement Contact CYNTHIA LANDRY

Phone (843) 640-3170

13974 VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC. Statement Contact BRENDA M. OLSON

Phone (802) 264-4710

DE

Primary Line of Business Other Liability (Occurrence)

Domiciled

VT

Primary Line of Business Warranty

Domiciled

VT

Domiciled

NV

Domiciled

HI

Domiciled

OK

Domiciled

MT

Domiciled

DC

Domiciled

VT

Domiciled

VT

Domiciled

VT

Domiciled

AZ

Domiciled

CO

Domiciled

VT

9550 SOUTH EASTERN AVENUE, SUITE 253, LAS VEGAS, NV 89123-8042 Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Other Liability (Claims-made)

2007 POOLE DRIVE HUNTSVILLE, AL 35810-3891 Primary Line of Business Other Liability (Occurrence) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Medical Professional Liability (Claims-made) Primary Line of Business Other Liability (Occurrence) Primary Line of Business Other Liability (Claims-made)

9265 MADRAS COURT LITTLETON, CO 80130-4444 Phone (303) 263-0311

13154 WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP Statement Contact LISA H. MANLEY

Domiciled

2555 EAST CAMELBACK ROAD, SUITE 700, PHOENIX, AZ 85016-4264 Phone (602) 427-3217

40940 WESTERN PACIFIC MUT INS CO RRG Statement Contact SHERLYN WILKINSON FARRELL

Primary Line of Business Other Liability (Occurrence)

140 KENNEDY DRIVE SOUTH BURLINGTON, VT 05403-6710 Phone (802) 922-9456

11978 WESTERN INS RRG INC Statement Contact KIMBERLY E. WACK

VT

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-2111

14122 WESTERN CATHOLIC INSURANCE COMPANY RRG Statement Contact TRICIA LYNN ALGER

Domiciled

76 SAINT PAUL STREET BURLINGTON, VT 05401-4470

11682 WELLSPAN RRG Statement Contact JENNIFER L. PETTENGILL

Primary Line of Business Medical Professional Liability (Claims-made)

201 SOUTH MAIN STREET, SUITE 200, ANN ARBOR, MI 48104-2153 Phone (734) 996-2700

11802 WARREN RRG INC Statement Contact MARY B. DESRANLEAU

VT

27 GAGE TERRACE BIGFORK, MT 59911-3544 Phone (406) 282-0170

13786 VIRGINIA SENIOR CARE RISK RETENTION GROUP Statement Contact PETER M. FEENEY

Domiciled

201 MERCHANT STREET, SUITE 2400, HONOLULU, HI 96813-2929 Phone (808) 540-4306

11063 VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP Statement Contact SUSAN MARIE URIE

Primary Line of Business Other Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Phone (802) 864-2110

12915 URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP Statement Contact ANDREW CARLTON

SC

TWO WISCONSIN CIRCLE, FOURTH FLOOR, CHEVY CHASE, MD 20815-9913 Phone (301) 215-6423

10712 UNITED HOME INSURANCE CO A RRG Statement Contact DELISCA A. CHRISTIAN

Domiciled

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone (802) 371-2249

10020 UNITED EDUCATORS INS RRG INC Statement Contact KAREN LEE VERDON

Primary Line of Business Other Liability (Occurrence)

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

12280 UNITED CONTRACTORS INS CO INC RRG Statement Contact NICOLE S. HUBLER

VT

76 SAINT PAUL STREET, SUITE 500, BURLINGTON, VT 05401-4477 Phone (802) 264-4576

11548 UNITED CENTRAL PA RRG Statement Contact SHERI TREMBLAY

Domiciled

BUILDING C, 1327 ASHLEY RIVER ROAD, SUITE 200, CHARLESTON, SC 29407-5384 Phone

10084 TITLE INDUSTRY ASSURANCE CO RRG Statement Contact BECKI MINOLI

Primary Line of Business Medical Professional Liability (Occurrence)

Phone (802) 864-2124

Primary Line of Business Other Liability (Claims-made)

100 BANK STREET, SUITE 610, BURLINGTON, VT 05401-4946 Primary Line of Business Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Company Name NAIC

Company Name

Address

11796 YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP) Statement Contact ANITA M. PERKINS

Phone (802) 371-2219

2386 AIRPORT ROAD BARRE, VT 05641-8629 Primary Line of Business Medical Professional Liability (Claims-made)

Domiciled

First Quarter 2013 - RRG Analysis

VT


Risk Retention Groups - Listing by Primary Line of Business NAIC Company Name

State of Domicile MONTANA

15089 CARENEXT RISK RETENTION GROUP, INC. 14906 COPIC, A RISK RETENTION GROUP

DISTRICT OF COLUMBIA

14919 PREFERRED PROFESSIONAL RRG

DISTRICT OF COLUMBIA

Boiler and Machinery 13580 ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

KENTUCKY

Commercial Auto Liability 10023 ALLIANCE OF NONPROFITS FOR INS RRG 12300 AMERICAN CONTRACTORS INS CO RRG 11590 AMERICAN FOREST CASUALTY COMPANY RRG 11534 AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

VERMONT TEXAS SOUTH CAROLINA MONTANA VERMONT

12171 AMERIGUARD RRG INC 13177 ARCOA RISK RETENTION GROUP, INC.

NEVADA VERMONT

11839 CIRCLE STAR INS CO RRG 10125 ELITE TRANSPORTATION RRG INC 11801 FIRST KEYSTONE RISK RETENTION GROUP, INC. 11948 GLOBAL HAWK INSURANCE COMPANY RRG 12627 LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY 12554 MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP 13812 MOUNTAIN LAKE RISK RETENTION GROUP, INC. 11197 NATIONAL INDEPENDENT TRUCKERS IC RRG

ARIZONA SOUTH CAROLINA VERMONT UTAH DELAWARE VERMONT SOUTH CAROLINA DISTRICT OF COLUMBIA

10158 OCEAN RRG INC 10353 OOIDA RISK RETENTION GROUP INC 44130 PARATRANSIT INSURANCE COMPANY, RRG

VERMONT TENNESSEE DISTRICT OF COLUMBIA

12198 PINELANDS INS CO RRG INC 14207 SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP

NEVADA

Medical Professional Liability (Claims-made) 12934 ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

VERMONT

13677 AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

VERMONT

11710 ALLIED PROFESSIONALS INSURANCE COMPANY, RRG 12013 ALLIED SERVICES RISK RETENTION GROUP 10232 AMERICAN ASSOC OF OTHODONTISTS RRG 10903 AMERICAN EXCESS INS EXCHANGE RRG 11598 APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC. 12933 BEDFORD PHYSICIANS RISK RETENTION GROUP, INC. 14169 BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC. 13788 BROADLINE RISK RETENTION GROUP, INC. 44504 CALIFORNIA HEALTHCARE INS CO INC RRG 12180 CALIFORNIA MEDICAL GRP INS CO RRG 11825 CARE RRG, INC. 11544 CAREGIVERS UNITED LIAB INS CO RRG 12373 CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP 10808 CASSATT RISK RETENTION GROUP INC

ARIZONA SOUTH CAROLINA ARIZONA VERMONT ARIZONA VERMONT NEVADA VERMONT HAWAII ARIZONA DISTRICT OF COLUMBIA SOUTH CAROLINA DISTRICT OF COLUMBIA VERMONT First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Primary Line of Business NAIC Company Name 11694 CENTRAL PA PHYSICIANS RRG INC

State of Domicile SOUTH CAROLINA

11976 CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.

ARIZONA

12167 CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG

ARIZONA

14388 CHEROKEE GUARANTEE COMPANY INC., RRG

ARIZONA

43770 CLINIC MUTUAL INSURANCE CO RRG 13756 CMIC RISK RETENTION GROUP 11668 COASTAL INS RRG INC 11807 COMMUNITIES OF FAITH RRG INC 13893 COMMUNITY BLOOD CENTERS EXCH RRG

HAWAII DISTRICT OF COLUMBIA ALABAMA SOUTH CAROLINA INDIANA

11536 COMMUNITY HEALTH ALLIANCE RECIP RRG

VERMONT

11259 COMMUNITY HOSPITAL RRG

VERMONT

11798 CONTINUING CARE RRG, INC. 10341 CONTROLLED RISK INS CO OF VT RRG 14160 COVERYS RRG, INC.

SOUTH CAROLINA VERMONT DISTRICT OF COLUMBIA

11676 CRUDEN BAY RRG INC

VERMONT

13655 CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP

VERMONT

43125 DELAWARE PROFESSIONAL INSURANCE CO 13018 DOCTORS & SURGEONS NATIONAL RRG 11842 DUBOIS MEDICAL RRG 10115 EASTERN DENTISTS INS CO RRG 14163 EMERGENCY CAPITAL MANAGEMENT, LLC, RRG 12003 EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC) 12015 EMERGENCY MEDICINE RRG INC 11714 EMERGENCY PHYSICIANS INS CO RRG 11840 FAIRWAY PHYSICIANS INS CO RRG 12625 FORT WAYNE MEDICAL SURETY COMPANY, RRG

DELAWARE KENTUCKY DISTRICT OF COLUMBIA VERMONT DELAWARE NEVADA SOUTH CAROLINA NEVADA DISTRICT OF COLUMBIA ARIZONA

10842 FRANKLIN CASUALTY INS CO RRG

VERMONT

12016 FREDERICKSBURG PROFESSIONAL RISK EXC

VERMONT

14032 GABLES RISK RETENTION GROUP, INC.

VERMONT

12000 GEISINGER INS CORP RRG

VERMONT

12512 GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.

SOUTH CAROLINA

11581 GRACO RRG INC

SOUTH CAROLINA

11941 GREEN HILLS INS CO RRG 11696 GUARDIAN RRG INC 12014 GUTHRIE RRG 13057 HAMDEN ASSURANCE RRG, INC.

VERMONT MONTANA SOUTH CAROLINA VERMONT

12236 HEALTH CARE CAS RRG INC

DISTRICT OF COLUMBIA

11813 HEALTH NETWORK PROVIDERS MUT INS CO

DISTRICT OF COLUMBIA

10080 HEALTH PROVIDERS INS RECIPROCAL RRG

HAWAII

11683 HEALTHCARE PROVIDERS INS CO RRG

SOUTH CAROLINA

11998 HEARTLAND HEALTHCARE RECIP RRG

VERMONT

11692 INDIANA HEALTHCARE RECIP RRG

VERMONT

12320 INNOVATIVE PHYSICIAN SOLUTIONS RRG 14375 IRONSHORE RISK RETENTION GROUP, INC.

ARIZONA DELAWARE First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Primary Line of Business NAIC Company Name 12594 J.M. WOODWORTH RRG, INC.

State of Domicile NEVADA

11872 KENTUCKIANA MEDICAL RECIPROCAL RRG

KENTUCKY

11939 KENTUCKY HOSPITAL INS CO RRG

KENTUCKY

11803 LAKE STREET RRG INC

VERMONT

14444 LAMMICO RRG, INC. 13014 LANCET INDEMNITY RISK RETENTION GROUP, INC. 11958 LIFE SERVICES NETWORK RECIP INS RRG 11684 LVHN RRG 10697 MCIC VERMONT INC RRG 12355 MD RISK RETENTION GROUP, INC. 26257 MEDAMERICA MUTUAL RRG INC

DISTRICT OF COLUMBIA NEVADA DISTRICT OF COLUMBIA SOUTH CAROLINA VERMONT MONTANA HAWAII

13589 MEDPRO RRG RISK RETENTION GROUP

DISTRICT OF COLUMBIA

10124 MEDSTAR LIABILITY LTD INS CO INC RRG

DISTRICT OF COLUMBIA

14219 MILLBROOK NMF RISK RETENTION GROUP, INC. 14062 MMIC RRG, INC. 11547 MOUNTAIN LAUREL RRG INC 11585 MOUNTAIN STATES HEALTHCARE RECIP RRG 12779 MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC. 12529 NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC. 14130 NCMIC RISK RETENTION GROUP, INC. 12539 NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC. 12532 NEW STAR RISK RETENTION GROUP, INC. 12275 NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG 13059 NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP 10752 NOVUS INS CO RRG 13644 OASIS RECIPROCAL RISK RETENTION GROUP 12845 OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC. 12189 OCEANUS INS CO A RRG 13062 OLYMPIA RISK RETENTION GROUP, INC. 44121 OMS NATL INS CO RRG 44105 OPHTHALMIC MUTUAL INS CO RRG 12183 ORANGE COUNTY MEDICAL RECIP INS RRG 14260 ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

SOUTH CAROLINA DISTRICT OF COLUMBIA VERMONT MONTANA WEST VIRGINIA SOUTH CAROLINA VERMONT NEVADA SOUTH CAROLINA DISTRICT OF COLUMBIA VERMONT SOUTH CAROLINA VERMONT MONTANA SOUTH CAROLINA ARIZONA ILLINOIS VERMONT ARIZONA SOUTH CAROLINA

11575 PACE RRG INC

VERMONT

11846 PEACE CHURCH RRG INC

VERMONT

11772 PEDIATRICANS INS RRG OF AMER 11587 PELICAN INS RRG

DISTRICT OF COLUMBIA VERMONT

13995 PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.

NEVADA

12746 PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.

NEVADA

12507 PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP 11514 PHYSICIANS PROFESSIONAL LIABILTY RRG 11513 PHYSICIANS SPECIALTY LTD RRG 13582 PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

SOUTH CAROLINA VERMONT SOUTH CAROLINA HAWAII First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Primary Line of Business NAIC Company Name

State of Domicile VERMONT

12348 PINE TREE INS RECIPROCAL RRG

OKLAHOMA

14205 PLICO RISK RETENTION GROUP, INC.

FLORIDA

11809 PONCE DE LEON LTC RRG, INC. 44083 PREFERRED PHYSICIANS MEDICAL RRG

MISSOURI

12613 PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

NEVADA

12608 PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP 13067 PROFESSIONALS RISK RETENTION GROUP, INC.

VERMONT MONTANA

13078 RED CLAY RISK RETENTION GROUP, INC.

SOUTH CAROLINA

11712 SAINT LUKE'S HLTH SYSTEM RRG

SOUTH CAROLINA

12511 SAMARITAN RISK RETENTION GROUP, INC.

SOUTH CAROLINA

11808 SCHUYKILL CROSSING RECIPROCAL RRG 12988 SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

VERMONT NEVADA MONTANA

14136 SELECT MD RRG

HAWAII

12005 SENTINEL ASSUR RRG INC 11688 ST LUKES HEALTH NETWORK INS CO RRG 13135 SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC 14026 SUNLAND RISK RETENTION GROUP, INC.

VERMONT SOUTH CAROLINA DELAWARE SOUTH CAROLINA

11669 SUPERIOR INS CO RRG

VERMONT

11548 UNITED CENTRAL PA RRG 12915 URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP 13974 VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC. 13786 VIRGINIA SENIOR CARE RISK RETENTION GROUP

NEVADA MONTANA DISTRICT OF COLUMBIA

11802 WARREN RRG INC

VERMONT

11682 WELLSPAN RRG

VERMONT

13154 WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP

VERMONT

11796 YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

VERMONT

Medical Professional Liability (Occurrence) SOUTH CAROLINA

11992 CLARIAN HLTH RRG INC 11698 FAITH AFFILIATED RRG INC

VERMONT

11278 FIRST MEDICAL INS CO RRG

VERMONT

11832 HEALTHCARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG) 36072 NATIONAL GUARDIAN RISK RETENTION GROUP

DISTRICT OF COLUMBIA HAWAII

12918 PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

VERMONT

10934 PHYSICIANS REIMBURSEMENT RRG

VERMONT

10840 PROFESSIONAL MEDICAL INS RRG INC 12907 SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC. 10152 THE HEALTHCARE UNDERWRITING CO RRG

HAWAII SOUTH CAROLINA VERMONT

Other Liability (Claims-made) 12252 AEGIS HEALTHCARE RRG, INC. 28380 AGRI INSURANCE EXCHANGE RRG 44148 ARCHITECTS & ENGINEERS INS CO RRG 14425 ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

DISTRICT OF COLUMBIA INDIANA DELAWARE NEVADA

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Primary Line of Business NAIC Company Name 33677 ATTORNEYS INS MUTUAL OF ALABAMA INC 22670 ATTORNEYS INSURANCE MUTUAL RRG INC 10639 ATTORNEYS LIAB ASSUR SOCIETY INC RRG 32450 ATTORNEYS LIAB PROTECTION SOC RRG 13795 ATTPRO RRG RECIPROCAL RISK RETENTION GROUP

State of Domicile DISTRICT OF COLUMBIA HAWAII VERMONT MONTANA DISTRICT OF COLUMBIA

10174 BAR VERMONT RISK RETENTION GROUP INC

VERMONT

11531 CHC CAS RRG

VERMONT

12172 CLAIM PROFESSIONALS LIAB INS CO RRG

VERMONT

44598 COLLEGE LIABILITY INS CO A RECIP RRG 11864 COMCARE PRO INS RECIPROCAL RRG 12042 COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG

HAWAII VERMONT HAWAII

10164 CPA MUTUAL INS CO OF AMERICA RRG

VERMONT

13720 CROSSFIT RISK RETENTION GROUP, INC.

MONTANA

14439 FIDUCIARIES RISK RETENTION GROUP, INC. 13782 GERIC INSURANCE RISK RETENTION GROUP, INC. 10991 GLOBAL INTL INS CO INC A RRG

NEVADA HAWAII DISTRICT OF COLUMBIA

11145 GOLDEN INS CO RRG

NEVADA

13973 GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

NEVADA

11097 HERITAGE WARRANTY INS RRG INC

SOUTH CAROLINA

26797 HOUSING AUTHORITY RRG INC

VERMONT

11268 ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP

VERMONT

14084 LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP

NEVADA

44237 MENTAL HEALTH RISK RETENTION GROUP

VERMONT

11999 MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP

VERMONT

14366 NASW RISK RETENTION GROUP, INC.

DISTRICT OF COLUMBIA

11806 NATIONAL ASSISTED LIVING RRG, INC.

DISTRICT OF COLUMBIA

44016 NATIONAL HOME INSURANCE CO RRG 13792 NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP 10171 ORDINARY MUTUAL A RRG CORP 11973 PCH MUTUAL INSURANCE COMPANY, RRG 12004 PHOEBE RECIPROCAL RRG 14461 PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP) 11350 PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG

COLORADO DISTRICT OF COLUMBIA VERMONT DISTRICT OF COLUMBIA SOUTH CAROLINA HAWAII VERMONT

13557 SIGMA RRG, INC.

DISTRICT OF COLUMBIA

10754 SPIRIT MOUNTAIN INS CO RRG INC

DISTRICT OF COLUMBIA

11114 ST CHARLES INS CO RRG 13993 STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.

SOUTH CAROLINA NEVADA

10113 TERRA INS CO RRG

VERMONT

14395 TERRAFIRMA RISK RETENTION GROUP LLC

VERMONT

10084 TITLE INDUSTRY ASSURANCE CO RRG

VERMONT

13988 UV INSURANCE RISK RETENTION GROUP, INC. 11978 WESTERN INS RRG INC 40940 WESTERN PACIFIC MUT INS CO RRG

HAWAII ARIZONA COLORADO First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Primary Line of Business NAIC Company Name

State of Domicile Other Liability (Occurrence)

12166 ADVANCED PHYSICIANS INS RRG INC

ARIZONA

13606 AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

NEVADA HAWAII

11965 ALLEGIANT INS CO INC A RRG 12631 AMERICAN BUILDERS INSURANCE COMPANY RRG, INC. 44202 AMERICAN FEED INDUSTRY INS CO RRG

MONTANA IOWA VERMONT

25448 AMERICAN SAFETY RRG INC 12224 ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC. 13010 BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP 13784 CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

SOUTH CAROLINA NEVADA MONTANA

13613 COLLEGE RISK RETENTION GROUP, INC.

VERMONT

10075 CONSUMER SPECIALTIES INSURANCE COMPANY RRG

VERMONT

11603 CONTRACTORS INS CO OF NORTH AMER RRG

HAWAII

38466 EVERGREEN USA RRG INC

VERMONT

10163 GENERAL EASTERN SKI INS RRG INC

VERMONT

11950 HOME CONSTRUCTION INS CO RRG

NEVADA

12018 INDEMNITY INSURANCE CORPORATION, RRG 11500 LENDERS PROTECTION ASSUR CO RRG

DELAWARE NEBRASKA DELAWARE

11117 MARATHON FIN INS CO INC RRG 12235 NATIONAL BUILDERS & CONTRACTORS INS

NEVADA VERMONT

10083 NATIONAL CATHOLIC RRG 12293 NATIONAL CONTRACTORS INS CO INC RRG 10234 NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG) 11980 PINNACLE CONSORTIUM OF HIGHER ED RRG

MONTANA DISTRICT OF COLUMBIA VERMONT DISTRICT OF COLUMBIA

11858 PINNACLE RRG INC 12497 PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC

MONTANA

13179 PROAIR RISK RETENTION GROUP, INC.

NEVADA

11671 PROBUILDERS SPECIALTY INS CO RRG

DISTRICT OF COLUMBIA

13736 RED ROCK RISK RETENTION GROUP, INC.

ARIZONA SOUTH CAROLINA

12019 REPUBLIC RRG 12209 RESTORATION RISK RETENTION GROUP, INC.

VERMONT

11267 SECURITY AMERICA RRG INC

VERMONT

44075 STATES SELF-INSURERS RRG

VERMONT

10476 STICO MUT INS CO RRG

VERMONT SOUTH CAROLINA

11153 TITAN INS CO INC RRG 12280 UNITED CONTRACTORS INS CO INC RRG

DELAWARE VERMONT

10020 UNITED EDUCATORS INS RRG INC 11063 VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP 14122 WESTERN CATHOLIC INSURANCE COMPANY RRG

OKLAHOMA VERMONT

Product Liability (Occurrence) 13791 AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC. 41246 HOW INSURANCE COMPANY, A RISK RETENTION GROUP

MONTANA VIRGINIA HAWAII

14135 RPX RRG

Reinsurance - Nonproportional Assumed Liability First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by Primary Line of Business NAIC Company Name

State of Domicile

14108 PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

MONTANA

Warranty 10803 COLUMBIA NATIONAL RRG INC

VERMONT

10712 UNITED HOME INSURANCE CO A RRG

VERMONT

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by State NAIC Company Name

Primary Line of Business ALABAMA Medical Professional Liability (Claims-made)

11668 COASTAL INS RRG INC

ARIZONA Other Liability (Occurrence)

12166 ADVANCED PHYSICIANS INS RRG INC 11710 ALLIED PROFESSIONALS INSURANCE COMPANY, RRG

Medical Professional Liability (Claims-made)

10232 AMERICAN ASSOC OF OTHODONTISTS RRG

Medical Professional Liability (Claims-made)

11598 APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.

Medical Professional Liability (Claims-made)

12180 CALIFORNIA MEDICAL GRP INS CO RRG

Medical Professional Liability (Claims-made)

11976 CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.

Medical Professional Liability (Claims-made)

12167 CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG

Medical Professional Liability (Claims-made)

14388 CHEROKEE GUARANTEE COMPANY INC., RRG

Medical Professional Liability (Claims-made) Commercial Auto Liability

10125 ELITE TRANSPORTATION RRG INC 12625 FORT WAYNE MEDICAL SURETY COMPANY, RRG

Medical Professional Liability (Claims-made)

12320 INNOVATIVE PHYSICIAN SOLUTIONS RRG

Medical Professional Liability (Claims-made)

13062 OLYMPIA RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

12183 ORANGE COUNTY MEDICAL RECIP INS RRG

Medical Professional Liability (Claims-made) Other Liability (Occurrence)

13736 RED ROCK RISK RETENTION GROUP, INC.

Other Liability (Claims-made)

11978 WESTERN INS RRG INC

COLORADO 44016 NATIONAL HOME INSURANCE CO RRG

Other Liability (Claims-made)

40940 WESTERN PACIFIC MUT INS CO RRG

Other Liability (Claims-made)

DISTRICT OF COLUMBIA 12252 AEGIS HEALTHCARE RRG, INC.

Other Liability (Claims-made)

33677 ATTORNEYS INS MUTUAL OF ALABAMA INC

Other Liability (Claims-made)

13795 ATTPRO RRG RECIPROCAL RISK RETENTION GROUP

Other Liability (Claims-made)

11825 CARE RRG, INC.

Medical Professional Liability (Claims-made)

12373 CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

13756 CMIC RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

14906 COPIC, A RISK RETENTION GROUP 14160 COVERYS RRG, INC.

Medical Professional Liability (Claims-made)

11842 DUBOIS MEDICAL RRG

Medical Professional Liability (Claims-made)

11840 FAIRWAY PHYSICIANS INS CO RRG

Medical Professional Liability (Claims-made)

10991 GLOBAL INTL INS CO INC A RRG

Other Liability (Claims-made)

12236 HEALTH CARE CAS RRG INC

Medical Professional Liability (Claims-made)

11813 HEALTH NETWORK PROVIDERS MUT INS CO

Medical Professional Liability (Claims-made)

11832 HEALTHCARE INDUSTRY LIABILITY RECIPROCAL INSURANCE COMPANY, RRG (HEALTHCAP RRG)

Medical Professional Liability (Occurrence)

14444 LAMMICO RRG, INC.

Medical Professional Liability (Claims-made)

11958 LIFE SERVICES NETWORK RECIP INS RRG

Medical Professional Liability (Claims-made)

13589 MEDPRO RRG RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

10124 MEDSTAR LIABILITY LTD INS CO INC RRG

Medical Professional Liability (Claims-made)

14062 MMIC RRG, INC.

Medical Professional Liability (Claims-made)

14366 NASW RISK RETENTION GROUP, INC.

Other Liability (Claims-made)

11806 NATIONAL ASSISTED LIVING RRG, INC.

Other Liability (Claims-made)

10234 NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)

Other Liability (Occurrence) First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by State NAIC Company Name

Primary Line of Business

13792 NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

Other Liability (Claims-made)

12275 NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG

Medical Professional Liability (Claims-made) Commercial Auto Liability

10158 OCEAN RRG INC

Other Liability (Claims-made)

11973 PCH MUTUAL INSURANCE COMPANY, RRG

Medical Professional Liability (Claims-made)

11772 PEDIATRICANS INS RRG OF AMER

Commercial Auto Liability

12198 PINELANDS INS CO RRG INC

Other Liability (Occurrence)

11858 PINNACLE RRG INC 14919 PREFERRED PROFESSIONAL RRG

Other Liability (Occurrence)

11671 PROBUILDERS SPECIALTY INS CO RRG 13557 SIGMA RRG, INC.

Other Liability (Claims-made)

10754 SPIRIT MOUNTAIN INS CO RRG INC

Other Liability (Claims-made) Medical Professional Liability (Claims-made)

13786 VIRGINIA SENIOR CARE RISK RETENTION GROUP

DELAWARE Other Liability (Claims-made)

44148 ARCHITECTS & ENGINEERS INS CO RRG 43125 DELAWARE PROFESSIONAL INSURANCE CO

Medical Professional Liability (Claims-made)

14163 EMERGENCY CAPITAL MANAGEMENT, LLC, RRG

Medical Professional Liability (Claims-made) Other Liability (Occurrence)

12018 INDEMNITY INSURANCE CORPORATION, RRG

Medical Professional Liability (Claims-made)

14375 IRONSHORE RISK RETENTION GROUP, INC. 12554 MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

Commercial Auto Liability Other Liability (Occurrence)

11117 MARATHON FIN INS CO INC RRG 14026 SUNLAND RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

12280 UNITED CONTRACTORS INS CO INC RRG

Other Liability (Occurrence)

FLORIDA Medical Professional Liability (Claims-made)

11809 PONCE DE LEON LTC RRG, INC.

HAWAII Other Liability (Occurrence)

11965 ALLEGIANT INS CO INC A RRG 22670 ATTORNEYS INSURANCE MUTUAL RRG INC

Other Liability (Claims-made)

44504 CALIFORNIA HEALTHCARE INS CO INC RRG

Medical Professional Liability (Claims-made)

43770 CLINIC MUTUAL INSURANCE CO RRG

Medical Professional Liability (Claims-made) Other Liability (Claims-made)

44598 COLLEGE LIABILITY INS CO A RECIP RRG

Other Liability (Occurrence)

11603 CONTRACTORS INS CO OF NORTH AMER RRG 12042 COOPERATIVE OF AMERICAN PHYSICIANS INSURANCE COMPANY, INC., A RRG

Other Liability (Claims-made)

13782 GERIC INSURANCE RISK RETENTION GROUP, INC.

Other Liability (Claims-made)

10080 HEALTH PROVIDERS INS RECIPROCAL RRG

Medical Professional Liability (Claims-made)

26257 MEDAMERICA MUTUAL RRG INC

Medical Professional Liability (Claims-made) Medical Professional Liability (Occurrence)

36072 NATIONAL GUARDIAN RISK RETENTION GROUP 13582 PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP 14461 PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

Medical Professional Liability (Claims-made) Other Liability (Claims-made) Medical Professional Liability (Occurrence)

10840 PROFESSIONAL MEDICAL INS RRG INC

Product Liability (Occurrence)

14135 RPX RRG

Medical Professional Liability (Claims-made)

12005 SENTINEL ASSUR RRG INC

Other Liability (Claims-made)

13988 UV INSURANCE RISK RETENTION GROUP, INC.

IOWA Other Liability (Occurrence)

44202 AMERICAN FEED INDUSTRY INS CO RRG

ILLINOIS First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by State NAIC Company Name

Primary Line of Business Medical Professional Liability (Claims-made)

44121 OMS NATL INS CO RRG

INDIANA Other Liability (Claims-made)

28380 AGRI INSURANCE EXCHANGE RRG

Medical Professional Liability (Claims-made)

13893 COMMUNITY BLOOD CENTERS EXCH RRG

KENTUCKY 13580 ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

Boiler and Machinery

13018 DOCTORS & SURGEONS NATIONAL RRG

Medical Professional Liability (Claims-made)

11872 KENTUCKIANA MEDICAL RECIPROCAL RRG

Medical Professional Liability (Claims-made)

11939 KENTUCKY HOSPITAL INS CO RRG

Medical Professional Liability (Claims-made)

MISSOURI Medical Professional Liability (Claims-made)

44083 PREFERRED PHYSICIANS MEDICAL RRG

MONTANA 12631 AMERICAN BUILDERS INSURANCE COMPANY RRG, INC. 11534 AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

Other Liability (Occurrence) Commercial Auto Liability Other Liability (Claims-made)

32450 ATTORNEYS LIAB PROTECTION SOC RRG 13791 AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.

Product Liability (Occurrence)

15089 CARENEXT RISK RETENTION GROUP, INC. 13784 CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

Other Liability (Occurrence) Other Liability (Claims-made)

13720 CROSSFIT RISK RETENTION GROUP, INC. 11696 GUARDIAN RRG INC

Medical Professional Liability (Claims-made)

12355 MD RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

11585 MOUNTAIN STATES HEALTHCARE RECIP RRG

Medical Professional Liability (Claims-made) Other Liability (Occurrence)

12293 NATIONAL CONTRACTORS INS CO INC RRG 12845 OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC. 14108 PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP 12497 PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC

Medical Professional Liability (Claims-made) Reinsurance - Nonproportional Assumed Liability Other Liability (Occurrence)

13067 PROFESSIONALS RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

14136 SELECT MD RRG

Medical Professional Liability (Claims-made)

13974 VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

NEBRASKA Other Liability (Occurrence)

11500 LENDERS PROTECTION ASSUR CO RRG

NEVADA 13606 AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP 13177 ARCOA RISK RETENTION GROUP, INC. 14425 ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC. 14169 BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC. 13010 BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

Other Liability (Occurrence) Commercial Auto Liability Other Liability (Claims-made) Medical Professional Liability (Claims-made) Other Liability (Occurrence)

12003 EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

Medical Professional Liability (Claims-made)

11714 EMERGENCY PHYSICIANS INS CO RRG

Medical Professional Liability (Claims-made)

14439 FIDUCIARIES RISK RETENTION GROUP, INC.

Other Liability (Claims-made)

11145 GOLDEN INS CO RRG

Other Liability (Claims-made)

13973 GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

Other Liability (Claims-made)

11950 HOME CONSTRUCTION INS CO RRG

Other Liability (Occurrence) First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by State NAIC Company Name

Primary Line of Business

12594 J.M. WOODWORTH RRG, INC.

Medical Professional Liability (Claims-made)

13014 LANCET INDEMNITY RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

14084 LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP

Other Liability (Claims-made) Other Liability (Occurrence)

12235 NATIONAL BUILDERS & CONTRACTORS INS 12539 NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

13995 PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

12746 PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

12613 PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

Medical Professional Liability (Claims-made) Other Liability (Occurrence)

13179 PROAIR RISK RETENTION GROUP, INC. 12988 SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP 14207 SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP 13993 STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC. 12915 URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP

Medical Professional Liability (Claims-made) Commercial Auto Liability Other Liability (Claims-made) Medical Professional Liability (Claims-made)

OKLAHOMA Medical Professional Liability (Claims-made)

14205 PLICO RISK RETENTION GROUP, INC. 11063 VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

Other Liability (Occurrence)

SOUTH CAROLINA 12013 ALLIED SERVICES RISK RETENTION GROUP 11590 AMERICAN FOREST CASUALTY COMPANY RRG 12224 ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made) Commercial Auto Liability Other Liability (Occurrence)

11544 CAREGIVERS UNITED LIAB INS CO RRG

Medical Professional Liability (Claims-made)

11694 CENTRAL PA PHYSICIANS RRG INC

Medical Professional Liability (Claims-made)

11992 CLARIAN HLTH RRG INC

Medical Professional Liability (Occurrence)

11807 COMMUNITIES OF FAITH RRG INC

Medical Professional Liability (Claims-made)

11798 CONTINUING CARE RRG, INC.

Medical Professional Liability (Claims-made)

12015 EMERGENCY MEDICINE RRG INC

Medical Professional Liability (Claims-made)

11801 FIRST KEYSTONE RISK RETENTION GROUP, INC.

Commercial Auto Liability

12512 GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

11581 GRACO RRG INC

Medical Professional Liability (Claims-made)

12014 GUTHRIE RRG

Medical Professional Liability (Claims-made)

11683 HEALTHCARE PROVIDERS INS CO RRG

Medical Professional Liability (Claims-made)

11097 HERITAGE WARRANTY INS RRG INC

Other Liability (Claims-made)

11684 LVHN RRG

Medical Professional Liability (Claims-made)

14219 MILLBROOK NMF RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

11197 NATIONAL INDEPENDENT TRUCKERS IC RRG

Commercial Auto Liability

12529 NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

12532 NEW STAR RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

10752 NOVUS INS CO RRG

Medical Professional Liability (Claims-made)

12189 OCEANUS INS CO A RRG

Medical Professional Liability (Claims-made)

14260 ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

Medical Professional Liability (Claims-made)

12004 PHOEBE RECIPROCAL RRG

Other Liability (Claims-made)

12507 PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

11513 PHYSICIANS SPECIALTY LTD RRG

Medical Professional Liability (Claims-made)

13078 RED CLAY RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made) First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by State NAIC Company Name

Primary Line of Business Other Liability (Occurrence)

12019 REPUBLIC RRG 11712 SAINT LUKE'S HLTH SYSTEM RRG

Medical Professional Liability (Claims-made)

12511 SAMARITAN RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

12907 SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.

Medical Professional Liability (Occurrence) Other Liability (Claims-made)

11114 ST CHARLES INS CO RRG 13135 SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

Medical Professional Liability (Claims-made)

11669 SUPERIOR INS CO RRG

Medical Professional Liability (Claims-made)

11153 TITAN INS CO INC RRG

Other Liability (Occurrence)

TENNESSEE Commercial Auto Liability

44130 PARATRANSIT INSURANCE COMPANY, RRG

TEXAS Commercial Auto Liability

12300 AMERICAN CONTRACTORS INS CO RRG

UTAH 12627 LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY

Commercial Auto Liability

VIRGINIA 41246 HOW INSURANCE COMPANY, A RISK RETENTION GROUP

Product Liability (Occurrence)

VERMONT 12934 ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

13677 AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

10023 ALLIANCE OF NONPROFITS FOR INS RRG 10903 AMERICAN EXCESS INS EXCHANGE RRG 25448 AMERICAN SAFETY RRG INC 12171 AMERIGUARD RRG INC

Commercial Auto Liability Medical Professional Liability (Claims-made) Other Liability (Occurrence) Commercial Auto Liability

10639 ATTORNEYS LIAB ASSUR SOCIETY INC RRG

Other Liability (Claims-made)

10174 BAR VERMONT RISK RETENTION GROUP INC

Other Liability (Claims-made)

12933 BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

13788 BROADLINE RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

10808 CASSATT RISK RETENTION GROUP INC

Medical Professional Liability (Claims-made)

11531 CHC CAS RRG 11839 CIRCLE STAR INS CO RRG

Other Liability (Claims-made) Commercial Auto Liability

12172 CLAIM PROFESSIONALS LIAB INS CO RRG

Other Liability (Claims-made)

13613 COLLEGE RISK RETENTION GROUP, INC.

Other Liability (Occurrence)

10803 COLUMBIA NATIONAL RRG INC 11864 COMCARE PRO INS RECIPROCAL RRG

Warranty Other Liability (Claims-made)

11536 COMMUNITY HEALTH ALLIANCE RECIP RRG

Medical Professional Liability (Claims-made)

11259 COMMUNITY HOSPITAL RRG

Medical Professional Liability (Claims-made)

10075 CONSUMER SPECIALTIES INSURANCE COMPANY RRG 10341 CONTROLLED RISK INS CO OF VT RRG 10164 CPA MUTUAL INS CO OF AMERICA RRG

Other Liability (Occurrence) Medical Professional Liability (Claims-made) Other Liability (Claims-made)

11676 CRUDEN BAY RRG INC

Medical Professional Liability (Claims-made)

13655 CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

10115 EASTERN DENTISTS INS CO RRG

Medical Professional Liability (Claims-made)

38466 EVERGREEN USA RRG INC 11698 FAITH AFFILIATED RRG INC

Other Liability (Occurrence) Medical Professional Liability (Occurrence) First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by State NAIC Company Name 11278 FIRST MEDICAL INS CO RRG

Primary Line of Business Medical Professional Liability (Occurrence)

10842 FRANKLIN CASUALTY INS CO RRG

Medical Professional Liability (Claims-made)

12016 FREDERICKSBURG PROFESSIONAL RISK EXC

Medical Professional Liability (Claims-made)

14032 GABLES RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

12000 GEISINGER INS CORP RRG

Medical Professional Liability (Claims-made)

10163 GENERAL EASTERN SKI INS RRG INC 11948 GLOBAL HAWK INSURANCE COMPANY RRG

Other Liability (Occurrence) Commercial Auto Liability

11941 GREEN HILLS INS CO RRG

Medical Professional Liability (Claims-made)

13057 HAMDEN ASSURANCE RRG, INC.

Medical Professional Liability (Claims-made)

11998 HEARTLAND HEALTHCARE RECIP RRG

Medical Professional Liability (Claims-made)

26797 HOUSING AUTHORITY RRG INC

Other Liability (Claims-made)

11268 ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP

Other Liability (Claims-made)

11692 INDIANA HEALTHCARE RECIP RRG

Medical Professional Liability (Claims-made)

11803 LAKE STREET RRG INC

Medical Professional Liability (Claims-made)

10697 MCIC VERMONT INC RRG

Medical Professional Liability (Claims-made)

44237 MENTAL HEALTH RISK RETENTION GROUP

Other Liability (Claims-made)

11999 MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP

Other Liability (Claims-made)

13812 MOUNTAIN LAKE RISK RETENTION GROUP, INC. 11547 MOUNTAIN LAUREL RRG INC 10083 NATIONAL CATHOLIC RRG

Commercial Auto Liability Medical Professional Liability (Claims-made) Other Liability (Occurrence)

14130 NCMIC RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

13059 NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

13644 OASIS RECIPROCAL RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

10353 OOIDA RISK RETENTION GROUP INC 44105 OPHTHALMIC MUTUAL INS CO RRG 10171 ORDINARY MUTUAL A RRG CORP

Commercial Auto Liability Medical Professional Liability (Claims-made) Other Liability (Claims-made)

11575 PACE RRG INC

Medical Professional Liability (Claims-made)

11846 PEACE CHURCH RRG INC

Medical Professional Liability (Claims-made)

11587 PELICAN INS RRG

Medical Professional Liability (Claims-made)

12918 PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP 11514 PHYSICIANS PROFESSIONAL LIABILTY RRG 10934 PHYSICIANS REIMBURSEMENT RRG 12348 PINE TREE INS RECIPROCAL RRG 11980 PINNACLE CONSORTIUM OF HIGHER ED RRG 12608 PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP 11350 PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG 12209 RESTORATION RISK RETENTION GROUP, INC. 11808 SCHUYKILL CROSSING RECIPROCAL RRG 11267 SECURITY AMERICA RRG INC 11688 ST LUKES HEALTH NETWORK INS CO RRG

Medical Professional Liability (Occurrence) Medical Professional Liability (Claims-made) Medical Professional Liability (Occurrence) Medical Professional Liability (Claims-made) Other Liability (Occurrence) Medical Professional Liability (Claims-made) Other Liability (Claims-made) Other Liability (Occurrence) Medical Professional Liability (Claims-made) Other Liability (Occurrence) Medical Professional Liability (Claims-made)

44075 STATES SELF-INSURERS RRG

Other Liability (Occurrence)

10476 STICO MUT INS CO RRG

Other Liability (Occurrence)

10113 TERRA INS CO RRG

Other Liability (Claims-made) First Quarter 2013 - RRG Analysis


Risk Retention Groups - Listing by State NAIC Company Name

Primary Line of Business

14395 TERRAFIRMA RISK RETENTION GROUP LLC

Other Liability (Claims-made) Medical Professional Liability (Occurrence)

10152 THE HEALTHCARE UNDERWRITING CO RRG

Other Liability (Claims-made)

10084 TITLE INDUSTRY ASSURANCE CO RRG

Medical Professional Liability (Claims-made)

11548 UNITED CENTRAL PA RRG

Other Liability (Occurrence)

10020 UNITED EDUCATORS INS RRG INC

Warranty

10712 UNITED HOME INSURANCE CO A RRG 11802 WARREN RRG INC

Medical Professional Liability (Claims-made)

11682 WELLSPAN RRG

Medical Professional Liability (Claims-made)

14122 WESTERN CATHOLIC INSURANCE COMPANY RRG

Other Liability (Occurrence)

13154 WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP

Medical Professional Liability (Claims-made)

11796 YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

Medical Professional Liability (Claims-made)

WEST VIRGINIA 12779 MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.

Medical Professional Liability (Claims-made)

First Quarter 2013 - RRG Analysis


Risk Retention Groups Analysis by Company


Risk Retention Groups - Selected Statutory Balance Sheet and Schedule P Data NAIC 12934

COMPANY ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

Cash & Invested Assets

Reinsurance Recoverables

Other Assets

Total Assets

Loss & LAE Reserves

Unearned Premium Reserve

Other Liabilities

Total Liabilities

Policyholders' Surplus

Prior Year-End Loss LAE Reserve Developed (Savings)/Deficiency (000s)

$1,592,388

$0

$1,308,747

$2,901,135

$326,081

$41,134

$743,613

$1,110,828

$1,790,307

($36)

12166

ADVANCED PHYSICIANS INS RRG INC

$1,521,503

$0

$470,388

$1,991,891

$0

$295,564

$15,207

$310,771

$1,681,120

$0

12252

AEGIS HEALTHCARE RRG, INC.

$2,211,000

$0

$2,244,051

$4,455,051

$1,625,760

$1,108,922

$523,228

$3,257,910

$1,197,141

($1) $0

13677

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

$5,357,655

$0

$1,449,947

$6,807,602

$676,267

$290,369

$2,822,158

$3,788,794

$3,018,808

13606

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

$1,406,715

$0

$505,892

$1,912,607

$1,867,745

$0

$12,208

$1,879,953

$32,654

$0

28380

AGRI INSURANCE EXCHANGE RRG

$14,974,378

$0

$25,728

$15,000,106

$1,820,000

$666,086

$518,700

$3,004,786

$11,995,320

($159)

11965

ALLEGIANT INS CO INC A RRG

$13,456,569

$1,838,538

$814,062

$16,109,169

$8,264,045

$0

$2,610,936

$10,874,981

$5,234,188

$0

10023

ALLIANCE OF NONPROFITS FOR INS RRG

$50,010,807

$0

$9,548,318

$59,559,125

$21,920,084

$8,183,588

$1,594,299

$31,697,971

$27,861,154

$71

11710

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG

$30,518,587

$0

$3,692,354

$34,210,941

$9,019,389

$9,018,730

$3,169,082

$21,207,201

$13,003,740

$667

12013

ALLIED SERVICES RISK RETENTION GROUP

$6,067,592

$0

$18,825

$6,086,417

$2,631,606

$253,055

$283,321

$3,167,982

$2,918,435

($601)

10232

AMERICAN ASSOC OF OTHODONTISTS RRG

$35,503,238

$0

$1,264,734

$36,767,972

$21,105,233

$2,968,088

$1,275,929

$25,349,250

$11,418,722

$0

12631

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.

$1,154,987

$68,287

$27,138

$1,250,412

$103,925

$0

$382,593

$486,518

$763,894

$0

12300

AMERICAN CONTRACTORS INS CO RRG

$7,826,405

$0

$1,472,285

$9,298,690

$0

$0

$2,026,910

$2,026,910

$7,271,780

$0 $48

10903

AMERICAN EXCESS INS EXCHANGE RRG

$411,175,667

$0

$2,019,633

$413,195,300

$150,837,356

$3,890,260

$11,029,468

$165,757,084

$247,438,216

44202

AMERICAN FEED INDUSTRY INS CO RRG

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

11590

AMERICAN FOREST CASUALTY COMPANY RRG

$8,690,086

$0

$586,028

$9,276,114

$4,256,454

$762,377

$433,270

$5,452,101

$3,824,013

$0

25448

AMERICAN SAFETY RRG INC

$13,527,248

$0

$5,994,299

$19,521,547

$4,004,722

$3,762,182

$1,888,008

$9,654,912

$9,866,635

$0

11534

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

$14,549,159

$0

$355,809

$14,904,968

$5,240,653

$1,920,866

$2,547,124

$9,708,643

$5,196,325

($323)

12171

AMERIGUARD RRG INC

$10,885,590

$0

$453,689

$11,339,279

$2,166,945

$38,163

$1,630,048

$3,835,156

$7,504,123

($2)

11598

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.

$76,298,416

$0

$18,808,545

$95,106,961

$48,255,505

$19,079,124

$1,030,390

$68,365,019

$26,741,942

($164)

44148

ARCHITECTS & ENGINEERS INS CO RRG

$12,558,213

$0

$8,402,551

$20,960,764

$3,784,308

$2,369,067

$5,125,772

$11,279,147

$9,681,617

($569)

13177

ARCOA RISK RETENTION GROUP, INC.

$10,318,018

$0

$2,117,310

$12,435,328

$9,815,314

$0

$327,801

$10,143,115

$2,292,213

$39

13580

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

$1,480,246

$0

$1,114,622

$2,594,868

$150,000

$346,525

$59,595

$556,120

$2,038,748

$0

12224

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.

$1,918,070

$0

$15,471

$1,933,541

$514,315

$0

$430,402

$944,717

$988,824

($8)

14425

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

$1,005,328

$0

$6,365

$1,011,693

$0

$0

$23,548

$23,548

$988,145

$0 ($2,012)

33677

ATTORNEYS INS MUTUAL OF ALABAMA INC

$15,151,433

$0

$386,621

$15,538,054

$4,120,198

$1,253,488

$2,283,893

$7,657,579

$7,880,475

22670

ATTORNEYS INSURANCE MUTUAL RRG INC

$13,045,810

$0

$966,190

$14,012,000

$4,762,097

$885,765

$653,688

$6,301,550

$7,710,450

($51)

10639

ATTORNEYS LIAB ASSUR SOCIETY INC RRG

$127,881,860

$0

$143,986,317

$271,868,177

$58,630,381

$19,622,277

$134,358,889

$212,611,547

$59,256,630

($149)

32450

ATTORNEYS LIAB PROTECTION SOC RRG

$90,856,777

$0

$8,622,765

$99,479,542

$41,651,897

$15,023,204

$7,806,702

$64,481,803

$34,997,739

($232)

13795

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP

$1,396,563

$0

$114,520

$1,511,083

$6,844

$5,285

$90,759

$102,888

$1,408,195

$0

13791

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.

$1,474,054

$0

$1,326,951

$2,801,005

$327,066

$1,318,582

$96,668

$1,742,316

$1,058,689

$1

10174

BAR VERMONT RISK RETENTION GROUP INC

$20,202,667

$0

$2,231,298

$22,433,965

$4,788,267

$1,014,144

$2,222,973

$8,025,384

$14,408,581

($252)

12933

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.

$25,803,163

$0

$19,683,075

$45,486,238

$18,475,713

$6,058,742

$15,524,591

$40,059,046

$5,427,192

$0

14169

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.

$1,020,822

$0

$19,505

$1,040,327

$0

$11,582

$16,609

$28,191

$1,012,136

$0

13010

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

$2,442,925

$0

$387,602

$2,830,527

$52,313

$1,162,476

$411,364

$1,626,153

$1,204,374

($3) ($166)

13788

BROADLINE RISK RETENTION GROUP, INC.

$70,375,917

$0

$20,504,006

$90,879,923

$54,366,171

$4,874,882

$308,265

$59,549,318

$31,330,605

44504

CALIFORNIA HEALTHCARE INS CO INC RRG

$99,519,997

$0

$20,446,472

$119,966,469

$54,520,259

$10,101,096

$9,239,664

$73,861,019

$46,105,450

$262

12180

CALIFORNIA MEDICAL GRP INS CO RRG

$11,424,284

$0

$1,403,166

$12,827,450

$5,460,043

$480,196

$179,332

$6,119,571

$6,707,879

($1,372)

11825

CARE RRG, INC.

$11,842,697

$857,349

$1,876,909

$14,576,955

$6,190,003

$2,699,689

$970,122

$9,859,814

$4,717,141

($190)

11544

CAREGIVERS UNITED LIAB INS CO RRG

$34,707,983

$91,917

$4,229,727

$39,029,627

$9,745,514

$3,985,665

$623,614

$14,354,793

$24,674,834

($27)

15089

CARENEXT RISK RETENTION GROUP, INC.

$500,000

$0

$130,300

$630,300

$0

$0

$95,917

$95,917

$534,383

$0

12373

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP

$51,044,300

$0

$46,629,794

$97,674,094

$10,740,227

$5,254,865

$45,729,596

$61,724,688

$35,949,406

$0

First Quarter 2013 - RRG Analysis


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

COMPANY

Cash & Invested Assets

Reinsurance Recoverables

Other Assets

Total Assets

Loss & LAE Reserves

Unearned Premium Reserve

Other Liabilities

Total Liabilities

Policyholders' Surplus

Prior Year-End Loss LAE Reserve Developed (Savings)/Deficiency (000s)

10808

CASSATT RISK RETENTION GROUP INC

$4,896,363

$0

$2,864,853

$7,761,216

$471,150

$25,000

$3,582,390

$4,078,540

$3,682,676

$1

13784

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

$1,201,785

$0

$120,074

$1,321,859

$25,571

$1,000

$75,294

$101,865

$1,219,994

($27)

11694

CENTRAL PA PHYSICIANS RRG INC

$61,256,816

$0

$1,998,412

$63,255,228

$31,173,739

$8,927,773

$1,502,505

$41,604,017

$21,651,211

$1

11976

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.

$12,887,218

$0

$2,667,422

$15,554,640

$5,425,749

$1,623,638

($114,412)

$6,934,975

$8,619,665

$434

12167

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG

$3,503,148

$64,601

$196,201

$3,763,950

$275,413

$705,286

$158,761

$1,139,460

$2,624,490

$4

11531

CHC CAS RRG

$36,308,714

$0

$6,327,694

$42,636,408

$18,000,000

$5,913,695

$753,033

$24,666,728

$17,969,680

($1,658)

14388

CHEROKEE GUARANTEE COMPANY INC., RRG

$2,712,873

$333,636

$1,821,990

$4,868,499

$1,545,080

$1,742,696

$85,291

$3,373,067

$1,495,432

($58)

11839

CIRCLE STAR INS CO RRG

$2,134,872

$0

$6,793,633

$8,928,505

$516,921

$316,086

$6,665,293

$7,498,300

$1,430,205

$0

12172

CLAIM PROFESSIONALS LIAB INS CO RRG

$3,020,761

$0

$862,328

$3,883,089

$736,198

$272,146

$1,207,748

$2,216,092

$1,666,997

$31

$2,294,870

$0

$1,538,829

$3,833,699

$0

$0

$1,229,243

$1,229,243

$2,604,456

$138

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0 $0

11992

CLARIAN HLTH RRG INC

43770

CLINIC MUTUAL INSURANCE CO RRG

13756

CMIC RISK RETENTION GROUP

$3,546,156

$0

$188,705

$3,734,861

$45,306

$150,943

$525,061

$721,310

$3,013,551

11668

COASTAL INS RRG INC

$40,358,495

$0

$5,210,289

$45,568,784

$16,487,096

$3,770,005

$7,843,904

$28,101,005

$17,467,779

$39

44598

COLLEGE LIABILITY INS CO A RECIP RRG

$11,310,587

$0

$2,152,678

$13,463,265

$3,065,238

$563,521

$151,467

$3,780,226

$9,683,038

$157

13613

COLLEGE RISK RETENTION GROUP, INC.

$13,846,974

$0

$275,784

$14,122,758

$6,997,467

$2,031,950

$39,055

$9,068,472

$5,054,286

$0

10803

COLUMBIA NATIONAL RRG INC

$1,625,745

$0

$41,756

$1,667,501

$0

$276,309

$295,608

$571,917

$1,095,584

$0

11864

COMCARE PRO INS RECIPROCAL RRG

$3,833,727

$0

$220,248

$4,053,975

$777,443

$499,189

$92,387

$1,369,019

$2,684,956

$172

11807

COMMUNITIES OF FAITH RRG INC

$15,175,668

$0

$387,960

$15,563,628

$858,634

$758,134

$79,393

$1,696,161

$13,867,467

$0

13893

COMMUNITY BLOOD CENTERS EXCH RRG

$20,658,634

$0

$291,552

$20,950,186

$4,512,842

$726,539

$2,583,040

$7,822,421

$13,127,765

($200)

11536

COMMUNITY HEALTH ALLIANCE RECIP RRG

$109,826,538

$0

$9,497,322

$119,323,860

$40,762,341

$8,489,108

$44,941,057

$94,192,506

$25,131,354

$109

11259

COMMUNITY HOSPITAL RRG

$208,623,836

$0

$29,275,805

$237,899,641

$122,304,851

$28,758,941

$4,026,860

$155,090,652

$82,808,990

$852

10075

CONSUMER SPECIALTIES INSURANCE COMPANY RRG

$4,980,970

$110,056

$361,062

$5,452,088

$1,673,574

$184,312

$237,714

$2,095,600

$3,356,488

$1

11798

CONTINUING CARE RRG, INC.

$682,063

$0

$6,355,752

$7,037,815

$1,657,538

$782,858

$1,557,749

$3,998,145

$3,039,670

($93) ($882)

11603

CONTRACTORS INS CO OF NORTH AMER RRG

$36,609,779

$0

$5,958,916

$42,568,695

$22,756,370

$329,473

$2,237,800

$25,323,643

$17,245,052

10341

CONTROLLED RISK INS CO OF VT RRG

$56,887,988

$0

$74,920,487

$131,808,475

$17,323,544

$12,392,487

$68,548,436

$98,264,467

$33,544,008

$0

12042

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

$33,893,896

$82,500

$5,030,655

$39,007,051

$11,198,372

$4,789,704

$1,820,735

$17,808,811

$21,198,240

$0

14906

COPIC, A RISK RETENTION GROUP

$600,000

$0

$17,845

$617,845

$0

$0

$50,987

$50,987

$566,858

$0

14160

COVERYS RRG, INC.

$4,880,947

$0

$77,987

$4,958,934

$3,720

$4,615

$84,576

$92,911

$4,866,024

$0

10164

CPA MUTUAL INS CO OF AMERICA RRG

$18,096,508

$106,759

$5,138,455

$23,341,722

$8,583,725

$1,263,296

$3,283,131

$13,130,152

$10,211,570

$7

13720

CROSSFIT RISK RETENTION GROUP, INC.

$2,031,276

$0

$330,168

$2,361,444

$414,764

$751,295

$178,400

$1,344,459

$1,016,985

$45

11676

CRUDEN BAY RRG INC

$14,393,268

$0

$2,042,015

$16,435,283

$6,757,774

$1,883,562

$567,991

$9,209,327

$7,225,956

$315 $5

13655

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP

$6,914,653

$0

$8,888,694

$15,803,347

$2,623,511

$3,305,751

$5,708,321

$11,637,583

$4,165,764

43125

DELAWARE PROFESSIONAL INSURANCE CO

$9,237,132

$0

$185,176

$9,422,308

$4,733,726

$689,766

$123,226

$5,546,718

$3,875,590

$0

13018

DOCTORS & SURGEONS NATIONAL RRG

$8,225,118

$0

$2,316,155

$10,541,273

$3,787,035

$3,292,334

$783,635

$7,863,004

$2,678,269

$91

11842

DUBOIS MEDICAL RRG

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

10115

EASTERN DENTISTS INS CO RRG

$41,347,565

$369,146

$5,887,930

$47,604,641

$21,584,892

$5,065,222

$2,140,084

$28,790,198

$18,814,443

$2

10125

ELITE TRANSPORTATION RRG INC

$9,542,408

$0

$4,931,375

$14,473,783

$4,969,906

$2,876,686

$4,364,609

$12,211,201

$2,262,582

($245)

14163

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG

$4,154,241

$15,767

$97,840

$4,267,848

$900,704

$509,130

$958,007

$2,367,841

$1,900,008

$0

12003

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

$12,134,404

$709,664

$8,666,181

$21,510,249

$7,988,085

$1,444,978

$5,961,478

$15,394,541

$6,115,708

$0

12015

EMERGENCY MEDICINE RRG INC

$8,635,106

$0

$2,248,403

$10,883,509

$4,284,246

$830,617

$713,905

$5,828,768

$5,054,741

$529

11714

EMERGENCY PHYSICIANS INS CO RRG

$35,591,965

$1,587,187

$4,055,008

$41,234,160

$26,935,797

$4,356,845

$978,217

$32,270,859

$8,963,301

$172

38466

EVERGREEN USA RRG INC

$11,198,509

$0

$3,800,260

$14,998,769

$6,258,786

$1,622,910

$670,267

$8,551,963

$6,446,806

$0

11840

FAIRWAY PHYSICIANS INS CO RRG

$19,199,180

$2,505,225

$6,695,598

$28,400,003

$15,224,008

$5,814,000

$707,314

$21,745,322

$6,654,681

$17

First Quarter 2013 - RRG Analysis


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

COMPANY

11698

FAITH AFFILIATED RRG INC

14439

FIDUCIARIES RISK RETENTION GROUP, INC.

11801

FIRST KEYSTONE RISK RETENTION GROUP, INC.

11278

FIRST MEDICAL INS CO RRG

12625

FORT WAYNE MEDICAL SURETY COMPANY, RRG

10842

Cash & Invested Assets

Reinsurance Recoverables

Other Assets

Total Assets

Loss & LAE Reserves

Unearned Premium Reserve

Other Liabilities

Total Liabilities

Policyholders' Surplus

Prior Year-End Loss LAE Reserve Developed (Savings)/Deficiency (000s) ($113)

$8,072,645

$0

$62,445

$8,135,090

$2,879,976

$287,486

$71,553

$3,239,015

$4,896,075

$501,744

$0

$12,522

$514,266

$0

$0

$0

$0

$514,266

$0

$8,679,291

$0

$5,254,080

$13,933,371

$6,688,183

$3,874,565

$765,401

$11,328,149

$2,605,222

$416

$109,631,794

$0

$903,971

$110,535,765

$39,955,689

$2,780,611

$1,438,009

$44,174,309

$66,361,456

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

FRANKLIN CASUALTY INS CO RRG

$3,945,618

$0

$17,050,663

$20,996,281

$6,885,837

$861,213

$10,561,620

$18,308,670

$2,687,611

$232

12016

FREDERICKSBURG PROFESSIONAL RISK EXC

$12,381,868

$0

$6,700,194

$19,082,062

$6,978,479

$1,612,988

$128,715

$8,720,182

$10,361,880

$58

14032

GABLES RISK RETENTION GROUP, INC.

$1,976,619

$0

$2,929,832

$4,906,451

$1,523,435

$1,433,916

$178,114

$3,135,465

$1,770,986

$521

$2,252,898

$0

$13,006,653

$15,259,551

$500,000

$263,089

$3,054,849

$3,817,938

$11,441,613

$0

$842,954

$0

$620,691

$1,463,645

$213,960

$0

$172,891

$386,851

$1,076,794

$0

12000

GEISINGER INS CORP RRG

10163

GENERAL EASTERN SKI INS RRG INC

13782

GERIC INSURANCE RISK RETENTION GROUP, INC.

$1,989,404

$0

$39,609

$2,029,013

$4,883

$24,477

$0

$29,360

$1,999,653

$0

11948

GLOBAL HAWK INSURANCE COMPANY RRG

$12,147,412

$1,038,059

$3,490,227

$16,675,698

$5,087,060

$6,194,157

$539,963

$11,821,180

$4,854,518

$281

10991

GLOBAL INTL INS CO INC A RRG

$18,946,769

$0

$1,050,493

$19,997,262

$0

$0

$821,847

$821,847

$19,175,415

$0

11145

GOLDEN INS CO RRG

$3,926,094

$0

$1,892,828

$5,818,922

$838,379

$2,272,325

$344,627

$3,455,331

$2,363,591

$151

12512

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.

$3,686,310

$0

$1,247,400

$4,933,710

$1,307,696

$1,236,750

$30,909

$2,575,355

$2,358,355

($105)

13973

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

$785,403

$0

$242,619

$1,028,022

$0

$261,248

$254,979

$516,227

$511,795

$0

11581

GRACO RRG INC

11941

GREEN HILLS INS CO RRG

$509,185

$0

$1,281,809

$1,790,994

$0

$0

$1,212,096

$1,212,096

$578,898

$0

$22,448,451

$0

$1,286,089

$23,734,540

$6,899,438

$1,118,677

$1,348,957

$9,367,072

$14,367,468

$369

11696

GUARDIAN RRG INC

$5,223,321

$0

$995,874

$6,219,195

$2,113,382

$791,089

$136,432

$3,040,903

$3,178,292

$0

12014

GUTHRIE RRG

$43,093,380

$0

$2,274,886

$45,368,266

$25,651,517

$1,956,132

$98,381

$27,706,030

$17,662,236

$1,119

13057

HAMDEN ASSURANCE RRG, INC.

$2,042,526

$0

$84,581,014

$86,623,540

$0

$0

$85,086,817

$85,086,817

$1,536,723

$0

12236

HEALTH CARE CAS RRG INC

$15,594,176

$0

$2,635,424

$18,229,600

$5,958,336

$2,252,400

$8,188,921

$16,399,657

$1,829,943

($277)

11813

HEALTH NETWORK PROVIDERS MUT INS CO

$6,941,069

$0

$463,848

$7,404,917

$2,970,596

$313,762

$1,252,182

$4,536,540

$2,868,377

$0

10080

HEALTH PROVIDERS INS RECIPROCAL RRG

$75,125,486

$0

$5,747,109

$80,872,595

$26,119,615

$5,246,384

$592,247

$31,958,246

$48,914,349

$328

11832

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

$24,952,260

$109,568

$17,223,687

$42,285,515

$9,261,597

$1,711,382

$16,525,151

$27,498,130

$14,787,383

$22

11683

HEALTHCARE PROVIDERS INS CO RRG

$68,740,126

$0

$2,058,175

$70,798,301

$20,788,163

$3,568,123

$4,351,293

$28,707,579

$42,090,722

$0

11998

HEARTLAND HEALTHCARE RECIP RRG

$16,721,160

$0

$308,695

$17,029,855

$6,154,344

$2,096,173

$230,745

$8,481,262

$8,548,593

($12)

11097

HERITAGE WARRANTY INS RRG INC

$882,810

$0

$0

$882,810

$7,500

$172,900

$86,017

$266,417

$616,393

($11)

11950

HOME CONSTRUCTION INS CO RRG

$6,254,182

$0

$83,304

$6,337,486

$3,312,657

$5,643

$625,357

$3,943,657

$2,393,829

$0

26797

HOUSING AUTHORITY RRG INC

$302,680,645

$602,086

$11,569,604

$314,852,335

$89,455,245

$12,509,414

$17,429,766

$119,394,425

$195,457,909

($2,391)

41246

HOW INSURANCE COMPANY, A RISK RETENTION GROUP

$121,739,957

$0

$1,455,686

$123,195,643

$1,382,942

$0

$11,688,604

$13,071,546

$110,124,096

$28

11268

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP

$294,859,709

$0

$14,760,399

$309,620,108

$58,319,714

$9,404,098

$13,502,841

$81,226,653

$228,393,455

($3,764) $624

12018

INDEMNITY INSURANCE CORPORATION, RRG

$28,503,040

$618,961

$46,366,817

$75,488,818

$16,018,551

$29,466,700

$5,479,142

$50,964,393

$24,524,425

11692

INDIANA HEALTHCARE RECIP RRG

$28,256,345

$0

$3,252,373

$31,508,718

$11,174,449

$3,513,379

$882,391

$15,570,219

$15,938,499

$67

12320

INNOVATIVE PHYSICIAN SOLUTIONS RRG

$3,553,939

$0

$1,144,469

$4,698,408

$2,245,436

$302,760

$9,783

$2,557,979

$2,140,429

$178

14375

IRONSHORE RISK RETENTION GROUP, INC.

$471,317

$0

$2,878,682

$3,349,999

$28,188

$98,383

$2,204,957

$2,331,528

$1,018,471

$11

12594

J.M. WOODWORTH RRG, INC.

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

11872

KENTUCKIANA MEDICAL RECIPROCAL RRG

$46,985,907

$0

$6,774,763

$53,760,670

$18,459,465

$2,875,744

$2,125,439

$23,460,648

$30,300,022

$449 ($127)

11939

KENTUCKY HOSPITAL INS CO RRG

$19,306,281

$0

$3,595,788

$22,902,069

$8,885,636

$2,242,773

$2,299,982

$13,428,391

$9,473,678

11803

LAKE STREET RRG INC

$2,692,569

$0

$292,521

$2,985,090

$1,082,220

$234,092

$73,240

$1,389,552

$1,595,538

$1

14444

LAMMICO RRG, INC.

$609,890

$0

$17,145

$627,035

$4,967

$1,049

$60,202

$66,218

$560,817

$0

13014

LANCET INDEMNITY RISK RETENTION GROUP, INC.

$12,828,596

$2,235

$4,220,260

$17,051,091

$7,161,548

$4,082,972

$1,600,357

$12,844,877

$4,206,214

$77

11500

LENDERS PROTECTION ASSUR CO RRG

$2,408,729

$0

$62,112

$2,470,841

$0

$0

$59,294

$59,294

$2,411,547

$0

First Quarter 2013 - RRG Analysis


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

COMPANY

Cash & Invested Assets

Reinsurance Recoverables

Other Assets

Total Assets

Loss & LAE Reserves

Unearned Premium Reserve

Other Liabilities

Total Liabilities

Policyholders' Surplus

Prior Year-End Loss LAE Reserve Developed (Savings)/Deficiency (000s)

12627

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY

$4,844,739

$0

$1,851,276

$6,696,015

$4,289,310

$0

$144,422

$4,433,732

$2,262,283

$162

11958

LIFE SERVICES NETWORK RECIP INS RRG

$8,128,300

$0

$1,018,186

$9,146,486

$2,045,684

$904,790

$1,196,295

$4,146,769

$4,999,717

($180)

14084

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP

$504,643

$0

$47,692

$552,335

$0

$6

($466)

($460)

$552,795

$0

11684

LVHN RRG

$39,864,608

$0

$8,434,001

$48,298,609

$0

$0

$43,298,609

$43,298,609

$5,000,000

$1,309

12554

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

$2,347,865

$0

$597,866

$2,945,731

$1,110,248

$178,163

$198,210

$1,486,621

$1,459,110

$0

11117

MARATHON FIN INS CO INC RRG

$2,957,988

$0

$9,325,588

$12,283,576

$50,000

($21,190)

$9,711,939

$9,740,749

$2,542,827

$27

10697

MCIC VERMONT INC RRG

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

12355

MD RISK RETENTION GROUP, INC.

$15,009,019

$0

$532,674

$15,541,693

$6,034,569

$0

$363,127

$6,397,696

$9,143,998

($127)

26257

MEDAMERICA MUTUAL RRG INC

$73,836,586

$0

$17,718,327

$91,554,913

$29,107,770

$13,854,343

$12,880,965

$55,843,078

$35,711,835

$0

13589

MEDPRO RRG RISK RETENTION GROUP

$3,043,821

$0

$7,396,907

$10,440,728

$1,386,652

$721,857

$5,337,458

$7,445,967

$2,994,761

($8)

10124

MEDSTAR LIABILITY LTD INS CO INC RRG

$3,598,807

$0

$731,843

$4,330,650

$1,882,083

$547,014

$463,781

$2,892,878

$1,437,772

$2

44237

MENTAL HEALTH RISK RETENTION GROUP

$23,573,092

$0

$2,722,979

$26,296,071

$9,979,822

$2,003,104

$2,250,770

$14,233,696

$12,062,376

($484)

11999

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP

$4,401,403

$0

$2,694,929

$7,096,332

$3,850,548

$1,019,163

$522,859

$5,392,570

$1,703,762

$41

14219

MILLBROOK NMF RISK RETENTION GROUP, INC.

$1,148,042

$0

$1,341,863

$2,489,905

$191,475

$634,454

$768,276

$1,594,205

$895,700

$0

14062

MMIC RRG, INC.

$139,129

$0

$404,681

$543,810

$0

$235

$18,545

$18,780

$525,031

$0

13812

MOUNTAIN LAKE RISK RETENTION GROUP, INC.

$560,326

$0

$1,417,123

$1,977,449

$591,852

$88,542

$143,625

$824,019

$1,153,430

($15)

11547

MOUNTAIN LAUREL RRG INC

$13,326,721

$0

$6,238,440

$19,565,161

$11,562,364

$1,340,372

$778,582

$13,681,318

$5,883,843

($339)

11585

MOUNTAIN STATES HEALTHCARE RECIP RRG

$109,971,070

$0

$4,272,934

$114,244,004

$48,614,848

$17,480,338

$3,471,375

$69,566,561

$44,677,443

$65

12779

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.

$32,105,756

$0

$2,134,230

$34,239,986

$13,459,571

$4,657,157

$860,720

$18,977,448

$15,262,538

$15

14366

NASW RISK RETENTION GROUP, INC.

$903,017

$0

$1,576,205

$2,479,222

$8,645

$85,861

$939,666

$1,034,172

$1,445,050

$4

11806

NATIONAL ASSISTED LIVING RRG, INC.

$7,494,527

$0

$324,483

$7,819,010

$3,091,756

$719,948

$462,791

$4,274,495

$3,544,515

($94)

12235

NATIONAL BUILDERS & CONTRACTORS INS

$3,829,048

$0

$1,016,235

$4,845,283

$2,819,472

$116,060

$437,891

$3,373,423

$1,471,860

$0

10083

NATIONAL CATHOLIC RRG

$62,711,440

$0

$2,467,795

$65,179,235

$41,884,624

$3,719,873

$1,027,104

$46,631,601

$18,547,634

$1,029

12293

NATIONAL CONTRACTORS INS CO INC RRG

$5,384,308

$2,235,273

$2,251,271

$9,870,852

$4,407,315

$1,326,427

$1,450,454

$7,184,196

$2,686,656

$73

36072

NATIONAL GUARDIAN RISK RETENTION GROUP

$10,233,278

$2,171,453

$5,674,949

$18,079,680

$8,895,194

$2,117,887

$1,112,193

$12,125,274

$5,954,406

$50

44016

NATIONAL HOME INSURANCE CO RRG

$43,728,478

$0

$3,153,301

$46,881,779

$5,264,534

$13,866,267

$8,323,683

$27,454,484

$19,427,295

$210

11197

NATIONAL INDEPENDENT TRUCKERS IC RRG

$5,161,029

$424,863

$4,199,525

$9,785,417

$2,049,847

$1,111,588

$1,087,063

$4,248,498

$5,536,919

($198) $0

12529

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

$4,089,320

$300,000

$2,114,555

$6,503,875

$0

$0

$3,386,721

$3,386,721

$3,117,153

10234

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)

$11,885,938

$87,894

$608,460

$12,582,292

$20,000

$1,583,285

$115,144

$1,718,429

$10,863,863

$0

14130

NCMIC RISK RETENTION GROUP, INC.

$541,846

$0

$1,919,284

$2,461,130

$73,707

$227,843

$372,690

$674,240

$1,786,890

$0

12539

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.

$3,186,090

$0

$210,560

$3,396,650

$1,413,714

$325,828

$1,128,389

$2,867,931

$528,719

$0

13792

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

$10,817,405

$0

$1,542,934

$12,360,339

$194,970

$4,665,163

$1,799,665

$6,659,798

$5,700,541

$49

12532

NEW STAR RISK RETENTION GROUP, INC.

$8,391,920

$0

$753,010

$9,144,930

$2,308,523

$505,248

$2,151,474

$4,965,245

$4,179,685

$17

12275

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG

$12,284,407

$49,820

$7,306,617

$19,640,844

$12,495,739

$4,123,992

($2,066,195)

$14,553,536

$5,087,308

$10

13059

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

$11,146,197

$0

$3,097,132

$14,243,329

$5,836,091

$2,927,081

$3,675,070

$12,438,242

$1,805,087

($1) $25

10752

NOVUS INS CO RRG

$2,831,688

$0

$2,259,097

$5,090,785

$15,759,959

$468,935

($12,538,787)

$3,690,107

$1,400,678

13644

OASIS RECIPROCAL RISK RETENTION GROUP

$5,733,638

$0

$2,554,859

$8,288,497

$3,540,131

$1,152,375

$1,668,238

$6,360,744

$1,927,753

$3

12845

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

$763,026

$0

$427,544

$1,190,570

$1,109,702

$75,472

($660,603)

$524,571

$665,999

$13

10158

OCEAN RRG INC

$2,514,977

$0

$5,354,777

$7,869,754

$5,642,124

$1,083,574

$120,027

$6,845,725

$1,024,029

$585

12189

OCEANUS INS CO A RRG

$69,655,926

$0

$9,118,700

$78,774,626

$37,245,006

$17,203,942

$3,600,991

$58,049,939

$20,724,687

$486

13062

OLYMPIA RISK RETENTION GROUP, INC.

$42,405

$0

$923,456

$965,861

$304,147

$0

$130,008

$434,155

$531,706

$132

44121

OMS NATL INS CO RRG

$341,655,624

$0

$39,315,851

$380,971,475

$156,262,032

$39,493,177

$14,129,956

$209,885,165

$171,086,310

$44

First Quarter 2013 - RRG Analysis


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

COMPANY

Cash & Invested Assets

Reinsurance Recoverables

Other Assets

Total Assets

Loss & LAE Reserves

Unearned Premium Reserve

Other Liabilities

Total Liabilities

Policyholders' Surplus

Prior Year-End Loss LAE Reserve Developed (Savings)/Deficiency (000s) $273

10353

OOIDA RISK RETENTION GROUP INC

$38,304,322

$0

$27,530,683

$65,835,005

$17,396,349

$6,899,225

$22,196,195

$46,491,769

$19,343,236

44105

OPHTHALMIC MUTUAL INS CO RRG

$236,787,454

$0

$11,237,893

$248,025,347

$56,761,339

$24,503,894

$13,398,508

$94,663,741

$153,361,606

$0

12183

ORANGE COUNTY MEDICAL RECIP INS RRG

$5,101,695

$0

$1,567,304

$6,668,999

$1,125,666

$517,000

$117,844

$1,760,510

$4,908,489

($105)

10171

ORDINARY MUTUAL A RRG CORP

$17,249,838

$0

($1,815)

$17,248,023

$5,762,077

$0

$1,047,006

$6,809,083

$10,438,940

$0

14260

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

$5,252,113

$0

$2,249,980

$7,502,093

$1,734,295

$1,870,680

$440,395

$4,045,370

$3,456,722

$740

11575

PACE RRG INC

$4,924,447

$7,297,473

$6,773,474

$18,995,394

$6,659,308

$64,566

$9,446,160

$16,170,034

$2,825,360

$5

44130

PARATRANSIT INSURANCE COMPANY, RRG

$21,789,459

$49,286

$1,971,209

$23,809,954

$8,491,246

$1,656,984

$2,619,905

$12,768,135

$11,041,819

$0 ($350)

11973

PCH MUTUAL INSURANCE COMPANY, RRG

$7,629,358

$0

$742,047

$8,371,405

$3,307,516

$1,179,677

$371,821

$4,859,014

$3,512,391

11846

PEACE CHURCH RRG INC

$19,834,621

$0

$2,626,872

$22,461,493

$6,460,204

$2,175,633

$410,312

$9,046,149

$13,415,344

$0

11772

PEDIATRICANS INS RRG OF AMER

$579,908

$0

$15,000

$594,908

$517,381

$0

$0

$517,381

$77,527

($1)

11587

PELICAN INS RRG

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

12004

PHOEBE RECIPROCAL RRG

$5,076,497

$0

$357,943

$5,434,440

$1,410,482

$328,125

$48,411

$1,787,018

$3,647,412

($15)

13995

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.

$1,052,433

$0

$1,327,287

$2,379,720

$406,785

$450,094

$1,013,065

$1,869,944

$509,776

$0

12746

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

12918

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

$4,670,402

$0

$661,217

$5,331,619

$3,139,811

$509,525

$106,236

$3,755,572

$1,576,047

$0

12507

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

$46,434,018

$0

$21,750,919

$68,184,937

$17,321,386

$10,541,400

$20,946,702

$48,809,488

$19,375,449

$46

11514

PHYSICIANS PROFESSIONAL LIABILTY RRG

$36,972,802

$203,401

$3,783,797

$40,960,000

$13,870,707

$7,792,387

$232,427

$21,895,521

$19,064,479

($837)

10934

PHYSICIANS REIMBURSEMENT RRG

$27,218,652

$0

$2,193,460

$29,412,112

$16,131,948

$1,992,380

$430,402

$18,554,730

$10,857,382

$21

11513

PHYSICIANS SPECIALTY LTD RRG

$10,469,642

$0

$3,016,131

$13,485,773

$5,520,570

$0

$3,950,263

$9,470,833

$4,014,940

$1

14108

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

$1,132,258

$0

$708,593

$1,840,851

$129,657

$146,169

$110,080

$385,906

$1,454,945

$0

13582

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

$11,190,013

$0

$36,759

$11,226,772

$3,037,272

$2,287,291

$364,736

$5,689,299

$5,537,473

$38

12348

PINE TREE INS RECIPROCAL RRG

$13,859,614

$0

$1,594,706

$15,454,320

$3,846,781

$1,116,631

$1,977,908

$6,941,320

$8,513,000

$80

12198

PINELANDS INS CO RRG INC

$349,776

$0

$3,111,858

$3,461,634

$1,338,833

$525,748

$650,242

$2,514,823

$946,811

$117

11980

PINNACLE CONSORTIUM OF HIGHER ED RRG

$6,333,545

$0

$105,314

$6,438,859

$2,071,186

$242,075

$74,529

$2,387,790

$4,051,069

($39)

11858

PINNACLE RRG INC

$2,439,860

$0

$0

$2,439,860

$19,555

$0

$19,931

$39,486

$2,400,374

($34)

14205

PLICO RISK RETENTION GROUP, INC.

$1,596,808

$0

$44,791

$1,641,599

$0

$4,308

$46,729

$51,037

$1,590,562

$0

11809

PONCE DE LEON LTC RRG, INC.

$13,456,657

$316,007

$780,888

$14,553,552

$4,925,507

$1,519,498

$178,099

$6,623,104

$7,930,449

$0

12497

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC

$29,950,733

$17,941,848

$8,062,319

$55,954,900

$18,969,178

$11,518,311

$14,339,808

$44,827,297

$11,127,604

$0

44083

PREFERRED PHYSICIANS MEDICAL RRG

$186,152,222

$0

$5,153,481

$191,305,703

$65,603,063

$7,358,569

$13,732,762

$86,694,394

$104,611,309

$1

14919

PREFERRED PROFESSIONAL RRG

12613

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

$734,690

$0

$0

$734,690

$0

$0

$59,416

$59,416

$675,274

$0

$10,747,718

$1,506,804

$1,522,224

$13,776,746

$3,656,614

$3,607,386

$2,672,026

$9,936,026

$3,840,720

$639

13179

PROAIR RISK RETENTION GROUP, INC.

$41,033

$0

$687,226

$728,259

$38,671

$65,039

$122,980

$226,690

$501,569

$1

11671

PROBUILDERS SPECIALTY INS CO RRG

$15,459,333

$0

$35,111,137

$50,570,470

$31,943,807

$0

$4,425,287

$36,369,094

$14,201,376

($1)

14461

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

10840

PROFESSIONAL MEDICAL INS RRG INC

$316,882

$0

$27,298

$344,180

$0

$0

$18,891

$18,891

$325,289

$0

12608

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

$2,332,071

$946

$82,045

$2,415,062

$112,970

$12,093

$69,603

$194,666

$2,220,396

$4

13067

PROFESSIONALS RISK RETENTION GROUP, INC.

$2,368,432

$98,750

$3,207,279

$5,674,461

$591,115

$2,390,232

$1,462,176

$4,443,523

$1,230,938

$10

11350

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG

$5,638,940

$81,617

$347,673

$6,068,230

$966,232

$691,674

$67,663

$1,725,569

$4,342,661

$1

13078

RED CLAY RISK RETENTION GROUP, INC.

$3,976,489

$0

$2,582,894

$6,559,383

$2,149,624

$1,361,041

$168,522

$3,679,187

$2,880,196

$26

$10,291,873

$0

$1,551,560

$11,843,433

$5,403,082

$660,001

$734,157

$6,797,240

$5,046,193

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$49,227,775

$0

$4,979,523

$54,207,298

$24,112,954

$5,604,455

$4,994,306

$34,711,715

$19,495,583

$0

13736

RED ROCK RISK RETENTION GROUP, INC.

12019

REPUBLIC RRG

12209

RESTORATION RISK RETENTION GROUP, INC.

First Quarter 2013 - RRG Analysis


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

COMPANY

Cash & Invested Assets

Reinsurance Recoverables

Other Assets

Total Assets

Loss & LAE Reserves

Unearned Premium Reserve

Other Liabilities

Total Liabilities

Policyholders' Surplus

Prior Year-End Loss LAE Reserve Developed (Savings)/Deficiency (000s)

14135

RPX RRG

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

11712

SAINT LUKE'S HLTH SYSTEM RRG

$22,542,514

$0

$447,114

$22,989,628

$6,754,195

$644,462

$1,162,986

$8,561,643

$14,427,985

($3)

12511

SAMARITAN RISK RETENTION GROUP, INC.

$20,918,578

$0

$3,180,453

$24,099,031

$4,178,950

$4,707,101

$775,139

$9,661,190

$14,437,841

$40

11808

SCHUYKILL CROSSING RECIPROCAL RRG

$27,186,026

$0

$4,819,317

$32,005,343

$17,521,379

$3,494,033

$712,918

$21,728,330

$10,277,013

($301)

12988

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

$9,487,294

$0

$2,818,605

$12,305,899

$5,283,157

$2,899,485

$153,881

$8,336,523

$3,969,376

$419

11267

SECURITY AMERICA RRG INC

$3,530,028

$0

$705,880

$4,235,908

$1,023,907

$834,497

($264,606)

$1,593,798

$2,642,110

$90

14136

SELECT MD RRG

$1,520,243

$0

$1,385,304

$2,905,547

$349,874

$1,283,243

$327,485

$1,960,602

$944,945

$0

12005

SENTINEL ASSUR RRG INC

$15,048,178

$0

$298,228

$15,346,406

$4,203,056

$281,000

$433,049

$4,917,105

$10,429,301

$157

13557

SIGMA RRG, INC.

$10,912,351

$0

$2,030,294

$12,942,645

$5,676,806

$1,610,494

$150,549

$7,437,849

$5,504,796

($18)

12907

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.

$60,003,212

$0

$16,351,527

$76,354,739

$41,995,170

$11,462,331

$9,701,187

$63,158,688

$13,196,053

$0

14207

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP

$2,930,375

$0

$6,614,075

$9,544,450

$1,484,596

$4,545,611

$1,448,466

$7,478,673

$2,065,777

$0

10754

SPIRIT MOUNTAIN INS CO RRG INC

$5,905,009

$0

$378,557

$6,283,566

$1,922,681

$836,876

$599,639

$3,359,196

$2,924,370

($256)

11114

ST CHARLES INS CO RRG

$11,407,768

$0

$374,332

$11,782,100

$3,792,153

$13,616

$770,448

$4,576,217

$7,205,883

$0

11688

ST LUKES HEALTH NETWORK INS CO RRG

$44,346,986

$0

$6,952,952

$51,299,938

$30,513,941

$7,367,341

$119,098

$38,000,380

$13,299,558

($363)

13993

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.

$248,847

$0

$479,846

$728,693

$0

$43,608

$47,148

$90,756

$637,937

$0

44075

STATES SELF-INSURERS RRG

$21,297,564

$0

$674,640

$21,972,204

$10,799,828

$590,155

$1,232,835

$12,622,818

$9,349,386

$0

10476

STICO MUT INS CO RRG

$19,560,602

$202,690

$2,494,310

$22,257,602

$4,519,607

$5,923,366

$763,709

$11,206,682

$11,050,920

$70

13135

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

$2,651,635

$0

$41,707

$2,693,342

$0

$0

$2,322,220

$2,322,220

$371,122

$0

14026

SUNLAND RISK RETENTION GROUP, INC.

$1,577,206

$0

$3,880,154

$5,457,360

$244,011

$350,515

$3,731,512

$4,326,038

$1,131,323

($54)

11669

SUPERIOR INS CO RRG

$13,440,212

$0

$8,586,353

$22,026,565

$13,147,184

$1,249,879

$3,374,072

$17,771,135

$4,255,430

$54

10113

TERRA INS CO RRG

$23,023,658

$0

$10,759,689

$33,783,347

$2,018,273

$4,843,143

$10,511,095

$17,372,511

$16,410,836

($1)

14395

TERRAFIRMA RISK RETENTION GROUP LLC

$5,147,093

$0

$114,992

$5,262,085

$34,118

$942,545

$38,619

$1,015,282

$4,246,803

$0

10152

THE HEALTHCARE UNDERWRITING CO RRG

$30,086,741

$0

$45,329,890

$75,416,631

$42,321,172

$4,616,359

$1,266,139

$48,203,670

$27,212,961

($554)

11153

TITAN INS CO INC RRG

$35,507,686

$0

$2,042,751

$37,550,437

$0

$6,861,016

$2,463,756

$9,324,772

$28,225,665

$0

10084

TITLE INDUSTRY ASSURANCE CO RRG

$4,359,269

$0

$1,982,559

$6,341,828

$2,368,062

$331,185

$756,707

$3,455,954

$2,885,874

$129 $87

11548

UNITED CENTRAL PA RRG

$14,446,960

$0

$2,973,109

$17,420,069

$8,098,534

$2,817,235

$150,359

$11,066,128

$6,353,942

12280

UNITED CONTRACTORS INS CO INC RRG

$13,133,585

$30,418

$6,794,725

$19,958,728

$14,257,570

$3,574,911

$21,443

$17,853,924

$2,104,804

$0

10020

UNITED EDUCATORS INS RRG INC

$686,527,485

$0

$30,633,773

$717,161,258

$365,586,725

$42,140,810

$51,811,355

$459,538,890

$257,622,368

($10,166)

10712

UNITED HOME INSURANCE CO A RRG

$2,070,011

$0

$1,003,945

$3,073,956

$0

$1,385,216

$103,873

$1,489,089

$1,584,867

$0

12915

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP

$2,656,335

$0

$218,806

$2,875,141

$764,337

$708,403

($79,081)

$1,393,659

$1,481,482

$20

13988

UV INSURANCE RISK RETENTION GROUP, INC.

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

11063

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

$2,632,373

$0

$7,239

$2,639,612

$0

$143,291

$40,399

$183,690

$2,455,922

$0

13974

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.

$1,961,968

$0

$1,215,994

$3,177,962

$558,564

$1,345,826

$641,455

$2,545,845

$632,117

$1

13786

VIRGINIA SENIOR CARE RISK RETENTION GROUP

$3,374,959

$0

$75,962

$3,450,921

$1,057,421

$361,387

$39,195

$1,458,003

$1,992,918

$0

11802

WARREN RRG INC

$7,248,169

$0

$381,397

$7,629,566

$4,063,779

$55,366

$346,061

$4,465,206

$3,164,360

$462

11682

WELLSPAN RRG

$15,302,571

$0

$10,768,488

$26,071,059

$15,222,756

$5,079,000

$63,117

$20,364,873

$5,706,186

$0

14122

WESTERN CATHOLIC INSURANCE COMPANY RRG

$2,830,919

$0

$878,376

$3,709,295

$1,644,999

$563,040

$85,711

$2,293,750

$1,415,545

$409

$513,123

$0

$148,441

$661,564

$0

$0

$5,943

$5,943

$655,621

$0

$134,104,280

$0

$2,520,058

$136,624,338

$16,497,880

$19,569,204

$741,599

$36,808,683

$99,815,655

($469)

11978

WESTERN INS RRG INC

40940

WESTERN PACIFIC MUT INS CO RRG

13154

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP

$2,676,007

$0

$248,156

$2,924,163

$180,555

$319,577

$29,670

$529,802

$2,394,361

($5)

11796

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

$16,757,340

$0

$5,859,305

$22,616,645

$6,253,673

$2,854,381

$7,946,867

$17,054,921

$5,561,724

$346

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Statutory Income Statement Data NAIC 12934

COMPANY ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

Direct Premium Written $89,057

Net Premium Written $73,944

Net Premium Earned $112,309

Loss & Loss Adjusted Expenses Incurred $4,523

Other Underwriting Expenses $61,703

Net Operating Gains/Losses $46,083

Net Investment Gains/Losses $0

Net Income/Loss $41,306

12166

ADVANCED PHYSICIANS INS RRG INC

$390,082

$390,082

$94,518

$0

$37,150

$57,368

$20,208

$77,576

12252

AEGIS HEALTHCARE RRG, INC.

$1,660,495

$961,121

$236,356

$139,417

$101,629

($4,689)

($446)

($3,322)

$1,558,786

$385,395

$95,029

$73,972

$49,079

($28,022)

$905

($27,117)

$0

$0

$0

$0

$0

$0

$8,317

$8,317

$888,115

$888,115

$222,029

($84,404)

$45,623

$260,810

$42,245

$205,755

13677

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

13606

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

28380

AGRI INSURANCE EXCHANGE RRG

11965

ALLEGIANT INS CO INC A RRG

$2,014,916

$637,027

$637,027

$305,400

$101,114

$230,513

$7,866

$238,379

10023

ALLIANCE OF NONPROFITS FOR INS RRG

$6,648,783

$4,847,046

$4,070,710

$2,789,740

$1,477,933

($196,963)

$407,243

$239,271

11710

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG

$6,160,642

$4,154,691

$3,296,962

$1,925,923

$1,666,083

($295,045)

$90,419

($257,920)

12013

ALLIED SERVICES RISK RETENTION GROUP

$0

$0

$250,274

($222,551)

$59,762

$413,063

$22,273

$435,336

10232

AMERICAN ASSOC OF OTHODONTISTS RRG

$1,564,513

$1,340,583

$1,829,954

$1,063,203

$590,134

$176,617

$125,482

$197,921

12631

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.

$0

$0

$0

$0

$28,290

($28,290)

$212

($28,183)

12300

AMERICAN CONTRACTORS INS CO RRG

($2,701,908)

$0

$0

$0

$16,810

($16,810)

$1,177

($9,550)

10903

AMERICAN EXCESS INS EXCHANGE RRG

$0

$0

$5,739,726

$3,753,700

$1,339,745

$646,281

$6,161,542

$6,808,069

44202

AMERICAN FEED INDUSTRY INS CO RRG

11590

AMERICAN FOREST CASUALTY COMPANY RRG

25448

AMERICAN SAFETY RRG INC

11534

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

12171

AMERIGUARD RRG INC

11598

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.

44148

ARCHITECTS & ENGINEERS INS CO RRG

$674,646

$179,566

13177

ARCOA RISK RETENTION GROUP, INC.

$1,337,555

$1,337,555

13580

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

$252,896

$226,847

12224

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.

$0

$0

14425

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$512,175

$158,745

$238,528

$263,744

$173,033

($198,249)

$86,514

($54,438)

$2,133,262

$251,265

$463,797

$264,189

$130,804

$68,804

$67,186

$87,290

$0

($353,555)

$664,204

($9,999)

$173,811

$500,392

$134,541

$517,596

$322,918

$322,918

$288,755

$261,573

$44,106

($16,923)

$8,244

($5,641)

$8,856,124

$8,286,920

$8,864,575

$7,178,495

$2,392,906

($706,826)

$1,018,452

$323,752

$489,299

$391,439

$106,187

($8,327)

$67,179

$58,852

$1,337,555

$734,302

$596,282

$6,971

$63,660

$45,911

$168,796

$0

$123,377

$133,415

($452)

$132,963

$0

($8,132)

$58,734

($50,602)

$6,642

($43,960)

$0

$0

$12,747

($12,747)

$406

($8,145)

33677

ATTORNEYS INS MUTUAL OF ALABAMA INC

$1,000,822

$722,308

$601,447

$217,248

$534,726

($150,527)

$32,059

($118,468)

22670

ATTORNEYS INSURANCE MUTUAL RRG INC

$0

$0

$885,765

$552,382

$393,657

($60,274)

$175,473

$115,199

10639

ATTORNEYS LIAB ASSUR SOCIETY INC RRG

$341,767,546

$26,001,121

$6,420,214

$5,399,623

$1,112,498

($91,907)

$258,258

$399,563

32450

ATTORNEYS LIAB PROTECTION SOC RRG

$14,274,687

$9,516,522

$6,906,651

$4,563,032

$2,519,580

($175,961)

$802,065

$517,009

13795

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP

$60,572

$3,029

$2,145

$1,888

$9,441

($9,184)

$0

($5,970)

13791

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.

$614,821

$172,443

$148,172

$58,374

$97,570

($7,772)

$1,079

($3,796)

10174

BAR VERMONT RISK RETENTION GROUP INC

12933

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.

$0

$0

$498,760

$154,966

$350,485

($6,691)

$926,331

$544,280

$16,681,794

$7,852,035

$1,793,293

$1,648,989

($301,853)

$446,157

$21,474

14169

$306,383

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.

$11,743

$8,995

$3,997

$0

$4,743

($746)

$1,363

13010

$779

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

$329,605

$280,163

$179,534

$3,769

$109,841

$65,924

$855

$43,431 ($138,772)

13788

BROADLINE RISK RETENTION GROUP, INC.

$0

$0

$4,821,312

$4,603,469

$428,351

($210,508)

$18,143

44504

CALIFORNIA HEALTHCARE INS CO INC RRG

$10,663,647

$6,427,564

$4,711,763

$4,217,646

$559,737

($65,620)

$645,502

$381,257

12180

CALIFORNIA MEDICAL GRP INS CO RRG

$259,500

$259,500

$761,744

$639,095

$175,714

($53,065)

$0

($11,065)

11825

CARE RRG, INC.

$1,656,231

$1,338,261

$1,251,341

$804,928

$460,073

($13,660)

$28,296

$9,515

11544

CAREGIVERS UNITED LIAB INS CO RRG

$3,984,099

$3,856,982

$1,399,875

$999,306

$123,284

$277,285

$551,492

$764,550

15089

CARENEXT RISK RETENTION GROUP, INC.

12373

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP

10808

CASSATT RISK RETENTION GROUP INC

$0

$0

$0

$0

$99,419

($99,419)

$0

($65,617)

$20,214,425

$7,006,487

$1,751,621

$1,226,135

$1,310,954

($785,468)

$351,707

$881,735

$172,344

$172,344

$25,000

$1,204

($11,916)

$35,712

$9,234

$29,646

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Statutory Income Statement Data Direct Premium Written $166,552

Net Premium Written $97,593

Net Premium Earned $97,593

Loss & Loss Adjusted Expenses Incurred ($1,168)

Other Underwriting Expenses $41,842

Net Operating Gains/Losses $56,919

Net Investment Gains/Losses $334

Net Income/Loss $57,203 $777,683

NAIC 13784

COMPANY CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

11694

CENTRAL PA PHYSICIANS RRG INC

$7,967,156

$7,967,156

$3,506,901

$2,700,313

$1,044,151

($237,563)

$1,305,680

11976

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.

$1,207,687

$1,651,359

$1,469,486

$975,482

$227,637

$266,367

$53,519

$210,617

12167

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG

$1,106,330

$976,202

$270,916

$71,903

$91,614

$107,399

$21,921

$125,368

$7,857,017

$7,857,017

$1,943,322

$166,768

$118,187

$1,658,367

$202,576

$1,224,787

$204,224

$204,224

$1,045,679

$723,971

$113,097

$130,510

($739)

$88,622

$8,191,421

$409,571

$93,485

$85,205

($153,833)

$162,113

$0

$106,995

11531

CHC CAS RRG

14388

CHEROKEE GUARANTEE COMPANY INC., RRG

11839

CIRCLE STAR INS CO RRG

12172

CLAIM PROFESSIONALS LIAB INS CO RRG

$733,362

$176,784

$135,719

$59,280

$62,481

$13,958

$1,367

$21,692

11992

CLARIAN HLTH RRG INC

($7,820)

($216)

$0

$138,513

$739,399

($877,912)

$271

$66,074

43770

CLINIC MUTUAL INSURANCE CO RRG

$0

$0

$0

$0

$0

$0

$0

$0

13756

CMIC RISK RETENTION GROUP

$331,239

$100,468

$73,503

$8,328

$64,343

$832

($3,449)

($2,617)

11668

COASTAL INS RRG INC

$6,704,892

$4,437,705

$1,397,110

$1,153,237

$894,988

($651,115)

$242,505

($281,423)

44598

COLLEGE LIABILITY INS CO A RECIP RRG

$0

$0

$557,328

$209,591

$163,693

$184,044

$73,500

$257,544

13613

COLLEGE RISK RETENTION GROUP, INC.

$0

$0

$1,195,265

$719,265

$381,431

$94,569

$56,847

$151,416

10803

COLUMBIA NATIONAL RRG INC

$39,300

$39,300

$57,449

$0

$27,622

$29,827

$457

$19,684

11864

COMCARE PRO INS RECIPROCAL RRG

$292,530

$292,530

$336,833

$222,310

$113,115

$1,408

$5,244

$6,652

11807

COMMUNITIES OF FAITH RRG INC

$970,892

$970,892

$212,758

$85,104

$116,308

$11,346

$110,895

$118,555

13893

COMMUNITY BLOOD CENTERS EXCH RRG

($47,165)

($386,451)

$273,184

$242,913

$226,753

($196,482)

$105,703

($90,779)

11536

COMMUNITY HEALTH ALLIANCE RECIP RRG

$12,864,868

$11,318,810

$2,829,702

$2,669,338

$525,902

($365,538)

$608,074

$242,536

11259

COMMUNITY HOSPITAL RRG

$40,042,198

$38,345,255

$9,586,313

$7,477,786

$1,805,048

$303,479

$3,668,101

$3,994,863 ($58,228)

10075

CONSUMER SPECIALTIES INSURANCE COMPANY RRG

$166,306

$69,716

$100,315

$67,439

$117,803

($84,927)

$10,566

11798

CONTINUING CARE RRG, INC.

$3,735,060

$3,431,037

$2,648,179

$2,217,878

$371,744

$58,557

($441)

$45,117

11603

CONTRACTORS INS CO OF NORTH AMER RRG

$1,024,130

$471,100

$548,666

$119,500

$180,400

$248,766

$12,596

$261,362

10341

CONTROLLED RISK INS CO OF VT RRG

$118,023,683

$16,523,316

$4,130,829

$1,875,000

$2,288,900

($33,071)

$63,433

$20,039

12042

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

$2,999,000

$6,344,939

$1,588,568

$1,237,181

$885,541

($534,154)

$208,154

($547,669)

14906

COPIC, A RISK RETENTION GROUP

14160

COVERYS RRG, INC.

10164

$0

$0

$0

$0

$47,987

($47,987)

($3,000)

($33,142)

$77,722

$3,788

$1,382

$2,439

$33,947

($35,004)

$0

($35,270)

CPA MUTUAL INS CO OF AMERICA RRG

$1,558,008

$502,839

$666,529

$902,113

$170,842

($406,426)

$360,113

$22,866

13720

CROSSFIT RISK RETENTION GROUP, INC.

$639,436

$447,605

$296,640

$115,048

$164,372

$17,220

$680

$17,900

11676

CRUDEN BAY RRG INC

$2,500,000

$2,500,000

$616,438

$616,439

$69,092

($69,093)

$333,687

$264,594

13655

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP

$6,718,623

$3,077,677

$660,516

$433,370

$140,171

$86,975

$6,632

$95,015

43125

DELAWARE PROFESSIONAL INSURANCE CO

$1,716

$1,716

$225,399

$274,225

$112,197

($161,023)

$62,863

($94,997)

$1,873,294

$1,509,236

$1,227,134

$686,171

$539,994

$969

$52,402

$35,225

$0

$0

$0

$0

$0

$0

$0

$0

$1,128,587

($276,180)

$294,757

$123,034

13018

DOCTORS & SURGEONS NATIONAL RRG

11842

DUBOIS MEDICAL RRG

10115

EASTERN DENTISTS INS CO RRG

$1,558,685

$1,299,255

$2,309,187

$1,431,696

10125

ELITE TRANSPORTATION RRG INC

$4,889,715

$2,945,955

$931,001

$668,289

$123,968

$138,744

$94,359

($1,694)

14163

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG

$3,192,968

$666,982

$157,852

$131,754

($56,537)

$82,635

$1,303

$17,207

12003

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

$802,769

$820,815

$948,848

$465,259

$491,550

($7,961)

$70,115

$29,098

12015

EMERGENCY MEDICINE RRG INC

($17,106)

($17,106)

$385,136

$528,446

$172,556

($315,866)

$53,560

($49,740)

11714

EMERGENCY PHYSICIANS INS CO RRG

$3,608,861

$3,106,579

$2,025,115

$1,417,623

$831,805

($224,313)

$256,428

$26,084

38466

EVERGREEN USA RRG INC

$1,293,575

$826,461

$898,120

$617,002

$481,319

($200,201)

$222,582

$31,258

11840

FAIRWAY PHYSICIANS INS CO RRG

$3,997,828

$3,434,900

$2,512,585

$1,944,403

$673,425

($105,243)

$193,182

$45,749

11698

FAITH AFFILIATED RRG INC

$0

$0

$284,328

$253,714

$69,316

($38,702)

$9,350

($31,245)

14439

FIDUCIARIES RISK RETENTION GROUP, INC.

$0

$0

$0

$0

$73,339

($73,339)

($10)

($62,346)

11801

FIRST KEYSTONE RISK RETENTION GROUP, INC.

$2,337,143

$2,337,143

$1,978,041

$1,416,147

$571,464

($9,570)

$34,754

$25,184

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Statutory Income Statement Data NAIC 11278

COMPANY FIRST MEDICAL INS CO RRG

Direct Premium Written $0

Net Premium Written $0

Net Premium Earned $2,750,055

Loss & Loss Adjusted Expenses Incurred $2,844,046

Other Underwriting Expenses $143,169

Net Operating Gains/Losses ($237,160)

Net Investment Gains/Losses $1,941,363

Net Income/Loss $1,704,203

12625

FORT WAYNE MEDICAL SURETY COMPANY, RRG

$0

$0

$0

$0

$0

$0

$0

$0

10842

FRANKLIN CASUALTY INS CO RRG

$0

$0

$851,749

$562,029

$316,102

($26,382)

$4,316

($22,066) $287,242

12016

FREDERICKSBURG PROFESSIONAL RISK EXC

$2,159,650

$2,159,650

$546,662

$511,874

$62,138

($27,350)

$314,592

14032

GABLES RISK RETENTION GROUP, INC.

$2,123,410

$2,123,410

$941,214

$800,032

$72,476

$68,706

$514

$69,220

12000

GEISINGER INS CORP RRG

$0

$0

$263,087

$0

$119,553

$143,534

$202

$143,736

10163

GENERAL EASTERN SKI INS RRG INC

($15,722)

13782

GERIC INSURANCE RISK RETENTION GROUP, INC.

11948

GLOBAL HAWK INSURANCE COMPANY RRG

10991 11145

$0

$0

$0

$816

$17,523

($18,339)

$3,079

$35,000

$35,000

$27,071

$2,179

$23,514

$1,378

$247

$1,072

$3,481,781

$3,240,540

$2,166,215

$1,758,254

$601,200

($193,239)

$3,997

$45,578

GLOBAL INTL INS CO INC A RRG

$157,400

$157,400

$157,400

$0

$86,327

$71,073

$112,209

$121,618

GOLDEN INS CO RRG

$731,811

$490,172

$270,959

$167,382

$144,556

($40,979)

$21,160

($17,152)

$1,649,000

$1,649,000

$412,250

$329,320

$73,222

$9,708

$6,968

$16,676

$42,337

$33,200

$85,928

$2,188

$89,373

($5,633)

$101

($3,839)

$1,641,829

($45,106)

($45,106)

$0

$112,884

($157,990)

$364

$60,052

$0

$0

$1,106,384

$369,701

$228,927

$507,756

$1,974

$469,366

$1,054,785

$1,054,785

$263,696

$224,044

$52,055

($12,403)

$26,643

$19,166

$0

$0

$1,913,607

$2,493,111

$117,514

($697,018)

$1,146,944

$449,926

12512

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.

13973

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

11581

GRACO RRG INC

11941

GREEN HILLS INS CO RRG

11696

GUARDIAN RRG INC

12014

GUTHRIE RRG

13057

HAMDEN ASSURANCE RRG, INC.

12236

HEALTH CARE CAS RRG INC

11813

HEALTH NETWORK PROVIDERS MUT INS CO

$249,204

$149,767

$288,232

$96,067

$98,926

$93,239

$17,818

$40,604

10080

HEALTH PROVIDERS INS RECIPROCAL RRG

$2,996,940

$2,667,204

$2,443,966

$1,626,047

$633,754

$184,165

$473,745

$657,910

11832

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

$7,424,417

$650,466

$940,798

$774,487

$14,790

$151,521

$98,830

$195,143

11683

HEALTHCARE PROVIDERS INS CO RRG

$658,325

$658,325

$1,764,858

$1,147,158

$526,104

$91,596

$799,876

$940,679

11998

HEARTLAND HEALTHCARE RECIP RRG

$2,794,897

$2,794,897

$698,724

$449,177

$259,921

($10,374)

$69,918

$62,464

11097

HERITAGE WARRANTY INS RRG INC

($11)

($11)

$22,125

$10,837

$82,724

($71,436)

$317

($73,464)

11950

HOME CONSTRUCTION INS CO RRG

26797

HOUSING AUTHORITY RRG INC

$0

$0

$0

$0

($1,002)

$1,002

$280

$1,282

$2,317,355

$1,959,665

$603,393

$379,913

$205,385

$18,095

$38,596

$39,767

$0

$0

$6,681

($18)

$64,666

($57,967)

$25,890

($13,226)

$7,208,562

$7,309,558

$7,143,965

$4,264,092

$3,016,357

($136,484)

$3,355,185

$3,218,625

41246

HOW INSURANCE COMPANY, A RISK RETENTION GROUP

$0

$0

$0

$27,918

$0

($94,090)

$266,717

$172,627

11268

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP

$8,823,036

$3,080,021

$5,950,890

$1,061,601

$2,625,607

$2,263,682

$2,847,412

$3,467,941

12018

INDEMNITY INSURANCE CORPORATION, RRG

$20,385,752

$20,385,752

$10,159,435

$2,756,756

$5,842,949

$1,559,730

$195,639

$1,161,174

11692

INDIANA HEALTHCARE RECIP RRG

$4,684,504

$4,684,504

$1,171,126

$885,739

$287,089

($1,702)

$254,536

$274,067

12320

INNOVATIVE PHYSICIAN SOLUTIONS RRG

$2,636

$2,636

$296,205

$177,500

$120,052

($1,347)

$17,551

$16,204

14375

IRONSHORE RISK RETENTION GROUP, INC.

$1,417,607

$70,880

$33,857

$20,547

$30,304

($16,994)

$149

($16,845)

12594

J.M. WOODWORTH RRG, INC.

$0

$0

$0

$0

$0

$0

$0

$0

11872

KENTUCKIANA MEDICAL RECIPROCAL RRG

$5,749,223

$6,124,560

$2,388,899

$3,884,897

$234,800

($1,730,798)

$269,710

($1,461,088)

11939

KENTUCKY HOSPITAL INS CO RRG

$4,954,724

$2,704,551

$666,246

$662,470

$223,298

($219,522)

$91,945

($79,351)

11803

LAKE STREET RRG INC

$316,969

$316,969

$82,877

$78,030

$34,217

($29,370)

$0

($29,370)

14444

LAMMICO RRG, INC.

$15,271

$754

$1,504

$16,984

$12,091

($27,571)

($1,204)

($28,775)

13014

LANCET INDEMNITY RISK RETENTION GROUP, INC.

$3,516,923

$2,304,765

$2,574,092

$1,709,121

$1,012,048

($147,077)

$31,223

($48,698)

11500

LENDERS PROTECTION ASSUR CO RRG

$114,326

$0

$0

$0

$23,189

($35,023)

$31,049

$12,108

12627

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY

$185,430

$78,763

$665,429

$545,934

$45,940

$73,555

$0

($2,221)

$1,464,284

$803,278

($101,512)

($36,156)

$92,764

($158,120)

$25,336

($132,784)

$38

$1

$6

$0

$36,119

($36,113)

$273

($23,799)

11958

LIFE SERVICES NETWORK RECIP INS RRG

14084

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Statutory Income Statement Data COMPANY

Direct Premium Written $0

Net Premium Written $0

Net Premium Earned $0

Loss & Loss Adjusted Expenses Incurred $1,308,674

Other Underwriting Expenses $183,193

Net Operating Gains/Losses ($196,488)

Net Investment Gains/Losses $196,488

NAIC 11684

LVHN RRG

12554

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

11117

MARATHON FIN INS CO INC RRG

10697

MCIC VERMONT INC RRG

$0

$0

$0

$0

$0

$0

$0

$0

12355

MD RISK RETENTION GROUP, INC.

$1,118,741

$1,176,111

$1,176,111

$501,837

$118,691

$555,583

$134,670

$448,560

26257

MEDAMERICA MUTUAL RRG INC

$24,187,039

$18,450,619

$4,725,408

$3,695,270

($288,551)

$1,318,689

$568,944

$1,245,838

13589

MEDPRO RRG RISK RETENTION GROUP

$3,411,867

$170,593

$271,036

$221,078

($161,528)

$211,486

($2,740)

$135,685

10124

MEDSTAR LIABILITY LTD INS CO INC RRG

$1,040,183

$609,651

$152,984

$130,036

$69,369

($46,421)

$502

($28,096)

44237

MENTAL HEALTH RISK RETENTION GROUP

$3,291,800

$1,485,322

$1,091,425

$514,256

$186,893

$390,276

$117,798

$265,488

11999

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP

$970,477

$906,994

$378,549

$261,094

$217,633

($100,178)

$29,281

($46,792)

$1,627,131

$1,453,284

$178,204

$93,458

$77,516

$7,230

$22

($36,129)

$6,859

$178

$255

$0

$12,567

($12,312)

$0

($8,126)

($25,000)

($25,000)

$53,125

$38,852

$46,514

($32,241)

$0

($15,961)

Net Income/Loss $0

$536

($9,345)

$264,511

$224,604

$50,628

($10,721)

$1,606

($476)

$3,217,145

$3,217,145

$157,110

$26,702

$14,960

$115,448

$5,279

$93,084

14219

MILLBROOK NMF RISK RETENTION GROUP, INC.

14062

MMIC RRG, INC.

13812

MOUNTAIN LAKE RISK RETENTION GROUP, INC.

11547

MOUNTAIN LAUREL RRG INC

$277,654

$9,121

$1,349,437

$684,500

$642,220

$22,717

$431,466

$454,183

11585

MOUNTAIN STATES HEALTHCARE RECIP RRG

$24,260,895

$22,280,451

$5,570,113

$5,261,030

$667,756

($358,673)

$568,300

$199,535

12779

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.

$6,505,117

$6,181,317

$1,524,160

$904,347

$380,690

$239,123

$142,620

$381,743

14366

NASW RISK RETENTION GROUP, INC.

$1,047,762

$62,866

$15,768

$7,291

$242,858

($234,381)

$0

$1,404

11806

NATIONAL ASSISTED LIVING RRG, INC.

$358,224

$358,224

$345,577

$207,346

$182,622

($44,391)

$47,997

$3,606

12235

NATIONAL BUILDERS & CONTRACTORS INS

10083

NATIONAL CATHOLIC RRG

$134,567

$59,567

$70,026

$33,795

$72,510

($36,279)

$2,240

$67,039

$1,233,647

$668,124

$2,684,462

$3,189,773

$769,691

($1,275,003)

$491,429

($768,349)

12293

NATIONAL CONTRACTORS INS CO INC RRG

36072

NATIONAL GUARDIAN RISK RETENTION GROUP

($1,071,135)

44016

NATIONAL HOME INSURANCE CO RRG

11197

NATIONAL INDEPENDENT TRUCKERS IC RRG

12529

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

10234

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)

14130

NCMIC RISK RETENTION GROUP, INC.

12539

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.

13792

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

12532

NEW STAR RISK RETENTION GROUP, INC.

$5,634

$5,634

12275

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG

$2,612,569

$1,970,806

13059

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

$5,405,843

$3,266,399

10752

NOVUS INS CO RRG

($776,402)

($61,304)

13644

OASIS RECIPROCAL RISK RETENTION GROUP

$0

12845

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

($239,494)

10158

OCEAN RRG INC

12189

OCEANUS INS CO A RRG

13062

OLYMPIA RISK RETENTION GROUP, INC.

44121 10353

$664,859

$248,732

$232,769

$164,381

$1,419,474

($1,351,086)

$50,125

$13,932,317

$2,683,523

$678,875

$708,231

$58,146

($87,502)

$27,712

($9,790)

($2,642)

($772)

$551,083

$911,854

$241,877

($602,648)

$368,230

($102,696)

$1,407,157

$632,480

$481,822

$286,163

$167,062

$28,597

$42,272

$36,050

$25,599

$0

$0

$0

$168,888

($168,888)

$58,544

($117,022)

$221,691

$194,191

$179,566

$8,490

$172,885

($1,809)

$46,808

$44,999

$3,395,042

$335,575

$107,732

$74,581

($72,598)

$105,749

($4,084)

($5,645)

$270,152

$138,712

$102,635

$82,456

$85,423

($65,244)

$6,025

($49,760)

$1,910,811

$467,826

$252,697

$121,681

$275,497

($144,481)

($11,210)

($116,436)

$506,011

$268,922

$177,160

$59,929

$810

$39,481

$1,889,732

$1,112,646

$670,037

$107,049

$130,713

$190,020

$765,974

$563,830

$197,517

$4,627

$25,614

$94,107

$105,406

$240,008

$274,760

($409,362)

$19,850

($383,437)

($12,250)

$433,160

$268,815

$168,683

($4,338)

$860

($3,478)

($172,001)

$111,299

$76,611

$145,969

($111,281)

$3,517

($105,978) ($366,225)

$462,297

$462,297

$615,405

$897,143

$195,399

($477,137)

$14,511

$9,957,599

$7,788,236

$6,243,630

$4,163,062

$2,576,925

($496,357)

$285,607

($97,277)

$0

$0

$0

$132,276

$27,129

($159,405)

$202

($159,203)

OMS NATL INS CO RRG

$10,210,672

$12,800,461

$19,529,002

$14,801,825

$4,909,769

($182,592)

$1,990,487

$2,375,614

OOIDA RISK RETENTION GROUP INC

$11,574,250

$4,050,987

$2,703,606

$2,205,743

$656,693

($158,830)

$66,180

($736,097)

44105

OPHTHALMIC MUTUAL INS CO RRG

$11,483,275

$10,031,575

$9,174,682

$4,263,554

$2,737,091

$2,174,037

$1,825,157

$2,817,539

12183

ORANGE COUNTY MEDICAL RECIP INS RRG

$775,500

$775,500

$258,500

$24,250

$36,143

$198,107

$105,190

$303,297

10171

ORDINARY MUTUAL A RRG CORP

$0

$0

$0

$0

$107,942

($107,942)

$335,839

$227,897

14260

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

$1,046,050

$877,342

$1,129,038

$740,786

$309,330

$78,922

$12,460

$60,312

11575

PACE RRG INC

$3,432,177

$117,558

$156,526

$203,160

($25,380)

($21,254)

$7,554

($3,290)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Statutory Income Statement Data NAIC 44130

COMPANY PARATRANSIT INSURANCE COMPANY, RRG

11973

PCH MUTUAL INSURANCE COMPANY, RRG

11846

PEACE CHURCH RRG INC

Direct Premium Written $1,156,400

Net Premium Written $839,038

Net Premium Earned $758,359

Loss & Loss Adjusted Expenses Incurred $606,688

Other Underwriting Expenses $243,678

Net Operating Gains/Losses ($92,007)

Net Investment Gains/Losses $206,210

Net Income/Loss $72,447

$671,820

$532,327

$550,751

$252,218

$294,464

$4,069

$20,760

$20,316

$3,214,232

$2,900,844

$725,210

$471,377

$223,151

$30,682

$94,145

$115,606 ($21,118)

11772

PEDIATRICANS INS RRG OF AMER

$0

$0

$0

$0

$22,991

($22,991)

$1,873

11587

PELICAN INS RRG

$0

$0

$0

$0

$0

$0

$0

$0

12004

PHOEBE RECIPROCAL RRG

$437,500

$437,500

$109,375

$55,252

$38,533

$15,590

$21,194

$36,784

13995

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.

$508,304

$292,317

$218,304

$57,385

$194,714

($33,795)

$403

($4,439)

12746

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.

$0

$0

$0

$0

$0

$0

$0

$0

12918

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

$25,315

$16,051

$321,043

$237,571

$111,417

($27,945)

$8,370

($24,454)

12507

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

$13,946,757

$8,791,637

$2,167,481

$1,426,927

$332,684

$407,870

$1,047,123

$967,588

11514

PHYSICIANS PROFESSIONAL LIABILTY RRG

$2,342,711

$2,295,325

$1,204,907

$915,729

$323,954

($34,776)

$453,956

$312,248 $103,226

10934

PHYSICIANS REIMBURSEMENT RRG

$2,642,069

$2,642,069

$649,689

$574,226

$365,222

($289,759)

$344,128

11513

PHYSICIANS SPECIALTY LTD RRG

$3,711,917

$346,192

$346,192

$228,649

$137,462

($19,919)

$77,185

$49,485

14108

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

$0

$85,288

$57,819

$68,535

$62,374

($73,090)

$911

($47,638)

13582

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

$3,919,644

$3,035,859

$748,568

$530,819

$164,358

$53,391

$15,389

$68,180

12348

PINE TREE INS RECIPROCAL RRG

$1,829,172

$1,488,842

$372,210

$462,250

$162,551

($252,591)

$166,446

($70,747)

12198

PINELANDS INS CO RRG INC

$471,178

$141,353

$289,286

$266,676

$21,428

$1,182

($489)

$455

11980

PINNACLE CONSORTIUM OF HIGHER ED RRG

$0

$0

$239,415

$144,064

$124,496

($29,145)

$5,970

($19,881)

11858

PINNACLE RRG INC

14205

PLICO RISK RETENTION GROUP, INC.

11809

PONCE DE LEON LTC RRG, INC.

$1,060,038

$972,788

$747,856

12497

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC

$6,562,171

$5,736,659

$4,268,884

44083

PREFERRED PHYSICIANS MEDICAL RRG

$9,694,339

$6,550,227

$5,805,189

$4,754,384

14919

PREFERRED PROFESSIONAL RRG

12613

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

13179 11671

$0

$0

$0

($34,258)

$23,125

$11,133

($83)

$11,050

$49,768

$4,977

$668

$0

$2,660

($1,992)

$891

($1,101)

$620,819

$370,609

($243,572)

$60,991

($182,580)

$2,551,343

$1,511,940

$205,601

$182,198

$322,725

$1,279,254

($228,449)

$1,693,811

$2,455,958

$0

$0

$0

$0

$74,726

($74,726)

$0

($74,726)

$1,060,005

$1,060,005

$1,551,723

$849,549

$552,290

$149,884

$17,916

$112,801

PROAIR RISK RETENTION GROUP, INC.

$121,665

$76,041

$27,891

$2,335

$31,310

($5,754)

($99)

($4,974)

PROBUILDERS SPECIALTY INS CO RRG

$0

$0

$0

$0

$76,498

($84,534)

$57,236

($37,884)

14461

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

$0

$0

$0

$0

$0

$0

$0

$0

10840

PROFESSIONAL MEDICAL INS RRG INC

$0

$0

$0

$0

$36,710

($36,710)

$188

($36,522)

12608

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

$0

$0

$6,361

$3,920

$8,470

($6,029)

$0

($5,125)

13067

PROFESSIONALS RISK RETENTION GROUP, INC.

$3,453,642

$437,353

$247,054

$82,759

($15,332)

$179,627

$570

$55,565

11350

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG

$1,635,801

$918,040

$226,366

$129,750

$123,329

($26,713)

$20,230

($6,483)

13078

RED CLAY RISK RETENTION GROUP, INC.

$1,810,977

$1,694,203

$323,562

$51,439

$109,424

$162,698

$5,353

$108,181

13736

RED ROCK RISK RETENTION GROUP, INC.

$932,743

$932,743

$272,743

$155,000

$151,721

($33,978)

$5,411

$60,806

12019

REPUBLIC RRG

$0

$0

$0

$0

$0

$0

$0

$0

12209

RESTORATION RISK RETENTION GROUP, INC.

$5,023,102

$4,406,447

$2,483,570

$1,340,423

$636,351

$506,796

$122,720

$417,019

14135

RPX RRG

11712

SAINT LUKE'S HLTH SYSTEM RRG

12511

SAMARITAN RISK RETENTION GROUP, INC.

11808

SCHUYKILL CROSSING RECIPROCAL RRG

12988

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

11267

SECURITY AMERICA RRG INC

14136

SELECT MD RRG

12005

SENTINEL ASSUR RRG INC

$0

$0

$0

$0

$0

$0

$0

$0

$18,857

$8,831

$518,904

$544,387

$297,332

($322,815)

$337,351

$16,457

$1,519,973

$1,519,973

$1,973,644

$1,713,764

$96,877

$163,003

$203,458

$301,298

$2,350

$2,350

$1,404,181

$1,212,649

$236,093

($44,561)

$362,918

$318,357

$3,429,832

$2,597,005

$1,309,966

$809,194

$522,171

($21,399)

$35,198

$3,583

$601,449

$523,264

$385,963

$104,910

$264,594

$16,459

$608

$11,947

$1,710,991

$285,948

$70,400

$73,592

$12,294

($15,486)

$152

($10,177)

$25,895

$21,395

$921,098

$985,263

$387,408

($451,573)

$284,289

($44,641)

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Statutory Income Statement Data NAIC 13557

COMPANY SIGMA RRG, INC.

Direct Premium Written $0

Net Premium Written $0

Net Premium Earned $577,468

Loss & Loss Adjusted Expenses Incurred $477,216

Other Underwriting Expenses $82,274

Net Operating Gains/Losses $17,978

Net Investment Gains/Losses $48,343

Net Income/Loss $43,773

12907

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.

$13,579,108

$13,579,108

$4,033,777

$3,335,652

$661,944

$36,181

$1,500,865

$263,596

14207

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP

$3,229,676

$2,620,882

$1,504,096

$1,078,740

$722,212

($296,856)

$3,318

($193,735)

10754

SPIRIT MOUNTAIN INS CO RRG INC

$1,093,977

$765,783

$437,120

$19,232

$333,972

$83,916

$4,933

$41,590

11114

ST CHARLES INS CO RRG

$275,944

$275,944

$276,709

$0

$89,829

$186,880

$108,200

$225,849

$1,507,062

$1,507,062

$2,746,815

$2,590,656

$301,387

($145,228)

$203,417

$64,922

$48,246

$48,246

$18,227

$0

$36,441

($18,214)

$0

($12,021) $152,107

11688

ST LUKES HEALTH NETWORK INS CO RRG

13993

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.

44075

STATES SELF-INSURERS RRG

$1,498,554

$236,472

$398,322

$338,573

$40,823

$10,010

$142,097

10476

STICO MUT INS CO RRG

$1,693,976

$1,384,130

$789,635

$331,176

$547,175

($88,716)

$68,999

$543

13135

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

$1,883,947

$0

$0

$0

$47,677

($47,677)

$118

$3,348

14026

SUNLAND RISK RETENTION GROUP, INC.

$4,652,290

$465,229

$114,714

$13,554

$38,930

$62,230

$0

$42,081

11669

SUPERIOR INS CO RRG

$0

$0

$1,202,137

$1,011,181

$339,456

($148,501)

$42,906

($106,372)

10113

TERRA INS CO RRG

$9,577,346

$6,425,519

$1,582,376

$266,502

$832,446

$483,428

$94,430

$208,814

14395

TERRAFIRMA RISK RETENTION GROUP LLC

$1,030,027

$1,030,027

$87,482

$34,118

$112,077

($58,713)

$533

($44,755)

10152

THE HEALTHCARE UNDERWRITING CO RRG

$0

$0

$6,559,536

$5,523,138

$229,409

$806,989

$1,974

$808,963

11153

TITAN INS CO INC RRG

$3,334,182

$1,093,858

$725,625

$0

$122,814

$602,811

$140,654

$794,324

10084

TITLE INDUSTRY ASSURANCE CO RRG

$1,806,943

$180,693

$171,991

$279,094

($83,403)

($23,700)

$5,211

($40,229)

11548

UNITED CENTRAL PA RRG

$3,886,313

$3,886,313

$1,069,078

$810,268

$79,619

$179,191

$233,482

$412,673

12280

UNITED CONTRACTORS INS CO INC RRG

$2,173,074

$1,901,591

$1,666,623

$1,224,333

$870,135

($427,845)

$315,531

($112,314)

10020

UNITED EDUCATORS INS RRG INC

$11,365,051

$8,478,435

$27,463,335

$17,318,698

$5,451,454

$4,693,183

$5,213,682

$10,105,453

10712

UNITED HOME INSURANCE CO A RRG

$0

$0

$172,900

$0

$34,609

$138,291

$4,918

$93,086

12915

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP

$331,314

$241,067

$256,341

$125,856

$120,192

$10,293

$211

$6,933

13988

UV INSURANCE RISK RETENTION GROUP, INC.

$0

$0

$0

$0

$0

$0

$0

$0

11063

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

$12,184

$12,184

$36,765

$0

$21,774

$14,991

$41,143

$38,207

13974

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.

$1,794,434

$355,297

$67,505

$58,385

$35,932

($26,812)

$742

($17,206)

13786

VIRGINIA SENIOR CARE RISK RETENTION GROUP

$1,000

$620

$177,888

$142,310

$37,775

($2,197)

$2,067

($833)

11802

WARREN RRG INC

$0

$0

$130,308

$461,322

$108,315

($439,329)

$9,539

($76,447)

$6,772,000

$6,772,000

$1,693,000

$1,588,751

$100,976

$3,273

$170,683

$173,956

$0

$0

$563,040

$408,927

$189,585

($35,472)

$6,825

($27,927)

11682

WELLSPAN RRG

14122

WESTERN CATHOLIC INSURANCE COMPANY RRG

11978

WESTERN INS RRG INC

$150,779

$150,779

$150,780

$0

$9,187

$141,593

$3,930

$145,308

40940

WESTERN PACIFIC MUT INS CO RRG

$854,230

$715,968

$1,009,378

$512,618

$429,833

$66,927

$962,526

$1,029,456

13154

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP

11796

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

$264,695

$264,695

$74,935

$45,990

$73,018

($44,073)

$1,356

($42,717)

$5,930,013

$3,767,455

$913,074

$410,882

$556,433

($54,241)

$109,922

$56,161

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Financial Ratios NAIC

COMPANY Liquidity

Cash to Losses and LAE Reserves

Leverage

Loss & LAE Reserves to PHS

DPW to PHS NPW to PHS

Loss & LAE Ratio

Expense

Combined Ratio 87.47

12934

ACADEMIC MEDICAL PROFESSIONALS INSURANCE EXCHANGE RISK RETENTION GROUP

69.76

488.34

62.05

18.21

4.97

4.13

4.03

83.45

12166

ADVANCED PHYSICIANS INS RRG INC

20.43

0.00

18.49

0.00

23.20

23.20

0.00

9.52

9.52

12252

AEGIS HEALTHCARE RRG, INC.

147.35

136.00

272.14

135.80

138.71

80.28

58.99

10.57

69.56 90.58

13677

AFFILIATES INSURANCE RECIPROCAL, A RISK RETENTION GROUP

70.72

792.24

125.51

22.40

51.64

12.77

77.84

12.73

13606

AGGREGATE SECURITY INSURANCE GROUP, A RISK RETENTION GROUP

133.64

75.32

5,757.19

5,719.80

0.00

0.00

0.00

0.00

0.00

28380

AGRI INSURANCE EXCHANGE RRG

20.07

822.77

25.05

15.17

7.40

7.40

-38.01

5.14

-32.88

11965

ALLEGIANT INS CO INC A RRG

80.82

162.83

207.77

157.89

38.50

12.17

47.94

15.87

63.81

10023

ALLIANCE OF NONPROFITS FOR INS RRG

63.38

228.15

113.77

78.68

23.86

17.40

68.53

30.49

99.02

11710

ALLIED PROFESSIONALS INSURANCE COMPANY, RRG

69.49

338.37

163.09

69.36

47.38

31.95

58.42

40.10

98.52

12013

ALLIED SERVICES RISK RETENTION GROUP

52.21

230.57

108.55

90.17

0.00

0.00

-88.92

0.00

0.00

10232

AMERICAN ASSOC OF OTHODONTISTS RRG

71.40

168.22

222.00

184.83

13.70

11.74

58.10

44.02

102.12

12631

AMERICAN BUILDERS INSURANCE COMPANY RRG, INC.

42.12

1,111.37

63.69

13.60

0.00

0.00

0.00

0.00

0.00

12300

AMERICAN CONTRACTORS INS CO RRG

25.90

0.00

27.87

0.00

-37.16

0.00

0.00

0.00

0.00

10903

AMERICAN EXCESS INS EXCHANGE RRG

40.31

272.60

66.99

60.96

0.00

0.00

65.40

0.00

0.00

44202

AMERICAN FEED INDUSTRY INS CO RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

11590

AMERICAN FOREST CASUALTY COMPANY RRG

62.74

204.16

142.58

111.31

13.39

4.15

110.57

109.00

219.57

25448

AMERICAN SAFETY RRG INC

71.37

337.78

97.85

40.59

21.62

2.55

56.96

52.06

109.02

11534

AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, RRG

66.73

277.62

186.84

100.85

0.00

-6.80

-1.51

-49.16

-50.67

12171

AMERIGUARD RRG INC

35.23

502.35

51.11

28.88

4.30

4.30

90.59

13.66

104.25

11598

APPLIED MEDICO-LEGAL SOLUTIONS RRG, INC.

89.60

158.11

255.65

180.45

33.12

30.99

80.98

28.88

109.86

44148

ARCHITECTS & ENGINEERS INS CO RRG

89.81

331.85

116.50

39.09

6.97

1.85

80.00

59.14

139.14

13177

ARCOA RISK RETENTION GROUP, INC.

98.30

105.12

442.50

428.20

58.35

58.35

54.90

44.58

99.48

13580

ARISE BOILER INSPECTION AND INSURANCE COMPANY RISK RETENTION GROUP

37.57

986.83

27.28

7.36

12.40

11.13

0.00

54.39

54.39

12224

ASSET PROTECTION PROGRAM RISK RETENTION GROUP, INC.

49.25

372.94

95.54

52.01

0.00

0.00

0.00

0.00

0.00

14425

ASSOCIATION OF CERTIFIED MORTGAGE ORIGINATORS RISK RETENTION GROUP, INC.

2.34

0.00

2.38

0.00

0.00

0.00

0.00

0.00

0.00 110.15

33677

ATTORNEYS INS MUTUAL OF ALABAMA INC

50.54

367.74

97.17

52.28

12.70

9.17

36.12

74.03

22670

ATTORNEYS INSURANCE MUTUAL RRG INC

48.30

273.95

81.73

61.76

0.00

0.00

62.36

0.00

0.00

10639

ATTORNEYS LIAB ASSUR SOCIETY INC RRG

166.26

218.12

358.80

98.94

576.76

43.88

84.10

4.28

88.38

32450

ATTORNEYS LIAB PROTECTION SOC RRG

70.97

218.13

184.25

119.01

40.79

27.19

66.07

26.48

92.54

13795

ATTPRO RRG RECIPROCAL RISK RETENTION GROUP

7.37

20,405.65

7.31

0.49

4.30

0.22

88.02

311.69

399.71

13791

AVIATION ALLIANCE INSURANCE RISK RETENTION GROUP, INC.

118.20

450.69

164.57

30.89

58.07

16.29

39.40

56.58

95.98

10174

BAR VERMONT RISK RETENTION GROUP INC

39.72

421.92

55.70

33.23

0.00

0.00

31.07

0.00

0.00

12933

BEDFORD PHYSICIANS RISK RETENTION GROUP, INC.

155.25

139.66

738.12

340.43

307.37

144.68

91.95

-3.84

88.11

14169

BEST CARE INSURANCE COMPANY RISK RETENTION GROUP, INC.

2.76

0.00

2.79

0.00

1.16

0.89

0.00

52.73

52.73

13010

BONDED BUILDERS INSURANCE COMPANY, A RISK RETENTION GROUP

66.57

4,669.82

135.02

4.34

27.37

23.26

2.10

39.21

41.31

13788

BROADLINE RISK RETENTION GROUP, INC.

84.62

129.45

190.07

173.52

0.00

0.00

95.48

0.00

0.00

44504

CALIFORNIA HEALTHCARE INS CO INC RRG

74.22

182.54

160.20

118.25

23.13

13.94

89.51

8.71

98.22

12180

CALIFORNIA MEDICAL GRP INS CO RRG

53.57

209.23

91.23

81.40

3.87

3.87

83.90

67.71

151.61

11825

CARE RRG, INC.

83.26

191.32

209.02

131.22

35.11

28.37

64.33

34.38

98.70

11544

CAREGIVERS UNITED LIAB INS CO RRG

41.36

356.14

58.18

39.50

16.15

15.63

71.39

3.20

74.58

15089

CARENEXT RISK RETENTION GROUP, INC.

19.18

0.00

17.95

0.00

0.00

0.00

0.00

0.00

0.00

12373

CARING COMMUNITIES, A RECIPROCAL RISK RETENTION GROUP

120.92

475.26

171.70

29.88

56.23

19.49

70.00

18.71

88.71

10808

CASSATT RISK RETENTION GROUP INC

83.30

1,039.24

110.75

12.79

4.68

4.68

4.82

-6.91

-2.10

13784

CATTLEMAN'S INSURANCE COMPANY, A RISK RETENTION GROUP

8.48

4,699.80

8.35

2.10

13.65

8.00

-1.20

42.87

41.68

11694

CENTRAL PA PHYSICIANS RRG INC

67.92

196.50

192.16

143.98

36.80

36.80

77.00

13.11

90.11

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Financial Ratios NAIC

COMPANY Liquidity

Cash to Losses and LAE Reserves

Leverage

Loss & LAE Reserves to PHS

DPW to PHS NPW to PHS

Loss & LAE Ratio

Expense

Combined Ratio

11976

CENTURION MEDICAL LIABILITY PROTECTIVE RRG, INC.

53.81

237.52

80.46

62.95

14.01

19.16

66.38

13.78

80.17

12167

CHARITABLE SERVICE PROVIDERS RECIPROCAL RRG

32.53

1,271.96

43.42

10.49

42.15

37.20

26.54

9.38

35.93

11531

CHC CAS RRG

67.94

201.72

137.27

100.17

43.72

43.72

8.58

1.50

10.09

14388

CHEROKEE GUARANTEE COMPANY INC., RRG

124.34

175.58

225.56

103.32

13.66

13.66

69.23

55.38

124.61

11839

CIRCLE STAR INS CO RRG

351.23

413.00

524.28

36.14

572.74

28.64

91.14

-37.56

53.58

12172

CLAIM PROFESSIONALS LIAB INS CO RRG

73.36

410.32

132.94

44.16

43.99

10.60

43.68

35.34

79.02

11992

CLARIAN HLTH RRG INC

53.56

0.00

47.20

0.00

-0.30

-0.01

0.00

-342,314.35

0.00

43770

CLINIC MUTUAL INSURANCE CO RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

13756

CMIC RISK RETENTION GROUP

20.34

7,827.12

23.94

1.50

10.99

3.33

11.33

64.04

75.37

11668

COASTAL INS RRG INC

69.63

244.79

160.87

94.39

38.38

25.41

82.54

20.17

102.71

44598

COLLEGE LIABILITY INS CO A RECIP RRG

33.42

369.00

39.04

31.66

0.00

0.00

37.61

0.00

0.00

13613

COLLEGE RISK RETENTION GROUP, INC.

65.49

197.89

179.42

138.45

0.00

0.00

60.18

0.00

0.00

10803

COLUMBIA NATIONAL RRG INC

35.18

0.00

52.20

0.00

3.59

3.59

0.00

70.28

70.28

11864

COMCARE PRO INS RECIPROCAL RRG

35.71

493.12

50.99

28.96

10.90

10.90

66.00

38.67

104.67

11807

COMMUNITIES OF FAITH RRG INC

11.18

1,767.42

12.23

6.19

7.00

7.00

40.00

11.98

51.98

13893

COMMUNITY BLOOD CENTERS EXCH RRG

37.87

457.77

59.59

34.38

-0.36

-2.94

88.92

-58.68

30.24

11536

COMMUNITY HEALTH ALLIANCE RECIP RRG

85.76

269.43

374.80

162.20

51.19

45.04

94.33

4.65

98.98

11259

COMMUNITY HOSPITAL RRG

74.34

170.58

187.29

147.70

48.35

46.31

78.00

4.71

82.71

10075

CONSUMER SPECIALTIES INSURANCE COMPANY RRG

42.07

297.62

62.43

49.86

4.95

2.08

67.23

168.98

236.20

11798

CONTINUING CARE RRG, INC.

586.18

41.15

131.53

54.53

122.88

112.88

83.75

10.83

94.59

11603

CONTRACTORS INS CO OF NORTH AMER RRG

69.17

160.88

146.85

131.96

5.94

2.73

21.78

38.29

60.07

10341

CONTROLLED RISK INS CO OF VT RRG

172.73

328.39

292.94

51.64

351.85

49.26

45.39

13.85

59.24

12042

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

52.54

302.67

84.01

52.83

14.15

29.93

77.88

13.96

91.84

14906

COPIC, A RISK RETENTION GROUP

8.50

0.00

8.99

0.00

0.00

0.00

0.00

0.00

0.00

14160

COVERYS RRG, INC.

1.90

131,208.25

1.91

0.08

1.60

0.08

176.48

896.17

1,072.66

10164

CPA MUTUAL INS CO OF AMERICA RRG

72.56

210.82

128.58

84.06

15.26

4.92

135.34

33.98

169.32

13720

CROSSFIT RISK RETENTION GROUP, INC.

66.19

489.74

132.20

40.78

62.88

44.01

38.78

36.72

75.51

11676

CRUDEN BAY RRG INC

63.98

212.99

127.45

93.52

34.60

34.60

100.00

2.76

102.76

13655

CRYSTAL RUN RECIPROCAL RISK RETENTION GROUP

168.30

263.56

279.36

62.98

161.28

73.88

65.61

4.55

70.17

43125

DELAWARE PROFESSIONAL INSURANCE CO

60.05

195.13

143.12

122.14

0.04

0.04

121.66

6,538.29

6,659.95 91.70

13018

DOCTORS & SURGEONS NATIONAL RRG

95.60

217.19

293.59

141.40

69.94

56.35

55.92

35.78

11842

DUBOIS MEDICAL RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

10115

EASTERN DENTISTS INS CO RRG

69.63

191.56

153.02

114.73

8.28

6.91

62.00

86.86

148.86

10125

ELITE TRANSPORTATION RRG INC

127.97

192.00

539.70

219.66

216.11

130.20

71.78

4.21

75.99

14163

EMERGENCY CAPITAL MANAGEMENT, LLC, RRG

57.00

461.22

124.62

47.41

168.05

35.10

83.47

-8.48

74.99

12003

EMERGENCY MEDICINE PROFESSIONAL ASSURANCE COMPANY RRG (EMPAC)

126.87

151.91

251.72

130.62

13.13

13.42

49.03

59.89

108.92

12015

EMERGENCY MEDICINE RRG INC

67.50

201.55

115.31

84.76

-0.34

-0.34

137.21

-1,008.75

-871.54

11714

EMERGENCY PHYSICIANS INS CO RRG

90.67

132.14

360.03

300.51

40.26

34.66

70.00

26.78

96.78

38466

EVERGREEN USA RRG INC

76.37

178.92

132.65

97.08

20.07

12.82

68.70

58.24

126.94

11840

FAIRWAY PHYSICIANS INS CO RRG

113.26

126.11

326.77

228.77

60.08

51.62

77.39

19.61

96.99

11698

FAITH AFFILIATED RRG INC

40.12

280.30

66.16

58.82

0.00

0.00

89.23

0.00

0.00

14439

FIDUCIARIES RISK RETENTION GROUP, INC.

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

11801

FIRST KEYSTONE RISK RETENTION GROUP, INC.

130.52

129.77

434.82

256.72

89.71

89.71

71.59

24.45

96.04

11278

FIRST MEDICAL INS CO RRG

40.29

274.38

66.57

60.21

0.00

0.00

103.42

0.00

0.00

12625

FORT WAYNE MEDICAL SURETY COMPANY, RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Financial Ratios NAIC

COMPANY Liquidity

Cash to Losses and LAE Reserves

Leverage

Loss & LAE Reserves to PHS

DPW to PHS NPW to PHS

Loss & LAE Ratio

Expense

Combined Ratio

10842

FRANKLIN CASUALTY INS CO RRG

464.03

57.30

681.22

256.21

0.00

0.00

65.99

0.00

0.00

12016

FREDERICKSBURG PROFESSIONAL RISK EXC

70.43

177.43

84.16

67.35

20.84

20.84

93.64

2.88

96.51

14032

GABLES RISK RETENTION GROUP, INC.

158.63

129.75

177.05

86.02

119.90

119.90

85.00

3.41

88.41

12000

GEISINGER INS CORP RRG

169.47

450.58

33.37

4.37

0.00

0.00

0.00

0.00

0.00

10163

GENERAL EASTERN SKI INS RRG INC

45.89

393.98

35.93

19.87

0.00

0.00

0.00

0.00

0.00

13782

GERIC INSURANCE RISK RETENTION GROUP, INC.

1.48

40,741.43

1.47

0.24

1.75

1.75

8.05

67.18

75.23

11948

GLOBAL HAWK INSURANCE COMPANY RRG

97.31

238.79

243.51

104.79

71.72

66.75

81.17

18.55

99.72

10991

GLOBAL INTL INS CO INC A RRG

4.34

0.00

4.29

0.00

0.82

0.82

0.00

54.85

54.85

11145

GOLDEN INS CO RRG

88.01

468.30

146.19

35.47

30.96

20.74

61.77

29.49

91.26

12512

GOOD SHEPHERD RECIPROCAL RISK RETENTION GROUP, INC.

69.86

281.89

109.20

55.45

69.92

69.92

79.88

4.44

84.32

13973

GOVERNMENT TECHNOLOGY INSURANCE COMPANY RISK RETENTION GROUP, INC.

65.73

0.00

100.87

0.00

8.27

6.49

2.55

269.20

271.74

11581

GRACO RRG INC

238.05

0.00

209.38

0.00

283.61

-7.79

0.00

-250.26

-250.26

11941

GREEN HILLS INS CO RRG

41.73

325.37

65.20

48.02

0.00

0.00

33.42

0.00

0.00

11696

GUARDIAN RRG INC

58.22

247.15

95.68

66.49

33.19

33.19

84.96

4.94

89.90

12014

GUTHRIE RRG

0.00

13057

HAMDEN ASSURANCE RRG, INC.

12236

HEALTH CARE CAS RRG INC

64.29

168.00

156.87

145.23

0.00

0.00

130.28

0.00

4,165.76

0.00

5,536.90

0.00

0.00

0.00

0.00

0.00

0.00

105.17

261.72

896.18

325.60

126.64

107.09

62.96

10.48

73.44 99.38

11813

HEALTH NETWORK PROVIDERS MUT INS CO

65.36

233.66

158.16

103.56

8.69

5.22

33.33

66.05

10080

HEALTH PROVIDERS INS RECIPROCAL RRG

42.54

287.62

65.34

53.40

6.13

5.45

66.53

23.76

90.29

11832

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

110.20

269.42

185.96

62.63

50.21

4.40

82.32

2.27

84.60

11683

HEALTHCARE PROVIDERS INS CO RRG

41.76

330.67

68.20

49.39

1.56

1.56

65.00

79.92

144.92

11998

HEARTLAND HEALTHCARE RECIP RRG

50.72

271.70

99.21

71.99

32.69

32.69

64.29

9.30

73.59

11097

HERITAGE WARRANTY INS RRG INC

30.18

11,770.80

43.22

1.22

0.00

0.00

48.98

-752,036.36

-751,987.38

11950

HOME CONSTRUCTION INS CO RRG

63.06

188.80

164.74

138.38

0.00

0.00

-0.27

0.00

0.00

26797

HOUSING AUTHORITY RRG INC

39.45

338.36

61.08

45.77

3.69

3.74

59.69

41.27

100.95

41246

HOW INSURANCE COMPANY, A RISK RETENTION GROUP

10.74

8,802.97

11.87

1.26

0.00

0.00

0.00

0.00

0.00

11268

ICI MUTUAL INSURANCE COMPANY, A RISK RETENTION GROUP

27.55

505.59

35.56

25.53

3.86

1.35

17.84

85.25

103.09

12018

INDEMNITY INSURANCE CORPORATION, RRG

178.80

177.94

207.81

65.32

83.12

83.12

27.13

28.66

55.80

11692

INDIANA HEALTHCARE RECIP RRG

55.10

252.87

97.69

70.11

29.39

29.39

75.63

6.13

81.76

12320

INNOVATIVE PHYSICIAN SOLUTIONS RRG

71.98

158.27

119.51

104.91

0.12

0.12

59.92

4,554.32

4,614.25

14375

IRONSHORE RISK RETENTION GROUP, INC.

494.68

1,672.05

228.92

2.77

139.19

6.96

60.69

42.75

103.44

12594

J.M. WOODWORTH RRG, INC.

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

11872

KENTUCKIANA MEDICAL RECIPROCAL RRG

49.93

254.54

77.43

60.92

18.97

20.21

162.62

3.83

166.46

11939

KENTUCKY HOSPITAL INS CO RRG

69.55

217.28

141.74

93.79

52.30

28.55

99.43

8.26

107.69

11803

LAKE STREET RRG INC

51.61

248.80

87.09

67.83

19.87

19.87

94.15

10.80

104.95

14444

LAMMICO RRG, INC.

10.86

12,278.84

11.81

0.89

2.72

0.13

1,129.26

1,603.58

2,732.84

13014

LANCET INDEMNITY RISK RETENTION GROUP, INC.

100.13

179.13

305.38

170.26

83.61

54.79

66.40

43.91

110.31

11500

LENDERS PROTECTION ASSUR CO RRG

2.46

0.00

2.46

0.00

4.74

0.00

0.00

0.00

0.00

12627

LIBERTY FIRST RISK RETENTION GROUP INSURANCE COMPANY

91.52

112.95

195.98

189.60

8.20

3.48

82.04

58.33

140.37

11.55

47.17

11958

LIFE SERVICES NETWORK RECIP INS RRG

51.02

397.34

82.94

40.92

29.29

16.07

35.62

14084

LIVESTOCK MARKET ENHANCEMENT RISK RETENTION GROUP

-0.09

0.00

-0.08

0.00

0.01

0.00

0.00

11684

LVHN RRG

108.61

0.00

865.97

0.00

0.00

0.00

0.00

0.00

0.00

12554

MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP

63.32

211.47

101.89

76.09

0.04

-0.64

84.91

-541.77

-456.85

11117

MARATHON FIN INS CO INC RRG

329.30

5,915.98

383.07

1.97

126.52

126.52

17.00

0.47

17.46

10697

MCIC VERMONT INC RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

3,611,900.00 3,611,900.00

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Financial Ratios NAIC

COMPANY Liquidity

Cash to Losses and LAE Reserves

Leverage

Loss & LAE Reserves to PHS

DPW to PHS NPW to PHS

Loss & LAE Ratio

Expense

Combined Ratio 52.76

12355

MD RISK RETENTION GROUP, INC.

42.63

248.72

69.97

65.99

12.23

12.86

42.67

10.09

26257

MEDAMERICA MUTUAL RRG INC

75.63

253.67

156.37

81.51

67.73

51.67

78.20

-1.56

76.64

13589

MEDPRO RRG RISK RETENTION GROUP

244.63

219.51

248.63

46.30

113.93

5.70

81.57

-94.69

-13.12

10124

MEDSTAR LIABILITY LTD INS CO INC RRG

80.38

191.21

201.21

130.90

72.35

42.40

85.00

11.38

96.38

44237

MENTAL HEALTH RISK RETENTION GROUP

60.38

236.21

118.00

82.74

27.29

12.31

47.12

12.58

59.70

11999

MIDWEST INSURANCE GROUP, INC., A RISK RETENTION GROUP

122.52

114.31

316.51

226.00

56.96

53.23

68.97

23.99

92.97

14219

MILLBROOK NMF RISK RETENTION GROUP, INC.

138.86

599.58

177.98

21.38

181.66

162.25

52.44

5.33

57.78

14062

MMIC RRG, INC.

13.50

0.00

3.58

0.00

1.31

0.03

0.00

7,060.11

7,060.11

13812

MOUNTAIN LAKE RISK RETENTION GROUP, INC.

147.06

94.67

71.44

51.31

-2.17

-2.17

73.13

-186.06

-112.92

11547

MOUNTAIN LAUREL RRG INC

102.66

115.26

232.52

196.51

4.72

0.16

50.72

7,041.11

7,091.84 97.45

11585

MOUNTAIN STATES HEALTHCARE RECIP RRG

63.26

226.21

155.71

108.81

54.30

49.87

94.45

3.00

12779

MOUNTAINEER FREEDOM RISK RETENTION GROUP, INC.

59.11

238.53

124.34

88.19

42.62

40.50

59.33

6.16

65.49

14366

NASW RISK RETENTION GROUP, INC.

114.52

10,445.54

71.57

0.60

72.51

4.35

46.24

386.31

432.55

11806

NATIONAL ASSISTED LIVING RRG, INC.

57.03

242.40

120.59

87.23

10.11

10.11

60.00

50.98

110.98

12235

NATIONAL BUILDERS & CONTRACTORS INS

88.10

135.81

229.19

191.56

9.14

4.05

48.26

121.73

169.99

10083

NATIONAL CATHOLIC RRG

74.36

149.72

251.42

225.82

6.65

3.60

118.82

115.20

234.03

12293

NATIONAL CONTRACTORS INS CO INC RRG

133.43

122.17

267.40

164.04

24.75

9.26

70.62

570.68

641.30

36072

NATIONAL GUARDIAN RISK RETENTION GROUP

118.49

115.04

203.64

149.39

233.98

45.07

104.32

2.17

106.49

44016

NATIONAL HOME INSURANCE CO RRG

62.78

830.62

141.32

27.10

-0.01

0.00

165.47

-31,331.22

-31,165.75

11197

NATIONAL INDEPENDENT TRUCKERS IC RRG

82.32

251.78

76.73

37.02

25.41

11.42

59.39

26.41

85.81

12529

NATIONAL MEDICAL PROFESSIONAL RISK RETENTION GROUP, INC.

82.82

0.00

108.65

0.00

0.82

0.00

0.00

0.00

0.00

10234

NATIONAL SERVICE CONTRACT INSURANCE COMPANY (RRG)

14.46

59,429.69

15.82

0.18

2.04

1.79

4.73

89.03

93.76

14130

NCMIC RISK RETENTION GROUP, INC.

124.43

735.14

37.73

4.12

190.00

18.78

69.23

-21.63

47.59

12539

NEVADA DOCS MEDICAL RISK RETENTION GROUP, INC.

90.01

225.37

542.43

267.38

51.10

26.24

80.34

61.58

141.92

13792

NEW HOME WARRANTY INSURANCE COMPANY, A RISK RETENTION GROUP

61.57

5,548.24

116.83

3.42

33.52

8.21

48.15

58.89

107.04

12532

NEW STAR RISK RETENTION GROUP, INC.

59.17

363.52

118.79

55.23

0.13

0.13

53.15

3,144.48

3,197.63

12275

NEW YORK HEALTHCARE INSURANCE COMPANY, INC., RRG

118.47

98.31

286.08

245.63

51.35

38.74

58.88

34.00

92.88

13059

NORTH SHORE - LIJ PHYSICIANS INSURANCE COMPANY RISK RETENTION GROUP

111.59

190.99

689.07

323.31

299.48

180.96

73.61

6.05

79.66

10752

NOVUS INS CO RRG

130.31

17.97

263.45

1,125.17

-55.43

-4.38

227.70

-448.19

-220.49 -1,314.95

13644

OASIS RECIPROCAL RISK RETENTION GROUP

110.94

161.96

329.96

183.64

0.00

-0.64

62.06

-1,377.00

12845

OBSTETRICIANS & GYNECOLOGISTS RISK RETENTION GROUP OF AMERICA, INC.

68.75

68.76

78.76

166.62

-35.96

-25.83

68.83

-84.87

-16.03

10158

OCEAN RRG INC

272.20

44.58

668.51

550.97

45.14

45.14

145.78

42.27

188.05 99.76

12189

OCEANUS INS CO A RRG

13062

OLYMPIA RISK RETENTION GROUP, INC.

83.34

187.02

280.10

179.71

48.05

37.58

66.68

33.09

1,023.83

13.94

81.65

57.20

0.00

0.00

0.00

0.00

44121

0.00

OMS NATL INS CO RRG

61.43

218.64

122.68

91.34

5.97

7.48

75.79

38.36

114.15

10353

OOIDA RISK RETENTION GROUP INC

121.37

220.19

240.35

89.94

59.84

20.94

81.59

16.21

97.80

44105

OPHTHALMIC MUTUAL INS CO RRG

39.98

417.16

61.73

37.01

7.49

6.54

46.47

27.28

73.76

12183

ORANGE COUNTY MEDICAL RECIP INS RRG

34.51

453.22

35.87

22.93

15.80

15.80

9.38

4.66

14.04

10171

ORDINARY MUTUAL A RRG CORP

39.47

299.37

65.23

55.20

0.00

0.00

0.00

0.00

0.00

14260

ORTHOFORUM INSURANCE COMPANY (A RISK RETENTION GROUP)

77.02

302.84

117.03

50.17

30.26

25.38

65.61

35.26

100.87

11575

PACE RRG INC

328.36

73.95

572.32

235.70

121.48

4.16

129.79

-21.59

108.20

44130

PARATRANSIT INSURANCE COMPANY, RRG

58.60

256.61

115.63

76.90

10.47

7.60

80.00

29.04

109.04

11973

PCH MUTUAL INSURANCE COMPANY, RRG

63.69

230.67

138.34

94.17

19.13

15.16

45.80

55.32

101.11

11846

PEACE CHURCH RRG INC

45.61

307.03

67.43

48.16

23.96

21.62

65.00

7.69

72.69

11772

PEDIATRICANS INS RRG OF AMER

89.22

112.09

667.36

667.36

0.00

0.00

0.00

0.00

0.00

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Financial Ratios NAIC

COMPANY Liquidity

Cash to Losses and LAE Reserves

Leverage

Loss & LAE Reserves to PHS

DPW to PHS NPW to PHS

Loss & LAE Ratio

Expense

Combined Ratio

11587

PELICAN INS RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

12004

PHOEBE RECIPROCAL RRG

35.20

359.91

48.99

38.67

11.99

11.99

50.52

8.81

59.32

13995

PHYSICIANS CASUALTY RISK RETENTION GROUP, INC.

177.68

258.72

366.82

79.80

99.71

57.34

26.29

66.61

92.90

12746

PHYSICIANS INDEMNITY RISK RETENTION GROUP, INC.

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

12918

PHYSICIANS' INSURANCE EXCHANGE RESOURCE, A RISK RETENTION GROUP

80.41

148.75

238.29

199.22

1.61

1.02

74.00

694.14

768.14

12507

PHYSICIANS PROACTIVE PROTECTION, INC. RISK RETENTION GROUP

105.12

268.07

251.91

89.40

71.98

45.38

65.83

3.78

69.62

11514

PHYSICIANS PROFESSIONAL LIABILTY RRG

59.22

266.55

114.85

72.76

12.29

12.04

76.00

14.11

90.11

10934

PHYSICIANS REIMBURSEMENT RRG

68.17

168.73

170.90

148.58

24.33

24.33

88.38

13.82

102.21

11513

PHYSICIANS SPECIALTY LTD RRG

90.46

189.65

235.89

137.50

92.45

8.62

66.05

39.71

105.75

14108

PIA PROFESSIONAL LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

34.08

873.27

26.52

8.91

0.00

5.86

118.53

73.13

191.67

13582

PIH INSURANCE COMPANY, A RECIPROCAL RISK RETENTION GROUP

50.84

368.42

102.74

54.85

70.78

54.82

70.91

5.41

76.33

12348

PINE TREE INS RECIPROCAL RRG

50.08

360.29

81.54

45.19

21.49

17.49

124.19

10.92

135.11

12198

PINELANDS INS CO RRG INC

718.98

26.13

265.61

141.40

49.76

14.93

92.18

15.16

107.34

11980

PINNACLE CONSORTIUM OF HIGHER ED RRG

37.70

305.79

58.94

51.13

0.00

0.00

60.17

0.00

0.00

11858

PINNACLE RRG INC

1.62

12,476.91

1.64

0.81

0.00

0.00

0.00

0.00

0.00

14205

PLICO RISK RETENTION GROUP, INC.

3.20

0.00

3.21

0.00

3.13

0.31

0.00

53.45

53.45

11809

PONCE DE LEON LTC RRG, INC.

49.22

273.20

83.51

62.11

13.37

12.27

83.01

38.10

121.11

12497

PREFERRED CONTRACTORS INSURANCE COMPANY RRG, LLC

149.67

157.89

402.85

170.47

58.97

51.55

59.77

26.36

86.12

44083

PREFERRED PHYSICIANS MEDICAL RRG

46.57

283.76

82.87

62.71

9.27

6.26

81.90

19.53

101.43

14919

PREFERRED PROFESSIONAL RRG

8.09

0.00

8.80

0.00

0.00

0.00

0.00

0.00

0.00

12613

PREMIER PHYSICIANS INSURANCE COMPANY, A RISK RETENTION GROUP

92.45

293.93

258.70

95.21

27.60

27.60

54.75

52.10

106.85

13179

PROAIR RISK RETENTION GROUP, INC.

552.46

106.11

45.20

7.71

24.26

15.16

8.37

41.18

49.55

11671

PROBUILDERS SPECIALTY INS CO RRG

235.26

48.40

256.10

224.93

0.00

0.00

0.00

0.00

0.00

14461

PROFESSIONAL EXCHANGE ASSURANCE COMPANY (A RISK RETENTION GROUP)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

10840

PROFESSIONAL MEDICAL INS RRG INC

5.96

0.00

5.81

0.00

0.00

0.00

0.00

0.00

0.00

8.35

2,064.33

8.77

5.09

0.00

0.00

61.63

0.00

0.00

187.61

400.67

360.99

48.02

280.57

35.53

33.50

-3.51

29.99

12608

PROFESSIONAL QUALITY LIABILITY INSURANCE COMPANY, A RISK RETENTION GROUP

13067

PROFESSIONALS RISK RETENTION GROUP, INC.

11350

PUBLIC UTILITY MUTUAL INSURANCE COMPANY, RRG

30.60

583.60

39.74

22.25

37.67

21.14

57.32

13.43

70.75

13078

RED CLAY RISK RETENTION GROUP, INC.

92.52

184.99

127.74

74.63

62.88

58.82

15.90

6.46

22.36

13736

RED ROCK RISK RETENTION GROUP, INC.

66.04

190.48

134.70

107.07

18.48

18.48

56.83

16.27

73.10

12019

REPUBLIC RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

12209

RESTORATION RISK RETENTION GROUP, INC.

70.51

204.15

178.05

123.68

25.77

22.60

53.97

14.44

68.41

14135

RPX RRG

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

11712

SAINT LUKE'S HLTH SYSTEM RRG

37.98

333.76

59.34

46.81

0.13

0.06

104.91

3,366.91

3,471.82

12511

SAMARITAN RISK RETENTION GROUP, INC.

46.18

500.57

66.92

28.94

10.53

10.53

86.83

6.37

93.21

11808

SCHUYKILL CROSSING RECIPROCAL RRG

79.92

155.16

211.43

170.49

0.02

0.02

86.36

10,046.51

10,132.87

12988

SCRUBS MUTUAL ASSURANCE COMPANY RISK RETENTION GROUP

87.87

179.58

210.02

133.10

86.41

65.43

61.77

20.11

81.88

11267

SECURITY AMERICA RRG INC

45.15

344.76

60.32

38.75

22.76

19.80

27.18

50.57

77.75

14136

SELECT MD RRG

128.97

434.51

207.48

37.03

181.07

30.26

104.53

4.30

108.83

12005

SENTINEL ASSUR RRG INC

32.68

358.03

47.15

40.30

0.25

0.21

106.97

1,810.74

1,917.71

13557

SIGMA RRG, INC.

68.16

192.23

135.12

103.12

0.00

0.00

82.64

0.00

0.00

12907

SOUTHWEST PHYSICIANS RISK RETENTION GROUP, INC.

105.26

142.88

478.62

318.24

102.90

102.90

82.69

4.87

87.57

14207

SPIRIT COMMERCIAL AUTO RISK RETENTION GROUP

255.21

197.39

362.03

71.87

156.34

126.87

71.72

27.56

99.28

10754

SPIRIT MOUNTAIN INS CO RRG INC

56.89

307.12

114.87

65.75

37.41

26.19

4.40

43.61

48.01

11114

ST CHARLES INS CO RRG

40.11

300.83

63.51

52.63

3.83

3.83

0.00

32.55

32.55

First Quarter 2013 - RRG Analysis


Risk Retention Groups - Selected Financial Ratios NAIC

COMPANY Liquidity

Cash to Losses and LAE Reserves

Leverage

Loss & LAE Reserves to PHS

DPW to PHS NPW to PHS

Loss & LAE Ratio

Expense

Combined Ratio 114.31

11688

ST LUKES HEALTH NETWORK INS CO RRG

85.69

145.33

285.73

229.44

11.33

11.33

94.31

20.00

13993

STATE CAPITOL INSURANCE RISK RETENTION GROUP, INC.

36.47

0.00

14.23

0.00

7.56

7.56

0.00

75.53

75.53

44075

STATES SELF-INSURERS RRG

59.27

197.20

135.01

115.51

16.03

2.53

85.00

17.26

102.26

10476

STICO MUT INS CO RRG

57.29

432.79

101.41

40.90

15.33

12.53

41.94

39.53

81.47

13135

SUBURBAN HEALTH ORGANIZATION RISK RETENTION GROUP, LLC

87.58

0.00

625.73

0.00

507.64

0.00

0.00

0.00

0.00

14026

SUNLAND RISK RETENTION GROUP, INC.

274.28

646.37

382.39

21.57

411.23

41.12

11.82

8.37

20.18

11669

SUPERIOR INS CO RRG

132.22

102.23

417.61

308.95

0.00

0.00

84.12

0.00

0.00

10113

TERRA INS CO RRG

75.46

1,140.76

105.86

12.30

58.36

39.15

16.84

12.96

29.80 49.88

14395

TERRAFIRMA RISK RETENTION GROUP LLC

19.73

15,086.15

23.91

0.80

24.25

24.25

39.00

10.88

10152

THE HEALTHCARE UNDERWRITING CO RRG

160.22

71.09

177.13

155.52

0.00

0.00

84.20

0.00

0.00

11153

TITAN INS CO INC RRG

26.26

0.00

33.04

0.00

11.81

3.88

0.00

11.23

11.23

10084

TITLE INDUSTRY ASSURANCE CO RRG

79.28

184.09

119.75

82.06

62.61

6.26

162.27

-46.16

116.12

11548

UNITED CENTRAL PA RRG

76.60

178.39

174.16

127.46

61.16

61.16

75.79

2.05

77.84

12280

UNITED CONTRACTORS INS CO INC RRG

135.94

92.12

848.25

677.38

103.24

90.35

73.46

45.76

119.22 127.36

10020

UNITED EDUCATORS INS RRG INC

66.94

187.79

178.38

141.91

4.41

3.29

63.06

64.30

10712

UNITED HOME INSURANCE CO A RRG

71.94

0.00

93.96

0.00

0.00

0.00

0.00

0.00

0.00

12915

URGENT CARE ASSURANCE COMPANY RISK RETENTION GROUP

52.47

347.53

94.07

51.59

22.36

16.27

49.10

49.86

98.96

13988

UV INSURANCE RISK RETENTION GROUP, INC.

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

11063

VEHICULAR SERVICE INSURANCE COMPANY, RISK RETENTION GROUP

6.98

0.00

7.48

0.00

0.50

0.50

0.00

178.71

178.71

13974

VIRGINIA PHYSICIANS RISK RETENTION GROUP, INC.

129.76

351.25

402.75

88.36

283.88

56.21

86.49

10.11

96.60

13786

VIRGINIA SENIOR CARE RISK RETENTION GROUP

43.20

319.17

73.16

53.06

0.05

0.03

80.00

6,092.74

6,172.74

11802

WARREN RRG INC

61.60

178.36

141.11

128.42

0.00

0.00

354.02

0.00

0.00

11682

WELLSPAN RRG

133.08

100.52

356.89

266.78

118.68

118.68

93.84

1.49

95.33 0.00

14122

WESTERN CATHOLIC INSURANCE COMPANY RRG

81.02

172.09

162.04

116.21

0.00

0.00

72.63

0.00

11978

WESTERN INS RRG INC

1.16

0.00

0.91

0.00

23.00

23.00

0.00

6.09

6.09

40940

WESTERN PACIFIC MUT INS CO RRG

27.45

812.86

36.88

16.53

0.86

0.72

50.79

60.04

110.82

13154

WINTHROP PHYSICIANS RECIPROCAL RISK RETENTION GROUP

19.80

1,482.10

22.13

7.54

11.05

11.05

61.37

27.59

88.96

11796

YELLOWSTONE INSURANCE EXCHANGE (A RISK RETENTION GROUP)

101.78

267.96

306.65

112.44

106.62

67.74

45.00

14.77

59.77

First Quarter 2013 - RRG Analysis


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Risk Retention Groups Additional Analysis of RRGs Assigned a Financial Stability Rating速


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AEGIS Healthcare RRG Inc. (Baltimore, MD) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

555 Fairmount Avenue Baltimore, MD 21286-5417

NAIC Company Code : 12252 Business Focus : P&C Minimum NPW Geographic Focus: Geography Minimum NPW NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-1516551 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

2,472 1,222 1,250 164 1,056

2,860 1,371 1,489 183 1,070

3,329 1,148 2,181 -224 652

3,288 1,200 2,087 85 918

4,455 1,197 3,258 109 927

Direct Premiums Written Net Premiums Written Net Premiums Earned

1,694 988 988

1,624 978 978

1,561 615 615

1,602 890 890

1,704 925 904

1,097 135.19 22.43 0.81

1,385 136.76 20.42 0.71

1,785 239.78 -26.06 0.54

1,675 191.14 -1.41 0.74

1,626 186.56 1.11 0.77

MSA: Baltimore-Towson, MD (Metro)

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/14/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Barbara Labuskes (410) 339-7263x1203 (443) 921-2510 blabuskes@rcmd.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Johnson Lambert LLP Towers Watson & Co. --Isabella M. Firth

2009Y

2010Y

2011Y

2012Y

2013L1

4.18 7.39 15.70 5.06 41.70 41.41 35.63 83.10 75.71 7.39 0.00

5.82 9.42 14.88 5.43 53.42 30.35 34.49 83.77 74.36 9.42 0.00

2.14 6.05 -17.36 -6.29 95.23 65.55 83.83 160.78 154.73 6.05 0.00

1.35 3.22 7.45 2.22 57.30 47.73 51.12 105.03 101.81 3.22 0.00

1.01 2.43 9.40 2.84 53.88 46.12 47.80 100.00 97.52 2.49 0.00

Profitability Ratios (%) Return on Average Equity (C&S)

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

20.00 160.8

15.00 10.00 5.00 0.00

105.0

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

147.0

2009Y

2010Y

-15.00 -20.00

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

6.07 16.01 0.00 4.08 21.31 1,694 412 409 167 58.34 29.93 22.19

18.94 15.33 0.00 4.86 10.16 1,624 522 297 159 60.20 33.57 23.44

11.39 23.89 0.00 7.52 34.15 1,561 585 403 -374 39.39 NM -51.60

6.18 16.95 0.00 5.23 25.55 1,602 510 425 -45 55.53 22.89 -1.75

6.08 NA NA NA NA NA 487 427 -10 NA 21.95 1.38

2009Y

2010Y

2011Y

2012Y

2013L1

0 58.34 NA 0.00 0 0

0 60.20 NA 0.00 0 0

1 39.39 0.00 0.00 0 0

-31 55.53 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

20.76 122.99 21.24 81.00 0.00 140.15 -69 71 93.69 94.45 18.44

35.71 114.16 38.77 88.00 0.00 122.77 500 339 192.45 239.17 21.17

23.11 78.45 43.91 127.00 0.00 95.89 43 80 105.08 105.08 11.48

90.14 116.10 156.79 90.00 0.00 148.07 133 271 112.58 102.10 12.76

39.54 93.96 107.61 147.00 0.00 80.85 -118 4 86.79 74.84 9.35

2010Y

2011Y

2012Y

118 71 -1 0 75 59 5.9

136 54 -37* 0 105* 2 2* 2.2*

133 74 45* 0 123* 1 4* 1.4*

-16* -16* 127* 0 -7 -46 -106

5 3 90 0 -14 -12 5

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

-10.00

2010Y

90.0

88.0

81.0

100.0

-5.00

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

127.0

83.8

83.1

Total Liabilities

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 12 Net Change in Adj Policyholders' Surplus 25 -10 12 Liabilities to Liquid Assets 100 --88 Agents' Bal to Policyholders' Surplus 40 --0 1-Yr Resv Dev to Policyholders' Surplus 20 ---22 2-Yr Resv Dev to Policyholders' Surplus 20 ---36 Est Curr Resv Defi/Policyholders' Surplus 25 ---38 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

-2.51 -17.28

15.72 19.11

16.40 46.49

-1.25 -4.30

1.17 -0.20

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

186.88 118.50 55.98 -20.10 123.93 8.60 20.39 13.53

-1.09 7.00 11.39 26.22 -4.16 3.25 10.81 6.48

-37.11 NM NM 28.95 -3.88 -2.69 5.14 -0.38

44.71 NM NM -6.21 2.64 -3.47 4.11 -1.09

42.06 NM NM 0.04 9.32 6.13 3.81 5.48

Capital ($000) & Capital Ratios (%) 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0

58.3

60.2

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

55.5 39.4

2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

-20.10 -16.30 2.96 135.19 -16.89 86.62 89.80

26.22 -22.36 -36.46 136.76 -27.93 53.19 100.97

28.95 -7.10 -46.11 239.78 -15.85 36.44 155.51

-6.21 -13.60 -11.81 191.14 -17.56 48.91 139.54

0.04 NA NA 186.56 NA NA 135.80

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

1,600 1,400 1,200 1,000 800 600 400 200 0

208.0

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

1,222 NA NA NA NA

1,371 NA NA NA NA

1,148 NA NA NA NA

1,200 1,200 289 415.96 207.98

1,197 NA NA NA NA

0 54 0 0.00 94.61 102.33 0.00

24 -17 0 0.00 79.61 108.58 0.00

0 1 0 0.00 47.61 189.97 0.09

126 -37 0 0.00 77.86 173.93 -2.58

126 -50 0 0.00 79.99 272.14 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


AEGIS Healthcare RRG Inc. (Baltimore, MD) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

0 0 1,278 0 0

0 0 1,168 0 0

0 0 1,207 0 0

442 0 0 0 0

923 0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 259 0 1,537 0 63 871 0 2,472

0 532 0 1,700 0 0 1,160 0 2,860

0 504 0 1,711 0 276 1,343 0 3,329

0 1,882 0 2,323 0 0 964 0 3,288

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

1,006 91 1,097 0 0 114 0 40

1,290 95 1,385 0 0 104 0 0

1,675 111 1,785 0 275 121 0 0

Total Liabilities

1,250

1,489

2,181

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

0 1,694 0 1,694

0 1,624 0 1,624

0 1,561 0 1,561

0 1,602 0 1,602

0 1,704 NA 1,704

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-706 988 0 988

-646 978 0 978

-946 615 0 615

-712 890 0 890

-779 925 21 904

0 1,288 0 2,211 1,120 0 1,124 0 4,455

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 629 0 629 59 0 -277

0 53 0 53 181 0 284

0 406 0 406 54 0 110

0 290 0 290 55 0 165

NA NA NA NA NA NA NA

1,564 111 1,675 -127 313 105 0 120

1,515 111 1,626 1,109 313 210 0 0

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 1 -276 412 409 0 0 167 0 821

0 4 288 522 297 0 0 159 0 819

0 16 125 585 403 0 0 -374 0 989

0 0 165 510 425 0 0 -45 0 934

NA NA NA 487 427 0 0 -10 0 914

2,087

3,258 73 0 0 -6 234 70 164

92 24 0 0 275 92 183

37 0 0 0 -336 -112 -224

29 126 0 0 110 25 85

22 126 0 0 139 31 109

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

154 0 0 456 612 1,222

154 0 0 605 612 1,371

146 0 0 382 620 1,148

151 0 0 419 630 1,200

151 0 0 416 630 1,197

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

2,472

2,860

3,329

3,288

4,455

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

73 0 54 1,537 0 0 0 1,278 0 0

92 24 -17 1,700 0 0 0 1,168 0 0

37 0 1 1,711 0 0 0 1,207 0 0

29 126 -37 2,323 0 542 0 0 0 0

22 126 -50 2,211 0 1,773 0 0 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6

Alabama - 0.0%

Arkansas - 0.0%

Arizona - 0.0%

All other - 0.0%

Rank and States 1. Maryland 2. Alaska 3. Alabama 4. Arkansas 5. Arizona All Other MARKET POSITION ANALYSIS (%) Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

DPW ($000) 1,602 0 0 0 0 0

Rank and LOBs

DPW ($000)

All Other

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 757 30.98

0.00 14.68 1,694 20.78

0.00 1.90 1,624 20.76

0.00 -3.79 1,561 33.02

0.00 -1.86 1,602 28.39

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

-16

13

652 450

1,045 484

1,053 NA

2008Y

2009Y

2010Y

2011Y

2012Y

0 0

0 0

0 0

0 0

542 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 19.0%

Preferred Stocks - 0.0%

Common Stocks - 0.0%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 81.0%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

442 0 0 442

442 0 0 442

442 0 0 442

435 --435

1,760 0 0 --

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA 0.00 0.00 0.00 104.62 83.12 0.00 16.88 0.00 NA 0.00 0.00 0.00 0.00 2.54

NA 0.00 0.00 0.00 85.19 68.72 0.00 31.28 0.00 NA 0.00 0.00 0.00 0.00 0.00

NA 0.00 0.00 0.00 105.12 70.54 0.00 29.46 0.00 NA 0.00 0.00 0.00 0.00 8.27

1.00 0.00 0.00 19.01 0.00 0.00 0.00 80.99 0.00 NA 0.00 0.00 0.00 0.00 0.00

1.00 0.00 0.00 41.73 0.00 0.00 0.00 58.27 0.00 NA 0.00 0.00 0.00 25.15 0.00

0.00 35.25 62.21 2.95

0.00 40.57 59.43 3.22

0.00 40.33 51.39 1.12

0.00 29.33 70.67 0.87

0.00 25.22 49.63 0.50

LT Bond Common Stock Preferred Stock Total

Alaska - 0.0%

-336

Class 6

LT BONDS & STOCKS SUMMARY ($000)

Maryland - 100.0%

251 1,094 488

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

234 1,056 462

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

y g value 6 - The Securities and Bond section are held at carrying


Allied Professionals Ins Co. (Orange, CA) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

1100 West Town & Country Road Suite 1400 Orange, CA 92868-4655 MSA: Los Angeles-Long Beach-Santa Ana, CA (Metro)

NAIC Company Code : 11710 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: National NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 86-1070645 Distribution Channel: Broker

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

18,918 8,367 10,551 1,196 8,355

22,115 9,043 13,072 940 8,043

24,157 11,350 12,808 2,235 9,443

31,532 13,003 18,529 1,422 13,087

34,211 13,004 21,207 1,038 13,949

Direct Premiums Written Net Premiums Written Net Premiums Earned

10,561 8,512 7,986

12,639 8,363 7,699

13,553 9,614 9,088

20,219 15,366 12,703

20,604 15,360 13,557

4,898 56.51 21.64 1.02

6,431 74.64 16.21 0.92

6,275 73.02 31.77 0.85

7,917 52.59 19.64 1.18

9,019 53.36 15.72 1.18

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

AA' ----

Date 10/04/10 05/16/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Douglas Joseph Hauser (714) 571-1864 (714) 571-1863 NSXDiehard@cs.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Warfield & Company Perr & Knight --Philip Christopher Stump

35,000

2009Y

2010Y

2011Y

2012Y

2013L1

30,000

2.29 4.33 14.88 6.79 23.13 56.01 11.96 79.14 74.52 4.62 0.00

1.80 4.11 11.06 4.40 37.93 44.79 14.29 82.71 78.24 4.47 0.00

1.67 3.69 21.71 9.55 20.93 44.42 8.37 65.34 61.44 3.90 0.00

1.50 2.50 11.77 5.06 34.61 41.12 13.83 75.73 72.70 3.02 0.00

1.44 2.55 8.32 3.47 41.22 41.66 17.66 82.88 79.99 2.89 0.00

25,000

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

25.00 82.9

82.7

79.1

75.7

20.00 65.3

15.00

69.0 64.0

61.0

20,000 15,000 10,000 5,000 0 2009Y

2010Y

0.00 2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

11.17 28.32 0.00 3.81 23.88 10,561 1,847 4,767 1,372 80.60 31.62 20.83

23.64 19.00 0.00 3.92 21.86 12,639 2,920 3,745 1,034 66.17 31.85 17.13

12.56 19.19 0.03 4.07 21.12 13,553 1,902 4,270 2,916 70.94 31.71 34.64

20.78 25.24 0.17 3.44 12.27 20,219 4,397 6,318 1,988 76.00 40.00 18.13

23.56 NA NA NA NA NA 5,589 6,399 1,569 NA 46.91 14.06

REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2009Y

2010Y

2011Y

2012Y

2013L1

1,289 80.60 11.48 0.00 0 0

2,185 66.17 20.32 0.00 0 0

2,412 70.94 27.07 0.00 0 0

2,632 76.00 32.48 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

23.31 164.12 29.39 61.00 0.00 199.91 2,506 2,406 143.44 155.14 39.21

13.62 155.39 19.69 64.00 0.00 197.29 3,351 3,760 166.82 171.31 36.59

19.06 173.70 21.51 57.00 0.00 209.45 3,428 2,958 154.01 173.71 43.05

31.21 155.06 44.47 64.00 0.00 195.43 6,857 6,678 176.49 187.64 32.52

27.12 143.91 44.24 69.00 0.00 169.19 7,124 7,005 181.95 193.24 29.97

2010Y

2011Y

2012Y

140 92 -2 3 76 1 8* 1.8*

119 85 15 3 69 1 7* 1.7*

155 118 60* 3 68 1 5* 1.5*

26 26* 57 8 -10 -12 -7

15 15 64 10 0 -11 8

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%) 5.00

64.0 57.0

10.00

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

40,000

Profitability Ratios (%) Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 8 Net Change in Adj Policyholders' Surplus 25 -10 8 Liabilities to Liquid Assets 100 --64 Agents' Bal to Policyholders' Surplus 40 --10 1-Yr Resv Dev to Policyholders' Surplus 20 ---2 2-Yr Resv Dev to Policyholders' Surplus 20 ---12 Est Curr Resv Defi/Policyholders' Surplus 25 ---24 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

16.37 15.45

16.90 23.89

9.24 -2.02

30.53 44.67

27.47 38.26

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

20.15 -3.48 -3.71 14.35 7.60 36.53 47.41 40.74

-1.75 -20.83 -21.40 31.30 19.68 20.21 28.60 23.24

14.96 137.35 137.66 -2.42 7.23 14.38 23.75 18.24

59.82 -27.47 -36.38 26.17 49.19 19.05 17.40 18.35

42.48 -31.11 -43.65 44.67 34.60 19.99 17.26 18.91

Capital ($000) & Capital Ratios (%) 25,000 80.6

20,000

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

76.0

70.9

66.2

ACL Risk Based Capital

15,000 10,000

14,000

5,000

12,000

318.8

295.1

284.7

10,000

0 2009Y

2010Y

2011Y

2012Y

233.5

211.7

8,000

2013L1

6,000 ASBESTOS/ENVIRONMENTAL RESV

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

14.35 -9.58 -12.90 56.51 -8.54 29.49 58.54

31.30 -2.01 -11.93 74.64 -2.18 19.97 71.11

-2.42 -9.90 -11.51 73.02 -9.85 26.09 55.29

26.17 0.27 -10.66 52.59 0.24 26.15 60.89

44.67 NA NA 53.36 NA NA 69.36

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

4,000 2,000

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

0 2008Y

2009Y

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

8,367 8,367 1,976 423.45 211.72

9,043 9,043 1,588 569.34 284.67

11,350 11,350 1,780 637.62 318.81

13,003 13,003 2,784 467.02 233.51

13,004 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

9 0 0 0.00 105.82 126.10 15.41

2 0 0 0.00 98.35 144.55 24.16

2 15 0 0.00 93.38 112.85 21.25

-3 62 0 0.00 127.19 142.49 20.24

-7 104 0 0.00 123.12 163.09 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Allied Professionals Ins Co. (Orange, CA) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

14,657 0 0 0 0

18,532 0 0 0 0

19,046 0 760 0 0

22,176 0 831 0 0

23,696 0 1,070 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 2,459 0 17,116 910 51 839 0 18,918

0 1,781 0 20,313 877 41 883 0 22,115

0 2,441 0 22,247 899 15 996 0 24,157

0 5,783 0 28,790 1,325 0 1,417 0 31,532

0 5,752 0 30,519 2,140 0 1,553 0 34,211

3,077 1,821 4,898 4,309 396 295 0 653

3,684 2,747 6,431 4,972 688 327 0 653

3,716 2,559 6,275 5,498 194 282 0 559

4,515 3,402 7,917 8,161 900 374 0 1,176

5,178 3,842 9,019 9,019 1,613 717 0 840

10,551

13,072

12,808

18,529

21,207

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities Total Liabilities Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 10,561 0 10,561

0 12,639 0 12,639

0 13,553 0 13,553

0 20,219 0 20,219

0 20,604 NA 20,604

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-2,049 8,512 525 7,986

-4,276 8,363 663 7,699

-3,939 9,614 526 9,088

-4,853 15,366 2,663 12,703

-5,244 15,360 1,804 13,557

0 537 0 537 695 0 418

0 493 0 493 894 0 607

0 728 0 728 1,329 0 32

0 957 0 957 1,797 0 799

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 197 615 1,847 4,767 0 0 1,372 0 6,614

0 926 1,533 2,920 3,745 0 0 1,034 0 6,665

0 -187 -155 1,902 4,270 0 0 2,916 0 6,172

0 843 1,642 4,397 6,318 0 0 1,988 0 10,715

NA NA NA 5,589 6,399 0 0 1,569 0 11,987

369 9 0 0 1,750 553 1,196

344 2 0 0 1,380 440 940

354 2 0 0 3,273 1,038 2,235

384 -3 0 0 2,370 948 1,422

392 -7 0 0 1,955 917 1,038

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

600 0 0 7,417 350 8,367

600 0 0 8,093 350 9,043

600 0 0 10,400 350 11,350

2,400 0 0 10,253 350 13,003

2,400 0 0 10,254 350 13,004

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

18,918

22,115

24,157

31,532

34,211

Pre-tax Operating Income

1,741

1,378

3,271

2,372

1,961

Memo: Total Revenue Memo: Paid Expenses

8,364 5,463

8,045 4,640

9,445 5,601

13,084 8,122

13,942 NA

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

369 9 0 17,116 0 14,857 0 0 0 0

344 2 0 20,313 0 18,532 0 0 0 0

354 2 15 22,247 0 19,046 0 760 0 0

384 -3 62 28,790 0 22,176 0 831 0 0

392 -7 104 30,519 0 23,696 0 1,070 0 0

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.27 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

INCOME STATEMENT ($000)

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

0 0 0

0 0 0

0 0 0

0 0 0

60 0 0

0

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Preferred Stocks - 0.0%

Common Stocks - 2.9%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 20.1%

0.00

0.10

0.20

0.30

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

12,031 0 0 0

1,045 3,685 9,926 0

1,370 7,194 9,968 0

2,179 7,094 9,773 0

2,907 7,981 10,990 297

Carr Value

Fair Value

Actual Cost

Par Value

Total

Med Prof Liab - 100.0%

22,176 831 0 23,006

22,362 831 0 23,193

22,866 745 0 23,611

20,740 --20,740

88,144 2,407 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.08 0.00 0.00 85.63 0.00 0.00 0.00 14.37 0.00 NA 0.00 0.00 0.00 4.81 0.27

1.04 0.00 0.00 91.23 0.00 0.00 0.00 8.77 0.00 NA 0.00 0.00 0.00 3.97 0.19

1.07 0.00 0.00 85.61 6.69 3.41 0.00 10.97 0.00 NA 0.00 0.00 0.00 3.72 0.06

1.14 0.46 0.00 77.03 6.39 2.89 0.00 20.09 0.00 NA 0.00 0.00 0.00 4.20 0.00

1.10 0.00 0.00 77.64 8.23 3.51 0.00 18.85 0.00 NA 0.00 0.00 0.00 6.25 0.00

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.01 4.43 90.47 1.95

0.00 3.99 91.85 1.56

0.00 4.12 92.09 1.47

0.00 4.50 91.30 1.22

0.00 4.54 89.21 1.15

New York - 14.3%

Comm'l Auto St - 0.0%

Florida - 7.7%

Washington - 5.8%

Comm'l Multi Prl - 0.0%

Texas - 4.7%

All other - 48.7%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

2012Y 19,136 2,979

LT Bond Common Stock Preferred Stock Total

California - 18.8%

MARKET POSITION ANALYSIS (%)

2011Y 17,704 1,343

Bonds - 77.0%

LT BONDS & STOCKS SUMMARY ($000)

DPW ($000) 3,809 2,893 1,551 1,171 956 9,839

2010Y 17,855 677

Investment Portfolio (%) - 2012

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

Rank and States 1. California 2. New York 3. Florida 4. Washington 5. Texas All Other

2009Y 13,736 1,120

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

2008Y 12,131 0

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 20,219 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 79.19 9,815 14.55

0.00 13.27 10,561 10.03

0.00 12.08 12,639 21.88

0.00 9.40 13,553 9.27

0.00 17.16 20,219 17.56

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Amer Trucking & Transportation (Missoula, MT) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

111 North Higgins Avenue Fourth Floor Missoula, MT 59802-4437 MSA: Missoula, MT (Metro)

NAIC Company Code : 11534 Business Focus : Commercial Property Focus Geographic Focus: Regional - Western Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 33-1019877 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

12,964 3,239 9,725 257 2,814

13,854 4,217 9,637 607 3,403

14,354 3,914 10,440 -41 2,842

15,256 4,423 10,834 401 2,507

14,905 5,196 9,709 762 2,489

4,846 1,987 2,323

6,644 3,349 2,921

5,967 2,632 2,429

6,686 2,153 2,082

6,686 2,142 2,093

6,400 274.39 16.10 0.61

6,088 225.01 25.72 0.79

5,702 256.58 -8.25 0.67

5,552 278.10 6.56 0.49

5,241 270.81 16.42 0.41

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/31/13 ----

Direct Premiums Written Net Premiums Written Net Premiums Earned

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Patricia Lorraine Maloney (406) 523-3908 (406) 523-3935 tmaloney@atticrrg.com

Total Assets

Anderson ZurMuehlen & Co. P.C Turner Consulting Inc. Kenneth Carl Crippen -Kenneth Carl Crippen

16,000

2009Y

2010Y

2011Y

2012Y

2013L1

14,000

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

3.57 15.97 9.20 2.23 74.35 32.06 28.99 106.41 92.75 13.66 0.00

3.56 12.16 17.15 4.72 59.05 22.92 10.57 81.98 68.03 13.95 0.00

3.01 13.80 -1.03 -0.32 97.69 30.42 51.02 128.11 113.15 14.96 0.00

2.71 17.40 9.20 2.77 70.32 35.15 -43.27 105.48 87.48 18.00 0.00

2.57 16.77 16.80 5.20 46.04 36.44 -64.81 82.48 65.32 17.16 0.00

12,000

Profitability Ratios (%)

20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 -2.00

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

128.1 106.4

105.5 82.5

82.0

100.0

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

45.36 3.91 10.84 6.65 10.67 4,846 1,727 637 -41 41.00 36.88 15.97

48.48 1.45 7.41 7.18 6.88 6,644 1,725 768 428 50.41 31.92 26.75

46.67 -0.57 10.26 6.45 14.28 5,967 2,373 801 -745 44.11 NM -11.66

113.60 1.14 12.34 9.54 12.13 6,686 1,464 757 -139 32.20 25.66 11.42

110.85 NA NA NA NA NA 964 780 349 NA 26.01 29.92

REINSURANCE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

15,875 41.00 1.88 0.00 0 0

9,727 50.41 4.84 0.00 0 0

11,467 44.11 9.51 0.00 0 0

12,060 32.20 15.97 0.00 0 0

NA NA NA NA NA NA

Premiums ($000)

Net Premiums Written

Gross Premiums Written

Retention Ratio (NPW/GPW)

78.0

74.0

10,000

76.0 66.0

8,000 6,000 4,000 2,000 0 2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

6.36 102.17 19.09 100.00 0.00 295.39 1,226 1,334 162.28 180.53 9.59

24.45 133.58 55.87 74.00 0.00 258.99 3,494 3,800 219.65 224.52 13.83

22.12 126.25 59.00 78.00 0.00 289.41 335 525 109.52 116.58 11.77

27.11 128.98 66.41 76.00 0.00 309.53 -349 243 84.17 75.94 14.90

23.29 144.59 43.52 66.00 0.00 203.16 -392 29 84.24 81.77 20.44

2010Y

2011Y

2012Y

158 79 69* 0 74 36 3.6

152 67 -21 0 86 2 8* 2.8*

151 49 -18 0 99 2 7* 2.7*

-7 -4 78 0 8 2 9

13 15 76 9 -14 -12 -31

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

18,000

PROFITABILITY RATIOS (%)

Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 30 Net Change in Adj Policyholders' Surplus 25 -10 28* Liabilities to Liquid Assets 100 --74 Agents' Bal to Policyholders' Surplus 40 --4 1-Yr Resv Dev to Policyholders' Surplus 20 --11 2-Yr Resv Dev to Policyholders' Surplus 20 ---3 Est Curr Resv Defi/Policyholders' Surplus 25 --8 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

10.99 7.82

6.87 -0.91

3.61 8.34

6.29 3.77

1.97 -5.90

-48.21 -56.69 -60.58 11.30 -24.00 15.03 17.72 15.67

68.55 102.61 136.43 -4.87 37.10 6.64 15.52 8.92

-21.41 NM NM -6.35 -10.19 6.31 9.09 7.02

-18.20 NM NM -2.63 12.04 4.43 8.97 5.63

-11.62 NM NM -13.44 12.04 5.47 11.73 7.42

Capital ($000) & Capital Ratios (%) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

50.4 44.1

41.0

32.2

2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

11.30 -10.19 24.28 274.39 -11.66 38.87 197.58

-4.87 11.45 -2.52 225.01 12.70 40.09 144.36

-6.35 8.42 2.25 256.58 14.62 34.19 145.68

-2.63 -14.23 -12.16 278.10 -26.76 18.95 125.52

-13.44 NA NA 270.81 NA NA 100.85

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

219.0 160.6

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

3,239 NA NA NA NA

4,217 NA NA NA NA

3,914 3,914 1,219 321.10 160.55

4,423 4,423 1,010 438.03 219.02

5,196 NA NA NA NA

-42 636 -250 97.36 71.18 300.22 490.08

-19 453 -100 16.47 94.63 228.51 230.64

107 -249 0 0.00 65.51 266.75 292.98

253 224 0 0.00 49.38 244.95 272.67

285 315 0 0.00 47.22 186.84 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Amer Trucking & Transportation (Missoula, MT) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

5,772 0 3,244 0 0

7,268 0 3,316 0 0

7,546 0 3,477 0 0

7,301 0 3,982 0 0

7,487 0 4,780 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 619 0 9,634 2,745 0 586 0 12,964

0 2,356 0 12,941 169 169 576 0 13,854

0 2,309 0 13,333 0 38 984 0 14,354

0 2,937 0 14,220 390 214 433 0 15,256

0 2,261 21 14,549 195 0 161 0 14,905

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

3,138 3,262 6,400 2,236 962 127 0 0

2,789 3,300 6,088 2,664 580 176 0 129

2,929 2,773 5,702 2,867 1,576 141 0 155

1,785 3,766 5,552 2,939 1,714 171 0 458

1,439 3,801 5,241 1,921 2,068 23 0 456

Total Liabilities

9,725

9,637

10,440

10,834

9,709

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

1,996 0 0 1,243 0 3,239

2,072 0 229 1,917 0 4,217

2,072 0 152 1,690 0 3,914

2,072 0 77 2,273 0 4,423

2,072 0 77 3,047 0 5,196

12,964

13,854

14,354

15,256

14,905

INCOME STATEMENT ($000) Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

317 -42 636 9,634 0 6,174 0 3,244 0 0

407 -19 453 12,941 0 7,268 0 3,316 0 0

363 107 -249 13,333 0 7,546 0 3,477 0 0

375 253 224 14,220 0 7,301 0 3,982 0 0

359 285 315 14,549 0 7,492 0 4,780 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

8.10 15.44 1.62 NA 0.00 NA NA

NM -39.26 0.93 NA 0.00 NA NA

2.32 4.47 2.01 NA 0.00 NA NA

1.35 2.22 3.37 NA 0.00 NA NA

NA NA 6.61 NA NA NA NA

Top 5 States by DPW - 2012Y

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

2013L1

0 6,686 0 6,686

0 6,686 NA 6,686

-2,859 1,987 -336 2,323

-3,295 3,349 428 2,921

-3,335 2,632 203 2,429

-4,533 2,153 71 2,082

-4,544 2,142 48 2,093

0 295 0 295 782 0 378

0 658 0 658 1,378 0 -350

0 1,099 0 1,099 1,660 0 140

0 243 0 243 1,371 0 -1,143

NA NA NA NA NA NA NA

0 272 650 1,727 637 0 0 -41 0 2,364

0 38 -312 1,725 768 0 0 428 0 2,493

0 -526 -387 2,373 801 0 0 -745 0 3,173

0 993 -150 1,464 757 0 0 -139 0 2,221

NA NA NA 964 780 0 0 349 0 1,744

317 -42 173 0 407 150 257

407 -19 75 0 892 285 607

363 107 50 0 -224 -183 -41

375 253 51 0 539 138 401

359 285 36 0 1,030 268 762

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

449

910

-331

286

745

2,771 1,488

3,384 2,240

2,949 2,563

2,760 2,240

2,774 NA

2008Y

2009Y

2010Y

2011Y

2012Y

2,252 1,309

3,639 2,434

5,358 1,843

5,571 1,824

5,566 1,489

0 0 0

100 0 0

68 0 0

152 0 0

246 0 0

20

0

0

0

0

Class 6

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 51.3%

Preferred Stocks - 0.0%

Common Stocks - 28.0%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 20.7%

0.00

2.00

4.00

6.00

8.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

368

948

785

249

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

541 0 0 0

1,359 0 0 0

2,008 0 0 0

1,505 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

Comm'l Auto St - 100.0%

LT Bond Common Stock Preferred Stock Total

7,301 3,982 0 11,283

7,846 3,982 0 11,828

7,341 3,580 0 10,921

7,324 --7,324

29,813 11,543 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.43 3.09 0.00 59.91 100.13 33.67 0.00 6.42 0.00 NA 0.00 0.00 0.00 21.17 0.00

1.27 1.61 0.00 56.17 78.63 25.63 0.00 18.21 0.00 NA 0.00 0.00 0.00 1.22 1.22

1.28 3.88 0.00 56.60 88.84 26.08 0.00 17.32 0.00 NA 0.00 0.00 0.00 0.00 0.26

1.27 5.57 0.00 51.34 90.02 28.00 0.00 20.65 0.00 NA 0.00 0.00 0.00 2.55 1.40

1.44 9.53 1.86 51.46 91.98 32.85 0.00 15.54 0.00 NA 0.00 0.00 0.14 1.31 0.00

0.00 4.52 74.31 2.45

0.00 4.16 93.41 2.94

0.00 6.85 92.88 2.53

0.00 2.84 93.20 2.46

0.00 1.08 97.61 2.41

Louisiana - 32.9%

Washington - 28.1%

Comm'l Multi Prl - 0.0%

Montana - 22.3%

Oregon - 12.4%

Fidelity & Surety - 0.0%

Ohio - 4.4%

All other - 0.0%

All Other - 0.0%

DPW ($000) 2,196 1,879 1,489 830 291 0

2012Y

0 5,967 0 5,967

Pre-tax Operating Income

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. Louisiana 2. Washington 3. Montana 4. Oregon 5. Ohio All Other

2011Y

0 6,644 0 6,644

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

2010Y

0 4,846 0 4,846

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

2009Y

Rank and LOBs 1. Comm'l Auto St 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Multi Prl 5. Fidelity & Surety All Other

DPW ($000) 6,686 0 0 0 0 0

MARKET POSITION ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.00 NA 6,376 110.71

0.00 -1.38 4,846 163.99

0.00 -1.01 6,644 -65.77

0.00 -0.55 5,967 169.40

0.00 -0.30 6,686 4.29

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

y g value 6 - The Securities and Bond section are held at carrying


Applied Medico-Legal Solutions (Phoenix, AZ) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

2555 East Camelback Road Suite 700 Phoenix, AZ 85016-4264 MSA: Phoenix-Mesa-Glendale, AZ (Metro)

NAIC Company Code : 11598 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: National NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 81-0603029 Distribution Channel: General Agnt/Managing General Agnt

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

59,943 19,036 40,908 1,628 25,985

71,460 20,673 50,787 933 27,665

83,910 22,205 61,705 1,240 32,116

92,319 25,118 67,202 3,732 33,473

95,107 26,742 68,365 4,125 34,332

Direct Premiums Written Net Premiums Written Net Premiums Earned

30,001 28,855 24,630

33,162 27,943 25,651

36,078 30,663 28,999

40,753 32,936 30,575

42,502 34,525 31,432

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

26,278 93.98 12.22 1.52

34,225 120.78 5.68 1.35

43,422 138.20 6.73 1.38

46,206 152.45 17.55 1.31

48,256 150.43 15.74 1.29

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A' ----

Date -05/16/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Lee M. Milizia (602) 427-3208 (602) 427-3032 lee_milizia@agl.aon.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Saslow Lufkin & Buggy LLP Aon Risk Solution --Richard B. Welch

2009Y

2010Y

2011Y

2012Y

2013L1

2.27 3.04 8.72 3.01 68.83 23.40 43.05 92.23 88.67 3.56 0.00

3.40 5.68 4.49 1.39 71.82 28.86 46.84 100.68 94.49 6.18 0.00

4.62 8.84 5.58 1.56 74.30 29.60 43.34 103.90 94.55 9.35 0.00

3.69 7.75 15.01 4.13 63.46 29.47 34.43 92.93 84.59 8.35 0.00

3.42 7.10 16.12 4.45 65.25 28.37 33.81 93.62 85.83 7.80 0.00

Profitability Ratios (%) Return on Average Equity (C&S)

18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

103.9 100.7

93.6

92.9

92.2

2009Y

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

25.78 17.34 0.00 1.20 4.86 30,001 16,952 6,752 926 96.18 30.23 8.78

24.98 20.60 0.00 1.55 6.71 33,162 18,421 8,064 -835 84.26 37.99 4.26

30.96 20.10 0.00 1.44 8.06 36,078 21,546 9,075 -1,622 84.99 34.46 4.66

29.03 20.26 0.00 1.89 7.33 40,753 19,403 9,707 1,465 80.82 30.88 13.04

31.44 NA NA NA NA NA 20,509 9,796 1,127 NA 24.40 11.73

Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2009Y

2010Y

2011Y

2012Y

2013L1

4,827 96.18 29.63 0.00 0 0

5,937 84.26 22.17 0.00 0 0

7,039 84.99 15.84 0.00 0 0

11,898 80.82 14.42 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

99.0

2009Y

Retention Ratio (NPW/GPW)

Liabilities / Liquid Assets (IRIS Ratio)

99.0

98.0

2010Y

2011Y

81.0

78.0

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

10.71 94.13 23.02 99.00 0.00 115.45 9,154 9,878 150.60 153.64 10.88

10.64 97.51 26.15 98.00 0.00 114.84 9,308 8,880 149.54 153.41 5.49

10.37 100.45 28.82 99.00 0.00 113.69 6,370 9,124 127.33 130.13 2.91

10.61 109.08 28.39 81.00 0.00 128.48 6,957 9,201 126.56 130.40 1.52

11.22 108.84 28.69 78.00 0.00 113.31 3,824 6,227 113.82 116.76 1.82

2010Y

2011Y

2012Y

160 135 -3 0 90 35 3.5

162 138 10 0 93 49 4.9

162 131 7 0 88 38 3.8

7 -5 99 41* -5 -14 -48

13 -2 81 2 -20 -26 -34

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

UNDERWRITING ANALYSIS (%)

REINSURANCE ANALYSIS ($000)

100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 9 Net Change in Adj Policyholders' Surplus 25 -10 -6 Liabilities to Liquid Assets 100 --98 Agents' Bal to Policyholders' Surplus 40 --38 1-Yr Resv Dev to Policyholders' Surplus 20 ---5 2-Yr Resv Dev to Policyholders' Surplus 20 --0 Est Curr Resv Defi/Policyholders' Surplus 25 ---33 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

26.92 33.15

19.21 24.15

17.42 21.50

10.02 8.91

10.43 9.76

46.97 -35.09 0.31 25.03 30.37 41.40 35.31 39.28

-3.16 -48.31 -42.69 30.24 10.53 35.81 22.98 31.26

9.73 26.85 32.92 26.87 8.79 27.21 12.75 22.27

7.41 191.80 200.95 6.41 12.96 20.42 9.33 16.72

12.35 173.41 288.92 5.70 19.83 18.97 12.16 16.80

Capital ($000) & Capital Ratios (%) 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

96.2

85.0

84.3

30,000

80.8

281.8 255.3

25,000

246.5 217.5

20,000 2009Y

2010Y

2011Y

2012Y

2013L1

187.2

15,000 10,000

ASBESTOS/ENVIRONMENTAL RESV

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

25.03 5.16 -0.44 93.98 3.46 30.26 138.05

30.24 -5.19 0.29 120.78 -3.85 28.93 165.56

26.87 -5.02 -13.54 138.20 -3.58 26.68 195.55

6.41 -20.38 -25.73 152.45 -14.80 18.99 183.96

5.70 NA NA 150.43 NA NA 180.45

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

5,000 0 2008Y

2009Y

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

19,036 19,036 3,728 510.55 255.28

20,673 20,673 4,752 435.07 217.53

22,205 22,205 5,930 374.45 187.23

25,118 25,118 5,094 493.06 246.53

26,742 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

53 1,020 -3,000 184.31 154.62 214.90 25.36

325 1,999 -3,949 423.27 134.55 245.67 28.72

397 630 -2,986 240.79 137.92 277.89 31.70

1,036 1,397 -4,769 127.81 132.49 267.54 47.37

1,428 1,530 -4,768 115.60 134.93 255.65 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Applied Medico-Legal Solutions (Phoenix, AZ) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

32,158 0 4,346 0 0

40,799 0 5,102 0 0

45,941 0 9,672 0 0

48,295 0 17,297 0 0

49,933 0 18,693 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 4,382 26 40,912 8,062 0 10,970 0 59,943

0 5,406 9 51,316 7,907 163 12,073 0 71,460

0 6,400 -23 61,990 9,011 286 12,624 0 83,910

0 7,131 0 72,723 8,705 248 10,643 0 92,319

0 7,673 0 76,298 8,908 0 9,901 0 95,107

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

21,018 5,260 26,278 13,339 0 677 0 613

28,018 6,207 34,225 15,632 0 590 0 341

35,210 8,212 43,422 17,296 0 444 0 543

37,034 9,172 46,206 19,657 0 543 0 796

45,784 2,472 48,256 19,079 0 156 0 875

Total Liabilities

40,908

50,787

61,705

67,202

68,365

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 30,001 0 30,001

0 33,162 0 33,162

0 36,078 0 36,078

0 40,753 0 40,753

0 42,502 NA 42,502

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-1,147 28,855 4,224 24,630

-5,218 27,943 2,293 25,651

-5,416 30,663 1,664 28,999

-7,817 32,936 2,361 30,575

-7,976 34,525 3,093 31,432

0 7,357 0 7,357 4,334 0 3,245

0 5,014 0 5,014 5,461 0 7,000

0 5,376 0 5,376 6,972 0 7,192

0 8,702 0 8,702 7,916 0 1,824

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 2,016 5,261 16,952 6,752 0 0 926 0 23,705

0 946 7,946 18,421 8,064 0 0 -835 0 26,486

0 2,006 9,198 21,546 9,075 0 0 -1,622 0 30,621

0 960 2,784 19,403 9,707 0 0 1,465 0 29,110

NA NA NA 20,509 9,796 0 0 1,127 0 30,305

876 53 478 0 2,333 705 1,628

1,586 325 428 0 1,504 571 933

2,711 397 343 63 1,892 652 1,240

2,552 1,036 288 58 5,399 1,667 3,732

2,451 1,428 290 160 5,456 1,331 4,125

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

16,262 0 0 6,523 -3,750 19,036

19,071 0 0 3,920 -2,318 20,673

21,566 0 0 2,446 -1,806 22,205

24,925 0 0 1,408 -1,215 25,118

25,959 0 0 1,732 -949 26,742

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

59,943

71,460

83,910

92,319

95,107

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

876 53 1,020 40,912 0 32,158 0 4,346 0 0

1,586 325 1,999 51,316 0 42,826 0 5,102 0 0

2,711 397 630 61,990 0 50,141 0 9,672 0 0

2,552 1,036 1,397 72,723 0 53,195 0 17,297 0 0

2,451 1,428 1,530 76,298 0 52,193 0 18,693 0 0

0.00 0.00 7.40 NA 0.00 NA NA

0.00 0.00 8.91 NA 0.00 NA NA

0.00 0.00 8.43 NA 0.00 NA NA

0.00 0.00 8.12 NA 0.00 NA NA

NA NA 7.95 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%) Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

4,363

4,028

34,509 17,890

35,761 NA

2008Y

2009Y

2010Y

2011Y

2012Y

19,438 1,785

27,985 1,792

35,318 3,694

40,925 4,988

41,515 7,360

320 2,636 0

0 2,380 0

0 3,815 0

0 4,227 0

0 4,321 0

4

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Bonds - 66.4%

Preferred Stocks - 0.0%

Common Stocks - 23.8%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 9.8%

0.00

2.00

4.00

6.00

8.00

10.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

5,352

2,679

2,036

9,217 0 0 0

12,151 0 0 0

1,004 2,410 9,728 0

1,460 2,001 11,572 0

1,710 1,121 12,630 0

LT BONDS & STOCKS SUMMARY ($000)

Carr Value

Fair Value

Actual Cost

Par Value

Total

Med Prof Liab - 100.0%

LT Bond Common Stock Preferred Stock Total

48,295 17,297 0 65,592

48,295 17,297 0 65,592

46,890 15,562 0 62,452

45,302 --45,302

188,782 50,156 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.28 12.51 0.00 78.60 22.83 10.62 0.00 10.71 0.00 NA 0.00 0.00 0.06 13.45 0.00

1.35 18.45 0.00 79.50 24.68 9.94 0.00 10.54 0.00 NA 0.00 0.00 0.02 11.07 0.23

1.35 19.04 0.00 74.11 43.56 15.60 0.00 10.32 0.00 NA 0.00 0.00 -0.04 10.74 0.34

1.38 17.20 0.00 66.41 68.86 23.79 0.00 9.81 0.00 NA 0.00 0.00 0.00 9.43 0.27

1.37 15.52 0.00 65.44 69.90 24.50 0.00 10.06 0.00 NA 0.00 0.00 0.00 9.37 0.00

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 18.30 68.25 1.46

0.00 16.89 71.81 2.22

0.00 15.04 73.88 3.23

0.00 11.53 78.77 2.76

0.00 10.41 80.22 2.58

New York - 40.2%

Florida - 14.2%

Comm'l Auto St - 0.0%

Arizona - 9.3%

Connecticut - 7.5%

Comm'l Multi Prl - 0.0%

Texas - 6.7%

All other - 22.1%

All Other - 0.0%

DPW ($000) 16,401 5,775 3,789 3,057 2,721 9,010

1,495 32,513 15,677

Investment Portfolio (%) - 2012

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

Rank and States 1. New York 2. Florida 3. Arizona 4. Connecticut 5. Texas All Other

1,179 27,990 13,644

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

2,280 26,038 11,206

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 40,753 0 0 0 0 0

MARKET POSITION ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.00 66.02 23,013 47.79

0.01 30.01 30,001 37.00

0.01 23.19 33,162 47.43

0.01 15.02 36,078 43.84

0.01 15.28 40,753 38.84

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


CARE RRG Inc. (Washington, DC) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

2233 Wisconsin Avenue, NW Suite 310 Washington, DC 20007-4104 MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

NAIC Company Code : 11825 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Southern Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 52-2395338 Distribution Channel: Broker, Independent Agency

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

35,604 4,154 31,451 346 1,626

33,340 4,307 29,033 155 1,356

11,784 4,802 6,981 535 1,249

13,631 4,678 8,952 87 3,094

14,577 4,717 9,860 58 3,990

6,928 1,386 1,526

6,124 1,225 1,287

4,802 960 1,121

6,186 5,084 2,955

6,583 5,382 3,850

24,588 1,629.34 12.32 0.33

23,749 1,892.51 6.80 0.28

4,323 631.45 16.70 0.20

5,570 159.94 2.72 1.09

6,190 132.70 1.72 1.14

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/16/13 ----

Direct Premiums Written Net Premiums Written Net Premiums Earned

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Charles Halstead-Johnson (802) 479-7801 (802) 223-3911 cjohnson@riskservcos.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Shores Tagman Butler & Co P.A. Milliman Inc. --Daniel L. Hafendorfer

35,000

2009Y

2010Y

2011Y

2012Y

2013L1

30,000

1.03 7.18 8.34 0.92 38.15 38.38 14.73 76.53 70.00 6.52 0.00

0.67 5.59 3.64 0.44 56.80 27.33 36.27 84.13 78.81 5.32 0.00

1.36 13.28 11.79 3.73 30.03 16.11 5.12 46.15 34.77 11.37 0.00

1.38 2.74 1.81 0.70 70.06 17.59 30.60 87.65 82.93 4.72 0.00

1.33 2.61 1.22 0.45 67.88 24.07 38.35 91.95 88.30 3.65 0.00

25,000

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

14.00 12.00 10.00

92.0

87.6

84.1 76.5

8.00

310.0

306.0

20,000 15,000 10,000

2.00 0.00 2009Y

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

23.42 -32.12 0.00 2.55 67.95 6,928 582 532 412 20.00 32.32 31.48

20.54 -21.60 0.00 1.88 47.05 6,124 731 335 221 20.00 46.51 21.37

24.91 -73.45 0.00 2.92 86.65 4,802 337 155 630 20.00 29.57 60.64

39.46 1.38 0.00 0.42 15.80 6,186 2,070 894 -9 82.18 30.96 4.20

29.54 NA NA NA NA NA 2,613 1,295 -59 NA 29.22 2.04

REINSURANCE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

21,443 20.00 0.00 0.00 0 0

21,894 20.00 0.00 0.00 0 0

19,091 20.00 0.00 0.00 0 0

14,334 82.18 0.00 0.00 0 0

NA NA NA NA NA NA

Premiums ($000)

Net Premiums Written

Gross Premiums Written

Retention Ratio (NPW/GPW)

78.0

83.0

2011Y

2012Y

2013L1

0 2009Y

2010Y

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

23.52 39.08 178.11 310.00 0.00 112.22 600 948 172.78 143.44 4.90

26.08 38.41 175.78 306.00 0.00 116.30 -416 -574 66.91 90.37 5.69

35.26 138.48 51.26 72.00 0.00 598.23 252 285 126.15 138.45 20.30

37.90 127.48 72.53 78.00 0.00 314.63 2,132 1,923 201.70 218.69 16.64

40.34 120.11 84.32 83.00 0.00 133.22 2,773 2,672 211.71 221.51 15.82

2010Y

2011Y

2012Y

142 28 -12 12 74 0 7* 0.7*

100 20 -22 12 59 1 3* 1.3*

132 109 429* 6 70 1 3* 1.3*

12 12 72 8 -18 -31 296*

-3 -3 78 10 -9 -26 546*

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

4.00

72.0

5,000

46.1

6.00

Liabilities / Liquid Assets (IRIS Ratio)

40,000

Profitability Ratios (%) Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 4 Net Change in Adj Policyholders' Surplus 25 -10 4 Liabilities to Liquid Assets 100 --306* Agents' Bal to Policyholders' Surplus 40 --15 1-Yr Resv Dev to Policyholders' Surplus 20 ---2 2-Yr Resv Dev to Policyholders' Surplus 20 ---11 Est Curr Resv Defi/Policyholders' Surplus 25 ---154 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

-5.17 -5.38

-6.36 -7.69

-64.66 -75.95

15.67 28.23

25.89 47.45

-24.54 470.01 484.54 -4.76 -24.54 67.73 32.26 60.00

-11.60 -43.38 -55.25 -3.41 -11.60 47.06 13.50 38.65

-21.59 161.30 244.90 -81.80 -21.59 -25.42 5.81 -19.04

429.34 -82.83 -83.82 28.84 28.82 -23.83 1.97 -19.03

203.48 -88.69 -88.66 41.36 33.62 -22.82 1.60 -18.42

Capital ($000) & Capital Ratios (%) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

82.2

6,000 20.0

20.0

20.0

5,000

250.7 220.6

4,000 2009Y

2010Y

2011Y

2012Y

2013L1

3,000

146.9

156.6

166.1

2008Y

2009Y

2010Y

2,000 ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

-4.76 -8.71 -2.22 1,629.34 -24.57 7.13 591.95

-3.41 -2.29 -11.20 1,892.51 -7.38 6.85 551.40

-81.80 -18.27 -30.96 631.45 -70.20 29.78 90.02

28.84 -9.02 -25.58 159.94 -14.65 37.86 119.07

41.36 NA NA 132.70 NA NA 131.22

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

1,000 0 2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

4,154 4,154 1,326 313.20 156.60

4,307 4,307 1,296 332.29 166.14

4,802 4,802 1,089 441.12 220.56

4,678 4,678 933 501.46 250.73

4,717 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

0 4 0 0.00 33.36 757.19 516.25

0 -2 0 0.00 28.76 674.08 508.34

2 -39 0 0.00 21.18 145.38 397.54

-5 89 -300 346.76 106.17 191.37 306.41

0 67 -300 519.44 113.29 209.02 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


CARE RRG Inc. (Washington, DC) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

2,717 0 0 0 0

1,905 0 0 0 0

6,259 0 947 0 0

6,459 0 1,560 0 0

6,156 0 1,709 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 7,398 0 10,115 1,121 20,502 3,866 0 35,604

0 7,571 0 9,475 637 19,462 3,764 0 33,340

0 2,462 0 9,667 371 850 895 0 11,784

0 3,393 0 11,412 454 490 1,274 0 13,631

0 3,978 0 11,843 571 857 1,306 0 14,577

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

15,943 8,644 24,588 3,535 1,888 748 0 692

15,987 7,762 23,749 3,223 1,021 520 0 519

2,965 1,359 4,323 484 1,010 619 0 546

3,419 2,151 5,570 2,613 238 531 0 0

3,905 2,285 6,190 2,700 332 638 0 0

Total Liabilities

31,451

29,033

6,981

8,952

9,860

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

1,000 0 0 1,743 1,411 4,154

1,000 0 0 1,896 1,411 4,307

1,000 0 0 2,392 1,411 4,802

1,000 0 0 2,268 1,411 4,678

1,000 0 0 2,307 1,411 4,717

35,604

33,340

11,784

13,631

14,577

INCOME STATEMENT ($000) Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

100 0 4 10,115 0 4,892 0 0 0 0

69 0 -2 9,475 0 3,580 0 0 0 0

128 2 -39 9,667 0 6,259 0 947 0 0

139 -5 89 11,412 0 6,459 0 1,560 0 0

141 0 67 11,843 0 6,156 0 1,709 0 0

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%) Top 5 States by DPW - 2012Y

-5,542 1,386 -141 1,526

-4,899 1,225 -62 1,287

-3,841 960 -161 1,121

-1,102 5,084 2,129 2,955

-1,201 5,382 1,533 3,850

0 482 0 482 442 0 -257

0 443 0 443 439 0 24

0 287 0 287 470 0 -229

0 449 0 449 374 0 455

NA NA NA NA NA NA NA

0 -84 -341 582 532 0 0 412 0 1,114

0 -174 -151 731 335 0 0 221 0 1,066

0 -191 -420 337 155 0 0 630 0 491

0 792 1,247 2,070 894 0 0 -9 0 2,964

NA NA NA 2,613 1,295 0 0 -59 0 3,909

100 0 0 0 512 165 346

69 0 0 0 290 135 155

128 2 0 0 759 224 535

139 -5 0 0 125 39 87

141 0 0 0 82 24 58

BOND QUALITY ($000) - Annual Only6

512

290

757

130

81

1,626 1,155

1,356 1,166

1,250 87

3,090 1,125

3,990 NA

2008Y

2009Y

2010Y

2011Y

2012Y

205 0

4,892 0

3,580 0

6,259 0

6,459 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Class 6

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 56.6%

Preferred Stocks - 0.0%

Common Stocks - 13.7%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 29.7%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

1,803

1,360

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

6,459 1,560 0 8,019

6,459 1,560 0 8,019

6,419 1,538 0 7,956

6,352 --6,352

25,689 4,657 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 26.86 0.00 0.00 0.00 73.14 0.00 NA 0.00 0.00 0.00 3.15 57.58

1.00 0.00 0.00 20.10 0.00 0.00 0.00 79.90 0.00 NA 0.00 0.00 0.00 1.91 58.38

1.00 0.00 0.00 64.74 19.73 9.80 0.00 25.46 0.00 NA 0.00 0.00 0.00 3.15 7.21

1.00 0.00 0.00 56.60 33.34 13.67 0.00 29.73 0.00 NA 0.00 0.00 0.00 3.33 3.59

1.00 0.00 0.00 51.98 36.24 14.43 0.00 33.59 0.00 NA 0.00 0.00 0.00 3.92 5.88

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 10.86 28.41 0.28

0.00 11.29 28.42 0.21

0.00 7.60 82.04 1.08

0.00 9.35 83.73 1.02

0.00 8.96 81.24 0.96

Comm'l Auto St - 0.0%

California - 16.7%

Texas - 8.9%

Comm'l Multi Prl - 0.0%

Kentucky - 7.8%

All other - 25.0%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0 6,583 NA 6,583

Med Prof Liab - 100.0%

New York - 20.6%

MARKET POSITION ANALYSIS (%)

2013L1

0 6,186 0 6,186

LT Bond Common Stock Preferred Stock Total

Florida - 21.0%

DPW ($000) 1,297 1,276 1,032 553 480 1,547

2012Y

0 4,802 0 4,802

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. Florida 2. New York 3. California 4. Texas 5. Kentucky All Other

2011Y

0 6,124 0 6,124

Pre-tax Operating Income

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

2010Y

0 6,928 0 6,928

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

2009Y

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 6,186 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 9,181 44.92

0.00 0.49 6,928 18.28

0.00 -13.99 6,124 35.09

0.00 -22.20 4,802 4.82

0.00 -16.27 6,186 -17.54

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Centurion Med Liab Prtctv RRG (Phoenix, AZ) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

2700 North Third Street Suite 3050 Phoenix, AZ 85004-1229 MSA: Phoenix-Mesa-Glendale, AZ (Metro)

NAIC Company Code : 11976 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Southern Quadrant NAIC Ownership Structure: Stock Company Tax Identification Number : 20-1145017 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

10,547 4,973 5,574 1,420 3,816

12,979 5,653 7,325 505 4,311

14,707 6,096 8,611 816 4,055

15,755 8,402 7,353 2,924 4,043

15,555 8,620 6,935 2,922 4,464

3,825 3,712 3,599

4,399 4,337 4,082

4,099 3,538 3,778

3,751 3,636 3,782

3,885 4,250 4,210

3,507 107.01 57.29 0.75

5,457 106.54 12.10 0.77

6,516 162.36 19.58 0.58

4,717 176.20 58.82 0.43

5,426 149.23 54.60 0.49

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/16/13 ----

Direct Premiums Written Net Premiums Written Net Premiums Earned

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Gemma Agustin Tuanqui (800) 226-0793 (941) 906-7538 gtuanqui@pboa.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Shores Tagman Butler & Co P.A. Cas Actuarial Consultants Inc. --Vicente M. Juan

16,000

2009Y

2010Y

2011Y

2012Y

2013L1

14,000

3.14 5.85 36.99 14.89 23.96 20.32 23.50 44.28 38.26 6.03 0.00

2.58 5.27 9.27 4.34 69.50 18.77 52.26 88.27 82.67 5.60 0.00

2.56 7.81 13.83 5.84 53.23 25.12 42.52 78.35 71.04 7.32 0.00

2.07 7.19 44.01 18.96 -18.79 23.27 -26.22 4.48 -2.43 6.92 0.00

1.98 5.98 40.55 18.72 -7.35 19.77 -11.02 12.42 6.38 6.04 0.00

12,000

50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

88.3 78.4

74.0

56.0

4.5

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

0.46 9.21 3.64 1.82 5.65 3,825 862 754 1,982 97.04 33.80 57.63

17.24 9.21 3.20 1.58 4.77 4,399 2,837 814 431 98.59 27.10 15.30

10.72 11.51 4.65 2.17 6.78 4,099 2,011 889 878 86.32 31.41 28.48

7.43 10.35 5.12 1.46 6.33 3,751 -710 846 3,646 96.95 30.21 96.65

3.67 NA NA NA NA NA -309 840 3,679 NA 30.52 88.11

2009Y

2010Y

2011Y

2012Y

2013L1

200 97.04 25.00 0.00 0 0

293 98.59 24.91 0.00 0 0

332 86.32 25.60 0.00 0 0

402 96.95 25.37 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

53.0

10,000 8,000 6,000 4,000 2,000 0 2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

28.46 144.07 31.89 69.00 0.00 162.02 2,176 2,068 243.87 265.76 22.50

19.31 134.53 25.02 74.00 0.00 138.27 2,358 1,453 238.61 305.93 23.53

18.56 136.06 26.22 73.00 0.00 148.69 2,201 2,232 216.78 228.98 23.77

71.68 178.66 62.73 56.00 0.00 219.82 1,637 1,713 181.16 192.35 36.83

28.38 185.83 22.83 53.00 0.00 182.81 1,752 825 195.93 262.31 38.70

2010Y

2011Y

2012Y

78 77 17 0 62 2 6* 2.6*

67 58 -18 0 77 2 6* 2.6*

45 43 3 0 34 2 1* 2.1*

8 8 73 3 -11 -35 -55

38 38* 56 1 -40 -42 -15

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%) 12.4

73.0

69.0

44.3

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

18,000

Profitability Ratios (%) Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 14 Net Change in Adj Policyholders' Surplus 25 -10 14 Liabilities to Liquid Assets 100 --74 Agents' Bal to Policyholders' Surplus 40 --4 1-Yr Resv Dev to Policyholders' Surplus 20 ---19 2-Yr Resv Dev to Policyholders' Surplus 20 ---53 Est Curr Resv Defi/Policyholders' Surplus 25 ---50 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

24.19 10.20

23.06 31.43

13.31 17.55

7.13 -14.61

2.76 -20.23

22.18 164.34 871.34 5.80 20.58 85.77 14.71 30.79

16.85 -70.01 -64.42 55.58 15.01 29.87 17.04 23.28

-18.42 75.07 61.44 19.40 -6.83 18.91 17.36 18.25

2.78 238.43 258.49 -27.60 -8.49 11.58 20.62 15.87

22.41 245.54 274.83 -18.79 -2.31 9.21 21.50 15.04

Capital ($000) & Capital Ratios (%) 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

97.0

2009Y

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

5.80 -39.16 -40.91 107.01 -37.37 27.09 70.52

55.58 -18.58 -53.01 106.54 -22.64 22.54 96.52

19.40 -11.18 -34.94 162.36 -16.73 25.24 106.89

-27.60 -40.44 -41.82 176.20 -65.18 31.19 56.14

-18.79 NA NA 149.23 NA NA 62.95

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

96.9

86.3

ASBESTOS/ENVIRONMENTAL RESV

ACL Risk Based Capital

98.6

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

920.3 631.1 469.0

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

466.5

410.5

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

4,973 4,973 394 1,262.29 631.15

5,653 5,653 689 821.04 410.52

6,096 6,096 653 933.09 466.54

8,402 8,402 457 1,840.50 920.25

8,620 NA NA NA NA

-54 118 0 0.00 96.69 112.08 4.02

33 175 0 0.00 79.58 129.57 5.18

35 47 -420 51.49 60.01 141.27 5.45

282 -127 -490 16.76 54.74 87.51 4.78

272 -255 -490 16.77 59.00 80.46 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Centurion Med Liab Prtctv RRG (Phoenix, AZ) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

5,407 0 1,036 0 0

6,415 0 1,949 0 0

7,997 0 2,120 0 0

7,866 0 0 0 0

10,029 0 890 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 1,586 0 8,030 105 0 2,412 0 10,547

0 1,414 0 9,779 228 0 2,972 0 12,979

0 1,598 0 11,716 183 0 2,808 0 14,707

0 5,271 0 13,136 84 0 2,534 0 15,755

0 1,968 0 12,887 150 0 2,517 0 15,555

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

2,370 1,137 3,507 1,572 -93 157 0 430

4,133 1,323 5,457 1,827 -245 250 0 37

5,343 1,172 6,516 1,587 259 214 0 35

3,865 852 4,717 1,442 154 165 0 875

4,681 744 5,426 1,624 -375 105 0 156

Total Liabilities

5,574

7,325

8,611

7,353

6,935

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

600 0 0 2,373 2,000 4,973

600 0 0 3,053 2,000 5,653

600 0 0 3,496 2,000 6,096

600 0 0 5,802 2,000 8,402

600 0 0 6,020 2,000 8,620

10,547

12,979

14,707

15,755

15,555

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

217 -54 118 8,030 0 5,407 0 1,036 0 0

228 33 175 9,779 0 6,492 0 1,949 0 0

276 35 47 11,716 0 7,997 0 2,120 0 0

262 282 -127 13,136 0 7,866 0 0 0 0

254 272 -255 12,887 0 10,029 0 890 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 3,825 0 3,825

0 4,399 0 4,399

0 4,099 0 4,099

0 3,751 0 3,751

0 3,885 NA 3,885

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-113 3,712 113 3,599

-62 4,337 255 4,082

-561 3,538 -240 3,778

-115 3,636 -145 3,782

365 4,250 40 4,210

0 232 0 232 438 0 614

0 370 0 370 517 0 1,763

0 396 0 396 556 0 1,210

0 487 0 487 601 0 -1,478

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -422 192 862 754 0 0 1,982 0 1,617

0 186 1,949 2,837 814 0 0 431 0 3,651

0 -151 1,059 2,011 889 0 0 878 0 2,900

0 -320 -1,798 -710 846 0 0 3,646 0 136

NA NA NA -309 840 0 0 3,679 0 531

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

217 -54 0 0 2,145 725 1,420

228 33 0 0 693 188 505

276 35 0 0 1,189 374 816

262 282 0 0 4,190 1,266 2,924

254 272 0 0 4,205 1,283 2,922

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

Pre-tax Operating Income

2,199

660

1,155

3,908

3,933

Memo: Total Revenue Memo: Paid Expenses

3,762 1,299

4,344 1,372

4,089 1,539

4,325 1,584

4,736 NA

2008Y

2009Y

2010Y

2011Y

2012Y

4,093 0

5,407 0

6,492 0

7,997 0

7,866 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5 Class 6

Investment Portfolio (%) - 2012

Bonds - 59.9%

Preferred Stocks - 0.0%

Common Stocks - 0.0%

Mortgage Loans - 0.0%

CMBS Exposure Total: LT Bond, Com MBS RMBS Exposure Total: LT Bond, Res MBS Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000) LT BONDS & STOCKS SUMMARY ($000)

Texas - 52.6%

Arizona - 44.3%

Michigan - 3.2%

Alaska - 0.0%

Alabama - 0.0%

All other - 0.0%

MARKET POSITION ANALYSIS (%) Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

637

698

774

597

685

0

0

0

0

0

1,919 0 0 1,537

0 0 0 2,424

0 0 0 0

0 0 0 0

783 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

7,866 0 0 7,866

7,866 0 0 7,866

7,475 0 0 7,475

7,218 --7,218

30,425 0 0 --

Med Prof Liab - 100.0% Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 67.34 20.84 12.91 0.00 19.75 0.00 NA 0.00 0.00 0.00 1.00 0.00

1.00 0.00 0.00 65.61 34.48 19.93 0.00 14.46 0.00 NA 0.00 0.00 0.00 1.76 0.00

1.00 0.00 0.00 68.26 34.79 18.10 0.00 13.64 0.00 NA 0.00 0.00 0.00 1.24 0.00

1.00 0.00 0.00 59.88 0.00 0.00 0.00 40.12 0.00 NA 0.00 0.00 0.00 0.54 0.00

1.00 0.00 0.00 77.82 10.32 6.90 0.00 15.27 0.00 NA 0.00 0.00 0.00 0.96 0.00

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 22.87 76.13 2.06

0.00 22.90 75.34 1.76

0.00 19.09 79.66 1.88

0.00 16.09 83.38 1.66

0.00 16.18 82.85 1.63

Comm'l Auto St - 0.0%

All Other - 0.0%

DPW ($000) 1,972 1,661 119 0 0 0

0.00

LT Bond Common Stock Preferred Stock Total

Comm'l Multi Prl - 0.0%

Rank and States 1. Texas 2. Arizona 3. Michigan 4. Alaska 5. Alabama All Other

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 40.1%

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

Bond Rated 3-6/Total Bond (%)

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 3,751 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 3,172 27.99

0.00 76.29 3,825 22.23

0.00 18.13 4,399 50.76

0.00 10.26 4,099 48.23

0.00 10.60 3,751 -25.22

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Charitable Svc Prvdrs Recpl (Phoenix, AZ) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

15255 North 40th Street Suite 109 Phoenix, AZ 85032-4638 MSA: Phoenix-Mesa-Glendale, AZ (Metro)

NAIC Company Code : 12167 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Western Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-8095873 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

2,458 2,117 342 714 1,124

3,257 2,899 358 683 1,116

3,521 3,244 277 579 985

3,779 3,430 349 573 958

3,764 2,624 1,139 533 950

Direct Premiums Written Net Premiums Written Net Premiums Earned

1,349 1,093 1,093

1,327 1,048 1,048

1,338 916 916

1,088 898 898

868 746 887

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

314 23.27 37.50 0.52

325 32.07 26.87 0.36

206 46.71 18.55 0.28

210 26.78 16.34 0.26

275 27.71 15.44 0.28

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Richard P. Marshall (602) 952-9532 (602) 952-8789 Dick.Marshall@rqih.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Brown Smith Wallace LLC Milliman Inc. -Matthew Luger David Barger Ellis

2010Y

2011Y

2012Y

2013L1

3,000

1.29 2.91 38.20 27.15 9.68 29.11 9.30 38.79 35.89 2.91 0.00

2.19 6.42 27.39 20.65 5.17 37.30 0.96 42.47 36.05 6.42 0.00

1.92 7.53 20.01 15.40 15.01 33.99 9.20 49.00 41.47 7.53 0.00

1.65 6.79 17.65 14.51 4.06 43.58 1.36 47.64 40.85 6.79 0.00

1.74 8.45 16.64 13.61 7.18 52.47 -0.34 59.65 52.54 7.11 0.00

2,500

45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00

Net Yield on Invested Assets

Combined Ratio

59.7 49.0

47.6

42.5

38.8

32.0

3,500

2009Y

Return on Avg Assets

2,000 1,500

15.0 12.0

1,000

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

0.38 0.00 0.00 1.70 27.41 1,349 106 318 669 81.00 0.00 62.30

4.22 0.00 0.00 5.35 31.94 1,327 54 391 603 78.98 0.00 60.09

5.81 0.00 0.00 1.72 32.27 1,338 138 311 467 68.49 0.00 54.43

2.69 -0.13 0.00 1.57 42.14 1,088 36 391 470 82.50 3.38 55.39

7.53 NA NA NA NA NA 64 391 431 NA 4.31 52.07

2009Y

2010Y

2011Y

2012Y

2013L1

132 81.00 0.00 0.00 0 0

120 78.98 0.00 0.00 0 0

148 68.49 0.00 0.00 0 0

107 82.50 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

10.0

8.0

500 0 2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

55.38 664.46 8.93 15.00 0.00 764.50 572 632 262.09 254.38 72.72

41.13 836.86 5.08 12.00 0.00 958.58 559 648 228.17 228.17 78.90

69.80 NM 5.95 8.00 0.00 1,714.21 538 651 196.59 196.59 82.80

49.44 990.34 5.03 10.00 0.00 1,696.73 245 333 155.89 160.25 82.06

22.04 307.44 9.57 32.00 0.00 357.21 296 385 174.92 181.56 60.99

2010Y

2011Y

2012Y

46 36 -4 0 36 2 6* 2.6*

41 28 -13 0 39 2 2* 2.2*

32 26 -2 0 41 1 8* 1.8*

12 12 8 0 -1 -4 1

6 6 10 0 -6 -2 -2

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

4,000

Profitability Ratios (%) Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 37 Net Change in Adj Policyholders' Surplus 25 -10 37* Liabilities to Liquid Assets 100 --12 Agents' Bal to Policyholders' Surplus 40 --0 1-Yr Resv Dev to Policyholders' Surplus 20 ---7 2-Yr Resv Dev to Policyholders' Surplus 20 ---13 Est Curr Resv Defi/Policyholders' Surplus 25 ---7 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

26.22 2.99

32.46 4.81

8.11 -22.73

7.35 26.18

-12.63 0.90

41.28 88.34 160.41 24.81 1.14 -23.30 30.38 5.87

-4.04 -4.28 -4.24 3.48 -1.59 -6.28 40.23 25.90

-12.59 -20.01 -15.34 -36.70 0.80 1.14 27.57 23.58

-2.05 -1.01 -0.89 2.07 -18.69 -0.37 20.72 17.42

-23.29 -0.89 2.87 16.20 -34.54 -5.70 13.01 4.98

Capital ($000) & Capital Ratios (%) 1,600 1,400 1,200 1,000 800 600 400 200 0

81.0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

82.5

79.0 68.5

2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

24.81 -12.68 -12.03 23.27 -18.76 40.38 14.84

3.48 -6.76 -12.68 32.07 -13.64 43.17 11.21

-36.70 -0.93 -3.87 46.71 -2.95 65.78 6.34

2.07 -5.52 -2.13 26.78 -19.94 57.89 6.12

16.20 NA NA 27.71 NA NA 10.49

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

1,242.7 958.9

939.3

2009Y

2010Y

592.9

2008Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

1,034.7

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

2,117 2,117 110 1,917.71 958.85

2,899 2,899 154 1,878.52 939.26

3,244 3,244 131 2,485.35 1,242.68

3,430 3,430 166 2,069.33 1,034.66

2,624 NA NA NA NA

13 44 0 0.00 58.49 16.13 6.24

13 98 0 0.00 42.02 12.35 4.14

42 57 -290 50.10 31.70 8.53 4.56

63 48 -324 56.57 27.62 10.17 3.12

62 -10 -959 179.87 23.29 43.42 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Charitable Svc Prvdrs Recpl (Phoenix, AZ) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

1,737 0 344 0 0

2,386 0 462 0 0

2,512 0 674 0 0

2,605 0 679 0 0

2,520 0 732 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 189 0 2,269 0 162 27 0 2,458

0 147 0 2,996 0 215 46 0 3,257

0 193 0 3,379 0 56 86 0 3,521

0 173 0 3,456 0 250 73 0 3,779

0 251 0 3,503 0 65 196 0 3,764

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

237 77 314 0 0 25 0 2

246 79 325 0 0 23 0 10

135 70 206 0 0 53 0 17

147 63 210 0 0 19 0 120

162 113 275 705 0 30 0 129

Total Liabilities

342

358

277

349

1,139

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 1,349 0 1,349

0 1,327 0 1,327

0 1,338 0 1,338

0 1,088 0 1,088

0 868 NA 868

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-256 1,093 0 1,093

-279 1,048 0 1,048

-422 916 0 916

-190 898 0 898

-121 746 -141 887

0 12 0 12 31 0 89

0 1 0 1 43 0 9

0 195 0 195 62 0 -111

0 1 0 1 31 0 11

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -27 62 106 318 0 0 669 0 424

0 1 11 54 391 0 0 603 0 445

0 -8 -119 138 311 0 0 467 0 449

0 -7 4 36 391 0 0 470 0 428

NA NA NA 64 391 0 0 431 0 455

32 13 0 0 714 0 714

67 13 0 0 683 0 683

69 42 0 0 579 0 579

61 63 0 0 593 20 573

63 62 0 0 557 24 533

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

0 0 125 1,788 204 2,117

0 0 125 2,570 204 2,899

0 0 125 2,915 204 3,244

0 0 125 3,101 204 3,430

0 0 125 2,295 204 2,624

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

2,458

3,257

3,521

3,779

3,764

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

32 13 44 2,269 0 1,737 0 344 0 0

67 13 98 2,996 0 2,386 0 462 0 0

69 42 57 3,379 0 2,512 0 674 0 0

61 63 48 3,456 0 2,605 0 679 0 0

63 62 -10 3,503 0 2,520 0 732 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

2008Y

2009Y

2010Y

2011Y

2012Y

1,415 0

1,737 0

2,334 52

2,455 57

2,463 142

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Bonds - 75.4%

Preferred Stocks - 0.0%

Common Stocks - 19.7%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 5.0%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

537

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 237 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

2,605 679 0 3,284

2,605 679 0 3,284

2,488 599 0 3,087

2,314 --2,314

10,011 1,957 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 76.53 16.23 15.14 0.00 8.33 0.00 NA 0.00 0.00 0.00 0.00 6.60

1.02 0.00 0.00 79.65 15.95 15.44 0.00 4.91 0.00 NA 0.00 0.00 0.00 0.00 6.60

1.02 0.00 0.00 74.33 20.79 19.96 0.00 5.71 0.00 NA 0.00 0.00 0.00 0.00 1.59

1.05 0.00 0.00 75.36 19.80 19.65 0.00 4.99 0.00 NA 0.00 0.00 0.00 0.00 6.62

1.06 0.00 0.00 71.95 27.88 20.89 0.00 7.17 0.00 NA 0.00 0.00 0.00 0.00 1.72

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 1.10 92.31 1.29

0.00 1.41 91.99 2.07

0.00 2.43 95.98 1.96

0.00 1.93 91.45 1.61

0.00 5.21 93.07 1.68

Comm'l Auto St - 0.0%

Alaska - 0.0%

Alabama - 0.0%

Comm'l Multi Prl - 0.0%

Arkansas - 0.0%

All other - 0.0%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

494 1,012 NA

Med Prof Liab - 100.0%

Colorado - 35.0%

MARKET POSITION ANALYSIS (%)

531 1,021 458

LT Bond Common Stock Preferred Stock Total

Arizona - 65.0%

DPW ($000) 707 381 0 0 0 0

536 1,028 343

Investment Portfolio (%) - 2012

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. Arizona 2. Colorado 3. Alaska 4. Alabama 5. Arkansas All Other

670 1,129 436

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

700 1,137 343

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 1,088 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 1,334 18.95

0.00 0.68 1,349 6.04

0.00 174.09 1,327 0.13

0.00 0.45 1,338 14.49

0.00 -4.65 1,088 0.45

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

18835 North Thompson Peak Parkway Suite 220 Scottsdale, AZ 85255-6255 MSA: Phoenix-Mesa-Glendale, AZ (Metro)

NAIC Company Code : 14388 Business Focus : P&C Minimum NPW Geographic Focus: Geography Minimum NPW NAIC Ownership Structure: Stock Company Tax Identification Number : 45-5591447 Distribution Channel: --

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

4,775 1,512 3,263 -133 937

4,868 1,495 3,373 NA NA

Direct Premiums Written Net Premiums Written Net Premiums Earned

NA NA NA

NA NA NA

NA NA NA

3,964 2,806 937

NA NA NA

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

NA NA NA NA

NA NA NA NA

NA NA NA NA

710 NA NA 1.86

1,545 NA NA NA

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/16/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Andrew Scott Marson (480) 682-4983 (480) 689-5916 andrew.marson@srsmail.com

Total Assets

Saslow Lufkin & Buggy LLP Walter Haner & Assoc. Inc. --Michael Walter Gregory

Total Liabilities

Liabilities / Liquid Assets (IRIS Ratio)

6,000 172.0

5,000 PROFITABILITY RATIOS (%)

2009Y

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

2010Y

NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

2011Y

2012Y

NA NA NA NA NA NA NA NA NA NA NA

2013L1

NA 0.02 NA NA 75.91 7.66 37.12 83.57 83.52 0.06 0.00

NA NA NA NA NA NA NA NA NA NA NA

Return on Avg Assets

Net Yield on Invested Assets

1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00

124.0

3,000 2,000 1,000 0 2009Y

2010Y

CASH FLOW & LIQUIDITY (%)

Combined Ratio

83.6

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA

38.79 0.83 0.00 1.87 4.96 3,964 711 215 11 70.78 NM 1.19

NA NA NA NA NA NA NA NA NA NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

345 70.78 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

2012Y

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

34.18 79.93 73.78 172.00 0.00 86.76 691 540 880.13 1,049.38 0.25

27.90 102.05 62.92 124.00 0.00 82.51 NA NA NA NA -0.09

2010Y

2011Y

2012Y

NA NA NA 0 0 NA

NA NA NA 0 0 NA

262 186 NA 0 NA NA

NA NA NA NA NA NA NA

999* 999* 172* 171* 0 NA NA

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 NA Net Change in Adj Policyholders' Surplus 25 -10 NA Liabilities to Liquid Assets 100 --NA Agents' Bal to Policyholders' Surplus 40 --NA 1-Yr Resv Dev to Policyholders' Surplus 20 --NA 2-Yr Resv Dev to Policyholders' Surplus 20 --NA Est Curr Resv Defi/Policyholders' Surplus 25 --NA *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2013L1

2009Y

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2009Y

2011Y

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

Profitability Ratios (%) Return on Average Equity (C&S)

4,000

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

NA NA

NA NA

NA NA

NA NA

NA NA

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

Capital ($000) & Capital Ratios (%) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

70.8

2009Y ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA 0.00 NA 0.00 36.24 46.96

NA NA NA NA NA NA 103.32

1,600 1,400 1,200 1,000 800 600 400 200 0

482.3

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

1,512 1,512 157 964.68 482.34

1,495 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

0 0 0 0.00 NA 215.83 22.82

NA NA NA NA NA 225.56 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Cherokee Grte Co. Inc. A RRG (Scottsdale, AZ) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

411 0 366 0 0

1,017 0 755 0 0

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

NA NA NA NA

NA NA NA NA

NA NA NA NA

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA

0 1,115 0 1,893 2,582 0 300 0 4,775

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

Total Liabilities

NA

NA

NA

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

NA NA NA NA

NA NA NA NA

NA NA NA NA

0 3,964 0 3,964

NA NA NA NA

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

NA NA NA NA

NA NA NA NA

NA NA NA NA

-1,158 2,806 1,869 937

NA NA NA NA

0 941 0 2,713 1,384 334 438 0 4,868

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

0 0 0 0 363 0 348

NA NA NA NA NA NA NA

348 362 710 1,869 557 128 0 0

786 759 1,545 1,743 2 47 0 35

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

0 0 348 711 215 0 0 11 0 926

NA NA NA NA NA NA NA NA NA NA

3,263

3,373 NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

1 0 0 0 11 144 -133

NA NA NA NA NA NA NA

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

1,500 0 0 12 0 1,512

1,500 0 0 -5 0 1,495

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

NA

NA

NA

4,775

4,868

Pre-tax Operating Income

NA

NA

NA

11

NA

Memo: Total Revenue Memo: Paid Expenses

NA NA

NA NA

NA NA

937 578

NA NA

2008Y

2009Y

2010Y

2011Y

2012Y

NA NA

NA NA

NA NA

NA NA

1,127 0

NA NA NA

NA NA NA

NA NA NA

NA NA NA

0 0 0

NA

NA

NA

NA

0

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

NA NA

NA NA

NA NA

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

1 0 0 1,893 0 1,127 0 366 0 0

NA NA NA 2,713 0 1,746 0 755 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5 Class 6

Investment Portfolio (%) - 2012

Bonds - 21.7%

Preferred Stocks - 0.0%

Common Stocks - 19.3%

Mortgage Loans - 0.0%

0.60

0.80

1.00

2009Y

2010Y

2011Y

2012Y

0

0

0

NA

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

NA

0

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

411 366 0 777

411 366 0 777

413 365 0 778

400 --400

1,636 1,097 0 --

Med Prof Liab - 100.0% Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

1.00 0.00 0.00 21.74 24.19 19.33 0.00 58.94 0.00 NA 0.00 0.00 0.00 54.08 0.00

1.00 0.00 0.00 37.49 50.46 27.82 0.00 34.69 0.00 NA 0.00 0.00 0.00 28.42 6.85

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

NA NA NA NA

NA NA NA NA

NA NA NA NA

0.00 6.28 39.63 0.01

0.00 9.00 55.72 NA

New Jersey - 10.1%

Comm'l Auto St - 0.0%

Pennsylvania - 8.8%

Texas - 8.3%

Comm'l Multi Prl - 0.0%

New Mexico - 7.7%

All other - 53.1%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.40

LT Bond Common Stock Preferred Stock Total

Tennessee - 12.0%

MARKET POSITION ANALYSIS (%)

0.20

2008Y

LT BONDS & STOCKS SUMMARY ($000)

DPW ($000) 478 398 350 329 304 2,106

0.00

CMBS Exposure Total: LT Bond, Com MBS

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

Rank and States 1. Tennessee 2. New Jersey 3. Pennsylvania 4. Texas 5. New Mexico All Other

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 58.9%

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

Bond Rated 3-6/Total Bond (%)

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 3,964 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

0.00 NA 3,964 31.39

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Cnsmr Specialties Ins Co (RRG) (Barre, VT) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

2386 Airport Road Barre, VT 05641-8629

NAIC Company Code : 10075 Business Focus : P&C Minimum NPW Geographic Focus: Geography Minimum NPW NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 03-0310577 Distribution Channel: Direct Response, General Agnt/Managing General Agnt, Independent Agency

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

6,772 3,643 3,129 -187 831

6,252 3,589 2,664 13 821

5,674 3,405 2,269 -64 685

5,365 3,373 1,992 15 547

5,452 3,356 2,096 -15 513

Direct Premiums Written Net Premiums Written Net Premiums Earned

1,522 640 677

1,326 616 679

1,166 561 602

944 405 496

993 410 466

2,450 380.31 -5.39 0.18

2,065 368.61 -1.39 0.17

1,820 347.05 -7.21 0.16

1,641 360.71 -3.90 0.12

1,674 374.70 -3.92 0.12

MSA: Barre, VT (Micro)

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

B A ----

Date 04/03/12 05/31/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Paula A. French (802) 371-2321 (802) 229-6280 pfrench@usarisk.com

Total Assets

Johnson Lambert LLP Financial Risk Analysts LLC --D. Christopher Cathcart

7,000

2009Y

2010Y

2011Y

2012Y

2013L1

6,000

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

2.54 24.05 -5.31 -2.74 74.84 80.27 -3.61 155.11 132.36 22.75 0.00

2.34 23.09 0.36 0.19 45.50 91.28 17.09 136.78 115.83 20.95 0.00

1.49 14.80 -1.84 -1.05 60.07 102.30 -50.18 162.37 148.58 13.79 0.00

1.09 12.53 0.44 0.27 29.08 131.91 22.51 160.99 150.78 10.22 0.00

1.03 11.53 -0.46 -0.28 27.58 125.96 -51.58 153.54 143.40 10.14 0.00

5,000

Profitability Ratios (%)

3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 -6.00

Return on Avg Assets

Net Yield on Invested Assets

162.4

Combined Ratio

161.0

155.1

153.5

136.8

2009Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

78.44 8.38 0.00 3.84 68.05 1,522 506 514 -344 42.06 NM -22.83

28.41 18.07 0.00 4.09 69.12 1,326 309 562 -192 46.41 58.78 -6.09

110.25 18.16 0.00 14.18 69.96 1,166 362 574 -334 48.13 NM -36.59

6.58 20.15 0.00 10.65 101.11 944 144 534 -182 42.87 -3.79 -23.99

79.16 NA NA NA NA NA 129 516 -179 NA NM -25.61

REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

53.0 46.0

2009Y

2010Y

2011Y

2012Y

2013L1

8,357 42.06 0.00 0.00 0 0

2,565 46.41 0.00 0.00 0 0

2,734 48.13 0.00 0.00 0 0

2,604 42.87 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

45.0

45.0

2011Y

2012Y

42.0

4,000 3,000 2,000 1,000 0 2009Y

2010Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

47.92 227.85 41.15 53.00 0.00 499.24 -960 -648 41.25 32.05 44.44

53.40 261.92 39.64 46.00 0.00 344.04 -418 -143 60.06 50.04 48.96

67.35 277.99 44.87 45.00 0.00 364.60 -833 -696 41.83 41.83 52.93

66.76 272.92 39.43 45.00 0.00 377.08 -780 -697 34.91 34.91 55.90

88.93 288.38 55.52 42.00 0.00 268.10 180 258 170.71 170.70 54.71

2010Y

2011Y

2012Y

37 17 -4 1 124* 2 5* 2.5*

34 16 -9 2 131* 1 5* 1.5*

28 12 -28 2 149* 1 1* 1.1*

-5 -2 45 2 -12 -19 -9

-1 0 45 2 -5 -10 -10

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2010Y

Liabilities / Liquid Assets (IRIS Ratio)

8,000

PROFITABILITY RATIOS (%)

Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 -2 Net Change in Adj Policyholders' Surplus 25 -10 1 Liabilities to Liquid Assets 100 --46 Agents' Bal to Policyholders' Surplus 40 --3 1-Yr Resv Dev to Policyholders' Surplus 20 ---11 2-Yr Resv Dev to Policyholders' Surplus 20 ---7 Est Curr Resv Defi/Policyholders' Surplus 25 ---6 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

-3.07 -8.15

-7.68 -14.87

-9.25 -14.83

-5.45 -12.19

-2.97 -5.52

-32.84 NM NM -9.83 -27.22 3.61 -1.52 0.65

-3.83 NM NM -15.70 -12.84 -1.38 -0.98 -1.15

-8.86 NM NM -11.86 -12.11 -6.24 -2.83 -4.28

-27.89 NM NM -9.87 -19.05 -8.93 -3.81 -5.91

-23.05 NM NM -9.20 -11.69 -9.88 -3.75 -6.40

Capital ($000) & Capital Ratios (%) 1,600 1,400 1,200 1,000 800 600 400 200 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

48.1 46.4

42.9 42.1

2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

-9.83 -9.44 -9.90 380.31 -49.95 40.62 67.25

-15.70 -11.25 -7.15 368.61 -60.43 45.30 57.55

-11.86 -11.93 -18.99 347.05 -71.11 19.52 53.46

-9.87 -4.79 -10.14 360.71 -32.86 23.29 48.65

-9.20 NA NA 374.70 NA NA 49.86

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

430.4

456.1

438.7

2010Y

2011Y

464.3

319.8

2008Y

2009Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

3,643 3,643 570 639.69 319.85

3,589 3,589 393 912.25 456.13

3,405 3,405 388 877.33 438.67

3,373 3,373 363 928.65 464.32

3,356 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

-134 297 0 0.00 18.19 85.88 229.38

81 25 0 0.00 17.18 74.23 71.48

119 6 0 0.00 16.13 66.62 80.29

146 -42 0 0.00 12.02 59.07 77.21

116 -24 0 0.00 12.21 62.43 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Cnsmr Specialties Ins Co (RRG) (Barre, VT) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

2,888 0 1,535 0 0

3,218 0 1,095 0 0

2,608 0 884 0 0

2,497 0 567 0 0

2,484 0 633 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 1,499 0 5,922 108 401 340 0 6,772

0 1,422 0 5,735 100 171 247 0 6,252

0 1,528 0 5,020 76 299 278 0 5,674

0 1,330 0 4,393 51 646 275 0 5,365

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

1,339 1,111 2,450 410 17 252 0 0

1,112 953 2,065 347 22 229 0 0

555 1,265 1,820 306 36 106 0 0

Total Liabilities

3,129

2,664

2,269

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

0 1,522 0 1,522

0 1,326 0 1,326

0 1,166 0 1,166

0 944 0 944

0 993 NA 993

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-882 640 -37 677

-711 616 -63 679

-605 561 -41 602

-539 405 -92 496

-583 410 -56 466

0 1,864 0 4,981 29 110 332 0 5,452

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 373 0 373 537 0 -398

0 343 0 343 351 0 -227

0 255 0 255 352 0 -557

0 260 0 260 64 0 -148

NA NA NA NA NA NA NA

407 1,234 1,641 215 25 111 0 0

343 1,330 1,674 184 18 220 0 0

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -7 -404 506 514 0 0 -344 0 1,020

0 -158 -385 309 562 0 0 -192 0 871

0 312 -245 362 574 0 0 -334 0 936

0 -31 -180 144 534 0 0 -182 0 678

NA NA NA 129 516 0 0 -179 0 645

1,992

2,096 154 -134 0 0 -324 -137 -187

142 81 0 0 31 18 13

83 119 0 0 -132 -68 -64

51 146 0 0 14 -1 15

47 116 0 0 -15 0 -15

-190

-50

-251

-131

-131

696 865

902 948

804 1,063

692 603

629 NA

2008Y

2009Y

2010Y

2011Y

2012Y

4,340 156

3,960 135

4,459 0

3,894 0

3,541 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

41 0 0 3,010 592 3,643

39 0 0 3,061 489 3,589

38 0 0 3,003 364 3,405

36 0 0 2,999 338 3,373

36 0 0 2,983 338 3,356

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

6,772

6,252

5,674

5,365

5,452

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

154 -134 297 5,922 0 4,095 0 1,535 0 0

142 81 25 5,735 0 4,459 0 1,095 0 0

83 119 6 5,020 0 3,894 0 884 0 0

51 146 -42 4,393 0 3,541 0 567 0 0

47 116 -24 4,981 0 3,547 0 633 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5 Class 6

Investment Portfolio (%) - 2012

Bonds - 56.8%

Preferred Stocks - 0.0%

Common Stocks - 12.9%

Mortgage Loans - 0.0%

0.60

0.80

1.00

2009Y

2010Y

2011Y

2012Y

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

3

2

0 0 49 0

0 0 48 0

0 0 45 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

2,497 567 0 3,063

2,497 567 0 3,063

2,502 419 0 2,921

2,372 --2,372

9,867 1,552 0 --

Oth, Prod Liab Cmbnd - 100.0% Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

1.03 0.00 0.00 48.76 42.14 25.92 0.00 25.32 0.00 NA 0.00 0.00 0.00 1.60 5.93

1.00 0.00 0.00 56.11 30.51 19.09 0.00 24.80 0.00 NA 0.00 0.00 0.00 1.59 2.73

1.00 0.00 0.00 51.95 25.97 17.61 0.00 30.44 0.00 NA 0.00 0.00 0.00 1.34 5.27

1.00 0.00 0.00 56.83 16.80 12.90 0.00 30.27 0.00 NA 0.00 0.00 0.00 0.96 12.03

1.00 0.00 0.00 49.88 18.86 12.71 0.00 37.41 0.00 NA 0.00 0.00 0.00 0.54 2.02

0.00 5.03 87.45 2.27

0.00 3.95 91.73 2.27

0.00 4.91 88.48 1.46

0.00 5.12 81.89 0.94

0.00 6.08 91.36 0.87

2009Y

2010Y

2011Y

2012Y

2013L1

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

0.00 3.99 2,091 43.10

0.00 -5.18 1,522 299.57

0.00 -7.86 1,326 3.04

0.00 -14.45 1,166 -53.59

0.00 -17.25 944 -103.26

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

Wisconsin - 17.0%

Comm'l Auto St - 0.0%

Illinois - 11.4%

Louisiana - 7.4%

Comm'l Multi Prl - 0.0%

California - 7.0%

All other - 28.4%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.40

LT Bond Common Stock Preferred Stock Total

Colorado - 28.8%

MARKET POSITION ANALYSIS (%)

0.20

2008Y

LT BONDS & STOCKS SUMMARY ($000)

DPW ($000) 272 161 108 70 66 268

0.00

CMBS Exposure Total: LT Bond, Com MBS

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

Rank and States 1. Colorado 2. Wisconsin 3. Illinois 4. Louisiana 5. California All Other

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 30.3%

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

Bond Rated 3-6/Total Bond (%)

Rank and LOBs 1. Oth, Prod Liab Cmbnd 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 944 0 0 0 0 0

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Continuing Care RRG Inc. (Moncks Corner, SC) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

223-B Heatley Street Moncks Corner, SC 29461-3781

NAIC Company Code : 11798 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Western Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-0221911 Distribution Channel: Broker

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

6,166 3,804 2,362 -394 4,898

3,635 2,561 1,074 -1,329 5,218

4,595 3,365 1,230 787 3,890

3,695 2,937 758 -451 2,733

7,038 3,040 3,998 -116 3,860

Direct Premiums Written Net Premiums Written Net Premiums Earned

5,453 4,868 4,868

5,820 5,216 5,216

4,276 3,887 3,887

3,209 2,732 2,732

3,723 3,373 3,848

0 22.06 -14.29 1.28

412 32.21 -49.34 2.04

535 39.99 23.31 1.16

98 37.20 -18.47 0.93

1,658 24.20 -1.99 1.11

MSA: Charleston-North Charleston-Summerville, SC (Metro)

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Katie Gray (800) 226-0793 (941) 906-7538 kgray@pboa.com

Total Assets

Shores Tagman Butler & Co P.A. Milliman Inc. --Leslie Breckenridge

7,000

2009Y

2010Y

2011Y

2012Y

2013L1

6,000

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

1.23 0.52 -9.54 -5.37 68.40 44.33 39.50 112.73 112.21 0.52 0.00

0.01 0.00 -43.40 -19.31 89.41 39.61 69.06 129.02 129.02 0.00 0.00

0.03 0.02 26.80 14.20 39.25 43.19 21.20 82.44 82.42 0.02 0.00

-0.08 -0.05 -14.71 -8.78 55.43 65.35 45.78 120.77 120.83 -0.05 0.00

-0.07 -0.03 -3.89 -2.30 58.28 49.71 43.21 108.00 108.02 -0.02 0.00

5,000

Profitability Ratios (%)

40.00 30.00 20.00 10.00 0.00 -10.00 -20.00 -30.00 -40.00 -50.00

Return on Avg Assets

Net Yield on Invested Assets

129.0

Combined Ratio

120.8

112.7

108.0 82.4

586.0

4,000 3,000 2,000

217.0 147.0

1,000

53.0

49.0

2010Y

2011Y

0 2009Y

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

28.90 8.83 0.00 4.69 30.81 5,453 3,330 2,158 -620 89.27 NM -12.05

20.35 9.08 0.00 4.74 25.79 5,820 4,663 2,066 -1,514 89.62 NM -28.96

18.06 9.24 0.00 4.51 29.44 4,276 1,526 1,679 683 90.92 -14.96 17.61

9.64 9.78 0.00 5.25 50.31 3,209 1,514 1,785 -568 85.13 NM -20.72

15.08 NA NA NA NA NA 2,243 1,677 -71 NA NM -1.54

REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2009Y

2010Y

2011Y

2012Y

2013L1

-817 89.27 0.00 0.00 0 0

79 89.62 0.00 0.00 0 0

-15 90.92 0.00 0.00 0 0

10 85.13 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

46.05 46.05 28.59 217.00 0.00 NA -1,204 -1,170 77.71 77.71 -16.45

187.57 187.57 78.66 53.00 0.00 508.10 838 840 113.00 113.00 -64.49

205.07 205.07 74.96 49.00 0.00 468.43 489 491 115.57 115.57 -33.87

68.20 68.20 17.60 147.00 0.00 536.75 -2,178 -2,177 55.68 55.68 -58.36

17.06 17.06 22.44 586.00 0.00 27.95 -2,598 -2,586 48.23 48.23 -30.00

2010Y

2011Y

2012Y

227 204 7 0 121* 0 0* 0.0*

127 116 -25 0 109* 0 0* 0.0*

109 93 -30 0 98 0 0* 0.0*

31 31* 49 0 3 0 -10

-13* -18* 147* 0 -12 -12 -1

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

8,000

PROFITABILITY RATIOS (%)

Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 -33* Net Change in Adj Policyholders' Surplus 25 -10 -35* Liabilities to Liquid Assets 100 --53 Agents' Bal to Policyholders' Surplus 40 --0 1-Yr Resv Dev to Policyholders' Surplus 20 --0 2-Yr Resv Dev to Policyholders' Surplus 20 --0 Est Curr Resv Defi/Policyholders' Surplus 25 ---16 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

9.14 40.49

-41.05 -54.54

26.43 14.55

-19.59 -38.36

4.24 12.41

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

8.35 NM NM NM 0.22 -3.43 23.49 8.31

7.14 NM NM NM 6.72 -19.75 -5.27 -11.20

-25.47 NM NM 29.93 -26.53 -12.10 -1.70 -5.23

-29.72 NM NM -81.66 -24.94 -21.07 -6.79 -11.08

17.70 NM NM -12.80 12.74 -3.21 -6.59 -4.76

Capital ($000) & Capital Ratios (%) 7,000

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

90.9

6,000 5,000

ACL Risk Based Capital

89.3

89.6

4,000 3,000 85.1

2,000 1,000 0 2009Y ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

NM -0.25 -4.91 22.06 -0.21 NA 0.00

NM 0.00 -0.25 32.21 0.00 48.27 16.09

29.93 3.44 0.00 39.99 2.26 40.21 15.91

-81.66 -12.15 -11.87 37.20 -14.97 23.13 3.34

-12.80 NA NA 24.20 NA NA 54.53

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

310.8

288.9 253.6 213.4

185.2

2008Y

2009Y

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

3,804 3,804 750 507.26 253.63

2,561 2,561 691 370.34 185.17

3,365 3,365 582 577.88 288.94

2,937 2,937 688 426.80 213.40

3,040 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

0 2 0 0.00 117.87 62.09 -21.48

0 0 0 0.00 170.27 41.93 3.08

0 0 0 0.00 132.28 36.55 -0.45

0 0 0 0.00 89.11 25.81 0.34

0 0 0 0.00 112.68 131.53 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Continuing Care RRG Inc. (Moncks Corner, SC) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 1,088 0 1,088 0 216 4,863 0 6,166

0 2,014 0 2,014 9 0 1,611 0 3,635

0 2,523 0 2,523 0 0 2,073 0 4,595

0 517 0 517 -18 0 3,196 0 3,695

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

0 0 0 0 1,033 1,299 0 30

354 58 412 0 -79 695 0 46

285 250 535 0 15 680 0 0

Total Liabilities

2,362

1,074

1,230

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 5,453 0 5,453

0 5,820 0 5,820

0 4,276 0 4,276

0 3,209 0 3,209

0 3,723 NA 3,723

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-585 4,868 0 4,868

-604 5,216 0 5,216

-388 3,887 0 3,887

-477 2,732 0 2,732

-350 3,373 -476 3,848

0 682 0 682 2,428 0 3,928 0 7,038

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 1,932 0 1,932 1,408 0 -9

0 3,248 0 3,248 1,003 0 354

0 892 0 892 510 0 -68

0 1,447 0 1,447 516 0 -197

NA NA NA NA NA NA NA

89 9 98 0 -10 658 0 12

1,000 658 1,658 783 514 1,043 0 0

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -1 -10 3,330 2,158 0 0 -620 0 5,488

0 58 412 4,663 2,066 0 0 -1,514 0 6,729

0 192 123 1,526 1,679 0 0 683 0 3,205

0 -252 -449 1,514 1,785 0 0 -568 0 3,300

NA NA NA 2,243 1,677 0 0 -71 0 3,920

758

3,998 Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

25 0 4 0 -590 -196 -394

0 0 2 0 -1,511 -182 -1,329

1 0 1 0 685 -102 787

-1 0 3 0 -566 -115 -451

-1 0 13 0 -60 57 -116

0 0 0 -1,015 4,819 3,804

0 0 0 -2,344 4,905 2,561

0 0 0 -1,557 4,922 3,365

0 0 0 -2,157 5,094 2,937

0 0 0 -2,111 5,151 3,040

6,166

3,635

4,595

3,695

7,038

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

25 0 2 1,088 0 0 0 0 0 0

0 0 0 2,014 0 0 0 0 0 0

1 0 0 2,523 0 0 0 0 0 0

-1 1 0 0 517 0 0 0 0 0 0

-1 1 0 0 682 0 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA NA NA NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6

-566

-60

3,890 2,250

2,733 3,470

3,860 NA

2008Y

2009Y

2010Y

2011Y

2012Y

254 0

0 0

0 0

0 0

0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 0.0%

Preferred Stocks - 0.0%

Common Stocks - 0.0%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 100.0%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

0 0 0 0

0 0 0 0

0 0 0 0

0 --0

0 0 0 --

Med Prof Liab - 75.0%

LT Bond Common Stock Preferred Stock Total

Oth, Prod Liab Cmbnd - 25.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Total Cmbnd A&H - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 0.00 3.50

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 0.26 0.00

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 0.00 0.00

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 -0.48 0.00

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 34.49 0.00

0.00 78.86 17.64 0.41

0.00 44.32 55.42 0.00

0.00 45.11 54.89 0.02

0.00 86.49 13.99 -0.04

0.00 55.81 9.69 -0.01

California - 54.4%

Arizona - 25.3%

Aircraft - 0.0%

North Carolina - 8.6%

Indiana - 3.1%

Comm'l Auto St - 0.0%

Kansas - 2.3%

All other - 6.4%

All Other - 0.0%

DPW ($000) 1,745 810 275 101 74 204

685

5,218 3,414

Class 6

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. California 2. Arizona 3. North Carolina 4. Indiana 5. Kansas All Other

-1,511

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

-590 4,898 3,314

Rank and LOBs 1. Med Prof Liab 2. Oth, Prod Liab Cmbnd 3. Total Cmbnd A&H 4. Aircraft 5. Comm'l Auto St All Other

DPW ($000) 2,407 802 0 0 0 0

MARKET POSITION ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.00 149.26 5,441 41.02

0.00 26.52 5,453 35.26

0.00 7.91 5,820 61.89

0.00 -3.19 4,276 19.27

0.00 -10.35 3,209 38.98

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

y g value 6 - The Securities and Bond section are held at carrying


Doctors & Surgeons Natl RRG (Lawrenceville, GA) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

3370 Sugarloaf Parkway Suite G-2/302 Lawrenceville, GA 30044-5486 MSA: Atlanta-Sandy Springs-Marietta, GA (Metro)

NAIC Company Code : 13018 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: National NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 68-0656137 Distribution Channel: Broker

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

2,918 1,276 1,642 6 1,014

4,828 2,033 2,795 168 2,360

7,583 2,209 5,375 76 3,157

9,956 2,589 7,367 279 4,013

10,541 2,678 7,863 277 4,264

Direct Premiums Written Net Premiums Written Net Premiums Earned

1,294 798 958

3,928 2,549 2,283

5,146 4,008 3,007

6,538 4,896 3,839

7,036 5,364 4,088

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

764 46.46 0.75 0.63

1,753 53.41 17.10 1.25

2,941 72.14 7.48 1.81

3,386 82.29 17.34 1.89

3,787 80.41 16.53 2.00

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/14/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Sara Mary Carpenter (706) 232-9591x12 (706) 232-0195 scarpenter@alliantplans.com

Total Assets

Munninghoff Lange & Company Merlinos & Associates Inc. --William Peter Graper

Total Liabilities

12,000 10,000

PROFITABILITY RATIOS (%)

2009Y

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

2010Y

1.98 6.23 0.51 0.21 63.87 49.30 45.36 113.17 107.99 5.19 0.00

1.63 2.10 11.35 3.93 52.70 35.45 36.15 88.16 85.81 2.35 0.00

2011Y

2012Y

2.46 3.00 3.49 1.22 51.33 36.22 20.45 87.55 83.55 4.00 0.00

2.46 3.29 10.77 2.95 51.12 32.62 22.23 83.74 79.42 4.32 0.00

Profitability Ratios (%) Return on Average Equity (C&S)

12.00

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

113.2

10.00 88.2

8.00

87.6

84.7

83.7

8,000 6,000

102.0

95.0

2013L1

2.59 3.56 11.33 3.19 53.09 31.60 31.65 84.69 80.16 4.54 0.00

Liabilities / Liquid Assets (IRIS Ratio)

95.0

75.0 62.0

4,000 2,000 0 2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

135.53 253.53 174.46 62.00 0.00 193.53 614 651 514.74 514.74 4.74

30.91 131.47 42.50 75.00 0.00 164.43 837 769 174.99 189.20 6.35

8.55 104.97 20.80 95.00 0.00 124.92 1,997 2,083 225.74 231.20 5.14

8.13 97.85 23.13 102.00 0.00 121.10 1,956 2,170 168.42 168.42 6.72

13.61 104.61 39.95 95.00 0.00 116.18 2,441 2,641 181.31 181.31 6.68

2010Y

2011Y

2012Y

193 125 219* 0 91 1 7* 1.7*

233 181 57* 0 84 2 6* 2.6*

253 189 22 0 81 2 7* 2.7*

9 4 95 54* 0 20* -8

17 13 102* 60* -2 -1 -3

6.00 4.00

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2.00 0.00 2009Y

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

18.52 18.33 0.00 1.25 29.71 1,294 612 393 -47 61.70 34.00 0.87

16.55 12.81 0.00 0.82 21.82 3,928 1,203 904 176 64.90 33.87 10.74

30.88 14.67 0.00 0.61 20.95 5,146 1,544 1,452 12 77.88 53.42 5.13

21.44 16.05 0.00 0.66 14.89 6,538 2,038 1,547 254 74.88 33.99 10.66

28.89 NA NA NA NA NA 2,090 1,750 249 NA 34.72 9.96

2009Y

2010Y

2011Y

2012Y

2013L1

199 61.70 0.00 0.00 0 0

776 64.90 48.58 0.00 0 0

472 77.88 0.00 0.00 0 0

537 74.88 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 59* Net Change in Adj Policyholders' Surplus 25 -10 13 Liabilities to Liquid Assets 100 --75 Agents' Bal to Policyholders' Surplus 40 --31 1-Yr Resv Dev to Policyholders' Surplus 20 --28* 2-Yr Resv Dev to Policyholders' Surplus 20 --16 Est Curr Resv Defi/Policyholders' Surplus 25 --22 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

30.95 62.71

65.45 70.19

57.08 92.32

31.29 37.07

32.67 37.98

-31.40 -95.65 -91.84 1,920.03 -9.55 NA NA NA

219.39 NM NM 129.36 203.64 NM 26.35 67.96

57.21 -36.13 -55.07 67.74 31.02 368.52 21.67 65.17

22.16 164.26 269.67 15.13 27.04 266.41 20.77 57.76

40.46 313.64 541.28 18.29 41.58 90.84 21.57 51.54

Capital ($000) & Capital Ratios (%) 7,000 77.9

6,000 5,000

61.7

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

74.9

64.9

4,000 3,000

3,000

2,000

2,500

1,000

1,248.7

2,000

0 2009Y

2010Y

2011Y

2012Y

2013L1

1,500 1,000

ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

1,920.03 0.41 0.00 46.46 0.52 40.47 59.92

129.36 27.98 16.32 53.41 15.64 28.27 86.24

67.74 0.10 20.15 72.14 0.07 23.35 133.16

15.13 -2.13 -0.78 82.29 -1.22 37.78 130.77

18.29 NA NA 80.41 NA NA 141.40

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

365.9

500

240.3

167.9

161.0

2011Y

2012Y

0 2008Y

2009Y

2010Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

1,276 1,276 174 731.77 365.88

2,033 2,033 423 480.65 240.33

2,209 2,209 658 335.87 167.94

2,589 2,589 804 321.92 160.96

2,678 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

0 0 0 0.00 67.11 128.72 15.60

1 0 0 0.00 171.98 137.48 38.17

0 0 0 0.00 185.26 243.37 21.37

-4 0 0 0.00 198.40 284.54 20.74

-1 0 0 0.00 208.80 293.59 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Doctors & Surgeons Natl RRG (Lawrenceville, GA) BALANCE SHEET ($000) Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities Total Liabilities

2009Y

2010Y

2011Y

2012Y

2013L1

351 0 33 0 0

2,787 0 24 0 0

5,145 0 38 0 0

6,327 0 283 0 0

6,470 0 685 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 2,226 0 2,610 36 30 242 0 2,918

0 864 0 3,674 632 29 493 0 4,828

0 459 0 5,642 1,192 0 749 0 7,583

0 599 0 7,209 1,547 0 1,014 0 9,956

0 1,070 0 8,225 1,016 0 985 0 10,541

589 175 764 687 0 87 20 84

1,182 572 1,753 953 0 88 0 0

1,737 1,204 2,941 1,953 109 308 63 0

2,149 1,237 3,386 3,010 349 590 -36 69

1,906 1,881 3,787 3,292 335 435 14 0

1,642

2,795

5,375

7,367

7,863

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

500 0 0 138 638 1,276

500 0 0 307 1,226 2,033

500 0 0 390 1,319 2,209

500 0 0 669 1,420 2,589

500 0 0 705 1,474 2,678

Total Liabilities and C&S

2,918

4,828

7,583

9,956

10,541

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

0 1,294 0 1,294

0 3,928 0 3,928

0 5,146 0 5,146

0 6,538 0 6,538

0 7,036 NA 7,036

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-495 798 -160 958

-1,379 2,549 266 2,283

-1,139 4,008 1,000 3,007

-1,642 4,896 1,057 3,839

-1,672 5,364 1,276 4,088

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 -145 0 -145 31 0 580

0 233 0 233 105 0 592

0 60 0 60 172 0 555

0 803 0 803 791 0 412

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 147 727 612 393 0 0 -47 0 1,006

0 272 865 1,203 904 0 0 176 0 2,107

0 757 1,312 1,544 1,452 0 0 12 0 2,995

0 32 445 2,038 1,547 0 0 254 0 3,585

NA NA NA 2,090 1,750 0 0 249 0 3,839

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

50 0 0 6 9 3 6

54 1 0 24 254 86 168

120 0 0 30 162 87 76

174 -4 0 0 423 144 279

177 -1 0 -1 424 147 277

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

50 0 0 2,610 0 1,904 0 33 0 0

54 1 0 3,674 0 2,787 0 24 0 0

120 0 0 5,642 0 5,145 0 38 0 0

174 -4 0 7,209 0 6,327 0 283 0 0

177 -1 0 8,225 0 6,470 0 685 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6

2008Y

2009Y

2010Y

2011Y

2012Y

0 0

1,904 0

2,787 0

5,043 102

6,226 101

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 87.8%

Preferred Stocks - 0.0%

Common Stocks - 3.9%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 8.3%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

2,822

3,684

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 346 94 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

6,327 283 0 6,610

6,386 283 0 6,669

6,372 283 0 6,655

6,288 --6,288

25,373 848 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 13.45 2.62 1.28 0.00 85.27 0.00 NA 0.00 0.00 0.00 1.25 1.01

1.00 0.00 0.00 75.84 1.17 0.65 0.00 23.51 0.00 NA 0.00 0.00 0.00 13.08 0.60

1.02 0.00 0.00 91.19 1.71 0.67 0.00 8.14 0.00 NA 0.00 0.00 0.00 15.72 0.00

1.02 0.00 0.00 87.77 10.92 3.92 0.00 8.31 0.00 NA 0.00 0.00 0.00 15.54 0.00

1.06 0.00 0.00 78.67 25.57 8.32 0.00 13.01 0.00 NA 0.00 0.00 0.00 9.64 0.00

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 8.29 89.45 1.70

0.00 10.21 76.11 1.11

0.00 9.88 74.40 1.59

1.87 10.19 72.40 1.75

2.99 9.34 78.03 1.67

Comm'l Auto St - 0.0%

Florida - 13.0%

Illinois - 6.3%

Comm'l Multi Prl - 0.0%

Arizona - 3.1%

All other - 20.9%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

425 4,263 NA

Med Prof Liab - 100.0%

Michigan - 20.9%

MARKET POSITION ANALYSIS (%)

428 4,008 1,925

LT Bond Common Stock Preferred Stock Total

New York - 35.8%

DPW ($000) 2,342 1,364 853 410 202 1,368

162 3,158 1,517

Class 6

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. New York 2. Michigan 3. Florida 4. Illinois 5. Arizona All Other

253 2,361 1,056

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

9 1,015 340

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 6,538 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 1,430 3.30

0.00 NA 1,294 29.77

0.00 NA 3,928 25.30

0.00 NA 5,146 14.79

0.00 NA 6,538 23.47

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Emergency Cap Mgmt LLC A RRG (Washington, DC) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

1627 Connecticut Avenue, NW Suite Six Washington, DC 20009-1013 MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

NAIC Company Code : 14163 Business Focus : P&C Minimum NPW Geographic Focus: Geography Minimum NPW NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 45-4057491 Distribution Channel: --

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

2,743 1,802 941 -11 1,012

4,268 1,900 2,368 115 668

Direct Premiums Written Net Premiums Written Net Premiums Earned

NA NA NA

NA NA NA

NA NA NA

3,023 1,004 1,004

3,256 -384 659

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

NA NA NA NA

NA NA NA NA

NA NA NA NA

769 NA NA 0.56

901 96.27 13.33 -0.20

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Melissa Anne Hancock (202) 802-1439 -melissa.hancock@strategicrisks.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Saslow Lufkin & Buggy LLP RMS Solutions Inc. --Rodney W. Smith

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

NA 0.81 NA NA 76.57 18.88 38.77 95.45 94.63 0.81 0.00

0.26 -2.43 6.55 3.08 80.86 NM 13.48 NM NM NA 0.00

3,000

Net Yield on Invested Assets

40.0

2,500 2,000 1,500 1,000 500 0 2009Y

2010Y

CASH FLOW & LIQUIDITY (%)

Combined Ratio

95.4

5.00 4.00 3.00

1.00 0.0

2009Y

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA

37.79 -13.29 0.00 9.57 22.61 3,023 769 190 46 33.22 118.29 5.32

67.38 NA NA NA NA NA 533 -100 226 NA 52.07 35.17

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

1,689 33.22 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

2012Y

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

114.64 250.64 59.88 40.00 0.00 526.49 632 596 2,034.89 2,237.00 0.97

57.39 184.10 71.51 57.00 0.00 294.66 -633 -650 -665.27 -592.53 2.93

2010Y

2011Y

2012Y

NA NA NA 0 0 NA

NA NA NA 0 0 NA

168 56 NA 0 NA NA

NA NA NA NA NA NA NA

3 2 40 0 0 NA NA

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 NA Net Change in Adj Policyholders' Surplus 25 -10 NA Liabilities to Liquid Assets 100 --NA Agents' Bal to Policyholders' Surplus 40 --NA 1-Yr Resv Dev to Policyholders' Surplus 20 --NA 2-Yr Resv Dev to Policyholders' Surplus 20 --NA Est Curr Resv Defi/Policyholders' Surplus 25 --NA *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2013L1

2009Y

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2.00

0.00

2011Y

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

7.00 6.00

57.0

4,000 3,500

Return on Avg Assets

Liabilities / Liquid Assets (IRIS Ratio)

4,500

Profitability Ratios (%) Return on Average Equity (C&S)

Total Liabilities

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

NA NA

NA NA

NA NA

NA NA

-8.08 -21.05

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA 144.63 NA NA NA NA

Capital ($000) & Capital Ratios (%) 3,500 3,000 2,500 2,000 1,500 1,000 500 0 -500 -1,000

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

33.2

2009Y ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA 0.00 NA 0.00 44.14 42.68

144.63 NA NA 96.27 NA NA 47.41

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0

239.0

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

1,802 1,802 377 478.06 239.03

1,900 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

6 9 0 0.00 NA 52.23 93.75

6 25 0 0.00 -21.81 124.62 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Emergency Cap Mgmt LLC A RRG (Washington, DC) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

1,050 0 229 0 0

2,006 0 790 0 0

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

NA NA NA NA

NA NA NA NA

NA NA NA NA

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA

0 1,079 1 2,359 0 350 33 0 2,743

0 1,359 0 4,154 0 16 98 0 4,268

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

389 380 769 0 0 167 2 3

457 444 901 509 512 155 0 291

Total Liabilities

NA

NA

NA

941

2,368

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

NA NA NA NA

NA NA NA NA

NA NA NA NA

0 3,023 0 3,023

0 3,256 NA 3,256

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

NA NA NA NA

NA NA NA NA

NA NA NA NA

-2,019 1,004 0 1,004

-3,640 -384 -1,043 659

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

0 0 0 0 0 0 389

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

0 380 769 769 190 0 0 46 0 959

NA NA NA 533 -100 0 0 226 0 433

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

8 6 0 0 60 70 -11

9 6 0 0 241 125 115

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

0 0 0 27 1,775 1,802

0 0 0 125 1,775 1,900

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

NA

NA

NA

2,743

4,268

Pre-tax Operating Income

NA

NA

NA

54

235

Memo: Total Revenue Memo: Paid Expenses

NA NA

NA NA

NA NA

1,018 64

674 NA

2008Y

2009Y

2010Y

2011Y

2012Y

NA NA

NA NA

NA NA

NA NA

1,050 0

NA NA NA

NA NA NA

NA NA NA

NA NA NA

0 0 0

NA

NA

NA

NA

0

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

NA NA

NA NA

NA NA

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

8 6 9 2,359 0 1,050 0 229 0 0

9 6 25 4,154 0 2,211 0 790 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5 Class 6

Investment Portfolio (%) - 2012

Bonds - 44.5%

Preferred Stocks - 0.0%

Common Stocks - 9.7%

Mortgage Loans - 0.0%

0.60

0.80

1.00

2009Y

2010Y

2011Y

2012Y

0

0

0

NA

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

NA

0

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

1,050 229 0 1,280

1,054 229 0 1,283

1,063 217 0 1,279

1,000 --1,000

4,167 675 0 --

Med Prof Liab - 100.0% Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

1.00 0.00 0.00 44.52 12.73 9.72 0.00 45.72 0.00 NA 0.00 0.00 0.04 0.00 12.75

1.00 0.00 0.00 48.28 41.56 19.01 0.00 32.71 0.00 NA 0.00 0.00 0.00 0.00 0.37

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

NA NA NA NA

NA NA NA NA

NA NA NA NA

0.00 1.22 86.03 0.30

0.00 2.29 97.34 0.22

Ohio - 18.9%

Comm'l Auto St - 0.0%

Indiana - 18.2%

Michigan - 11.8%

Comm'l Multi Prl - 0.0%

Delaware - 7.9%

All other - 8.1%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.40

LT Bond Common Stock Preferred Stock Total

Illinois - 35.1%

MARKET POSITION ANALYSIS (%)

0.20

2008Y

LT BONDS & STOCKS SUMMARY ($000)

DPW ($000) 1,062 572 551 356 238 245

0.00

CMBS Exposure Total: LT Bond, Com MBS

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

Rank and States 1. Illinois 2. Ohio 3. Indiana 4. Michigan 5. Delaware All Other

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 45.8%

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

Bond Rated 3-6/Total Bond (%)

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 3,023 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

0.00 NA 3,023 46.59

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Emergency Medicine Prof Assr (Las Vegas, NV) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

9550 South Eastern Avenue Suite 253 Las Vegas, NV 89123-8042 MSA: Las Vegas-Paradise, NV (Metro)

NAIC Company Code : 12003 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Midwestern Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-1141933 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

12,525 3,649 8,877 -392 4,163

13,729 4,823 8,906 400 6,042

22,902 6,324 16,578 635 6,147

21,100 6,002 15,098 -301 4,273

21,510 6,116 15,395 -234 4,378

7,303 4,268 3,966

7,715 5,478 5,797

8,424 6,396 5,921

4,431 3,692 4,047

4,470 4,176 4,151

6,343 147.87 -4.84 1.17

6,531 109.18 4.84 1.14

7,770 121.30 12.51 1.01

7,739 198.92 -11.54 0.62

7,988 193.68 -10.02 0.68

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Direct Premiums Written Net Premiums Written Net Premiums Earned Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Brian Troy Winch (941) 373-1105 (941) 366-1076 twinch@riskservcos.com

Total Assets

Shores Tagman Butler & Co P.A. Milliman Inc. ----

142.0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

2.45 4.63 -11.01 -3.14 56.74 48.85 44.83 105.60 100.62 4.98 0.00

2.63 4.47 9.44 2.85 50.83 52.77 29.78 103.60 99.37 4.22 0.00

2.14 3.54 11.42 3.80 45.01 43.57 16.66 88.58 84.76 3.82 0.00

1.62 6.12 -4.74 -1.32 56.42 52.50 21.08 128.33 122.74 5.59 19.41

1.72 5.42 -3.72 -1.05 50.25 50.23 6.54 120.33 114.88 5.45 19.85

Profitability Ratios (%) Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

15.00 128.3

120.3

10.00 105.6

103.6

5.00

Liabilities / Liquid Assets (IRIS Ratio)

25,000

PROFITABILITY RATIOS (%)

Return on Average Equity (C&S)

Total Liabilities

88.6

20,000 15,000

130.0

126.0

2012Y

2013L1

104.0

96.0

10,000 5,000 0 2009Y

2010Y

2011Y

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

28.63 103.03 69.66 96.00 0.00 179.54 1,296 1,535 152.44 146.49 -9.02

7.00 95.60 12.93 104.00 0.00 179.02 -19 256 99.64 99.64 -4.42

24.09 70.02 63.15 142.00 0.00 181.35 1,961 2,226 141.26 141.26 2.24

22.29 74.08 56.06 130.00 0.00 156.62 -2,119 -2,533 62.97 55.92 1.13

23.15 76.18 58.26 126.00 0.00 128.64 -3,436 -3,935 43.10 37.92 1.64

2010Y

2011Y

2012Y

160 114 28 0 100 2 8* 2.8*

138 101 17 0 92 2 3* 2.3*

74 62 -42* 0 100 2 0* 2.0*

31 23 142* 6 -10 12 6

-5 -4 130* 5 -9 -22 -56

0.00 -5.00

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

-10.00 -15.00 2009Y

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

11.91 12.62 0.00 4.28 31.95 7,303 2,250 2,085 -369 58.43 NM -4.13

21.04 11.48 0.00 3.66 37.63 7,715 2,947 2,891 -40 71.00 -27.06 3.39

28.35 9.82 0.00 5.55 28.20 8,724 2,665 2,787 469 73.32 32.10 11.31

35.33 9.57 0.00 5.66 37.27 4,452 2,283 1,938 -174 82.93 NM -17.17

43.71 NA NA NA NA NA 2,086 2,098 -33 NA NM -14.40

2009Y

2010Y

2011Y

2012Y

2013L1

5,426 58.43 72.82 0.00 0 0

5,779 71.00 69.44 0.00 0 0

5,980 73.32 78.08 3.44 0 0

2,988 82.93 55.02 0.47 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 32 Net Change in Adj Policyholders' Surplus 25 -10 14 Liabilities to Liquid Assets 100 --104* Agents' Bal to Policyholders' Surplus 40 --12 1-Yr Resv Dev to Policyholders' Surplus 20 --25* 2-Yr Resv Dev to Policyholders' Surplus 20 ---31 Est Curr Resv Defi/Policyholders' Surplus 25 --38* *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

7.08 11.31

9.61 0.33

66.82 86.15

-7.87 -8.93

-9.60 -11.90

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

13.79 NM NM 23.24 3.76 36.22 18.96 29.61

28.35 NM NM 2.96 5.64 12.57 16.82 13.96

16.77 239.05 58.69 18.98 9.18 22.89 5.98 16.56

-42.28 NM NM -0.40 -47.40 16.53 3.88 11.97

-58.73 NM NM -0.71 -4.18 15.70 4.03 11.57

Capital ($000) & Capital Ratios (%) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

82.9 73.3

71.0 58.4

7,000 258.8

6,000 5,000 2009Y

2010Y

2011Y

2012Y

4,000

2013L1

211.6 176.2

168.5

165.7

2008Y

2009Y

2010Y

3,000 ASBESTOS/ENVIRONMENTAL RESV

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

23.24 -8.68 -13.87 147.87 -8.14 8.98 173.84

2.96 25.46 -31.35 109.18 16.02 13.40 135.42

18.98 -9.56 12.11 121.30 -7.79 21.62 122.88

-0.40 -9.44 -22.22 198.92 -14.75 25.86 128.95

-0.71 NA NA 193.68 NA NA 130.62

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

2,000 1,000

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

0 2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

3,649 3,649 1,083 336.96 168.48

4,823 4,823 1,455 331.47 165.74

6,324 6,324 1,494 423.13 211.57

6,002 6,002 1,160 517.53 258.76

6,116 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

-316 642 24 NM 119.98 243.28 148.71

110 123 0 0.00 129.21 184.67 119.83

240 -67 0 0.00 115.09 262.16 94.57

120 26 0 0.00 58.08 251.55 49.78

113 28 0 0.00 66.40 251.72 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Emergency Medicine Prof Assr (Las Vegas, NV) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

4,617 0 1,987 0 0

4,631 0 3,260 0 0

6,106 0 1,510 0 0

4,711 412 3,109 0 0

4,856 421 3,294 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 2,542 0 9,145 493 82 2,805 0 12,525

0 623 0 8,514 558 260 4,397 0 13,729

0 3,993 0 11,609 357 754 10,182 0 22,902

0 3,365 0 11,597 322 611 8,571 0 21,100

0 3,563 0 12,134 -5 710 8,671 0 21,510

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

4,655 1,688 6,343 1,773 374 350 0 37

4,564 1,967 6,531 1,453 84 838 0 0

4,991 2,779 7,770 1,929 27 943 0 5,910

4,536 3,203 7,739 1,573 2,670 170 0 2,945

4,397 3,591 7,988 1,445 1,309 196 0 4,457

Total Liabilities

8,877

8,906

16,578

15,098

15,395

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

0 0 0 -1,130 4,778 3,649

0 0 0 -607 5,429 4,823

0 0 0 514 5,810 6,324

0 0 0 239 5,763 6,002

0 0 0 353 5,763 6,116

Total Liabilities and C&S

12,525

13,729

22,902

21,100

21,510

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

0 7,303 0 7,303

0 7,715 0 7,715

0 8,424 0 8,424

0 4,431 0 4,431

0 4,470 NA 4,470

-3,036 4,268 302 3,966

-2,238 5,478 -320 5,797

-2,028 6,396 475 5,921

-739 3,692 -356 4,047

-294 4,176 25 4,151

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 362 0 362 692 0 1,416

0 1,817 0 1,817 942 0 -90

0 560 0 560 866 0 427

0 1,308 0 1,308 1,006 0 -455

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -220 1,196 2,250 2,085 0 0 -369 0 4,335

0 278 188 2,947 2,891 0 0 -40 0 5,837

0 812 1,239 2,665 2,787 0 0 469 0 5,452

0 424 -31 2,283 1,938 0 0 -174 786 4,221

NA NA NA 2,086 2,098 0 0 -33 824 4,184

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

197 -316 0 0 -488 -97 -392

245 110 0 0 315 -85 400

226 240 0 0 935 300 635

226 120 0 0 -613 -312 -301

226 113 0 0 -517 -283 -234

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

197 -316 642 9,145 0 4,617 0 1,987 0 0

245 110 123 8,514 0 4,631 0 3,260 0 0

226 240 -67 11,609 0 6,106 0 1,510 0 0

226 120 26 11,597 0 4,711 412 3,109 0 0

226 113 28 12,134 0 4,871 421 3,294 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

2008Y

2009Y

2010Y

2011Y

2012Y

3,802 0

4,617 0

4,631 0

6,106 0

4,240 471

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Preferred Stocks - 3.6%

Common Stocks - 26.8%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 29.0%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

3,414 0 0 0

3,386 0 0 0

2,264 0 0 0

3,574 0 0 0

2,598 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

4,711 3,109 412 8,232

4,711 3,109 412 8,232

4,643 2,894 407 7,944

4,310 --4,310

18,375 9,112 1,231 --

Med Prof Liab - 100.0% Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 50.48 54.45 21.72 0.00 27.79 0.00 NA 0.00 0.00 0.00 3.94 0.66

1.00 0.00 0.00 54.39 67.59 38.29 0.00 7.32 0.00 NA 0.00 0.00 0.00 4.07 1.89

1.00 0.00 0.00 52.60 23.87 13.00 0.00 34.40 0.00 NA 0.00 0.00 0.00 1.56 3.29

1.10 0.00 0.00 40.63 51.80 26.81 6.87 29.01 0.00 NA 0.00 0.00 0.00 1.52 2.89

1.10 0.00 0.00 40.02 53.86 27.15 6.89 29.36 0.00 NA 0.00 0.00 0.00 -0.02 3.30

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 22.39 73.02 1.58

0.00 32.03 62.02 1.78

0.00 44.46 50.69 0.99

0.00 40.62 54.96 1.07

0.00 40.31 56.41 1.05

Indiana - 19.7%

Comm'l Auto St - 0.0%

Florida - 18.5%

Kentucky - 13.7%

Comm'l Multi Prl - 0.0%

Oklahoma - 8.9%

All other - 19.1%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

-630 4,490 NA

LT Bond Common Stock Preferred Stock Total

Ohio - 20.2%

MARKET POSITION ANALYSIS (%)

-734 4,394 4,472

Bonds - 40.6%

LT BONDS & STOCKS SUMMARY ($000)

DPW ($000) 895 872 820 606 392 846

695 6,387 3,743

Investment Portfolio (%) - 2012

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

Rank and States 1. Ohio 2. Indiana 3. Florida 4. Kentucky 5. Oklahoma All Other

205 6,152 3,147

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

-172 3,847 3,162

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 4,431 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 7,039 50.86

0.00 28.52 7,303 50.96

0.00 12.35 7,715 36.14

0.00 4.79 8,424 12.12

0.00 -9.05 4,431 28.24

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Global Hawk Insurance Co a RRG (Burlington, VT) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

84 Pine Street Suite 450 Burlington, VT 05401-4467 MSA: Burlington-South Burlington, VT (Metro)

NAIC Company Code : 11948 Business Focus : Commercial Property Focus Geographic Focus: Regional - Western Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-0073152 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

5,914 3,117 2,797 -28 671

7,474 4,171 3,303 1,387 2,734

9,768 4,348 5,419 221 4,047

14,224 4,671 9,553 294 6,218

16,676 4,855 11,821 -59 7,143

Direct Premiums Written Net Premiums Written Net Premiums Earned

2,081 1,873 647

3,637 3,610 2,714

5,403 4,995 4,006

8,790 8,177 6,196

10,792 9,938 7,127

1,426 240.71 -0.99 0.60

1,327 55.46 40.45 0.87

2,076 48.39 5.74 1.15

4,035 44.36 6.29 1.75

5,087 47.38 -6.22 2.05

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/31/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Stephen M. Brown (802) 651-0168 (802) 651-0175 steve.brown@kane-group.com

Total Assets

Saslow Lufkin & Buggy LLP CapRisk Consulting Group --Jasbir S. Thandi

16,000

2009Y

2010Y

2011Y

2012Y

2013L1

14,000

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

0.64 1.28 -0.99 -0.57 48.06 20.74 -37.90 68.79 65.08 3.71 0.00

0.41 0.55 40.45 20.82 13.14 27.42 1.06 40.57 39.83 0.74 0.00

0.61 0.82 5.74 2.66 62.88 26.16 47.92 89.04 88.01 1.03 0.00

0.25 0.27 6.29 2.54 64.25 23.76 47.66 88.01 87.65 0.36 0.00

0.17 0.17 -1.25 -0.46 76.00 20.34 59.89 96.33 96.10 0.23 0.00

12,000

Profitability Ratios (%)

45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 -5.00

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

96.3

89.0

Liabilities / Liquid Assets (IRIS Ratio)

18,000

PROFITABILITY RATIOS (%)

Return on Average Equity (C&S)

Total Liabilities

88.0

97.0 88.0 72.0

10,000 8,000

52.0

53.0

2009Y

2010Y

6,000 4,000 2,000 0 2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

36.03 133.04 32.33 52.00 0.00 146.65 -677 -643 52.04 51.33 -29.82

190.17 190.17 150.63 53.00 0.00 190.43 2,870 2,882 297.26 297.26 -10.44

138.55 138.55 172.67 72.00 0.00 142.24 1,809 1,834 158.08 158.62 -7.45

113.06 113.06 231.24 88.00 0.00 115.35 3,211 3,218 182.07 182.59 -3.05

102.76 102.76 250.23 97.00 0.00 107.68 3,938 3,940 188.40 188.85 -2.33

2010Y

2011Y

2012Y

87 87 93* 0 44 0 4* 0.4*

124 115 38* 0 69 0 6* 0.6*

188 175 64* 0 88 0 2* 0.2*

4 1 72 25 6 1 83*

7 7 88 30 -4 11 -11

68.8 40.6

2009Y

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

85.95 6.14 0.00 1.10 13.50 2,081 311 388 -52 90.00 0.00 -4.19

12.08 11.22 0.00 2.19 14.01 3,637 357 990 1,367 99.27 0.00 50.73

14.96 14.14 0.00 2.41 9.61 5,403 2,519 1,307 180 92.44 0.00 5.47

16.59 16.66 0.00 2.22 4.89 8,790 3,981 1,943 272 93.03 0.00 4.73

16.10 NA NA NA NA NA 5,416 2,021 -310 NA NM -4.11

2009Y

2010Y

2011Y

2012Y

2013L1

167 90.00 0.00 0.00 0 0

287 99.27 0.00 0.00 0 0

-129 92.44 0.00 0.00 0 0

-272 93.03 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 34 Net Change in Adj Policyholders' Surplus 25 -10 32* Liabilities to Liquid Assets 100 --53 Agents' Bal to Policyholders' Surplus 40 --14 1-Yr Resv Dev to Policyholders' Surplus 20 ---14 2-Yr Resv Dev to Policyholders' Surplus 20 ---24 Est Curr Resv Defi/Policyholders' Surplus 25 --44* *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

39.65 22.33

26.37 18.10

30.69 64.05

45.63 76.28

62.64 114.70

149.60 NM NM -34.71 NM 254.44 19.11 35.29

92.75 NM NM -6.89 74.75 4.36 30.60 14.69

38.34 -84.04 -84.04 56.43 48.56 -2.35 17.61 3.98

63.72 32.89 32.89 94.34 62.69 4.47 15.87 7.49

78.58 NM NM 151.26 83.51 14.65 14.20 14.51

Capital ($000) & Capital Ratios (%) 12,000

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

99.3

10,000 8,000

4,000

93.0

92.4

6,000 90.0

2,000 0 2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

-34.71 -3.02 13.32 240.71 -9.09 67.41 45.74

-6.89 -13.83 -23.87 55.46 -15.89 27.30 31.83

56.43 6.43 1.05 48.39 6.70 26.70 47.75

94.34 -3.70 11.21 44.36 -2.60 13.40 86.39

151.26 NA NA 47.38 NA NA 104.79

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

723.1 640.0

254.7 134.3

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

578.6

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

3,117 3,117 244 1,279.96 639.98

4,171 4,171 288 1,446.27 723.14

4,348 4,348 376 1,157.14 578.57

4,671 4,671 917 509.49 254.74

4,855 NA NA NA NA

0 0 0 0.00 66.20 89.73 5.36

0 0 0 0.00 105.30 79.21 6.88

0 0 0 0.00 129.52 124.63 -2.97

0 0 0 0.00 174.96 204.53 -5.82

0 0 0 0.00 210.21 243.51 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Global Hawk Insurance Co a RRG (Burlington, VT) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

0 0 2,713 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 1,008 0 3,721 1,571 0 622 0 5,914

0 6,282 0 6,282 601 0 591 0 7,474

0 7,508 0 7,508 1,087 0 1,150 0 9,768

0 10,801 0 10,801 1,412 871 1,139 0 14,224

0 12,147 0 12,147 1,880 1,038 1,610 0 16,676

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

1,197 229 1,426 1,226 -30 149 0 27

998 329 1,327 2,122 -286 139 1 0

1,597 480 2,076 3,111 129 100 2 0

2,888 1,147 4,035 5,093 272 153 0 0

3,915 1,172 5,087 6,194 453 87 0 0

Total Liabilities

2,797

3,303

5,419

9,553

11,821

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

1,142 0 302 -1,764 3,438 3,117

1,212 0 202 -781 3,538 4,171

1,337 0 202 -728 3,538 4,348

1,567 0 0 -434 3,538 4,671

1,705 0 0 -388 3,538 4,855

5,914

7,474

9,768

14,224

16,676

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

24 0 0 3,721 0 0 0 2,713 0 0

20 0 0 6,282 0 0 0 0 0 0

41 0 0 7,508 0 0 0 0 0 0

22 0 0 10,801 0 0 0 0 0 0

17 0 0 12,147 0 0 0 0 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA NA NA NA NA NA NA

Top 5 States by DPW - 2012Y

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 2,081 0 2,081

0 3,637 0 3,637

0 5,403 0 5,403

0 8,790 0 8,790

0 10,792 NA 10,792

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-208 1,873 1,226 647

-26 3,610 897 2,714

-408 4,995 989 4,006

-613 8,177 1,981 6,196

-854 9,938 2,811 7,127

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 715 0 715 268 0 -960

0 227 0 227 314 0 -198

0 1,321 0 1,321 449 0 599

0 1,662 0 1,662 360 0 1,291

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 288 -672 311 388 0 0 -52 0 700

0 14 -184 357 990 0 0 1,367 0 1,347

0 151 749 2,519 1,307 0 0 180 0 3,825

0 668 1,959 3,981 1,943 0 0 272 0 5,924

NA NA NA 5,416 2,021 0 0 -310 0 7,437

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

24 0 0 0 -28 0 -28

20 0 0 0 1,387 0 1,387

41 0 0 0 221 0 221

22 0 0 0 294 0 294

17 0 0 0 -294 -235 -59

Pre-tax Operating Income

-28

1,387

221

294

-294

Memo: Total Revenue Memo: Paid Expenses

671 615

2,734 1,314

4,047 1,794

6,218 2,251

7,143 NA

2008Y

2009Y

2010Y

2011Y

2012Y

0 0

0 0

0 0

0 0

0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5 Class 6

Investment Portfolio (%) - 2012

Bonds - 0.0%

Preferred Stocks - 0.0%

Common Stocks - 0.0%

Mortgage Loans - 0.0%

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

0 0 0 0

0 0 0 0

0 0 0 0

0 --0

0 0 0 --

Comm'l Auto St - 100.0%

LT Bond Common Stock Preferred Stock Total

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA 0.00 0.00 0.00 87.05 72.92 0.00 27.08 0.00 NA 0.00 0.00 0.00 26.57 0.00

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 8.04 0.00

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 11.13 0.00

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 9.93 6.13

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 11.28 6.22

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 10.51 62.92 0.41

0.00 7.90 84.05 0.27

0.23 11.78 76.87 0.42

0.00 8.01 75.93 0.16

0.00 9.65 72.84 0.10

California - 67.3%

Texas - 32.7%

Comm'l Multi Prl - 0.0%

Alaska - 0.0%

Alabama - 0.0%

Fidelity & Surety - 0.0%

Arkansas - 0.0%

All other - 0.0%

All Other - 0.0%

DPW ($000) 5,915 2,875 0 0 0 0

0.00

CMBS Exposure Total: LT Bond, Com MBS

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. California 2. Texas 3. Alaska 4. Alabama 5. Arkansas All Other

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 100.0%

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

Bond Rated 3-6/Total Bond (%)

Rank and LOBs 1. Comm'l Auto St 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Multi Prl 5. Fidelity & Surety All Other

DPW ($000) 8,790 0 0 0 0 0

MARKET POSITION ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.00 NA -1,150 37.55

0.00 NA 2,081 -34.24

0.00 1.21 3,637 1.00

0.00 0.27 5,403 43.49

0.00 8.13 8,790 43.38

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


HlthCare Industry Liab Recpl (Ann Arbor, MI) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

201 South Main Street Suite 200 Ann Arbor, MI 48104-2153 MSA: Ann Arbor, MI (Metro)

NAIC Company Code : 11832 Business Focus : P&C Minimum NPW Geographic Focus: Geography Minimum NPW NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 43-2032415 Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

136,164 6,226 129,939 744 2,861

154,307 7,484 146,823 1,147 3,436

158,899 8,688 150,211 1,162 4,153

42,070 9,127 32,944 375 4,016

42,286 14,787 27,498 239 4,018

35,305 2,967 2,836

40,369 3,565 3,170

42,136 3,736 3,708

42,354 3,745 3,660

42,193 3,730 3,692

95,933 3,135.50 21.51 0.48

103,129 3,133.13 23.43 0.48

107,924 2,843.53 22.01 0.43

9,198 574.35 5.12 0.41

9,262 238.00 2.80 0.25

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Direct Premiums Written Net Premiums Written Net Premiums Earned Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Peter M. Feeney (734) 996-2700 (734) 996-1261 peter.feeney@chelsearhone.com

Total Assets

BDO USA LLP Demotech Inc. --Peter M. Feeney

160,000

2009Y

2010Y

2011Y

2012Y

2013L1

140,000

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

0.20 0.85 12.58 0.58 73.08 -16.28 57.59 56.80 55.91 0.89 0.00

1.77 7.48 16.55 0.81 75.00 -15.81 52.50 59.19 50.78 8.41 0.00

2.54 11.90 14.30 0.76 79.79 -15.93 57.91 63.86 51.87 11.99 0.00

1.90 9.50 4.11 0.73 110.12 -12.84 69.13 97.28 87.56 9.72 0.00

1.65 8.75 2.41 0.63 110.45 -9.02 69.43 101.44 92.60 8.84 0.00

120,000

18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00

Net Yield on Invested Assets

Combined Ratio

101.4

97.3

805.0 721.0

100,000 80,000 60,000 40,000 20,000

101.0

2009Y

2010Y

CASH FLOW & LIQUIDITY (%)

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

15.49 -23.04 0.00 1.01 5.75 35,305 2,072 -483 1,246 8.40 41.51 44.45

22.50 -19.54 0.00 0.38 3.35 40,767 2,377 -564 1,356 8.75 29.98 47.23

21.88 -19.70 0.00 0.52 3.26 42,568 2,959 -595 1,345 8.78 37.77 43.08

40.99 -17.24 0.00 0.76 3.64 42,796 4,031 -481 110 8.75 16.16 11.61

41.02 NA NA NA NA NA 4,078 -336 -49 NA -3.86 6.89

REINSURANCE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

92,840 8.40 88.93 0.00 0 0

103,693 8.75 85.68 0.97 0 0

106,689 8.78 87.88 1.02 0 0

101,581 8.75 86.02 1.03 0 0

NA NA NA NA NA NA

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

7.52 10.93 157.00 832.00 0.00 94.59 3,389 2,843 -629.00 -758.05 3.76

2.07 11.15 40.66 805.00 0.00 96.15 2,297 2,275 2,056.51 2,439.75 4.14

2.09 12.47 36.17 721.00 0.00 96.57 2,537 2,373 959.49 1,213.55 4.78

10.38 59.53 37.48 101.00 0.00 1,084.97 824 1,101 132.15 138.00 19.08

8.62 89.75 16.02 64.00 0.00 227.40 1,228 1,428 159.24 166.48 19.36

2010Y

2011Y

2012Y

545 48 20 74* 53 1 7* 1.7*

490 43 5 76* 51 2 5* 2.5*

469 41 0 75* 70 1 8* 1.8*

16 16 721* 21 4 3 177*

5 5 101* 34 10 12 1,146*

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2009Y

64.0

0

63.9

59.2

56.8

832.0

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

Profitability Ratios (%) Return on Avg Assets

Liabilities / Liquid Assets (IRIS Ratio)

180,000

PROFITABILITY RATIOS (%)

Return on Average Equity (C&S)

Total Liabilities

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 20 Net Change in Adj Policyholders' Surplus 25 -10 20 Liabilities to Liquid Assets 100 --805* Agents' Bal to Policyholders' Surplus 40 --47* 1-Yr Resv Dev to Policyholders' Surplus 20 ---2 2-Yr Resv Dev to Policyholders' Surplus 20 --3 Est Curr Resv Defi/Policyholders' Surplus 25 ---144 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

10.30 10.18

13.32 12.99

2.98 2.31

-73.52 -78.07

21.46 6.52

-0.06 -25.35 -34.21 15.97 1.37 21.50 29.77 21.83

20.16 27.61 54.13 7.50 14.35 19.75 27.80 20.08

4.78 10.25 1.34 4.65 4.38 13.07 21.81 13.46

0.25 -73.93 -67.76 -91.48 0.52 -20.95 15.78 -17.65

4.98 -84.16 -79.67 9.87 5.36 -24.60 25.73 -18.49

Capital ($000) & Capital Ratios (%) 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

8.8

8.7

2009Y

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2010Y

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

8.8

8.4

ASBESTOS/ENVIRONMENTAL RESV

ACL Risk Based Capital

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

15.97 3.59 7.82 3,135.50 6.98 3.44 1,540.89

7.50 -1.93 3.00 3,133.13 -3.79 3.17 1,378.01

4.65 3.98 2.70 2,843.53 8.04 3.16 1,242.17

-91.48 10.34 12.50 574.35 24.53 40.37 100.78

9.87 NA NA 238.00 NA NA 62.63

10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

75.8

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

6,226 NA NA NA NA

7,484 NA NA NA NA

8,688 NA NA NA NA

9,127 9,127 6,017 151.69 75.84

14,787 NA NA NA NA

0 -36 0 0.00 50.18 2,087.09 NM

15 112 0 0.00 51.47 1,961.85 NM

78 42 0 0.00 45.97 1,728.88 NM

-20 64 0 0.00 41.09 360.97 NM

-47 5,551 0 0.00 37.70 185.96 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


HlthCare Industry Liab Recpl (Ann Arbor, MI) BALANCE SHEET ($000) Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities Total Liabilities Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

2009Y

2010Y

2011Y

2012Y

2013L1

4,375 0 0 0 0

13,469 0 0 0 0

15,822 0 0 0 0

16,510 0 0 0 0

22,583 0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 9,775 0 14,149 13,050 89,072 19,893 0 136,164

0 3,043 0 16,511 16,618 95,384 25,794 0 154,307

0 3,142 0 18,965 14,501 99,623 25,810 0 158,899

0 3,421 0 19,931 15,756 289 6,094 0 42,070

0 2,369 0 24,952 12,362 110 4,862 0 42,286

71,996 23,937 95,933 17,171 11,910 4,180 0 745

81,585 21,544 103,129 21,884 15,218 5,605 0 987

84,019 23,904 107,924 22,197 13,217 5,948 0 926

7,084 2,114 9,198 2,002 14,367 6,410 0 967

7,086 2,176 9,262 1,711 11,264 4,426 0 835

129,939

146,823

150,211

32,944

27,498

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 35,305 0 35,305

0 40,369 0 40,369

0 42,136 0 42,136

0 42,354 0 42,354

0 42,193 NA 42,193

-32,338 2,967 132 2,836

-36,804 3,565 396 3,170

-38,400 3,736 28 3,708

-38,609 3,745 85 3,660

-38,462 3,730 39 3,692

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 322 0 322 423 0 1,311

0 803 0 803 414 0 861

0 1,458 0 1,458 1,264 0 689

0 2,436 0 2,436 1,625 0 95

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 16 1,326 2,072 -483 0 0 1,246 0 1,589

0 299 1,160 2,377 -564 0 0 1,356 0 1,813

0 -453 237 2,959 -595 0 0 1,345 0 2,364

0 -124 -30 4,031 -481 0 0 110 0 3,550

NA NA NA 4,078 -336 0 0 -49 0 3,741

25 0 0 0 1,272 528 744

267 15 0 0 1,638 491 1,147

445 78 0 0 1,867 705 1,162

356 -20 0 0 447 72 375

326 -47 0 0 230 -9 239

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

0 0 0 5,126 1,100 6,226

0 0 0 6,384 1,100 7,484

0 0 0 7,588 1,100 8,688

0 0 0 8,027 1,100 9,127

0 0 5,500 8,187 1,100 14,787

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

136,164

154,307

158,899

42,070

42,286

Pre-tax Operating Income

1,272

1,623

1,789

466

277

Memo: Total Revenue Memo: Paid Expenses

2,861 32

3,451 -1,370

4,231 175

3,997 714

3,971 NA

2008Y

2009Y

2010Y

2011Y

2012Y

0 0

4,430 0

13,327 0

15,594 0

16,191 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

25 0 -36 14,149 0 4,430 0 0 0 0

267 15 112 16,511 0 13,327 0 0 0 0

445 78 42 18,965 0 15,594 0 0 0 0

356 -20 64 19,931 0 16,191 0 0 0 0

326 -47 5,551 24,952 0 22,309 0 0 0 0

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

INCOME STATEMENT ($000)

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5 Class 6

Investment Portfolio (%) - 2012

Bonds - 82.8%

Preferred Stocks - 0.0%

Common Stocks - 0.0%

Mortgage Loans - 0.0%

Illinois - 10.4%

Ohio - 7.6%

Tennessee - 5.8%

North Carolina - 4.3%

All other - 53.6%

Rank and States 1. Michigan 2. Illinois 3. Ohio 4. Tennessee 5. North Carolina All Other

DPW ($000) 7,708 4,411 3,231 2,467 1,838 22,699

Rank and LOBs

DPW ($000)

All Other

MARKET POSITION ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.01 NA 34,828 51.99

0.01 NA 35,305 53.63

0.01 5.73 40,369 52.50

0.01 3.59 42,136 50.04

0.01 2.14 42,354 63.50

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

121

4,486

2,000

1,043

RMBS Exposure Total: LT Bond, Res MBS

0

0

694

2,449

3,264

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

2,709 0 0 0

3,836 0 1,533 0

LT BONDS & STOCKS SUMMARY ($000)

Michigan - 18.2%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 17.2%

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

Bond Rated 3-6/Total Bond (%)

Carr Value

Fair Value

Actual Cost

Par Value

Total

LT Bond Common Stock Preferred Stock Total

16,191 0 0 16,191

16,510 0 0 16,510

16,519 0 0 16,519

15,323 --15,323

64,543 0 0 --

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 30.92 0.00 0.00 0.00 69.08 0.00 NA 0.00 0.00 0.00 9.58 65.42

1.00 0.00 0.00 81.57 0.00 0.00 0.00 18.43 0.00 NA 0.00 0.00 0.00 10.77 61.81

1.00 0.00 0.00 83.43 0.00 0.00 0.00 16.57 0.00 NA 0.00 0.00 0.00 9.13 62.70

1.00 0.00 0.00 82.84 0.00 0.00 0.00 17.16 0.00 NA 0.00 0.00 0.00 37.45 0.69

1.00 0.00 0.00 90.51 0.00 0.00 0.00 9.49 0.00 NA 0.00 0.00 0.00 29.23 0.26

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 14.61 10.39 0.02

0.00 16.72 10.70 0.17

0.00 16.24 11.93 0.28

0.00 14.48 47.38 0.85

0.00 11.50 59.01 0.77

y g value 6 - The Securities and Bond section are held at carrying


Lancet Indemnity RRG Inc. (Las Vegas, NV) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

9550 South Eastern Avenue Suite 253 Las Vegas, NV 89123-8042 MSA: Las Vegas-Paradise, NV (Metro)

NAIC Company Code : 13014 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Southern Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 26-1479165 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

6,273 1,058 5,214 221 1,833

7,994 2,006 5,987 337 4,983

12,880 2,774 10,106 86 6,278

16,579 3,728 12,851 -451 9,217

17,051 4,206 12,845 -594 9,865

Direct Premiums Written Net Premiums Written Net Premiums Earned

5,499 4,873 1,827

5,805 5,406 4,919

8,826 6,467 6,182

11,327 9,145 8,980

12,531 9,966 9,598

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

818 24.02 47.55 4.60

2,113 29.97 32.01 2.69

4,057 48.25 5.36 2.33

7,020 60.49 -20.84 2.45

7,162 63.88 -25.49 2.37

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Gemma Agustin Tuanqui (800) 226-0793 (941) 906-7538 gtuanqui@pboa.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Shores Tagman Butler & Co P.A. Milliman Inc. --Alan Joseph Iezzi

16,000

2009Y

2010Y

2011Y

2012Y

2013L1

14,000

0.36 0.13 32.12 7.05 41.34 15.39 22.42 56.74 56.40 0.33 0.00

1.45 1.18 21.09 4.94 54.46 33.16 35.76 87.63 86.32 1.30 0.00

0.49 0.48 3.46 0.88 58.89 38.72 21.49 97.61 97.11 0.50 0.00

0.85 0.86 -13.88 -3.31 74.58 34.96 22.12 109.54 108.67 0.87 0.00

1.05 1.07 -16.93 -4.05 76.24 34.53 24.09 110.77 109.66 1.11 0.00

12,000

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

40.00 110.8

109.5

30.00

97.6 87.6

20.00 10.00

143.0

-20.00 2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

18.92 4.55 0.00 0.69 10.16 5,499 755 750 322 88.60 32.45 17.88

18.71 10.39 0.00 1.49 21.28 5,805 2,679 1,793 447 93.11 34.10 10.26

37.39 16.04 0.00 0.83 21.85 8,826 3,640 2,504 37 73.27 35.43 2.12

52.46 10.55 0.00 0.24 24.17 11,327 6,697 3,197 -914 80.73 NM -7.35

52.15 NA NA NA NA NA 7,318 3,441 -1,161 NA NM -9.06

2009Y

2010Y

2011Y

2012Y

2013L1

392 88.60 0.00 0.00 0 0

2,261 93.11 0.00 0.00 0 0

2,250 73.27 0.00 0.00 0 0

3,061 80.73 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

118.0 107.0

10,000 8,000 6,000 4,000 2,000 0 2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

70.03 70.03 345.02 143.00 0.00 95.50 2,721 2,713 279.96 280.85 2.99

78.94 78.94 235.57 127.00 0.00 116.15 362 257 112.03 117.63 6.56

75.73 78.96 275.91 132.00 11.77 124.07 2,842 2,563 168.73 177.80 4.88

81.33 89.00 280.35 118.00 14.93 129.25 1,768 2,173 124.81 122.38 1.99

88.77 98.32 271.08 107.00 15.21 114.09 2,336 2,775 125.43 123.55 2.05

2010Y

2011Y

2012Y

289 269 11 0 75 1 5* 1.5*

318 233 20 0 92 0 5* 0.5*

304 245 41* 0 103* 0 8* 0.8*

38 5 132* 102* 9 7 -40

34 -11* 118* 82* 40* 39* -17

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

-10.00

132.0

127.0

56.7

0.00

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

18,000

Profitability Ratios (%) Return on Average Equity (C&S)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 90* Net Change in Adj Policyholders' Surplus 25 -10 32* Liabilities to Liquid Assets 100 --127* Agents' Bal to Policyholders' Surplus 40 --88* 1-Yr Resv Dev to Policyholders' Surplus 20 --22* 2-Yr Resv Dev to Policyholders' Surplus 20 ---22 Est Curr Resv Defi/Policyholders' Surplus 25 ---33 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

418.58 646.78

27.44 14.83

61.12 68.79

28.72 27.16

36.42 36.75

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

653.26 NM NM 591.14 750.13 NA NA NA

10.94 55.96 52.14 158.31 5.57 NA NA NA

19.63 -73.94 -74.46 91.98 52.03 143.70 75.71 120.00

41.40 NM NM 73.01 28.34 107.12 64.32 92.41

56.84 NM NM 58.06 35.30 NM 53.10 102.56

Capital ($000) & Capital Ratios (%) 12,000 10,000

88.6

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

93.1 80.7

73.3

8,000 6,000 4,000 2,000 0 2009Y ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

591.14 -19.95 0.00 24.02 -5.58 45.03 77.31

158.31 22.02 -22.49 29.97 4.74 47.86 105.33

91.98 9.27 7.18 48.25 3.01 28.04 146.27

73.01 39.61 39.24 60.49 12.24 32.94 188.29

58.06 NA NA 63.88 NA NA 170.26

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

306.3

168.5

2008Y

2009Y

125.7

115.7

119.0

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

1,058 1,058 314 337.05 168.52

2,006 2,006 798 251.33 125.66

2,774 2,774 1,199 231.42 115.71

3,728 3,728 1,566 238.04 119.02

4,206 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

0 0 0 0.00 706.83 492.71 37.04

0 0 0 0.00 338.50 298.40 112.68

0 17 0 0.00 260.24 364.33 81.11

0 153 0 0.00 281.36 344.70 82.11

0 187 0 0.00 284.20 305.38 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Lancet Indemnity RRG Inc. (Las Vegas, NV) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

0 0 0 0 0

0 0 0 0 0

0 0 326 0 0

0 0 985 0 0

73 0 1,153 0 0

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 3,651 0 3,651 1,334 0 1,287 0 6,273

0 4,727 0 4,727 1,756 0 1,511 0 7,994

0 7,653 0 7,980 2,834 0 2,066 0 12,880

0 10,452 200 11,637 3,048 0 1,894 0 16,579

0 11,402 200 12,829 2,433 2 1,787 0 17,051

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

493 325 818 3,416 131 343 0 506

1,252 862 2,113 3,903 -1,447 647 0 771

2,098 1,960 4,057 4,188 -35 1,046 0 851

3,215 3,804 7,020 4,352 -127 894 0 712

3,308 3,853 7,162 4,083 494 759 0 347

Total Liabilities

5,214

5,987

10,106

12,851

12,845

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

298 0 75 188 497 1,058

29 0 75 524 1,378 2,006

27 0 75 628 2,044 2,774

28 0 75 330 3,295 3,728

29 0 75 349 3,753 4,206

Total Liabilities and C&S

6,273

7,994

12,880

16,579

17,051

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 5,499 0 5,499

0 5,805 0 5,805

0 8,826 0 8,826

0 11,327 0 11,327

0 12,531 NA 12,531

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-627 4,873 3,045 1,827

-400 5,406 487 4,919

-2,359 6,467 285 6,182

-2,183 9,145 165 8,980

-2,564 9,966 368 9,598

0 5 0 5 51 0 405

0 1,001 0 1,001 383 0 758

0 483 0 483 1,214 0 846

0 869 0 869 2,866 0 1,117

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 295 700 755 750 0 0 322 0 1,505

0 537 1,295 2,679 1,793 0 0 447 0 4,471

0 1,098 1,944 3,640 2,504 0 0 37 0 6,144

0 1,845 2,962 6,697 3,197 0 0 -914 0 9,894

NA NA NA 7,318 3,441 0 0 -1,161 0 10,759

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

6 0 0 0 328 106 221

64 0 0 0 511 174 337

31 0 65 0 133 47 86

78 0 159 0 -677 -226 -451

107 0 160 0 -894 -300 -594

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

326 0 0 0 326

557 0 0 0 557

640 0 0 0 640

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

6 0 0 3,651 0 0 0 0 0 0

64 0 0 4,727 0 0 0 0 0 0

31 0 17 7,980 326 0 0 326 0 0

78 0 153 11,637 557 0 0 985 0 0

107 0 187 12,829 640 73 0 1,153 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6

2008Y

2009Y

2010Y

2011Y

2012Y

0 0

0 0

0 0

0 0

0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 0.0%

Preferred Stocks - 0.0%

Common Stocks - 3.9%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 96.1%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

0 985 0 985

0 985 0 985

0 726 0 726

0 --0

0 2,696 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 21.27 0.00

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 21.97 0.00

NA 0.00 0.00 0.00 11.77 0.00 0.00 95.91 0.00 NA 0.00 0.00 0.00 22.00 0.00

NA 0.00 0.00 0.00 26.42 3.68 0.00 89.82 0.00 NA 0.00 0.00 1.72 18.39 0.00

1.00 0.00 0.00 0.57 27.42 4.00 0.00 88.88 0.00 NA 0.00 0.00 1.56 14.27 0.01

0.00 20.52 58.21 0.10

0.00 18.90 59.13 0.80

0.00 16.04 61.96 0.24

0.00 11.42 70.19 0.47

0.00 10.48 75.24 0.63

Comm'l Auto St - 0.0%

Michigan - 13.2%

Georgia - 3.2%

Comm'l Multi Prl - 0.0%

Kentucky - 2.9%

All other - 7.8%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

-894 9,865 NA

Med Prof Liab - 100.0%

California - 21.6%

MARKET POSITION ANALYSIS (%)

-677 9,217 6,259

LT Bond Common Stock Preferred Stock Total

Florida - 51.3%

DPW ($000) 5,816 2,442 1,501 366 323 879

133 6,278 3,701

Class 6

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. Florida 2. California 3. Michigan 4. Georgia 5. Kentucky All Other

511 4,983 2,008

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

328 1,833 1,507

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 11,327 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 647 32.10

0.00 NA 5,499 23.50

0.00 NA 5,805 36.90

0.00 NA 8,826 22.13

0.00 NA 11,327 26.35

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

y g value 6 - The Securities and Bond section are held at carrying


National Assisted Living RRG (Norcross, GA) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

3740 Davinci Court Suite 130 Norcross, GA 30092-7634 MSA: Atlanta-Sandy Springs-Marietta, GA (Metro)

NAIC Company Code : 11806 Business Focus : Commercial General Liability Focus Geographic Focus: Regional - Southern Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-0127980 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

6,323 2,978 3,345 157 1,850

6,958 2,981 3,978 169 2,060

6,955 3,088 3,868 263 1,867

7,604 3,493 4,111 290 1,617

7,819 3,545 4,274 244 1,564

Direct Premiums Written Net Premiums Written Net Premiums Earned

2,001 2,001 1,828

1,873 1,873 1,947

1,540 1,540 1,750

1,462 1,462 1,440

1,401 1,401 1,409

2,235 137.02 14.14 0.67

2,597 126.31 7.80 0.63

2,721 158.53 8.41 0.50

2,916 203.92 8.99 0.42

3,092 212.37 6.81 0.40

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Rose Patrick (770) 255-4913 (770) 246-8536 rpatrick@venturecaptive.com

PROFITABILITY RATIOS (%)

2009Y

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

2010Y

0.56 1.55 6.20 2.58 36.67 41.07 15.07 77.74 76.04 1.70 0.00

Total Assets

Porter Keadle Moore LLC Merlinos & Associates Inc. --Guy Stephen Pierce

1.84 6.07 6.21 2.54 49.67 47.04 33.91 96.71 90.87 5.84 0.00

2011Y

8,000

2.51 12.10 8.82 3.90 43.96 47.10 28.18 91.06 78.77 12.29 0.00

2013L1

7,000

2.14 11.03 7.23 3.21 43.60 51.37 30.20 94.97 84.00 10.96 0.00

6,000

Profitability Ratios (%) Return on Average Equity (C&S)

10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00

Return on Avg Assets

Net Yield on Invested Assets

99.1

96.7

Combined Ratio

95.0

91.1

77.7

61.0

59.0

5,000 4,000

57.0

57.0

3,000

56.0

2,000 1,000 0 2009Y

2010Y

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

21.60 8.80 0.00 5.02 27.24 2,001 670 822 335 100.00 28.45 19.36

15.77 10.01 0.00 6.16 30.88 1,873 967 881 99 100.00 36.38 10.29

20.80 10.90 0.00 6.74 36.78 1,540 782 838 130 100.00 22.45 13.22

15.77 9.76 0.00 6.20 31.15 1,462 633 689 118 100.00 15.94 18.27

13.40 NA NA NA NA NA 614 719 75 NA 18.42 14.69

REINSURANCE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

0 100.00 NA 0.00 0 0

0 100.00 NA 0.00 0 0

0 100.00 NA 0.00 0 0

0 100.00 NA 0.00 0 0

NA NA NA NA NA NA

Premiums ($000)

Net Premiums Written

Gross Premiums Written

Retention Ratio (NPW/GPW)

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

159.60 174.55 179.25 57.00 0.00 182.20 225 142 113.80 120.83 9.79

23.91 170.33 31.91 61.00 0.00 187.15 526 579 135.70 138.98 13.07

12.99 174.08 16.27 59.00 0.00 193.10 -48 -4 96.90 104.13 15.27

13.12 177.80 15.44 56.00 0.00 201.72 344 457 130.52 135.80 19.37

11.78 175.33 14.21 57.00 0.00 196.62 306 402 126.97 132.33 19.30

2010Y

2011Y

2012Y

63 63 -6 0 84 1 9* 1.9*

50 50 -18 0 92 2 3* 2.3*

42 42 -5 0 86 2 6* 2.6*

4 2 59 3 -15 -26 -34

13 12 56 2 -12 -21 -35

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

9,000

2012Y

2.31 9.88 8.97 3.72 44.68 54.42 23.88 99.10 90.41 8.69 0.00

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 0 Net Change in Adj Policyholders' Surplus 25 -10 -3 Liabilities to Liquid Assets 100 --61 Agents' Bal to Policyholders' Surplus 40 --3 1-Yr Resv Dev to Policyholders' Surplus 20 ---13 2-Yr Resv Dev to Policyholders' Surplus 20 ---39 Est Curr Resv Defi/Policyholders' Surplus 25 ---29 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

4.36 -4.22

10.05 18.92

-0.04 -2.76

9.33 6.28

6.66 5.70

12.05 21.38 -30.16 -8.90 12.05 28.38 12.75 19.51

-6.41 -40.84 7.41 16.17 -6.41 18.85 9.77 14.42

-17.80 16.43 55.98 4.79 -17.80 13.70 5.29 9.49

-5.03 19.72 10.20 7.16 -5.03 6.96 5.93 6.48

5.07 -22.32 -23.50 8.64 5.07 8.57 4.13 6.42

Capital ($000) & Capital Ratios (%) 2,500 2,000

100.0

100.0

100.0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

100.0

1,500 1,000 500 0 2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

-8.90 -28.01 -42.69 137.02 -39.34 62.27 75.06

16.17 -12.86 -39.11 126.31 -19.67 69.38 87.11

4.79 -15.37 -26.02 158.53 -26.17 68.54 88.13

7.16 -12.24 -20.69 203.92 -26.24 74.87 83.47

8.64 NA NA 212.37 NA NA 87.23

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

375.0

202.5

187.9

195.0

2010Y

2011Y

2012Y

158.2

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

2,978 2,978 397 750.06 375.03

2,981 2,981 736 405.00 202.50

3,088 3,088 822 375.84 187.92

3,493 3,493 895 390.10 195.05

3,545 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

-139 326 0 0.00 78.97 112.31 0.00

53 83 0 0.00 68.95 133.44 0.00

93 -161 0 0.00 52.49 125.27 0.00

50 195 0 0.00 44.48 117.67 0.00

69 74 0 0.00 41.55 120.59 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


National Assisted Living RRG (Norcross, GA) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

500 0 0 0 0

1,401 0 4,183 0 0

1,015 0 5,061 0 0

899 0 5,870 0 0

692 0 6,298 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 5,338 0 5,838 169 0 315 0 6,323

0 951 0 6,536 76 0 347 0 6,958

0 502 0 6,578 90 0 288 0 6,955

0 539 0 7,309 76 0 219 0 7,604

0 504 0 7,495 73 0 252 0 7,819

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

1,710 526 2,235 969 0 106 0 34

2,034 563 2,597 895 0 119 0 367

2,085 636 2,721 685 0 118 0 343

2,243 673 2,916 707 0 120 0 368

2,410 682 3,092 720 0 88 0 375

Total Liabilities

3,345

3,978

3,868

4,111

4,274

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 2,001 0 2,001

0 1,873 0 1,873

0 1,540 0 1,540

0 1,462 0 1,462

0 1,401 NA 1,401

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

0 2,001 174 1,828

0 1,873 -74 1,947

0 1,540 -210 1,750

0 1,462 22 1,440

0 1,401 -8 1,409

0 518 0 518 370 0 -243

0 336 0 336 270 0 324

0 367 0 367 291 0 51

0 248 0 248 190 0 158

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 24 -218 670 822 0 0 335 0 1,492

0 37 361 967 881 0 0 99 0 1,848

0 73 124 782 838 0 0 130 0 1,620

0 37 195 633 689 0 0 118 0 1,322

NA NA NA 614 719 0 0 75 0 1,334

31 -139 0 -8 220 62 157

114 53 0 0 265 97 169

152 93 0 -35 339 76 263

177 50 0 0 345 55 290

154 69 0 0 299 55 244

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

2,329 0 30 619 0 2,978

2,420 0 30 909 -378 2,981

2,454 0 30 1,062 -458 3,088

2,502 0 30 1,473 -511 3,493

2,517 0 30 1,509 -511 3,545

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

6,323

6,958

6,955

7,604

7,819

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

31 -139 326 5,838 0 500 0 0 0 0

114 53 83 6,536 0 1,641 0 4,183 0 0

152 93 -161 6,578 0 1,170 0 5,061 0 0

177 50 195 7,309 0 899 0 5,870 0 0

154 69 74 7,495 0 692 0 6,298 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6

2008Y

2009Y

2010Y

2011Y

2012Y

499 0

500 0

1,641 0

1,170 0

899 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 12.3%

Preferred Stocks - 0.0%

Common Stocks - 80.3%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 7.4%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

899 5,870 0 6,770

899 5,870 0 6,770

876 5,793 0 6,670

812 --812

3,487 17,534 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 8.56 0.00 0.00 0.00 91.44 0.00 NA 0.00 0.00 0.00 2.68 0.00

1.00 0.00 0.00 21.44 140.34 64.01 0.00 14.55 0.00 NA 0.00 0.00 0.00 1.09 0.00

1.00 0.00 0.00 15.43 163.90 76.94 0.00 7.64 0.00 NA 0.00 0.00 0.00 1.29 0.00

1.00 0.00 0.00 12.31 168.04 80.32 0.00 7.38 0.00 NA 0.00 0.00 0.00 1.00 0.00

1.00 0.00 0.00 9.24 177.69 84.04 0.00 6.72 0.00 NA 0.00 0.00 0.00 0.93 0.00

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 4.99 92.33 0.49

0.00 4.99 93.92 1.63

0.00 4.14 94.57 2.19

0.00 2.88 96.12 2.33

0.00 3.22 95.85 1.98

Comm'l Auto St - 0.0%

Georgia - 3.9%

South Carolina - 3.2%

Comm'l Multi Prl - 0.0%

Virginia - 3.1%

All other - 0.2%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

230 1,632 NA

Oth, Prod Liab Cmbnd - 100.0%

Florida - 39.5%

MARKET POSITION ANALYSIS (%)

295 1,667 986

LT Bond Common Stock Preferred Stock Total

North Carolina - 50.0%

DPW ($000) 732 578 58 46 45 3

247 1,959 1,254

Class 6

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. North Carolina 2. Florida 3. Georgia 4. South Carolina 5. Virginia All Other

212 2,113 1,247

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

358 1,712 1,228

Rank and LOBs 1. Oth, Prod Liab Cmbnd 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 1,462 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 44.41 1,786 26.40

0.00 15.86 2,001 15.07

0.00 6.54 1,873 33.91

0.00 -0.75 1,540 23.88

0.00 -4.75 1,462 28.18

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


National Guardian RRG (Traverse City, MI) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

4075 Copper Ridge Drive Traverse City, MI 49684-7059

NAIC Company Code : 36072 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Midwestern Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 38-2848487 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

15,912 3,662 12,250 127 716

16,442 4,626 11,816 889 2,607

15,823 5,529 10,294 890 2,672

16,314 5,980 10,334 516 2,744

18,080 5,954 12,125 465 2,823

Direct Premiums Written Net Premiums Written Net Premiums Earned

11,335 676 583

11,953 2,102 2,386

12,140 2,555 2,527

13,150 2,507 2,585

14,795 2,839 2,681

10,419 2,104.56 5.93 0.18

9,980 437.85 29.95 0.45

9,295 392.75 24.30 0.46

8,820 348.77 12.87 0.42

8,895 334.32 11.54 0.48

MSA: Traverse City, MI (Micro)

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Mark A. Burnheimer (231) 946-6200 (231) 946-6006 mburnheimer@bc-legal.com

Total Assets

Johnson Lambert LLP Towers Watson & Co. Derik K. King -Mark A. Burnheimer

PROFITABILITY RATIOS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

1.03 19.79 3.59 0.65 32.59 46.78 -25.89 79.37 56.42 22.95 0.00

1.89 10.52 22.94 5.22 44.67 18.12 12.16 62.79 53.53 9.27 0.00

1.21 5.66 18.12 5.25 43.48 14.82 14.60 58.30 52.58 5.72 0.00

1.39 6.33 9.24 3.04 70.82 7.74 34.88 78.56 72.42 6.14 0.00

1.25 5.01 8.17 2.73 73.60 6.80 39.10 80.40 75.10 5.30 0.00

Profitability Ratios (%) Return on Average Equity (C&S)

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

25.00 79.4

80.4

78.6

20.00 62.8

58.3

15.00

20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

86.0

2009Y

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

58.48 -140.19 0.00 44.36 142.61 12,197 190 316 77 5.54 54.08 29.37

32.51 -26.30 0.00 15.58 28.85 12,259 1,066 381 939 17.15 32.55 44.51

28.88 -21.06 0.00 12.54 23.35 12,348 1,099 379 1,050 20.69 30.35 44.70

35.94 -35.49 0.00 13.28 29.94 13,259 1,831 194 560 18.91 27.93 26.20

34.50 NA NA NA NA NA 1,973 193 515 NA 29.00 23.27

2009Y

2010Y

2011Y

2012Y

2013L1

-351 5.54 0.00 7.07 0 0

-868 17.15 0.00 2.49 0 0

-142 20.69 0.00 1.69 0 0

-125 18.91 0.00 0.82 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

85.0

80.0 70.0

2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

10.25 101.27 34.27 94.00 0.00 113.56 -2,114 -1,891 48.29 52.56 13.59

34.94 123.12 89.24 86.00 0.00 126.29 450 834 158.53 139.65 19.01

29.18 130.90 54.33 85.00 0.00 125.34 -1,282 -1,638 63.12 82.17 25.46

39.07 141.86 67.51 70.00 0.00 139.84 652 737 157.87 180.52 27.46

18.65 88.85 37.97 80.00 0.00 92.92 -888 -745 49.42 59.81 24.64

2010Y

2011Y

2012Y

265 45 211* 0 55 1 7* 1.7*

223 46 22 0 53 1 1* 1.1*

222 42 -2 0 63 1 3* 1.3*

20 20 85 0 -26 -71 223*

8 8 70 0 -7 -30 6

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

0.00

Liabilities / Liquid Assets (IRIS Ratio)

94.0

10.00 5.00

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 26 Net Change in Adj Policyholders' Surplus 25 -10 26* Liabilities to Liquid Assets 100 --86 Agents' Bal to Policyholders' Surplus 40 --0 1-Yr Resv Dev to Policyholders' Surplus 20 ---47 2-Yr Resv Dev to Policyholders' Surplus 20 ---112 Est Curr Resv Defi/Policyholders' Surplus 25 --228* *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

-12.72 -16.93

3.33 -3.54

-3.76 -12.88

3.10 0.38

-0.11 -3.43

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

-83.00 -46.10 -72.92 -20.14 -0.16 7.87 5.62 7.32

211.20 451.56 597.90 -4.21 5.45 2.62 9.23 4.25

21.55 2.91 0.17 -6.86 1.56 -3.29 12.18 0.70

-1.88 -39.79 -42.04 -5.11 8.32 -5.57 14.39 -0.60

16.36 -38.38 -42.26 0.34 24.84 -2.35 13.89 1.52

Capital ($000) & Capital Ratios (%) 14,000 12,000

20.7

10,000

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

18.9

17.1

8,000 6,000 4,000 2,000

7,000

236.5

6,000

5.5

210.2

5,000

0 2009Y

2010Y

2011Y

2012Y

168.1

4,000

2013L1

123.7

3,000 ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2009Y

2010Y

2011Y

2012Y

2013L1

2,000

82.2

1,000 NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

-20.14 -65.05 -89.60 2,104.56 -388.99 42.88 284.50

-4.21 -46.91 -111.60 437.85 -72.00 40.29 215.73

-6.86 -25.94 -70.70 392.75 -47.48 39.65 168.12

-5.11 -6.89 -30.30 348.77 -14.74 38.22 147.49

0.34 NA NA 334.32 NA NA 149.39

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

0 2008Y

2009Y

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

3,662 3,147 1,273 247.30 123.65

4,626 4,372 1,300 336.20 168.10

5,529 5,390 1,282 420.46 210.23

5,980 5,769 1,220 472.97 236.48

5,954 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

67 18 0 0.00 19.05 334.52 -9.58

158 13 0 0.00 54.25 255.43 -18.76

84 13 0 0.00 51.98 186.19 -2.57

-3 0 0 0.00 44.89 172.80 -2.09

-1 0 0 0.00 49.87 203.64 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


National Guardian RRG (Traverse City, MI) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

11,190 117 0 0 0

9,270 137 0 0 0

8,887 0 0 0 0

8,422 0 0 0 0

7,972 0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 1,255 0 12,562 361 2,027 963 0 15,912

0 4,128 0 13,535 76 2,075 756 0 16,442

0 3,004 0 11,891 83 3,109 741 0 15,823

0 4,037 0 12,459 1,535 1,661 660 0 16,314

0 2,261 0 10,233 5,020 2,171 655 0 18,080

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

6,665 3,753 10,419 334 880 192 0 425

6,433 3,547 9,980 50 868 204 0 715

5,899 3,396 9,295 78 142 232 0 548

5,625 3,195 8,820 0 125 184 0 1,204

5,565 3,330 8,895 2,118 54 186 0 872

Total Liabilities

12,250

11,816

10,294

10,334

12,125

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

600 0 500 2,162 400 3,662

600 0 500 3,126 400 4,626

600 0 500 4,029 400 5,529

600 0 500 4,480 400 5,980

600 0 500 4,454 400 5,954

15,912

16,442

15,823

16,314

18,080

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 11,335 0 11,335

0 11,953 0 11,953

0 12,140 0 12,140

0 13,150 0 13,150

0 14,795 NA 14,795

-10,660 676 93 583

-9,851 2,102 -284 2,386

-9,584 2,555 28 2,527

-10,643 2,507 -78 2,585

-11,956 2,839 159 2,681

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 1,440 0 1,440 1,377 0 -1,591

0 523 0 523 982 0 -233

0 903 0 903 880 0 -534

0 1,175 0 1,175 1,131 0 -273

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -1,037 -2,627 190 316 0 0 77 0 506

0 -206 -439 1,066 381 0 0 939 0 1,447

0 -150 -684 1,099 379 0 0 1,050 0 1,478

0 -202 -475 1,831 194 0 0 560 0 2,025

NA NA NA 1,973 193 0 0 515 0 2,166

134 67 0 0 277 150 127

221 158 0 0 1,318 429 889

145 84 0 0 1,278 388 890

159 -3 0 0 716 200 516

142 -1 0 0 655 190 465

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

134 67 18 12,562 0 11,222 117 0 0 0

221 158 13 13,535 0 10,441 137 0 0 0

145 84 13 11,891 0 10,471 0 0 0 0

159 -3 0 12,459 0 10,622 0 0 0 0

142 -1 0 10,233 0 8,512 0 0 0 0

0.00 0.00 0.63 NA 0.00 NA NA

0.00 0.00 0.20 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%) Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

Virginia - 15.0%

Ohio - 12.7%

Delaware - 7.7%

All other - 24.1%

DPW ($000) 3,307 2,008 1,978 1,675 1,009 3,173

657 2,821 NA

2008Y

2009Y

2010Y

2011Y

2012Y

8,377 0

10,769 382

9,932 488

10,471 0

10,622 0

450 0 0

70 0 0

21 0 0

0 0 0

0 0 0

60

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Bonds - 67.6%

Preferred Stocks - 0.0%

Common Stocks - 0.0%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 32.4%

0.00

0.20

0.40

0.60

0.80

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

1,065

895

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

292 106 0 0

288 216 21 0

304 664 271 0

279 2,428 518 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

8,422 0 0 8,422

8,763 0 0 8,763

8,703 0 0 8,703

7,943 --7,943

33,830 0 0 --

Med Prof Liab - 100.0% Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.05 1.92 0.00 89.08 0.00 0.00 3.19 9.99 0.00 NA 0.00 0.00 0.00 2.27 12.74

1.05 0.46 0.00 68.49 0.00 0.00 2.95 30.50 0.00 NA 0.00 0.00 0.00 0.46 12.62

1.00 0.00 0.00 74.74 0.00 0.00 0.00 25.26 0.00 NA 0.00 0.00 0.00 0.53 19.65

1.00 0.00 0.00 67.59 0.00 0.00 0.00 32.41 0.00 NA 0.00 0.00 0.00 9.41 10.18

1.00 0.00 0.00 77.91 0.00 0.00 0.00 22.09 0.00 NA 0.00 0.00 0.00 27.77 12.01

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 6.05 78.95 0.84

0.00 4.60 82.32 1.34

0.00 4.68 75.15 0.91

0.00 4.04 76.37 0.97

0.00 3.62 56.60 0.79

Comm'l Multi Prl - 0.0%

Rank and States 1. Illinois 2. Missouri 3. Virginia 4. Ohio 5. Delaware All Other

719 2,741 1,420

LT Bond Common Stock Preferred Stock Total

Comm'l Auto St - 0.0%

Missouri - 15.3%

1,194 2,756 1,287

Investment Portfolio (%) - 2012

LT BONDS & STOCKS SUMMARY ($000)

Illinois - 25.1%

1,160 2,765 1,408

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

210 783 1,648

All Other - 0.0%

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 13,150 0 0 0 0 0

MARKET POSITION ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.00 6.76 11,354 33.67

0.00 0.77 11,335 46.38

0.00 -2.25 11,953 30.29

0.00 -4.52 12,140 23.36

0.00 -0.30 13,150 36.87

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Natl Svc Contract Ins Co. RRG (Washington, DC) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

2233 Wisconsin Avenue, NW Suite 310 Washington, DC 20007-4104 MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

NAIC Company Code : 10234 Business Focus : P&C Minimum NPW Geographic Focus: Geography Minimum NPW NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 99-0319305 Distribution Channel: General Agnt/Managing General Agnt, Independent Agency

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

15,317 13,945 1,372 -197 1,455

14,503 12,444 2,059 77 -134

9,363 7,654 1,709 28 1,016

12,554 10,807 1,747 28 816

12,582 10,864 1,718 100 832

Direct Premiums Written Net Premiums Written Net Premiums Earned

748 629 1,321

622 505 -422

501 390 841

953 843 696

967 830 703

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

320 33.17 -2.57 0.05

25 NM 2.33 0.04

20 2.60 -1.33 0.05

20 2.87 -0.40 0.08

20 2.85 0.52 0.08

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/30/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Charles Halstead-Johnson (802) 479-7801 (802) 223-3911 cjohnson@riskservcos.com

Total Assets

PricewaterhouseCoopers LLP GPW Actuarial Services Inc. --Mark H. Mishler

18,000

PROFITABILITY RATIOS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

0.92 21.37 -1.40 -1.24 77.22 126.62 77.22 203.84 193.66 10.18 0.00

2.02 56.97 0.56 0.51 NM -159.72 NM NM NM NA 0.00

1.48 44.85 0.29 0.23 29.30 230.06 29.30 259.37 238.58 20.79 0.00

1.17 14.20 0.32 0.26 13.03 90.21 13.03 103.24 86.03 17.20 0.00

1.19 15.55 1.04 0.88 9.93 85.85 9.93 95.78 77.40 18.37 0.00

12,000

2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 -2.00

Net Yield on Invested Assets

Combined Ratio

259.4 203.8

103.2

95.8

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

0.00 13.00 0.00 7.23 106.38 739 1,020 797 -496 85.12 NM -24.82

0.00 10.04 0.00 8.73 -178.49 615 349 716 35 82.10 56.28 NM

0.00 4.93 0.00 11.72 213.41 500 246 864 -302 77.99 0.00 -12.54

0.00 0.77 0.00 6.51 82.92 953 91 761 -155 88.46 0.00 -4.35

0.00 NA NA NA NA NA 70 712 -80 NA 0.00 5.94

REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2009Y

2010Y

2011Y

2012Y

2013L1

0 85.12 NA -1.26 0 0

0 82.10 NA -1.15 0 0

-32 77.99 0.00 -0.20 0 0

-13 88.46 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

15.0

14.0

10.0

6,000 4,000 2,000 0 2009Y

2010Y

CASH FLOW & LIQUIDITY (%)

2011Y

2012Y

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

729.52 NM 71.78 10.00 0.00 1,121.70 -1,527 -269 24.93 24.73 63.93

322.65 680.42 53.38 15.00 0.00 738.18 790 1,156 -262.80 -204.19 57.17

389.41 538.25 86.96 19.00 0.00 635.96 -603 -346 43.85 41.76 37.39

392.82 686.31 63.50 15.00 0.00 753.87 -118 -4 87.49 87.49 28.82

390.77 691.67 61.81 14.00 0.00 741.35 -195 -64 80.35 80.35 29.20

2010Y

2011Y

2012Y

5 4 -20 0 104* 2 0* 2.0*

7 5 -23 0 42 1 5* 1.5*

9 8 116* 0 137* 1 1* 1.1*

-38* -38* 19 0 0 -2 0

41 2 15 0 0 0 0

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

0.0

2009Y

8,000

15.0

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

Profitability Ratios (%) Return on Avg Assets

10,000

Liabilities / Liquid Assets (IRIS Ratio)

19.0

16,000 14,000

Return on Average Equity (C&S)

Total Liabilities

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 -11* Net Change in Adj Policyholders' Surplus 25 -10 -11* Liabilities to Liquid Assets 100 --15 Agents' Bal to Policyholders' Surplus 40 --0 1-Yr Resv Dev to Policyholders' Surplus 20 ---2 2-Yr Resv Dev to Policyholders' Surplus 20 ---4 Est Curr Resv Defi/Policyholders' Surplus 25 --0 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

-7.21 -40.19

-5.31 50.05

-35.44 -16.98

34.08 2.21

33.63 -3.12

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

22.68 NM NM -39.79 17.37 -25.13 5.50 -1.48

-19.79 NM NM -92.18 -16.94 -19.65 -0.16 -4.95

-22.76 NM -64.06 -20.00 -19.45 -22.41 -10.45 -13.53

116.39 NM 0.56 0.00 90.39 -16.43 -4.90 -7.14

75.74 NM NM 0.00 74.26 -14.16 -4.94 -6.58

Capital ($000) & Capital Ratios (%) 1,200

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

88.5

1,000 800

ACL Risk Based Capital

85.1 82.1

600 400

78.0

200 0 2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

-39.79 -2.22 -3.86 33.17 -23.92 100.00 2.29

-92.18 -2.29 -3.73 NM NM 100.00 0.20

-20.00 -0.04 -2.29 2.60 -0.59 100.00 0.26

0.00 0.00 -0.04 2.87 0.00 100.00 0.19

0.00 NA NA 2.85 NA NA 0.18

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

1,889.1

1,688.1

944.0

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

1,838.4

1,457.3

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

13,945 13,945 369 3,778.23 1,889.12

12,444 12,444 338 3,676.85 1,838.43

7,654 7,654 405 1,888.08 944.04

10,807 10,807 320 3,376.24 1,688.12

10,864 NA NA NA NA

-12 -51 0 0.00 4.47 9.84 0.00

-146 111 0 0.00 3.65 16.54 0.00

155 214 -5,000 NM 4.08 22.33 -0.42

63 51 0 0.00 9.60 16.17 -0.12

50 48 0 0.00 8.66 15.82 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Natl Svc Contract Ins Co. RRG (Washington, DC) BALANCE SHEET ($000) Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities Total Liabilities

2009Y

2010Y

2011Y

2012Y

2013L1

3,612 0 580 0 0

6,705 0 661 0 0

2,318 0 226 0 0

4,944 0 183 0 0

4,979 0 192 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 10,010 0 14,201 116 87 405 0 15,317

0 6,643 0 14,008 49 87 282 0 14,503

0 6,656 0 9,200 0 88 40 0 9,363

0 6,862 0 11,989 0 88 45 0 12,554

0 6,715 0 11,886 0 88 66 0 12,582

320 0 320 946 0 106 0 0

25 0 25 1,873 0 161 0 0

20 0 20 1,422 33 235 0 0

20 0 20 1,569 13 146 0 0

20 0 20 1,583 0 115 0 0

1,372

2,059

1,709

1,747

1,718

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

0 748 0 748

0 622 0 622

0 501 0 501

0 953 0 953

0 967 NA 967

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-119 629 -692 1,321

-117 505 926 -422

-111 390 -451 841

-110 843 147 696

-138 830 127 703

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 1,231 0 1,231 0 0 -211

0 643 0 643 0 0 -295

0 251 0 251 0 0 -5

0 91 0 91 0 0 0

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 0 -211 1,020 797 0 0 -496 0 1,817

0 0 -295 349 716 -1,522 0 35 0 -457

0 0 -5 246 864 32 0 -302 0 1,143

0 0 0 91 761 0 0 -155 0 851

NA NA NA 70 712 0 0 -80 0 782

134 -12 0 0 -373 -176 -197

287 -146 0 0 177 100 77

175 155 0 0 28 0 28

120 63 0 0 28 0 28

129 50 0 0 100 0 100

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

30 0 0 9,792 4,122 13,945

30 0 0 8,292 4,122 12,444

30 0 0 3,501 4,122 7,654

30 0 0 3,618 7,159 10,807

30 0 0 3,675 7,159 10,864

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

Total Liabilities and C&S

15,317

14,503

9,363

12,554

12,582

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

134 -12 -51 14,201 0 3,612 0 580 0 0

287 -146 111 14,008 0 6,705 0 661 0 0

175 155 214 9,200 0 2,318 0 226 0 0

120 63 51 11,989 0 4,944 0 183 0 0

129 50 48 11,886 0 4,979 0 192 0 0

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%) Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

-35

49

879 874

882 NA

2008Y

2009Y

2010Y

2011Y

2012Y

9,731 0

3,612 0

6,705 0

2,318 0

4,944 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Bonds - 41.2%

Preferred Stocks - 0.0%

Common Stocks - 1.5%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 57.2%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

5,164 0 0 0

2,435 0 0 633

0 5,341 0 0

1,802 67 0 448

2,946 1,163 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

4,944 183 0 5,127

4,944 183 0 5,127

4,732 163 0 4,895

4,500 --4,500

19,121 528 0 --

LT BONDS & STOCKS SUMMARY ($000)

Oth, Prod Liab Cmbnd - 100.0%

LT Bond Common Stock Preferred Stock Total

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 25.43 4.16 4.08 0.00 70.48 0.00 NA 0.00 0.00 0.00 0.76 0.57

1.00 0.00 0.00 47.86 5.31 4.72 0.00 47.42 0.00 NA 0.00 0.00 0.00 0.34 0.60

1.00 0.00 0.00 25.19 2.96 2.46 0.00 72.35 0.00 NA 0.00 0.00 0.00 0.00 0.93

1.00 0.00 0.00 41.24 1.69 1.52 0.00 57.24 0.00 NA 0.00 0.00 0.00 0.00 0.70

1.00 0.00 0.00 41.89 1.77 1.62 0.00 56.50 0.00 NA 0.00 0.00 0.00 0.00 0.70

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

3.31 2.65 92.72 0.88

0.53 1.94 96.59 1.98

0.38 0.43 98.26 1.87

3.44 0.36 95.50 0.95

4.31 0.52 94.47 1.03

Texas - 19.9%

Arizona - 10.4%

Comm'l Auto St - 0.0%

Virginia - 5.0%

Illinois - 4.8%

Comm'l Multi Prl - 0.0%

North Carolina - 4.4%

All other - 55.5%

All Other - 0.0%

DPW ($000) 190 99 47 46 42 529

-127 1,171 819

Investment Portfolio (%) - 2012

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

Rank and States 1. Texas 2. Arizona 3. Virginia 4. Illinois 5. North Carolina All Other

323 -280 660

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

-361 1,444 803

Rank and LOBs 1. Oth, Prod Liab Cmbnd 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 953 0 0 0 0 0

MARKET POSITION ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.00 -23.15 638 -0.41

0.00 -22.95 748 -33.46

0.00 -13.34 622 NM

0.00 -18.68 501 0.00

0.00 -9.75 953 0.00

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Paratransit Ins Co. A Mutl RRG (Memphis, TN) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

1715 Aaron Brenner Drive Suite 512 Memphis, TN 38120-1443 MSA: Memphis, TN-MS-AR (Metro)

NAIC Company Code : 44130 Business Focus : Commercial Property Focus Geographic Focus: National NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 36-3584321 Distribution Channel: Direct Response, Independent Agency

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

21,244 8,003 13,240 233 3,309

22,091 8,552 13,539 442 3,404

23,250 9,170 14,080 604 3,546

23,274 10,580 12,694 1,093 3,498

23,810 11,042 12,768 1,056 3,501

4,304 2,743 2,655

4,162 2,736 2,747

4,570 3,028 2,923

4,665 2,961 2,933

4,735 3,017 2,956

10,275 391.87 4.67 0.34

10,200 389.52 4.36 0.32

10,200 366.83 8.44 0.33

8,100 344.52 13.97 0.28

8,491 325.42 13.36 0.27

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

AA' ----

Date 02/21/13 05/31/13 ----

Direct Premiums Written Net Premiums Written Net Premiums Earned

Direction

Watch/Outlook

Affirm Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Anita M. Perkins (802) 371-2219 (802) 371-2225 aperkins@usarisk.com

Total Assets

Faulkner Mackie & Cochran P.C. ---William Hamilton Smythe III

2009Y

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

2010Y

3.68 24.19 3.31 1.17 49.27 39.09 41.62 110.97 85.98 24.99 22.60

3.41 24.12 5.51 2.08 45.90 28.99 42.28 111.30 87.27 24.03 36.41

2011Y 3.02 20.37 6.80 2.70 22.09 29.73 17.46 94.58 73.48 21.10 42.76

2012Y

Return on Avg Assets

2.68 19.18 11.06 4.69 -17.37 29.62 -22.75 71.92 52.56 19.37 59.67

Net Yield on Invested Assets

2.61 18.37 10.35 4.53 -16.62 29.13 -22.88 71.73 52.97 18.75 59.21

Combined Ratio

12.00 111.3

111.0

10.00

94.6

8.00 71.9

62.0

59.0

58.0

2013L1

Profitability Ratios (%) Return on Average Equity (C&S)

Liabilities / Liquid Assets (IRIS Ratio)

30,000 25,000

PROFITABILITY RATIOS (%)

Total Liabilities

71.7

52.0

51.0

2012Y

2013L1

20,000 15,000 10,000 5,000 0 2009Y

2010Y

2011Y

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

8.00 144.48 13.23 62.00 0.00 209.56 202 252 106.85 90.59 19.28

15.69 153.21 24.84 59.00 0.00 211.37 1,003 1,074 162.28 120.76 20.38

15.22 153.19 23.37 58.00 0.00 223.87 983 390 164.39 111.33 21.39

12.16 171.35 14.58 52.00 0.00 294.09 650 -357 124.31 95.52 26.75

18.97 180.68 21.93 51.00 0.00 214.71 943 -93 147.64 104.94 27.87

2010Y

2011Y

2012Y

49 32 0 0 87 34 3.4

50 33 11 0 80 30 3.0

44 28 -2 0 63 2 7* 2.7*

7 6 58 0 -22 -40 -20

15 14 52 0 -36 -61 -18

6.00 4.00

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

2.00 0.00 2009Y

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

7.65 1.46 0.00 6.30 31.34 4,304 1,308 1,072 274 63.73 32.43 9.94

3.62 1.67 0.00 4.73 22.59 4,162 1,261 793 693 65.74 19.08 10.29

4.63 1.77 0.00 6.30 21.65 4,570 646 900 1,377 66.26 29.77 21.14

5.38 1.72 0.00 6.03 21.87 4,665 -509 877 2,565 63.47 30.93 39.46

6.26 NA NA NA NA NA -491 879 2,568 NA 32.75 38.93

2009Y

2010Y

2011Y

2012Y

2013L1

5,877 63.73 0.00 0.00 0 0

4,465 65.74 0.00 0.00 0 0

5,444 66.26 0.00 0.00 0 0

7,453 63.47 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 7 Net Change in Adj Policyholders' Surplus 25 -10 5 Liabilities to Liquid Assets 100 --59 Agents' Bal to Policyholders' Surplus 40 --0 1-Yr Resv Dev to Policyholders' Surplus 20 ---18 2-Yr Resv Dev to Policyholders' Surplus 20 ---41 Est Curr Resv Defi/Policyholders' Surplus 25 ---21 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

9.03 1.77

3.99 2.26

5.25 3.99

0.10 -9.85

0.43 -7.83

-3.24 -53.21 82.63 -1.49 2.55 2.19 5.98 3.52

-0.25 6.43 89.81 -0.73 -3.31 1.80 5.91 3.28

10.69 114.14 36.59 0.00 9.82 1.33 5.78 2.95

-2.24 84.09 80.85 -20.59 2.06 -1.35 7.73 2.19

-1.00 93.83 70.93 -17.37 2.18 -2.15 9.17 2.20

Capital ($000) & Capital Ratios (%) 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

66.3 65.7

63.7

12,000

63.5

761.2

10,000 8,000 2009Y

2010Y

2011Y

2012Y

2013L1

6,000

643.5

629.9

2010Y

2011Y

525.1 452.6

4,000 ASBESTOS/ENVIRONMENTAL RESV

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

-1.49 -24.51 -37.70 391.87 -59.78 67.89 128.38

-0.73 -17.96 -40.58 389.52 -52.32 65.20 119.27

0.00 -21.54 -39.77 366.83 -63.01 63.56 111.23

-20.59 -35.76 -60.60 344.52 -111.81 56.41 76.56

-17.37 NA NA 325.42 NA NA 76.90

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

2,000 0 2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

8,003 8,003 762 1,050.21 525.11

8,552 8,552 665 1,286.96 643.48

9,170 9,170 728 1,259.89 629.95

10,580 10,580 695 1,522.36 761.18

11,042 NA NA NA NA

16 455 0 0.00 38.89 165.43 73.43

197 145 0 0.00 34.08 158.32 52.21

111 -32 0 0.00 34.09 153.54 59.37

202 151 0 0.00 29.97 119.98 70.44

208 90 0 0.00 29.57 115.63 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Paratransit Ins Co. A Mutl RRG (Memphis, TN) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

14,461 0 3,183 0 0

14,594 0 3,427 0 0

14,861 0 3,853 0 0

14,938 0 4,523 0 0

14,360 0 5,008 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 1,059 0 18,702 1,586 508 447 0 21,244

0 2,125 0 20,146 1,548 0 398 0 22,091

0 2,143 0 20,857 1,871 19 504 0 23,250

0 1,543 0 21,004 1,699 238 333 0 23,274

0 2,422 0 21,789 1,665 49 306 0 23,810

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

10,011 265 10,275 1,454 448 164 0 898

10,028 172 10,200 1,443 336 174 0 1,385

9,989 211 10,200 1,548 319 213 0 1,800

7,987 113 8,100 1,576 456 227 0 2,334

8,393 98 8,491 1,657 35 239 0 2,347

Total Liabilities

13,240

13,539

14,080

12,694

12,768

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

2009Y

2010Y

2011Y

2012Y

2013L1

0 4,304 0 4,304

0 4,162 0 4,162

0 4,570 0 4,570

0 4,665 0 4,665

0 4,735 NA 4,735

-1,561 2,743 88 2,655

-1,426 2,736 -11 2,747

-1,542 3,028 105 2,923

-1,704 2,961 28 2,933

-1,718 3,017 61 2,956

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 1,237 0 1,237 226 0 -132

0 1,143 0 1,143 192 0 18

0 550 0 550 96 0 -40

0 1,335 0 1,335 256 0 -2,002

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -23 -155 1,308 1,072 0 0 274 600 2,380

0 -93 -75 1,261 793 0 0 693 1,000 2,054

0 40 0 646 900 0 0 1,377 1,250 1,546

0 -98 -2,100 -509 877 0 0 2,565 1,750 368

NA NA NA -491 879 0 0 2,568 1,750 388

663 16 0 -9 345 112 233

660 197 0 -3 547 104 442

617 111 0 6 860 256 604

568 202 0 -3 1,582 489 1,093

554 208 0 -9 1,571 514 1,056

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

0 0 0 4,095 3,908 8,003

0 0 0 4,502 4,050 8,552

0 0 0 4,974 4,196 9,170

0 0 0 6,226 4,354 10,580

0 0 0 6,635 4,407 11,042

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

21,244

22,091

23,250

23,274

23,810

Pre-tax Operating Income

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

INCOME STATEMENT ($000)

Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

663 16 455 18,702 0 14,888 0 3,183 0 0

660 197 145 20,146 0 15,193 0 3,427 0 0

617 111 -32 20,857 0 15,573 0 3,853 0 0

568 202 151 21,004 0 15,685 0 4,523 0 0

554 208 90 21,789 0 15,640 0 5,008 0 0

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%) Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

Utah - 11.3%

Kentucky - 9.7%

Missouri - 8.2%

Nebraska - 7.4%

All other - 49.3%

MARKET POSITION ANALYSIS (%) Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

1,363 3,709 NA

2008Y

2009Y

2010Y

2011Y

2012Y

13,797 102

14,888 0

15,193 0

14,903 670

14,565 1,119

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Bonds - 71.1%

Preferred Stocks - 0.0%

Common Stocks - 21.5%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 7.3%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

1,247

472

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

792

602

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 50 0

0 0 39 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

Comm'l Auto St - 100.0%

14,938 4,523 0 19,461

16,209 4,523 0 20,732

15,139 3,633 0 18,772

14,482 --14,482

60,768 12,679 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 77.32 39.77 17.02 0.00 5.66 0.00 NA 0.00 0.00 0.00 7.47 2.39

1.00 0.00 0.00 72.45 40.07 17.01 0.00 10.55 0.00 NA 0.00 0.00 0.00 7.01 0.00

1.04 0.00 0.00 71.25 42.02 18.47 0.00 10.27 0.00 NA 0.00 0.00 0.00 8.05 0.08

1.07 0.00 0.00 71.12 42.75 21.53 0.00 7.35 0.00 NA 0.00 0.00 0.00 7.30 1.02

1.05 0.00 0.00 65.90 45.35 22.98 0.00 11.11 0.00 NA 0.00 0.00 0.00 6.99 0.21

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 2.11 88.04 3.12

0.00 1.80 91.19 2.99

0.00 2.17 89.71 2.65

0.00 1.43 90.25 2.44

0.00 1.28 91.51 2.33

Comm'l Multi Prl - 0.0%

All Other - 0.0%

DPW ($000) 657 527 453 383 346 2,298

1,380 3,700 1,166

LT Bond Common Stock Preferred Stock Total

Fidelity & Surety - 0.0%

Rank and States 1. Virginia 2. Utah 3. Kentucky 4. Missouri 5. Nebraska All Other

750 3,657 1,061

Investment Portfolio (%) - 2012

LT BONDS & STOCKS SUMMARY ($000)

Virginia - 14.1%

350 3,601 1,041

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

329 3,325 1,411

Rank and LOBs 1. Comm'l Auto St 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Multi Prl 5. Fidelity & Surety All Other

DPW ($000) 4,665 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 3.86 4,197 30.53

0.00 0.53 4,304 57.77

0.00 0.81 4,162 23.51

0.00 1.06 4,570 47.80

0.00 2.38 4,665 53.03

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

1605 Main Street Suite 800 Sarasota, FL 34236-5823 MSA: North Port-Bradenton-Sarasota, FL (Metro)

NAIC Company Code : 11973 Business Focus : Commercial General Liability Focus Geographic Focus: National NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-1065673 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

11,225 1,720 9,505 -1,667 4,466

10,373 2,520 7,853 537 3,102

8,566 2,538 6,028 32 2,360

8,169 3,383 4,786 609 2,676

8,371 3,512 4,859 529 2,618

4,834 4,510 4,385

3,561 2,447 3,030

3,009 2,280 2,308

3,167 2,505 2,607

3,137 2,481 2,544

7,049 118.56 -98.51 2.62

6,119 231.21 42.83 0.97

4,187 215.71 -1.15 0.90

3,123 145.72 29.41 0.74

3,308 139.33 23.74 0.71

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/16/13 ----

Direct Premiums Written Net Premiums Written Net Premiums Earned

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Teresa Marie Matthews (941) 955-0793 (941) 366-1076 tmatthews@pboa.com

Total Assets

Saslow Lufkin & Buggy LLP Milliman Inc. -Troy Winch Edgar Blumenfeld

2009Y

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

2010Y

1.08 1.79 -65.61 -15.70 120.52 35.14 79.39 157.90 156.07 1.84 2.24

0.89 2.92 28.15 4.92 41.77 41.00 22.45 83.29 80.94 2.35 0.52

2011Y

2012Y

0.67 2.28 1.26 0.36 57.27 46.82 42.97 104.10 101.85 2.25 0.00

Return on Avg Assets

0.94 2.78 20.28 7.35 12.75 45.54 22.39 70.57 67.90 2.67 12.28

Net Yield on Invested Assets

1.01 3.00 16.53 6.45 15.60 46.02 38.87 74.21 71.28 2.92 12.58

Combined Ratio

40.00 157.9

20.00 0.00

104.1

-20.00

83.3

94.0

8,000

81.0

6,000

-80.00 2009Y

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

41.13 15.93 0.00 2.34 16.86 4,834 5,285 1,445 -2,485 93.30 NM -56.04

19.32 26.51 0.00 5.44 9.05 3,561 1,266 1,143 761 68.70 33.99 26.34

14.30 20.34 0.00 4.56 21.92 3,009 1,322 1,067 -81 75.77 -715.67 -1.24

-9.64 19.02 0.00 4.44 22.08 3,167 332 1,141 1,134 79.07 31.85 33.00

-23.26 NA NA NA NA NA 397 1,142 1,005 NA 31.42 29.00

REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2009Y

2010Y

2011Y

2012Y

2013L1

1,688 93.30 19.96 0.00 0 0

1,640 68.70 20.00 0.00 0 0

1,121 75.77 20.61 0.00 0 0

1,744 79.07 16.34 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

64.0

2012Y

2013L1

2,000 0 2009Y

2010Y

2011Y

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

41.17 122.18 227.59 119.00 0.00 102.29 693 487 123.83 125.85 -4.98

69.17 130.39 215.59 94.00 0.00 128.91 -663 202 82.42 60.85 0.98

32.49 137.38 77.17 81.00 0.00 155.75 -862 -903 76.14 78.85 0.77

24.61 167.53 34.81 64.00 0.00 212.74 -211 -295 90.38 98.05 10.22

24.82 168.81 34.33 64.00 0.00 170.03 -203 -280 91.23 98.51 11.28

2010Y

2011Y

2012Y

141 97 -46* 0 125* 0 9* 0.9*

119 90 -7 0 90 0 7* 0.7*

94 74 10 0 84 0 9* 0.9*

1 -1 81 7 -7 -53 -12

33 30* 64 6 -53 -46 18

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

-60.00

64.0

4,000

74.2

70.6

-40.00

119.0

2013L1

Profitability Ratios (%) Return on Average Equity (C&S)

Liabilities / Liquid Assets (IRIS Ratio)

12,000 10,000

PROFITABILITY RATIOS (%)

Total Liabilities

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 47 Net Change in Adj Policyholders' Surplus 25 -10 38* Liabilities to Liquid Assets 100 --94 Agents' Bal to Policyholders' Surplus 40 --6 1-Yr Resv Dev to Policyholders' Surplus 20 ---49 2-Yr Resv Dev to Policyholders' Surplus 20 --72* Est Curr Resv Defi/Policyholders' Surplus 25 ---67 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

14.46 40.17

-7.59 -17.38

-17.42 -23.24

-4.63 -20.61

-3.20 -16.96

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

21.54 NM NM 94.12 2.99 76.40 24.36 58.15

-45.76 NM NM -13.19 -26.33 56.52 24.94 44.20

-6.82 NM -94.03 -31.57 -15.51 15.94 13.67 15.24

9.86 NM 1,799.28 -25.43 5.27 -2.84 6.06 0.30

2.79 500.49 342.14 -22.69 -1.05 -1.74 4.24 0.52

Capital ($000) & Capital Ratios (%) 6,000

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

93.3

5,000

75.8

68.7

4,000

79.1

3,000 2,000 1,000 0 2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

94.12 73.52 68.80 118.56 50.71 23.16 409.90

-13.19 -48.97 72.06 231.21 -27.79 21.52 242.85

-31.57 -6.79 -53.11 215.71 -7.41 25.96 164.99

-25.43 -52.74 -46.39 145.72 -51.35 47.76 92.30

-22.69 NA NA 139.33 NA NA 94.17

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

238.1 148.9

163.5

140.1 81.4

2008Y

2009Y

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

1,720 1,720 1,056 162.83 81.42

2,520 2,520 899 280.16 140.08

2,538 2,538 776 327.08 163.54

3,383 3,383 710 476.29 238.15

3,512 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

-1 125 0 0.00 177.54 552.76 98.16

-4 124 0 0.00 128.27 311.69 65.09

33 -67 0 0.00 89.46 237.51 44.17

10 160 0 0.00 83.41 141.45 51.55

12 105 0 0.00 77.59 138.34 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


PCH Mutual Ins Co. Inc. A RRG (Sarasota, FL) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

1,999 0 2,058 0 0

1,022 0 1,897 0 0

3,675 0 1,792 0 0

3,851 0 2,420 0 0

3,554 0 2,869 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 3,914 0 7,970 409 583 2,262 0 11,225

0 5,432 0 8,351 147 1,112 763 0 10,373

0 1,958 0 7,425 181 326 634 0 8,566

0 1,178 0 7,448 208 0 513 0 8,169

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

4,968 2,081 7,049 2,393 -624 547 0 140

3,938 2,181 6,119 1,632 -226 319 0 9

2,409 1,778 4,187 1,300 278 263 0 0

Total Liabilities

9,505

7,853

6,028

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 4,834 0 4,834

0 3,561 0 3,561

0 3,009 0 3,009

0 3,167 0 3,167

0 3,137 NA 3,137

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-324 4,510 125 4,385

-1,115 2,447 -584 3,030

-729 2,280 -28 2,308

-663 2,505 -102 2,607

-656 2,481 -63 2,544

0 1,206 0 7,629 285 0 457 0 8,371

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 858 0 858 524 0 2,623

0 2,102 0 2,102 546 0 -1,422

0 1,768 0 1,768 450 0 -776

0 857 0 857 540 0 -273

NA NA NA NA NA NA NA

2,136 986 3,123 1,198 -17 270 0 212

2,418 890 3,308 1,180 -310 233 0 448

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 1,280 3,903 5,285 1,445 140 0 -2,485 98 6,870

0 39 -1,382 1,266 1,143 -140 0 761 16 2,269

0 -120 -896 1,322 1,067 0 0 -81 0 2,389

0 -792 -1,065 332 1,141 0 0 1,134 320 1,473

NA NA NA 397 1,142 0 0 1,005 320 1,539

4,786

4,859 81 -1 0 0 -2,504 -837 -1,667

71 -4 0 0 813 276 537

52 33 0 0 4 -28 32

70 10 0 0 894 285 609

74 12 0 0 771 242 529

-2,503

817

-29

883

759

4,465 2,056

3,098 1,750

2,393 1,614

2,687 1,685

2,630 NA

2008Y

2009Y

2010Y

2011Y

2012Y

866 0

5,642 0

2,911 0

4,531 0

4,343 77

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

0 0 0 -559 2,279 1,720

0 0 0 101 2,418 2,520

0 0 0 66 2,472 2,538

0 0 0 835 2,548 3,383

0 0 0 944 2,568 3,512

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

11,225

10,373

8,566

8,169

8,371

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

81 -1 125 7,970 0 5,642 0 2,058 0 0

71 -4 124 8,351 0 2,911 0 1,897 0 0

52 33 -67 7,425 0 4,531 0 1,792 0 0

70 10 160 7,448 0 4,420 0 2,420 0 0

74 12 105 7,629 0 4,128 0 2,869 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5 Class 6

Investment Portfolio (%) - 2012

Bonds - 51.7%

Preferred Stocks - 0.0%

Common Stocks - 32.5%

Mortgage Loans - 0.0%

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

409 0 0 1,489

407 0 0 508

396 0 0 3,160

316 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

3,851 2,420 0 6,270

3,851 2,420 0 6,270

3,792 2,029 0 5,821

3,734 --3,734

15,227 6,868 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 25.08 119.67 25.82 0.00 49.10 0.00 NA 0.00 0.00 0.00 3.64 5.20

1.00 0.00 0.00 12.24 75.29 22.72 0.00 65.04 0.00 NA 0.00 0.00 0.00 1.41 10.72

1.00 0.00 0.00 49.49 70.61 24.13 0.00 26.37 0.00 NA 0.00 0.00 0.00 2.11 3.80

1.02 0.00 0.00 51.70 71.52 32.49 0.00 15.81 0.00 NA 0.00 0.00 0.00 2.55 0.00

1.02 0.00 0.00 46.59 81.69 37.61 0.00 15.80 0.00 NA 0.00 0.00 0.00 3.40 0.00

0.00 20.15 71.01 0.72

0.00 7.36 80.51 0.69

0.00 7.40 86.69 0.61

0.00 6.27 91.17 0.85

0.00 5.46 91.14 0.89

Comm'l Auto St - 0.0%

Michigan - 8.5%

Georgia - 8.2%

Comm'l Multi Prl - 0.0%

Maryland - 5.6%

All other - 35.5%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

0.40

Oth, Prod Liab Cmbnd - 100.0%

Pennsylvania - 17.4%

MARKET POSITION ANALYSIS (%)

0.20

LT Bond Common Stock Preferred Stock Total

Washington - 24.8%

DPW ($000) 785 551 269 260 179 1,124

0.00

CMBS Exposure Total: LT Bond, Com MBS

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. Washington 2. Pennsylvania 3. Michigan 4. Georgia 5. Maryland All Other

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 15.8%

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

Bond Rated 3-6/Total Bond (%)

Rank and LOBs 1. Oth, Prod Liab Cmbnd 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 3,167 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 4,694 28.33

0.00 40.64 4,834 62.30

0.00 9.79 3,561 27.51

0.00 -0.22 3,009 42.41

0.00 -9.08 3,167 30.97

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

y g value 6 - The Securities and Bond section are held at carrying


Ponce De Leon LTC RRG Inc. (Alpharetta, GA) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

3655 Brookside Parkway Suite 200 Alpharetta, GA 30022-1429 MSA: Atlanta-Sandy Springs-Marietta, GA (Metro)

NAIC Company Code : 11809 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Southern Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 02-0650614 Distribution Channel: Direct Response, General Agnt/Managing General Agnt

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

18,528 9,165 9,363 140 5,385

18,727 8,622 10,104 -523 5,246

16,789 8,194 8,595 -527 5,249

14,352 7,831 6,521 -471 3,841

14,554 7,930 6,623 -797 3,805

5,191 4,677 4,773

5,597 5,399 4,861

4,524 4,165 4,918

2,754 2,476 3,502

3,310 3,057 3,472

5,524 125.57 12.43 0.51

5,918 113.56 -8.79 0.63

5,249 118.50 -11.41 0.51

4,801 144.64 -6.32 0.32

4,926 143.49 -10.08 0.39

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Direct Premiums Written Net Premiums Written Net Premiums Earned Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Chrisy Ann Moultrie (678) 781-2445 (678) 781-2450 cmoultrie@uni-ter.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Johnson Lambert LLP Milliman Inc. --Jack Mease Norton

2009Y

2010Y

2011Y

2012Y

2013L1

2.97 10.41 1.71 0.80 41.24 51.26 13.60 92.50 82.30 10.20 0.00

2.20 6.62 -5.99 -2.95 79.38 39.91 43.80 119.29 111.94 7.35 0.00

2.14 7.85 -6.50 -3.04 83.17 50.03 38.13 133.20 126.55 6.64 0.00

1.77 10.05 -5.77 -3.05 74.83 70.15 30.30 144.98 137.88 7.10 0.00

1.76 7.94 -9.92 -5.33 78.41 61.92 35.87 140.33 133.34 6.99 0.00

Profitability Ratios (%) Return on Average Equity (C&S)

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

4.00 145.0

2.00

140.3

133.2

0.00

119.3

-2.00

92.5

20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

Total Liabilities

62.0

59.0

55.0

2009Y

Liabilities / Liquid Assets (IRIS Ratio)

2010Y

2011Y

49.0

49.0

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

26.39 181.95 26.96 55.00 0.00 209.58 -418 -98 90.81 98.80 8.03

12.96 160.80 15.19 62.00 0.00 179.76 -886 -723 84.81 88.87 7.32

6.17 167.06 6.47 59.00 0.00 190.35 -2,352 -1,746 65.82 62.55 5.12

19.28 203.17 16.05 49.00 0.00 219.09 -2,031 -1,198 58.28 49.31 5.80

26.51 203.18 22.14 49.00 0.00 208.79 -2,036 -1,180 59.92 51.32 6.38

2010Y

2011Y

2012Y

65 63 15 0 95 2 2* 2.2*

55 51 -23 0 118* 2 1* 2.1*

35 32 -41* 0 129* 1 8* 1.8*

-5 -6 59 10 2 17 18

-4 0 49 1 -4 -4 -13

-4.00 -6.00

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

-8.00 -10.00 -12.00 2009Y

2010Y

UNDERWRITING ANALYSIS (%) Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

27.64 11.59 0.00 3.68 36.00 5,191 1,969 2,398 407 90.11 75.66 18.91

35.59 5.55 0.00 2.37 31.99 5,597 3,859 2,154 -1,152 96.46 NM -14.63

45.04 5.69 0.00 2.68 41.67 4,524 4,091 2,084 -1,256 92.07 NM -17.63

44.53 3.63 0.00 2.84 63.68 2,754 2,621 1,737 -855 89.89 0.00 -13.43

42.55 NA NA NA NA NA 2,722 1,893 -1,144 NA 0.00 -21.30

2009Y

2010Y

2011Y

2012Y

2013L1

-144 90.11 0.00 0.00 0 0

-83 96.46 0.00 0.00 0 0

50 92.07 0.00 0.00 0 0

105 89.89 0.00 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 -6 Net Change in Adj Policyholders' Surplus 25 -10 -1 Liabilities to Liquid Assets 100 --62 Agents' Bal to Policyholders' Surplus 40 --13 1-Yr Resv Dev to Policyholders' Surplus 20 --12 2-Yr Resv Dev to Policyholders' Surplus 20 ---8 Est Curr Resv Defi/Policyholders' Surplus 25 --0 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Admitted Assets Growth Total Liabilities Growth

0.94 -11.22

1.07 7.92

-10.35 -14.94

-14.51 -24.13

-9.37 -10.58

Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

-10.89 -8.19 -75.20 -12.12 -7.42 14.51 4.74 9.03

15.42 NM NM 7.15 7.83 4.91 2.88 3.95

-22.86 NM NM -11.31 -19.18 -3.57 1.27 -1.39

-40.55 NM NM -8.54 -39.11 -10.43 -0.24 -5.69

-15.55 NM NM -4.34 -17.48 -9.19 0.06 -4.82

Capital ($000) & Capital Ratios (%) 6,000

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

96.5

5,000 4,000

92.1

3,000 2,000

90.1

89.9

1,000 0 2009Y ASBESTOS/ENVIRONMENTAL RESV

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

-12.12 -14.91 -19.86 125.57 -24.38 37.31 60.27

7.15 11.96 -7.85 113.56 22.55 54.33 68.64

-11.31 2.37 17.16 118.50 4.16 53.56 64.06

-8.54 -3.78 -3.70 144.64 -8.84 54.82 61.31

-4.34 NA NA 143.49 NA NA 62.11

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

481.4

476.0 467.2 453.2 443.4

2008Y

2009Y

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

9,165 9,165 981 934.42 467.21

8,622 8,622 906 952.06 476.03

8,194 8,194 904 906.46 453.23

7,831 7,831 813 962.84 481.42

7,930 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

-442 305 0 0.00 57.06 102.16 -1.57

-59 394 0 0.00 61.84 117.19 -0.96

171 4 0 0.00 51.37 104.90 0.61

45 150 0 0.00 30.30 83.27 1.34

13 89 0 0.00 38.04 83.51 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Ponce De Leon LTC RRG Inc. (Alpharetta, GA) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

12,828 0 1,737 0 0

12,815 0 2,123 0 0

11,668 0 2,161 0 0

9,579 0 2,413 0 0

9,120 0 2,581 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 2,471 0 17,036 691 462 339 0 18,528

0 1,310 0 16,248 1,127 606 747 0 18,727

0 530 0 14,359 782 537 1,111 0 16,789

0 1,257 0 13,249 105 316 682 0 14,352

0 1,755 0 13,457 106 316 675 0 14,554

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

4,737 787 5,524 2,536 312 887 0 105

5,217 701 5,918 3,074 296 816 0 0

4,441 808 5,249 2,321 317 708 0 0

3,996 805 4,801 1,295 0 426 0 0

4,348 577 4,926 1,519 0 178 0 0

Total Liabilities

9,363

10,104

8,595

6,521

6,623

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

18 0 5,806 1,487 1,853 9,165

19 0 5,358 1,372 1,874 8,622

20 0 5,350 859 1,965 8,194

20 0 4,980 832 1,999 7,831

20 0 4,978 928 2,005 7,930

18,528

18,727

16,789

14,352

14,554

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

487 -442 305 17,036 0 12,828 0 1,737 0 0

357 -59 394 16,248 0 12,815 0 2,123 0 0

327 171 4 14,359 0 11,668 0 2,161 0 0

249 45 150 13,249 0 9,579 0 2,413 0 0

243 13 89 13,457 0 9,120 0 2,581 0 0

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%) Top 5 States by DPW - 2012Y

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 5,191 0 5,191

0 5,597 0 5,597

0 4,524 0 4,524

0 2,754 0 2,754

0 3,310 NA 3,310

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-513 4,677 -96 4,773

-198 5,399 538 4,861

-359 4,165 -753 4,918

-278 2,476 -1,026 3,502

-253 3,057 -414 3,472

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 1,261 0 1,261 1,469 0 -612

0 1,648 0 1,648 1,816 0 481

0 2,652 0 2,652 2,108 0 -776

0 1,507 0 1,507 1,562 0 -445

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 -149 -761 1,969 2,398 0 0 407 0 4,366

0 -86 395 3,859 2,154 0 0 -1,152 0 6,013

0 107 -669 4,091 2,084 0 0 -1,256 0 6,174

0 -3 -448 2,621 1,737 0 0 -855 0 4,358

NA NA NA 2,722 1,893 0 0 -1,144 0 4,615

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

487 -442 0 124 577 437 140

357 -59 0 27 -827 -303 -523

327 171 0 4 -754 -227 -527

249 45 0 91 -471 0 -471

243 13 0 91 -797 0 -797

Pre-tax Operating Income

1,019

-768

-925

-516

-810

Memo: Total Revenue Memo: Paid Expenses

4,943 3,888

5,187 4,094

5,420 4,349

3,886 3,628

3,818 NA

BOND QUALITY ($000) - Annual Only6 Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

Alaska - 0.0%

Alabama - 0.0%

Arkansas - 0.0%

Arizona - 0.0%

All other - 0.0%

MARKET POSITION ANALYSIS (%) Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

2012Y 9,579 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Bond Rated 3-6/Total Bond (%)

Bonds - 72.3%

Preferred Stocks - 0.0%

Common Stocks - 18.2%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 9.5%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

1,384

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

778

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 2,412 0

0 0 1,941 0

0 0 1,787 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

Med Prof Liab - 70.0%

9,579 2,413 0 11,992

9,858 2,413 0 12,271

9,677 1,858 0 11,535

9,372 --9,372

38,486 6,684 0 --

Oth, Prod Liab Cmbnd - 30.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Total Cmbnd A&H - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

1.00 0.00 0.00 75.30 18.96 10.20 0.00 14.50 0.00 NA 0.00 0.00 0.00 3.73 2.49

1.00 0.00 0.00 78.87 24.62 13.07 0.00 8.06 0.00 NA 0.00 0.00 0.00 6.02 3.23

1.00 0.00 0.00 81.26 26.38 15.05 0.00 3.69 0.00 NA 0.00 0.00 0.00 4.66 3.20

1.00 0.00 0.00 72.30 30.81 18.21 0.00 9.49 0.00 NA 0.00 0.00 0.00 0.73 2.20

1.00 0.00 0.00 67.77 32.55 19.18 0.00 13.05 0.00 NA 0.00 0.00 0.00 0.73 2.17

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

0.00 1.83 91.95 2.63

0.00 3.99 86.76 1.91

0.00 6.61 85.53 1.95

0.00 4.75 92.32 1.73

0.00 4.64 92.46 1.67

Aircraft - 0.0%

All Other - 0.0%

DPW ($000) 2,754 0 0 0 0 0

2011Y 11,668 0

LT Bond Common Stock Preferred Stock Total

Comm'l Auto St - 0.0%

Rank and States 1. Florida 2. Alaska 3. Alabama 4. Arkansas 5. Arizona All Other

2010Y 12,815 0

Investment Portfolio (%) - 2012

LT BONDS & STOCKS SUMMARY ($000)

Florida - 100.0%

2009Y 12,828 0

Class 6

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

2008Y 11,831 0

Rank and LOBs 1. Med Prof Liab 2. Oth, Prod Liab Cmbnd 3. Total Cmbnd A&H 4. Aircraft 5. Comm'l Auto St All Other

DPW ($000) 1,928 826 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 17.10 5,607 16.48

0.00 2.72 5,191 12.25

0.00 0.08 5,597 45.72

0.00 -7.23 4,524 38.57

0.00 -15.50 2,754 23.12

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

y g value 6 - The Securities and Bond section are held at carrying


Premier Physicians Ins Co. (Carson City, NV) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

575 South Saliman Road Carson City, NV 89701-5000

NAIC Company Code : 12613 Business Focus : Commercial Medical Malpractice Focus Geographic Focus: Regional - Western Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 20-3831358 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

10,008 3,340 6,667 399 5,957

11,467 2,802 8,665 -131 4,272

12,457 3,056 9,401 238 5,663

14,386 3,779 10,607 640 5,170

13,777 3,841 9,936 929 5,674

Direct Premiums Written Net Premiums Written Net Premiums Earned

6,459 6,459 5,866

6,297 4,097 4,181

7,217 6,069 5,574

7,321 5,440 5,073

6,659 4,777 5,579

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

2,979 47.66 19.40 1.93

2,934 87.53 -3.84 1.46

3,952 64.23 14.26 1.99

3,435 79.60 31.02 1.44

3,657 69.99 39.62 1.24

MSA: Carson City, NV (Metro)

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/14/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL ----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Jessica Contreras (775) 887-2480 (775) 887-2481 jessicacontreras@pgmnv.com

PROFITABILITY RATIOS (%) Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

Total Assets

Casey Neilon & Associates LLC Bickerstaff, Whatley, Ryan K. Warren Volker ---

14,000

2009Y

2010Y

2011Y

2012Y

2013L1

12,000

1.32 1.41 12.44 4.19 41.82 44.63 26.33 86.45 84.89 1.55 0.00

1.11 2.20 -4.12 -1.24 51.71 54.47 19.85 106.18 104.02 2.16 0.00

1.02 1.46 8.75 2.08 53.10 38.14 15.09 91.24 89.64 1.59 0.00

0.96 1.79 19.63 4.97 33.48 45.24 5.18 78.71 76.80 1.92 0.00

0.92 1.99 26.99 7.05 33.70 50.87 5.74 84.57 82.87 1.70 0.00

10,000

Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

30.00 106.2

25.00 20.00

91.2

86.4

84.6

78.7

15.00

Liabilities / Liquid Assets (IRIS Ratio)

16,000

Profitability Ratios (%) Return on Average Equity (C&S)

Total Liabilities

100.0 98.0 96.0 92.0

8,000 6,000

86.0

4,000 2,000 0 2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

115.72 115.72 230.99 86.00 0.00 122.82 990 781 118.58 124.30 6.44

24.32 38.56 75.20 100.00 0.00 103.24 2,155 2,113 150.91 154.91 0.73

25.83 101.51 79.45 98.00 0.00 105.74 477 670 111.19 111.31 2.19

39.92 103.48 112.05 96.00 0.00 113.79 1,542 1,454 132.49 138.11 6.87

40.26 109.13 104.14 92.00 0.00 147.96 600 526 111.49 116.47 7.44

2010Y

2011Y

2012Y

225 146 -37* 0 93 1 1* 1.1*

236 199 48* 0 95 1 0* 1.0*

194 144 -10 0 83 0 9* 0.9*

9 4 98 1 -17 -43 -52

24 18 96 11 -45 -14 -19

10.00 5.00

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

0.00 -5.00 -10.00 2009Y

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

15.48 3.90 9.48 0.58 30.67 6,459 2,453 2,883 531 100.00 35.91 10.44

31.86 7.38 19.04 1.13 26.92 6,297 2,162 2,232 -212 65.06 NM -2.86

38.01 6.73 13.45 0.86 17.09 7,217 2,960 2,315 300 84.10 40.93 6.86

28.29 7.39 15.53 0.93 21.40 7,321 1,698 2,461 913 74.31 37.12 19.55

27.96 NA NA NA NA NA 1,880 2,430 1,268 NA 31.78 24.03

REINSURANCE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

-177 100.00 0.00 0.00 0 0

-2,433 65.06 0.00 0.00 0 0

-1,589 84.10 0.00 0.00 0 0

-2,588 74.31 0.00 0.00 0 0

NA NA NA NA NA NA

Premiums ($000)

Net Premiums Written

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 -16* Net Change in Adj Policyholders' Surplus 25 -10 -19* Liabilities to Liquid Assets 100 --100 Agents' Bal to Policyholders' Surplus 40 --0 1-Yr Resv Dev to Policyholders' Surplus 20 ---43 2-Yr Resv Dev to Policyholders' Surplus 20 ---12 Est Curr Resv Defi/Policyholders' Surplus 25 ---53 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

5.00 5.10

14.58 29.96

8.64 8.50

15.49 12.83

3.46 -2.69

11.51 NM NM 6.95 11.51 43.71 11.26 28.91

-36.57 NM NM -1.52 -2.50 40.14 3.68 25.17

48.14 NM NM 34.70 14.60 33.15 4.73 21.67

-10.37 160.26 168.53 -13.09 1.45 21.03 2.09 13.94

-23.11 100.12 31.86 -12.98 -8.47 16.07 1.04 10.50

Capital ($000) & Capital Ratios (%) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

100.0 84.1 74.3

65.1

2009Y ASBESTOS/ENVIRONMENTAL RESV One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined RESERVE ANALYSIS (%) Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

2010Y

2011Y

2012Y

2013L1

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

2009Y

2010Y

2011Y

2012Y

2013L1

6.95 11.98 5.43 47.66 6.51 0.00 89.20

-1.52 -42.75 -12.49 87.53 -34.15 0.00 104.72

34.70 -16.70 -43.14 64.23 -8.40 0.00 129.33

-13.09 -45.39 -13.66 79.60 -27.34 0.00 90.89

-12.98 NA NA 69.99 NA NA 95.21

4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

185.2

165.2

2008Y

2009Y

CAPITAL/LEVERAGE ANALYSIS ($000)

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2)) Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

2010Y

2011Y

2012Y

2009Y

2010Y

2011Y

2012Y

2013L1

3,340 NA NA NA NA

2,802 NA NA NA NA

3,056 3,056 925 330.45 165.22

3,779 3,779 1,021 370.34 185.17

3,841 NA NA NA NA

0 0 -188 47.27 201.51 199.61 -5.30

-37 116 0 0.00 128.75 309.24 -86.83

15 -49 0 0.00 222.81 307.61 -51.99

7 76 0 0.00 166.95 280.66 -68.48

-2 76 0 0.00 138.85 258.70 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Premier Physicians Ins Co. (Carson City, NV) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

0 0 0 0 0

5,295 0 1,234 0 0

5,924 0 1,190 0 0

5,030 0 1,711 0 0

4,935 0 1,813 0 0

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 7,716 0 7,716 47 349 1,896 0 10,008

0 2,107 0 8,636 4 65 2,762 0 11,467

0 2,428 0 9,542 30 463 2,421 0 12,457

0 4,235 0 10,976 414 507 2,489 0 14,386

0 4,000 0 10,748 140 1,507 1,383 0 13,777

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

1,782 1,197 2,979 3,158 257 117 0 156

1,997 937 2,934 3,074 2,433 39 0 185

2,761 1,192 3,952 3,569 1,589 37 0 252

2,641 795 3,435 3,937 2,726 106 0 404

2,521 1,135 3,657 3,607 2,297 5 0 371

Total Liabilities

6,667

8,665

9,401

10,607

9,936

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus Total Liabilities and C&S

0 0 0 645 2,695 3,340

0 0 0 84 2,718 2,802

0 0 0 273 2,783 3,056

0 0 0 988 2,791 3,779

0 0 0 1,026 2,815 3,841

10,008

11,467

12,457

14,386

13,777

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 6,459 0 6,459

0 6,297 0 6,297

0 7,217 0 7,217

0 7,321 0 7,321

0 6,659 NA 6,659

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

0 6,459 592 5,866

-2,200 4,097 -84 4,181

-1,148 6,069 495 5,574

-1,881 5,440 367 5,073

-1,881 4,777 -802 5,579

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial

0 1,384 0 1,384 876 0 161

0 616 0 616 1,592 0 214

0 77 0 77 1,864 0 764

0 383 0 383 1,832 0 -120

NA NA NA NA NA NA NA

Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions

0 32 194 2,453 2,883 0 0 531 0 5,336

0 -260 -45 2,162 2,232 0 0 -212 0 4,394

0 254 1,018 2,960 2,315 0 0 300 0 5,274

0 -397 -517 1,698 2,461 0 0 913 0 4,159

NA NA NA 1,880 2,430 0 0 1,268 0 4,311

Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income

91 0 0 0 622 223 399

90 -37 0 0 -159 -28 -131

89 15 0 0 403 165 238

97 7 0 0 1,017 378 640

95 -2 0 0 1,361 433 929

Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

INVESTMENT ANALYSIS ($000)

91 0 0 7,716 0 0 0 0 0 0

90 -37 116 8,636 0 0 0 1,234 0 0

89 15 -49 9,542 0 5,924 0 1,190 0 0

97 7 76 10,976 0 5,030 0 1,711 0 0

95 -2 76 10,748 0 5,030 0 1,813 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA 0.00 NA NA 0.00 NA NA

NA 0.00 NA NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6

California - 2.9%

Arizona - 0.4%

Alaska - 0.0%

Alabama - 0.0%

All other - 0.0%

MARKET POSITION ANALYSIS (%) Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

1,363 5,672 NA

2008Y

2009Y

2010Y

2011Y

2012Y

0 0

0 0

0 0

5,924 0

5,030 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 45.8%

Preferred Stocks - 0.0%

Common Stocks - 15.6%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 38.6%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 114 1,266 0

0 392 968 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

5,030 1,711 0 6,742

5,030 1,711 0 6,742

5,063 1,575 0 6,639

4,855 --4,855

19,979 4,998 0 --

Med Prof Liab - 100.0% Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 0.47 3.49

NA 0.00 0.00 61.31 44.04 14.29 0.00 24.40 0.00 NA 0.00 0.00 0.00 0.03 0.57

1.00 0.00 0.00 62.09 38.93 12.47 0.00 25.44 0.00 NA 0.00 0.00 0.00 0.24 3.72

1.00 0.00 0.00 45.83 45.28 15.59 0.00 38.58 0.00 NA 0.00 0.00 0.00 2.87 3.53

1.00 0.00 0.00 45.92 47.21 16.87 0.00 37.22 0.00 NA 0.00 0.00 0.00 1.01 10.94

0.00 18.95 77.10 0.91

0.00 24.09 75.31 0.79

0.00 19.44 76.60 0.71

0.00 17.30 76.30 0.68

0.00 10.04 78.01 0.69

Comm'l Auto St - 0.0%

All Other - 0.0%

DPW ($000) 7,079 216 26 0 0 0

1,011 5,177 4,278

LT Bond Common Stock Preferred Stock Total

Comm'l Multi Prl - 0.0%

Rank and States 1. Nevada 2. California 3. Arizona 4. Alaska 5. Alabama All Other

388 5,677 4,225

Class 6

LT BONDS & STOCKS SUMMARY ($000)

Nevada - 96.7%

-122 4,235 3,862

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

622 5,957 3,759

Rank and LOBs 1. Med Prof Liab 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 7,321 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 5,792 37.35

0.00 NA 6,459 48.15

0.00 NA 6,297 26.16

0.00 17.24 7,217 11.99

0.00 7.84 7,321 7.57

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

y g value 6 - The Securities and Bond section are held at carrying


Sigma RRG Inc. (Washington, DC) Address and Geographic

Business Profile

HIGHLIGHTS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

c/o Aon Risk Services, Inc. 1120 20th Street, NW, Suite 60 Washington, DC 20036-3406 MSA: Washington-Arlington-Alexandria, DC-VA-MD-WV (Metro)

NAIC Company Code : 13557 Business Focus : Commercial General Liability Focus Geographic Focus: Regional - Northeastern Quadrant NAIC Ownership Structure: Risk Retention Group Tax Identification Number : 26-3690684 Distribution Channel: Direct Response

Total Assets Policyholder Surplus Total Liabilities Net Income Total Revenue

7,304 1,898 5,406 75 1,096

9,824 3,532 6,292 531 2,144

10,992 4,592 6,400 655 2,529

13,162 5,461 7,701 531 2,435

12,943 5,505 7,438 497 2,417

Direct Premiums Written Net Premiums Written Net Premiums Earned

2,120 1,770 1,081

2,849 2,849 2,097

2,351 2,351 2,538

2,344 2,344 2,349

2,342 2,342 2,343

2,920 247.74 9.19 0.93

3,450 166.42 35.17 0.81

4,062 161.72 26.49 0.51

5,220 205.51 16.17 0.43

5,677 218.55 14.58 0.43

Credit Ratings

Rating

AM Best Financial Strength Rating Demotech Financial Strength Rating S&P Financial Strength Rating Moody's Financial Strength Rating Fitch Financial Strength Rating

-A ----

Date -05/21/13 ----

Direction

Watch/Outlook

-Affirm ----

Not Covered by SNL

Loss & Loss Adj Exp Reserves Loss & LAE Reserves/ NPE (%) Pre-tax Operating ROAE (%) Operating Leverage (%)1

----

Liquidity ($000) STATUTORY CONTACT INFORMATION

OFFICERS & ADVISORS

Name : Phone : Fax : Email :

Auditor Actuary CEO CFO President

Emi Swaim (202) 862-5339 (847) 953-3462 emi.swaim@aon.com

Total Assets

Saslow Lufkin & Buggy LLP Aon Global Risk Consulting Richard A. Graciano Jr. -Ross J. Nese

12,000

2009Y

2010Y

2011Y

2012Y

2013L1

Net Yield on Invested Assets Net Investment Income/Earned Premiums Return on Average Equity (C&S) Return on Avg Assets Loss and LAE Ratio Expense Ratio Loss Ratio Combined Ratio Operating Ratio Investment ratio Policyholder Dividend Ratio

0.41 0.89 5.33 1.44 65.98 14.35 -72.00 80.33 78.86 1.46 0.00

0.85 1.65 22.77 7.25 50.14 9.53 43.54 59.67 57.43 2.25 0.00

-0.12 -0.37 17.07 6.90 48.61 11.88 37.58 60.49 60.84 -0.35 0.00

0.91 3.69 10.80 4.75 58.93 10.88 37.05 69.81 66.13 3.68 0.00

0.74 3.17 9.69 4.24 59.54 11.68 36.59 71.22 68.05 3.17 0.00

Profitability Ratios (%) Return on Avg Assets

Net Yield on Invested Assets

Combined Ratio

25.00 80.3

20.00

71.2

69.8

15.00

60.5

59.7

Liabilities / Liquid Assets (IRIS Ratio)

14,000

PROFITABILITY RATIOS (%)

Return on Average Equity (C&S)

Total Liabilities

116.0

10,000 89.0

8,000

76.0

74.0

6,000

53.0

4,000 2,000 0 2009Y

2010Y

2011Y

2012Y

2013L1

CASH FLOW & LIQUIDITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Cash, Short-Term Investments / Liabilities Cash, Common & Liquid Bonds / Liabilities Cash & Short-Term Investments / C&S Liabilities / Liquid Assets (IRIS Ratio) Affiliated Investments / Capital & Surplus Reserve coverage2 Cash From Underwriting ($000) Net Cash From Operations ($000) Underwriting Cash Flow Ratio Operating Cash Flow Ratio Unassigned Funds / Total Assets

86.41 86.41 246.08 116.00 0.00 95.38 664 376 260.32 333.95 1.35

103.29 112.11 183.99 89.00 0.00 121.01 1,299 1,287 265.07 271.68 6.41

119.35 131.81 166.33 76.00 0.00 134.89 1,628 1,044 281.02 345.13 11.69

123.75 135.23 174.50 74.00 0.00 140.58 1,691 1,592 438.11 462.10 13.80

134.27 146.71 181.42 53.00 0.00 149.74 1,753 1,523 506.65 565.79 14.37

2010Y

2011Y

2012Y

81 81 61* 0 65 0 8* 0.8*

51 51 -17 0 59 0 0* 0.0*

43 43 0 0 63 0 9* 0.9*

30 19 76 48* -23 -6 18

19 12 74 43* -13 -38 -45

10.00 5.00

Unusual Values Equal to or Over Under

IRIS RATIO ANALYSIS (%)

0.00 -5.00 2009Y

2010Y

2011Y

2012Y

2013L1

UNDERWRITING ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Loss Adjustment Expense Ratio Net Commission Ratio Salaries & Benefits Ratio Tax, License & Fees Ratio Admin & Other Expense Ratio Gross Premiums Written ($000)3 Loss & Loss Adj Expense ($000) Other Underwriting Exp Incurred ($000) Net Underwriting Gains ($000) Retention Ratio Effective Tax Rate Pre-Tax Operating Margin

137.98 0.00 0.00 2.43 11.92 2,120 713 254 114 83.49 42.05 11.81

6.60 0.00 0.00 2.21 7.32 2,849 1,051 272 774 100.00 33.70 38.29

11.03 0.00 0.00 2.90 8.98 2,351 1,234 279 1,025 100.00 35.30 40.17

21.88 0.00 0.00 2.69 8.18 2,344 1,384 255 709 100.00 33.68 32.69

22.95 NA NA NA NA NA 1,395 274 674 NA 34.00 30.97

REINSURANCE ANALYSIS ($000) Reinsurance Recoverable ex US Aff Retention Ratio (NPW/GPW) (%)3 Unauthorized Net Recov. (ex US Aff) (%) Nonaffiliated Reins Assumed / GPW (%) Reinsurance Payable on Losses, LAE Reinsurance on Known Case Reserves

Premiums ($000)

Net Premiums Written

2009Y

2010Y

2011Y

2012Y

2013L1

-23 83.49 0.00 0.00 0 0

0 100.00 NA 0.00 0 0

0 100.00 NA 0.00 0 0

0 100.00 NA 0.00 0 0

NA NA NA NA NA NA

Gross Premiums Written

Retention Ratio (NPW/GPW)

GPW to Policyholders' Surplus3 NPW to Policyholders' Surplus Change in Net Premiums Written Surplus Aid to Policyholders' Surplus Two-Year Overall Operating Ratio I t t Yield Yi ld Investment

900 300 33 15 100 65 6.5

-----33 ----3

Gross Change in Policyholders' Surplus 50 -10 86* Net Change in Adj Policyholders' Surplus 25 -10 28* Liabilities to Liquid Assets 100 --89 Agents' Bal to Policyholders' Surplus 40 --67* 1-Yr Resv Dev to Policyholders' Surplus 20 ---24 2-Yr Resv Dev to Policyholders' Surplus 20 ---78 Est Curr Resv Defi/Policyholders' Surplus 25 ---15 *Indicates an unusual value. NOTE: Year to year assessment of IRIS Ratios is not always significant due to periodic changes in the complements of each ratio. GROWTH RATES & TRENDS (%) Admitted Assets Growth Total Liabilities Growth Net Premiums Written Growth Pre-Tax Operating Income Growth Net Income Growth Loss & Loss Adj Exp Reserves Growth Direct Premiums Written Growth Total Liabilities Five-year CAGR Capital & Surplus Five-year CAGR Admitted Assets Five-year CAGR

2009Y

2010Y

2011Y

2012Y

2013L1

27.66 22.91

34.50 16.39

11.89 1.72

19.74 20.32

19.02 19.87

-49.65 562.42 221.69 25.30 -45.34 NA NA NA

60.99 534.04 608.30 18.16 34.41 NA NA NA

-17.49 23.74 23.21 17.72 -17.49 13.32 51.40 24.32

-0.28 -21.65 -18.87 28.51 -0.28 15.03 42.53 23.15

-0.25 -32.83 -31.60 26.49 -0.25 19.86 43.04 27.36

Capital ($000) & Capital Ratios (%) 3,000 2,500

100.0

100.0

ACL Risk Based Capital

RBC - Total Adjusted Capital

Capital and Surplus

Co. Action Level RBC (TAC/(ACL RBC*2))

100.0

2,000 1,500 1,000

600,000

83.5

500

500,000

0

400,000 2009Y

2010Y

2011Y

2012Y

2013L1

389.8

355.9

360.1

232.1

300,000 200,000

ASBESTOS/ENVIRONMENTAL RESV

2009Y

2010Y

2011Y

2012Y

2013L1

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

RESERVE ANALYSIS (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Change in Loss & LAE Resv / Reserves 1 Yr Loss Reserve Dev / 1Y Prior C&S 2 Yr Loss Reserve Dev / 2Y Prior C&S Loss and LAE Reserves / NPE 1 Yr Loss Reserve Development / NPE IBNR/ Total Reserves Reserves/ Equity

25.30 -56.15 0.00 247.74 -68.76 51.62 153.82

18.16 -24.28 -77.53 166.42 -21.99 59.28 97.68

17.72 -23.21 -6.47 161.72 -32.31 52.16 88.45

28.51 -13.37 -38.27 205.51 -26.14 48.49 95.58

26.49 NA NA 218.55 NA NA 103.12

One-Year Survival Ratio (%) Asbestos Environmental Combined Three-Year Survival Ratio (%) Asbestos Environmental Combined

1 - Operating Leverage = Net Premiums Written / Policyholder Surplus 3 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups especially when an inter-company pooling arrangement exists.

100,000 0

0.1

2008Y

2009Y

2010Y

2011Y

2012Y

CAPITAL/LEVERAGE ANALYSIS ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Capital and Surplus RBC - Total Adjusted Capital ACL Risk Based Capital Risk Based Capital Ratio (TAC/ACL RBC) Co. Action Level RBC (TAC/(ACL RBC*2))

1,898 1,898 409 464.14 232.07

3,532 3,532 496 711.89 355.94

4,592 4,592 589 779.62 389.81

5,461 5,461 758 720.28 360.14

5,505 NA NA NA NA

Realized Capital Gains (Losses) Net Unrealized Capital Gains (Losses) Dividends to Stockholders Dividend Payout Ratio (%) Net Premiums Written / Avg C&S (%) Liabilities / Capital & Surplus (%) Total Reins Recov Excl US Aff / C&S (%)

0 0 0 0.00 125.62 284.76 -1.21

-19 0 0 0.00 122.06 178.12 0.00

-4 0 0 0.00 61.30 139.37 0.00

5 0 0 0.00 47.64 141.01 0.00

5 0 0 0.00 45.62 135.12 NA

2 - Reserve coverage = (Cash & Invested Assets + Re Recoverable) / (Loss & LAE Reserves + Unearned Premiums) 4 - Reinsurance Relation : As Cedent and As Reinsurer would work only for Single and Group Companies.


Sigma RRG Inc. (Washington, DC) BALANCE SHEET ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Assets Bonds Preferred Stocks Common Stocks First Lien Real Estate Loans Real Estate Loans Less First Liens

0 0 0 0 0

555 0 0 0 0

283 0 514 0 0

133 0 751 0 0

131 0 795 0 0

Total Mortgage Loans Occupied Properties Income Generating Properties Properties for Sale

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Total Real Estate Net Adm Cash,Cash Equi, Short-Term Inv Other Investments Subtotals, Cash & Invested Assets Premiums & Considerations Due Reinsurance Recoverable All Other Admitted Assets Separate Account Assets Total Net Admitted Assets

0 4,671 0 4,671 1,955 0 678 0 7,304

0 6,499 0 7,054 2,369 0 402 0 9,824

0 7,638 0 8,436 2,192 0 364 0 10,992

0 9,530 0 10,414 2,345 0 403 0 13,162

0 9,987 0 10,912 1,611 0 419 0 12,943

Liabilities Unpaid Losses Unpaid Loss Adj Expenses Loss & Loss Adj Exp Reserves Unearned Premiums Total Reinsurance Liabilities Commissions, Other Exp & Taxes Payable to Parent, Subs & Affiliates Other Liabilities

1,552 1,368 2,920 1,953 350 129 0 53

2,250 1,200 3,450 2,379 0 135 0 327

2,861 1,201 4,062 2,192 0 137 0 9

3,681 1,538 5,220 2,188 0 118 0 175

3,970 1,707 5,677 1,610 0 151 0 0

Total Liabilities

5,406

6,292

6,400

7,701

7,438

Total Capital and Surplus Common Capital Stock Preferred Capital Stock Surplus Notes Unassigned Surplus Other Including Gross Contributed Capital & Surplus

1,800 0 0 98 0 1,898

2,903 0 0 630 0 3,532

3,308 0 0 1,285 0 4,592

3,645 0 0 1,816 0 5,461

3,645 0 0 1,860 0 5,505

Total Liabilities and C&S

7,304

9,824

10,992

13,162

12,943

2009Y

2010Y

2011Y

2012Y

2013L1

Revenue Personal P&C Direct Premiums Commercial P&C Direct Premiums Accident & Health Direct Premiums Direct Premiums Written

0 2,120 0 2,120

0 2,849 0 2,849

0 2,351 0 2,351

0 2,344 0 2,344

0 2,342 NA 2,342

Net Reinsurance Premiums5 Net Premiums Written Change in U/E Premiums Reserve Net Premiums Earned

-350 1,770 689 1,081

0 2,849 752 2,097

0 2,351 -187 2,538

0 2,344 -4 2,349

0 2,342 0 2,343

0 0 0 0 123 0 -778

0 215 0 215 306 0 698

0 343 0 343 279 0 611

0 50 0 50 176 0 820

NA NA NA NA NA NA NA

0 1,368 590 713 254 0 0 114 0 967

0 -168 530 1,051 272 0 0 774 0 1,323

0 1 611 1,234 279 0 0 1,025 0 1,513

0 338 1,158 1,384 255 0 0 709 0 1,639

NA NA NA 1,395 274 0 0 674 0 1,669

16 0 0 0 129 54 75

47 -19 0 0 802 270 531

-9 -4 0 0 1,012 357 655

87 5 0 0 801 270 531

74 5 0 0 754 256 497

Underwriting Deductions ($000) Net Losses Paid - Personal Net Losses Paid - Commercial Net Losses Paid - A&H Net Losses Paid Net LAE Paid Change in Loss Reserves - Personal Change in Loss Reserves - Commercial Change in Loss Reserves - A&H Change in LAE Reserves Net Change in Loss and LAE Reserves Losses and LAE Incurred Other Underwriting Expense Incurred Other Underwriting Deductions Net Income Protected Cells Net Underwriting Gain (Loss) Policyholder Dividends (PHD) Total underwriting deductions Income ($000) Net Investment Income Net Realized Capital Gains (Losses) Finance Service Charges All Other Income Income after cap gains (loss) before tax Federal Income Tax Net Income Pre-tax Operating Income Memo: Total Revenue Memo: Paid Expenses

Memo: Affiliated Investments ($000) Bonds Preferred Stocks

0 0

0 0

0 0

0 0

0 0

Common Stocks Mortgage Loans Cash & Short Term Investments All Other Investments Total Affiliated Investments

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

INVESTMENT ANALYSIS ($000)

INCOME STATEMENT ($000)

2009Y

2010Y

2011Y

2012Y

2013L1

Net Investment Income Realized Capital Gains Unrealized Capital Gains Total Cash & Investments Affiliated Cash & Investments Total Bonds (incl Short-Term) Total Preferred Stock (incl Nonadmitted) Total Common Stock (incl Nonadmitted) Total Mortgage Loans (incl Nonadmitted) Total Real Estate (incl Nonadmitted)

16 0 0 4,671 0 0 0 0 0 0

47 -19 0 7,054 0 555 0 0 0 0

-9 9 -4 0 8,436 0 283 0 514 0 0

87 5 0 10,414 0 133 0 751 0 0

74 5 0 10,912 0 131 0 795 0 0

Privately Placed Bonds/Total Bonds (%) Privately Placed Bonds / C&S (%) Bonds Rated 3-6 / Total Bonds (%) Mortgages in Foreclosure / Total (%) Mortgages in Foreclosure / C&S (%) Mortgages in Good Standing / Total (%) Real Estate Occupied / Total (%)

NA 0.00 NA NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

0.00 0.00 0.00 NA 0.00 NA NA

NA NA 0.00 NA NA NA NA

Top 5 States by DPW - 2012Y

BOND QUALITY ($000) - Annual Only6

2008Y

2009Y

2010Y

2011Y

2012Y

0 0

0 0

555 0

283 0

133 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

0

0

0

Investment Portfolio (%) - 2012

Bond Rated 3-6/Total Bond (%)

Bonds - 1.3%

Preferred Stocks - 0.0%

Common Stocks - 7.2%

Mortgage Loans - 0.0%

2013L1 2012Y 2011Y 2010Y 2009Y

Other Invstmts - 91.5%

0.00

0.20

0.40

0.60

0.80

1.00

2008Y

2009Y

2010Y

2011Y

2012Y

CMBS Exposure Total: LT Bond, Com MBS

0

0

0

0

0

RMBS Exposure Total: LT Bond, Res MBS

0

0

0

0

0

Municipal Securities Issued States & Territories ($000) Issued Political Subdivisions ($000) Issued State Rev Obligations ($000) Issued Industrial Development ($000)

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Carr Value

Fair Value

Actual Cost

Par Value

Total

133 751 0 884

133 751 0 884

126 708 0 833

125 --125

517 2,209 0 --

Total Cmbnd A&H - 0.0%

ASSET QUALITY (%)

2009Y

2010Y

2011Y

2012Y

2013L1

Aircraft - 0.0%

Bond Avg Asset Quality (1-6) (Actual) Bonds Rated 3-6 / C&S Class 5 and 6 Bonds / C&S Bonds/Invested Assets Common Stocks / C&S Unaff common stock/Invested Assets Preferred Stocks / C&S Cash/Invested Assets Mortgage & Real Estate / C&S Mortgages in Foreclosure/Mortgages Mortgages Loans/Invested Assets Real Estate/Invested Assets Other Investments/Invested Assets Premiums & Cons due/Total Assets Reinsurance recoverable/Total Assets

NA 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 NA 0.00 0.00 0.00 26.76 0.00

1.00 0.00 0.00 7.87 0.00 0.00 0.00 92.13 0.00 NA 0.00 0.00 0.00 24.11 0.00

1.00 0.00 0.00 3.35 11.20 6.10 0.00 90.55 0.00 NA 0.00 0.00 0.00 19.94 0.00

1.00 0.00 0.00 1.28 13.75 7.21 0.00 91.51 0.00 NA 0.00 0.00 0.00 17.82 0.00

1.00 0.00 0.00 1.20 14.44 7.29 0.00 91.52 0.00 NA 0.00 0.00 0.00 12.45 0.00

0.00 9.28 63.95 0.22

0.00 4.09 71.80 0.48

0.00 3.31 76.74 -0.08

0.00 3.06 79.12 0.66

0.00 3.24 84.31 0.57

Comm'l Auto St - 0.0%

Alabama - 0.0%

Arkansas - 0.0%

Comm'l Multi Prl - 0.0%

Arizona - 0.0%

All other - 0.0%

All Other - 0.0%

Market Share Ratio DPW 5 Yr CAGR National DPW ($000) Adjusted Loss Ratio

748 2,422 NA

Oth, Prod Liab Cmbnd - 100.0%

Alaska - 0.0%

MARKET POSITION ANALYSIS (%)

796 2,440 579

LT Bond Common Stock Preferred Stock Total

Pennsylvania - 100.0%

DPW ($000) 2,344 0 0 0 0 0

1,016 2,525 565

Class 6

LT BONDS & STOCKS SUMMARY ($000)

Rank and States 1. Pennsylvania 2. Alaska 3. Alabama 4. Arkansas 5. Arizona All Other

821 2,125 581

Investment Grade Class 1 Class 2 Non - Investment Grade Class 3 Class 4 Class 5

SECURITIES ($000) - Annual Only6

Top Lines of Business by DPW - 2012Y

129 1,096 380

Rank and LOBs 1. Oth, Prod Liab Cmbnd 2. Total Cmbnd A&H 3. Aircraft 4. Comm'l Auto St 5. Comm'l Multi Prl All Other

DPW ($000) 2,344 0 0 0 0 0

2009Y

2010Y

2011Y

2012Y

2013L1

0.00 NA 3,878 89.56

0.00 NA 2,120 -53.94

0.00 NA 2,849 44.79

0.00 NA 2,351 37.58

0.00 NA 2,344 37.05

p especially p y 5 - Calculation for Gross Premiums or Reinsurance Assumed can be overstated in SNL Groups when an inter-company pooling arrangement exists.

Rec from parent,sub or aff./Total Assets All other admitted assets/Total Assets Invested Assets/Total Assets Investment Income/Total Assets

y g value 6 - The Securities and Bond section are held at carrying


Demotech, Inc. Corporate Milestones Financial stability is independent of size. Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of Property and Casualty (P&C) insurers and Title underwriters. An FSR summarizes our opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the underwriting cycle that exists in the insurance industry. Thus, an FSR summarizes our opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle. FSRs are not an endorsement of any particular insurer or its products. Insureds and agents need to independently evaluate their relationship with a particular insurer as well as the applicability of that insurer’s products to the needs of the insured or agent. FSRs present our opinion of the ability of the insurer to meet its insurance related obligations based upon our assessment of financial information. Our focus is unique. While we acknowledge and recognize the importance of profitability, we believe that balance sheet strength and financial integrity are the ultimate determinants of the long term financial stability required to honor meritorious claims. Accordingly, while operating profit remains an important element in the assignment of FSRs, the ability of an insurer to remain financially stable under a variety of economic stress tests requires a focus on balance sheet integrity. Quality and quantity of reinsurance, relative adequacy of loss and loss adjustment expense reserves, the liquidity and quality of assets and rate adequacy are some of the more critical items we evaluate. Our rating process provides an objective baseline for assessing solvency based upon changes in financial stability, as manifested in an insurer’s balance sheet. FSRs are based upon a series of quantitative ratios and considerations that comprise our Financial Stability Analysis Model. The Financial Stability Analysis Model is the major component of the FSR assignment process and can be applied to statutory insurance accounting data or data compiled under Generally Accepted Accounting Principles (GAAP). The Financial Stability Analysis Model includes a tactile review as well as computation and analysis of critical financial ratios to determine the current and anticipated financial stability of the insurance company being reviewed. The Financial Stability Analysis Model cross checks and analyzes financial statement calculations and relationships. A critical item to determine the financial stability of a P&C insurer is the calculation of financial stability ratios measured against our financial stability benchmarks. These ratios and benchmarks have been compiled on an industry-wide basis and have been substantiated by third parties. Since our incorporation in 1985, Demotech has proactively responded to the challenges faced by the insurance industry. In 1989, Demotech gained acceptance from the Federal National Mortgage Association (Fannie Mae) for FSRs of A or better. In 1990, we received similar accreditation from Federal Home Loan Mortgage Corporation (Freddie Mac). In 1993, the United States Department of Housing and Urban Development (HUD) published its acceptance of FSRs of A or better. The acceptance of FSRs of A or better leveled the playing field for regional P&C insurance companies while simultaneously assisting insurance agents, reinsurers and insurance carriers through the elimination of reinsurance endorsements and cut-through endorsements. Similarly, in 1996 we began reviewing newly formed P&C insurance companies incorporated in the State of Florida to facilitate their efforts to depopulate the Florida residual market mechanism. In 2005, FSRs of A or better were deemed acceptable for qualification under HUD’s Section 232 and 223 (f) Programs, thereby assisting financially stable risk retention groups writing nursing facility general and professional liability insurance. We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution for your organization.

1986 First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs). 1987 First to issue FSRs for public entity liability self-insured pools through the development of our Management Audit Process. 1989 First to have Property and Casualty insurance company rating process formally reviewed and accepted by Fannie Mae. An FSR of A or better eliminates the need for property insurance cut-through endorsements by mortgage lenders. 1990 First to have Property and Casualty insurance company rating process formally reviewed and accepted by Freddie Mac. Began offering Property and Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance. Addressed the National Association of Insurance Commissioners (NAIC) requirements for Property and Casualty insurers to submit actuarial opinions related to loss and loss adjustment expense reserves concurrent with the 1990 Property and Casualty annual statement. 1992 First to issue FSRs for Title underwriters. First to have Property and Casualty insurance company rating process formally 1993 reviewed and accepted by HUD. Fannie Mae issued Title underwriting guidelines, naming Demotech as an 1994 approved Title underwriter rating service. First to promulgate Commercial Real Estate Recommendations (CRERs) to 1995 provide additional financial due diligence of Title underwriters involved in larger real estate transactions. 1996 Contacted by the Florida Office of Insurance Regulation (OIR) when the property insurance market encountered newly established insurers that did not have the representative historical operating experience to meet traditional rating requirements. Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies. Coordinated the first seminar regarding the implementation of Statements of Actuarial Opinion for Title insurance companies on behalf of the Conference of Consulting Actuaries. 2005 HUD approved Demotech’s rating process for professional liability insurance under Notice H04-15, Professional Liability Insurance f or Section 232 and 223(f) Programs. 2007 Designated the Official Research Partner of Insurance Journal, providing research, actuarial and statistical support and collaborating on special joint reports pertaining to insurance industry performance and financial results. 2008 Introduced Insurance Agents’ Errors and Omissions Insolvency Gap Legal Defense Coverage. 2009 Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense. 2010 Participated in a comprehensive examination of insurer financial strength authored by Florida State University and The University of North Texas. 2011 Achieved the milestone of more than 350 insurance entities being actively reviewed, rated and followed. 2012 FSRs added to SNL Financial website, www.snl.com.

Solutions as Unique as Your Organization Demotech is committed to serving its clients while maintaining the highest standards. Innovative thinking, strategic analysis, commitment, insight and on-going involvement with the insurance industry allow us to provide solutions as unique as your organization. We encourage you to contact us with any current needs or problems you are experiencing. We are confident we can provide a solution. Contact Douglas Powell at dpowell@demotech.com to discuss any needs or problems your organization is experiencing.

®

®


Demotech, Inc. 2715 Tuller Parkway Dublin, OH 43017-2310 www.demotech.com

Analysis of Risk Retention Groups - First Quarter 2013  

Analysis of Risk Retention Groups – First Quarter 2013 contains commentary pertaining to the financial stability of RRGs provided by Douglas...

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