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<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0.5in; text-align: left;"><b>7.</b></td>
<td style="text-align: justify;"><b>Contingent Liabilities</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company is a party to various lawsuits arising in the ordinary course of its operations. The Company believes that the ultimate resolution of these matters will not materially impact its financial position, cash flows, or results of operations.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s reinsurance subsidiary, JRG Re, entered into two letter of credit facilities with banks as security to third-party reinsureds on reinsurance assumed by JRG Re. JRG Re has established custodial accounts to secure these letters of credit. Under a $100.0 million facility, $95.6 million of letters of credit were issued through March 31, 2015, and assets of $113.0 million were on deposit at March 31, 2015 securing the letters of credit. Under a $62.5 million facility, $42.0 million of letters of credit were issued through March 31, 2015, and assets of $52.6 million were on deposit at March 31, 2015 securing the letters of credit. JRG Re has also established trust accounts to secure its obligations to selected reinsureds. The total amount deposited in the trust accounts at March 31, 2015 was $205.0 million.</p>
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<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.5in; text-align: left;"><b>1.</b></td>
<td style="text-align: justify;"><b>Accounting Policies</b></td>
</tr>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Organization</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">James River Group Holdings, Ltd. (referred to as “JRG Holdings” or the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company owns six property/casualty companies, five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches and a Bermuda-based reinsurance company as described below:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; margin-top: 0px; margin-bottom: 6pt; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
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<td style="width: 16px;">•</td>
<td style="width: 15px;"> </td>
<td style="width: 1457px; text-align: justify;">James River Group, Inc. (“James River Group”) is a Delaware domiciled insurance holding company formed in 2002, which owns all of the Company’s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company’s U.S. insurance operations and maintains all of the outstanding debt in the U.S.</td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td> </td>
<td> </td>
<td style="text-align: justify;"> </td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td>•</td>
<td> </td>
<td style="text-align: justify;">James River Insurance Company (“James River Insurance”) is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, is authorized to write business in every state and the District of Columbia.</td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td> </td>
<td> </td>
<td style="text-align: justify;"> </td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td>•</td>
<td> </td>
<td style="text-align: justify;">Falls Lake National Insurance Company (“Falls Lake National”) is an Ohio domiciled insurance company which wholly owns Stonewood Insurance Company (“Stonewood Insurance”), a North Carolina domiciled company, and Falls Lake General Insurance Company, an Ohio domiciled company. Falls Lake National began writing specialty admitted program business in late 2013.</td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td> </td>
<td> </td>
<td style="text-align: justify;"> </td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td>•</td>
<td> </td>
<td style="text-align: justify;">Stonewood Insurance is a workers’ compensation insurance company that writes insurance primarily for the residential construction and light manufacturing industries. Stonewood Insurance writes workers’ compensation coverage in North Carolina, Virginia, South Carolina, and Tennessee.</td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td> </td>
<td> </td>
<td style="text-align: justify;"> </td>
</tr>
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: right;"> </td>
<td style="width: 16px;">•</td>
<td> </td>
<td style="text-align: justify;">JRG Reinsurance Company, Ltd. (“JRG Re”) was formed in 2007 and commenced operations in 2008. JRG Re, a Bermuda domiciled reinsurer, provides reinsurance to U.S. third parties and to the Company’s U.S.-based insurance subsidiaries.</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Basis of Presentation</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements.  The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable.  Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a more complete description of the Company’s business and accounting policies.  In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included.  Such adjustments consist only of normal recurring items.  Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2014 was derived from the Company’s audited annual consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Significant intercompany transactions and balances have been eliminated.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Estimates and Assumptions</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Variable Interest Entities</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”).  A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE.  The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE.  The Company reassesses its VIE determination with respect to an entity on an ongoing basis.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company holds interests in VIEs through certain equity method investments in limited liability corporations (“LLCs”) included in “other invested assets” in the accompanying condensed consolidated balance sheets.  The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships.  Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities.  The Company’s investments related to these VIEs totaled $26.9 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, representing the Company’s maximum exposure to loss.</p>
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<td style="width: 0.5in; text-align: left;"><b>11.</b></td>
<td style="text-align: justify;"><b>Capital Stock and Equity Awards</b></td>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On February 17, 2015, the Board of Directors declared a cash dividend of $0.16 per common share.  The dividend totaled $4.6 million and was paid on March 31, 2015 to shareholders of record on March 16, 2015.  No dividends were declared during the three months ended March 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Equity Incentive Plans</i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s shareholders have approved various equity incentive plans, including the Amended and Restated 2009 Equity Incentive Plan (the “Legacy Plan”), the 2014 Long Term Incentive Plan (“2014 LTIP”), and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”).  All awards issued under the Plans are issued at the discretion of the Board of Directors.  Under the Legacy Plan, employees received non-qualified stock options.  Options are outstanding under the Legacy Plan; however, no additional awards may be granted.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, restricted share units (“RSUs”), and other awards under the 2014 LTIP.  The maximum number of shares available for issuance under the 2014 LTIP is 3,171,150, and at March 31, 2015, 1,844,298 shares are available for grant.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 22.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, restricted share units, and other awards under the 2014 Director Plan.  The maximum number of shares available for issuance under the 2014 Director Plan is 50,000, and at March 31, 2015, 42,860 shares are available for grant.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 22.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">All options issued under the Legacy Plan vest in the event of a change in control.  Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined), and in the case of the 2014 LTIP for Good Reason (as defined), during the 12-month period following a Change in Control (as defined).</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Options</i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i> </i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the option activity:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Shares</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Weighted-<br />Average<br />Exercise<br />Price</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Shares</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Weighted-<br />Average<br />Exercise<br />Price</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;">Outstanding:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 626px; text-indent: 0in; padding-left: 9pt;">Beginning of period</td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 133px; text-align: right;">3,104,768</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 132px; text-align: right;">17.27</td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 132px; text-align: right;">2,166,250</td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 132px; text-align: right;">15.51</td>
<td style="width: 13px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-left: 0.25in;">Granted</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-left: 0.25in;">Exercised</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Lapsed</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0.125in;">End of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,104,768</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17.27</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,166,250</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15.51</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0.125in;">Exercisable, end of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,804,374</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15.48</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,673,250</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15.49</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i> </i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>RSUs</i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i> </i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the RSU activity for the three months ended March 31, 2015:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Shares</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Weighted-<br />Average<br />Grant Date <br />Fair Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 983px; text-indent: 0in;">Unvested, beginning of period</td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 133px; text-align: right;">340,474</td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 132px; text-align: right;">21.00</td>
<td style="width: 13px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-bottom: 1pt; padding-left: 0pt;">Granted</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0pt;">Unvested, end of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">340,474</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">21.00</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no RSUs outstanding in the three months ended March 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Compensation Expense</i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i> </i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Share based compensation expense is recognized on a straight line basis over the vesting period.  The amount of expense and related tax benefit is summarized below:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1075px; text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Share based compensation expense</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 149px; text-align: right;">911</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 148px; text-align: right;">115</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Tax benefit on share based compensation expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">248</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">20</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of March 31, 2015, the Company had $10.2 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 3.0 years.  The weighted-average remaining contractual life of the options outstanding and options exercisable was 3.8 years and 2.1 years, respectively.</p>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0.5in; text-align: left;"><b>4.</b></td>
<td style="text-align: justify;"><b>Earnings Per Share</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap">
<p style="font: bold 8pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-stretch: normal;"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Income</b></font></p>
<p style="font: bold 8pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-stretch: normal;"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>(Numerator)</b></font></p>
</td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Weighted-Average<br />Common Shares<br />(Denominator)</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Earnings<br />Per Share</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="10" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands, except per share data)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">Three months ended March 31, 2015</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 867.54px; text-indent: -9.35pt; padding-left: 9.35pt;">Basic</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 145px; text-align: right;">9,377</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 144px; text-align: right;">28,540,350</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 144px; text-align: right;">0.33</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 9.35pt;">Common share equivalents</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">557,959</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(0.01</td>
<td style="text-align: left; padding-bottom: 1pt;">) </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">Diluted</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">9,377</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">29,098,309</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.32</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">Three months ended March 31, 2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt;">Basic</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">9,138</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">28,540,350</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">0.32</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 9.35pt;">Common share equivalents</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">240,331</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.00</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">Diluted</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">9,138</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">28,780,681</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.32</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman',;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Common share equivalents relate to stock options and restricted share units (“RSU’s”).  For the three months ended March 31, 2015 and 2014, common share equivalents of 993,518 and 25,000 shares, respectively, are excluded from the calculations of diluted earnings per share as their effects are anti-dilutive.</p>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0.5in; text-align: left;"><b>10.</b></td>
<td style="text-align: justify;"><b>Fair Value Measurements</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Three levels of inputs are used to measure fair value of financial instruments: (1) Level 1: quoted price (unadjusted) in active markets for identical assets, (2) Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument, and (3) Level 3: inputs to the valuation methodology are unobservable for the asset or liability.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">To measure fair value, the Company obtains quoted market prices for its investment securities.  If a quoted market price is not available, the Company uses prices of similar securities.  Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique.  The values for all other fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques.  There have been no changes in the Company’s use of valuation techniques since January 1, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company reviews fair value prices provided by its outside investment managers for reasonableness by comparing the fair values provided by the managers to those provided by its investment custodian.  The Company also reviews and monitors changes in unrealized gains and losses.  The Company has not historically adjusted security prices.  The Company obtains an understanding of the methods, models and inputs used by the investment managers and independent pricing services, and controls are in place to validate that prices provided represent fair values.  The Company’s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy, and obtaining and reviewing internal control reports for our investment manager that obtains fair values from independent pricing services.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Assets measured at fair value on a recurring basis as of March 31, 2015 are summarized below:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value Measurements Using</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Quoted Prices<br /> in Active <br />Markets for <br />Identical<br /> Assets</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br /> Other<br /> Observable<br /> Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Unobservable<br /> Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 1</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 2</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 3</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman',;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 731.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">–</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">97,672</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">97,672</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">245,051</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">245,051</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,337</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,337</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">51,427</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,401</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,828</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">51,427</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">688,557</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">739,984</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Equity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Preferred stock</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,195</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,195</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Common stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,401</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">734</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">19,135</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Total equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,401</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">58,929</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">77,330</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total available-for-sale securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">69,828</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">747,486</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">817,314</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Trading securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Fixed maturity securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,816</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,816</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;">Short-term investments</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">94,775</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">66,445</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">161,220</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Assets measured at fair value on a recurring basis as of December 31, 2014 are summarized below:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value Measurements Using</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Quoted Prices<br />in Active<br />Markets for<br />Identical<br />Assets</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Other<br />Observable<br />Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Unobservable<br />Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 1</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 2</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 3</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 741px; text-align: left; padding-left: 0.125in;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">–</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">99,046</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">99,046</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.125in;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">115,249</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">115,249</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-left: 0.125in;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">267,882</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">267,882</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.125in;">Commercial mortgage and <br />asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,341</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,341</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">101,275</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">101,275</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,891</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,378</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,269</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,891</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">700,072</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">756,963</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 0in;">Equity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.125in;">Preferred stock</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">49,601</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">49,601</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Common stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">17,570</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">734</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,304</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Total equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">17,570</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">50,335</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">67,905</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total available-for-sale securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">74,461</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">750,407</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">824,868</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Trading securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in;">Fixed maturity securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">7,388</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; padding-bottom: 2.5pt;">$</td>
<td style="text-align: right; padding-bottom: 2.5pt;">7,388</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;">Short-term investments</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">58,507</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">73,349</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">131,856</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was $0, and there was no activity (purchases, sales, transfers) involving Level 3 securities for the three months ended March 31, 2015 and 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Transfers out of Level 3 occur when the Company is able to obtain reliable prices from pricing vendors for securities for which the Company was previously unable to obtain reliable prices.  Transfers to Level 3 occur when the Company is unable to obtain reliable prices for securities from pricing vendors and instead must use broker price quotes to value the securities.  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2015 or 2014.  The Company recognizes transfers between levels at the beginning of the reporting period.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no realized gains or losses included in earnings for the three months ended March 31, 2015 attributable to the change in unrealized gains or losses relating to Level 3 assets valued at fair value on a recurring basis that are still held at March 31, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company measures certain bank loan participations at fair value on a nonrecurring basis during the year as part of the Company’s impairment evaluation when loans are determined by management to be impaired.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Assets measured at fair value on a nonrecurring basis are summarized below:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 13.5pt; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value Measurements Using</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Quoted Prices <br />In Active <br />Markets for <br />Identical Assets<br />Level 1</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Other<br />Observable<br />Inputs<br />Level 2</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Unobservable<br />Inputs<br />Level 3</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">March 31, 2015</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 780.4px; text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Bank loan participations held-for-investment</td>
<td style="width: 15px; padding-bottom: 2.5pt;"> </td>
<td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 113px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="width: 15px; text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 112px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="width: 14px; text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 112px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,902</td>
<td style="width: 14px; text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 112px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,902</td>
<td style="width: 14px; text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no assets measured at fair value on a nonrecurring basis at December 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Bank loan participations held-for-investment that were determined to be impaired were written down to their fair value of $2.9 million at March 31, 2015.  There were no impaired bank loan participations at March 31, 2014.  The allowance for credit losses on bank loan participations was $724,000 at March 31, 2015 and $242,000 at December 31, 2014.  The change in the allowance for credit losses on bank loan participations is included in net realized investment gains.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In the determination of the fair value for bank loan participations and certain high yield bonds, the Company’s investment manager endeavors to obtain data from multiple external pricing sources. External pricing sources may include brokers, dealers and price data vendors that provide a composite price based on prices from multiple dealers. Such external pricing sources typically provide valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities, and various relationships between securities, as generally recognized by institutional dealers. For investments in which the investment manager determines that only one external pricing source is appropriate or if only one external price is available, the relevant investment is generally recorded at fair value based on such price.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the investment manager. In determining the fair value of such investments, the investment manager considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers.  At March 31, 2015, there were bank loan participations with an unpaid principal balance of $8.4 million and a carrying value of $7.2 million for which external sources were unavailable to determine fair value. At December 31, 2014, there were bank loan participations with an unpaid principal balance of $14.1 million and a carrying value of $12.7 million for which external sources were unavailable to determine fair value.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <b> </b></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>March 31, 2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>December 31, 2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Carrying<br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Carrying<br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; font-weight: bold;">Assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;">Available-for-sale:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 866px; text-align: left; text-indent: 0in; padding-left: 9pt;">Fixed maturity securities</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">739,984</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">739,984</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">756,963</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">756,963</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-left: 9pt;">Equity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77,330</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77,330</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">67,905</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">67,905</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;">Trading:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-left: 9pt;">Fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,816</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,816</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,388</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,388</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Bank loan participations held-for-investment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">203,601</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">199,733</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">239,511</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">231,251</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Cash and cash equivalents</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">71,355</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">71,355</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">73,383</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">73,383</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;">Short-term investments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">161,220</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">161,220</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">131,856</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">131,856</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Other invested assets – notes receivable</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">24,257</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">26,112</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,500</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,410</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; font-weight: bold;">Liabilities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Senior debt</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">88,300</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">81,173</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">88,300</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">79,850</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Junior subordinated debt</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">104,055</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">91,562</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">104,055</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">89,100</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The fair values of fixed maturity securities and equity securities have been determined using quoted market prices for securities traded in the public market or prices using bid or closing prices for securities not traded in the public marketplace.  The fair values of cash and cash equivalents and short-term investments approximate their carrying values due to their short-term maturity.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at March 31, 2015 and December 31, 2014 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at March 31, 2015 and December 31, 2014, respectively.  For notes receivable maturing within one year, carrying value was used to approximate fair value.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The fair values of bank loan participations held-for-investment, senior debt, and junior subordinated debt at March 31, 2015 and December 31, 2014 were determined using inputs to the valuation methodology that are unobservable (Level 3).</p>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0.5in; text-align: left;"><b>3.</b></td>
<td style="text-align: justify;"><b>Goodwill and Intangible Assets</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On December 11, 2007, the Company completed an acquisition of James River Group by acquiring 100% of the outstanding shares of James River Group common stock, referred to herein as the “Merger”. The transaction was accounted for under the purchase method of accounting, and goodwill and intangible assets were recognized by the Company as a result of the transaction. Goodwill resulting from the Merger was $181.8 million at March 31, 2015 and December 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-left: 0px; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>March 31, 2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>December 31, 2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Life<br />(Years)</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross<br />Carrying<br />Amount</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Accumulated<br />Amortization</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross<br />Carrying<br />Amount</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Accumulated<br />Amortization</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-left: 0px; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>($ in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-weight: bold;">Intangible Assets</td>
<td> </td>
<td style="text-align: center; padding-left: 0px;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 549px;">Trademarks</td>
<td style="width: 16px;"> </td>
<td style="width: 189px; text-align: center; padding-left: 0px;">Indefinite</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">22,200</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">–</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">22,200</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt;">Insurance licenses and authorities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; padding-bottom: 1pt; padding-left: 0px;">Indefinite</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">9,164</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">9,164</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Identifiable intangibles not subject to amortization</td>
<td> </td>
<td style="text-align: center; padding-left: 0px;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">31,364</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">31,364</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: center; padding-left: 0px;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Broker relationships</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; padding-bottom: 1pt; padding-left: 0px;">24.6</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,999</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,850</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Identifiable intangible assets subject to amortization</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; padding-bottom: 1pt; padding-left: 0px;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,999</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,850</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: center; padding-bottom: 2.5pt; padding-left: 0px;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">42,975</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,999</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">42,975</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,850</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0.5in; text-align: left;"><b>2.</b></td>
<td style="text-align: justify;"><b>Investments</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s available-for-sale investments are summarized as follows:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Cost or<br />Amortized <br />Cost</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross <br />Unrealized <br />Gains</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross <br />Unrealized <br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">March 31, 2015</td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 731.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">88,692</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">8,980</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">97,672</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">109,530</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,894</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(929</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">238,428</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,664</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,041</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">245,051</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">127,676</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,956</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(57</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">98,981</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,397</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(41</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,337</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,348</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">496</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(16</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,828</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,025</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">717,680</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">26,388</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,084</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">739,984</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">72,346</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">5,758</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(774</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">77,330</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">790,026</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">32,146</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(4,858</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">817,314</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b></b> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman',;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Cost or<br />Amortized <br />Cost</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross <br />Unrealized <br />Gains</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross <br />Unrealized <br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">December 31, 2014</td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 731.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">90,715</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">8,509</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">(178</td>
<td style="width: 15px; text-align: left;">)</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">99,046</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,997</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,661</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,409</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">115,249</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">261,574</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">8,742</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,434</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">267,882</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,056</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,429</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(144</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,341</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,376</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,431</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(532</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">101,275</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,173</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">289</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(193</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,269</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,025</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(124</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">737,916</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">24,061</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(5,014</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">756,963</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">64,348</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">5,182</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,625</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">67,905</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">802,264</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">29,243</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(6,639</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">824,868</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The amortized cost and fair value of available-for-sale investments in fixed maturity securities at March 31, 2015 are summarized, by contractual maturity, as follows:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Cost or<br />Amortized <br />Cost</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1147.54px; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">One year or less</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">47,301</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">47,619</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After one year through five years</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">254,014</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">256,075</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After five years through ten years</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">55,888</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">60,034</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After ten years</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">121,246</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">132,160</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">109,530</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">127,676</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 9.35pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,025</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">Total</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">717,680</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">739,984</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Actual maturities may differ for some securities because borrowers have the right to call or prepay obligations with or without penalties.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Less Than 12 Months</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>12 Months or More</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair  <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross <br />Unrealized<br />Losses </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair  <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross<br />Unrealized<br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair <br />Value  </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross<br />Unrealized<br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="22" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>March 31, 2015</b></font></td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 521px; padding-left: 0.125in;">Residential mortgage-backed</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">1,207</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">(1</td>
<td style="width: 16px; text-align: left;">)</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">46,418</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(928</td>
<td style="width: 15px; text-align: left;">)</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">47,625</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(929</td>
<td style="width: 15px; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.125in;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,987</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(32</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,323</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,009</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">16,310</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,041</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">28,354</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(23</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,123</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(34</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">39,477</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(57</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligation of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">22,455</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(19</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">10,230</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(22</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">32,685</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(41</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">13,713</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">3,305</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(12</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">17,018</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(16</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">75,716</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(79</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77,399</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,005</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">153,115</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,084</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,906</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(26</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">12,859</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(748</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">15,765</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(774</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">78,622</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(105</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">90,258</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(4,753</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">168,880</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(4,858</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; font-weight: bold;">December 31, 2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 511.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">3,197</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">(176</td>
<td style="width: 16px; text-align: left;">)</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">247</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(2</td>
<td style="width: 15px; text-align: left;">)</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">3,444</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(178</td>
<td style="width: 15px; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,072</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">47,594</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,407</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">49,666</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,409</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">25,885</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(235</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">22,353</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,199</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,238</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,434</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">23,894</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(118</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">8,742</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(26</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">32,636</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(144</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">202</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,029</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(532</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,231</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(532</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,055</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(24</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">19,383</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(169</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">32,438</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(193</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(124</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(124</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">68,305</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(555</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">148,249</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,459</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">216,554</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(5,014</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,361</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(205</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">10,621</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,420</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,982</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,625</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">69,666</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(760</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">158,870</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(5,879</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">228,536</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(6,639</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of March 31, 2015, the Company held securities of 34 issuers that were in an unrealized loss position with a total fair value of $168.9 million and gross unrealized losses of $4.9 million.  None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 22.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The majority of the unrealized losses on fixed maturity securities are interest rate related.  At March 31, 2015, 86.5% of the Company’s fixed maturity security portfolio was rated “A-” or better by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency.  Fixed maturity securities with ratings below investment grade by Standard & Poor’s or another nationally recognized rating agency at March 31, 2015 had an aggregate fair value of $25.3 million and an aggregate net unrealized loss of $2.5 million.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 22.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;">The Company holds two municipal bonds issued by the Commonwealth of Puerto Rico with a total par value of $4.5 million. Such bonds are backed by future sales tax revenues in Puerto Rico. Puerto Rico’s weak economic conditions and heavy debt burden has heightened the risk of default on the bonds. Management concluded that the bonds, which have been downgraded to below investment grade, were other-than-temporarily impaired at June 30, 2014. The Company recognized impairment losses of $1.4 million on these bonds for the year ended December 31, 2014. For the three months ended March 31, 2015, the Company recognized additional impairment losses of $660,000 on the bonds. There was no impairment on these bonds at March 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Management concluded that none of the other fixed maturity securities with an unrealized loss at March 31, 2015 or December 31, 2014 experienced an other-than-temporary impairment.  Management does not intend to sell available-for-sale securities in an unrealized loss position, and it is not “more likely than not” that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.  Management also concluded that none of the equity securities with an unrealized loss at March 31, 2015 or December 31, 2014 experienced an other-than-temporary impairment.  Management has evaluated the near-term prospects of these equity securities in relation to the severity and duration of the impairment, and management has the ability and intent to hold these securities until a recovery of their fair value.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company holds participations in two loans issued by companies that produce and supply power to Puerto Rico through power purchase agreements with Puerto Rico Electric Power Authority (“PREPA”), a public corporation and governmental agency of the Commonwealth of Puerto Rico.  PREPA’s credit strength and ability to make timely payments has been impacted by the economic conditions in Puerto Rico, thus raising doubt about the companies’ ability to meet the debt obligations held by the Company.  Management concluded that the loans were impaired at December 31, 2014 and established an allowance for credit losses on the loans of $752,000.  After recording this impairment, these loans had a carrying value of $7.1 million at December 31, 2014 and unpaid principal of $8.4 million.  At March 31, 2015, the allowance for credit losses on these loans was $617,000. The loans had a carrying value of $6.4 million at March 31, 2015 and unpaid principal of $7.5 million. There was no allowance for credit losses on these loans at March 31, 2014.  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">A number of the Company’s bank loans are to oil and gas companies in the energy sector. The market values of these loans declined significantly in the fourth quarter of 2014 in response to declining energy prices. The declines in market values continued into 2015 and, after discussions with our independent investment manager, management decided to sell certain energy sector loans where there was an increased risk associated with the issuer’s ability to meet all principal and interest obligations as they became due. For three of these loans, we only sold a portion of our holdings in March 2015. Management concluded that the portion of the three loans still held at March 31, 2015 should be considered impaired and an allowance for credit losses of $107,000 was established on the loans. After recording this impairment, these three loans had a carrying value of $2.9 million at March 31, 2015 and unpaid principal of $3.1 million. In total, including the three loans discussed above, the Company’s investments in bank loans to oil and gas companies in the energy sector had a carrying value of $25.1 million and an unrealized loss of $2.3 million at March 31, 2015. There was no allowance for credit losses on these loans at March 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #231f20; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #231f20; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Bank loan participations generally have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase.  These bank loans are primarily senior, secured floating-rate debt rated “B” or “BB” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency.  These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets.  Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments.  Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest.  A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured.  Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.  Interest received on nonaccrual loans generally is reported as investment income.  There were no bank loans on nonaccrual status at March 31, 2015 or December 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: #231f20;">The allowance for credit losses is maintained at a level believed adequate by management to absorb estimated probable credit losses. Management’s periodic evaluation of the adequacy of the allowance is based on consultations and a</font>dvice<font style="color: #231f20;"> of the Company’s independent investment manager, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, current economic conditions, and other relevant factors.  The Company generally records an allowance equal to the difference between the fair value and the amortized cost of bank loans that it has determined to be impaired as a practical expedient for an estimate of probable future cash flows to be collected on those bank loans.  Bank loans are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The average recorded investment in impaired bank loans was $8.2 million and $123,000 during the three months ended March 31, 2015 and 2014, respectively. Investment income of $42,000 and $8,000, respectively, was recognized during the time within those periods that the loans were impaired. The Company recorded realized gains of $28,000 in the three months ended March 31, 2015 and realized losses of $67,000 during the three months ended March 31, 2014 for changes in the fair value of impaired bank loans.  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Changes in unrealized gains or losses on securities held for trading are recorded as trading gains or losses within net investment income.  Net investment income for the three months ended March 31, 2015 includes $6,000 of net trading gains of which $11,000 relates to securities held at March 31, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s realized gains and losses are summarized as follows:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 1020px; text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">1,187</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">155</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(660</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(703</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">527</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(548</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Bank loan participations:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">290</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">427</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,642</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,352</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">424</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Equity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(140</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(138</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Short-term investments and other:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">23</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,659</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">19</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,659</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-bottom: 2.5pt;">Total</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(2,806</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(1,921</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Realized investment gains or losses are determined on a specific identification basis.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Two of the Company’s directors are also directors of First Wind Capital, LLC (“First Wind”), which is an affiliate of the Company’s largest shareholder.  At December 31, 2014, the Company held fixed maturity securities with a fair value of $12.6 million issued by First Wind.  These securities were called in March 2015, resulting in a realized gain of $845,000.  Also at December 31, 2014, the Company held a bank loan participation with a carrying value of $4.6 million from an affiliate of First Wind. The loan was repaid in January 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">At December 31, 2013, other invested assets included the Company’s investment in a bank holding company (the “Bank Holding Company”).  At December 31, 2013, the Company’s Corporate and Other segment had invested $5.6 million in the Bank Holding Company, and its ownership interest was 3.6%.  The equity method was used to account for the investment.  The Company recorded a pre-tax loss of $19,000 for the three months ended March 31, 2014, which was included in net investment income in the Company’s condensed consolidated income statement.  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Additionally, in 2013, the Company’s Corporate and Other segment purchased $4.5 million of subordinated notes issued by a company that is substantially owned by the Bank Holding Company (the “Bank Affiliate”).  Interest on the notes, which mature on August 12, 2023, is fixed at 7.6% per annum.  Interest income of $86,000 was recognized on the notes for both the three months ended March 31, 2015 and 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On July 4, 2014, the Bank Holding Company merged with and into another bank holding company (the “Surviving Bank Holding Company”).  In exchange for its shares of the Bank Holding Company, the Company received $354,000 in cash and $6.4 million of common shares in the Surviving Bank Holding Company, and the realized investment gain on the exchange was $1.4 million.  The $4.5 million of subordinated notes issued by the Bank Affiliate became debt of the Surviving Bank Holding Company.  The common shares of the Surviving Bank Holding Company are publicly-traded, and the Company does not have significant influence over the Surviving Bank Holding Company.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On December 19, 2014, the Company purchased a $1.0 million certificate of deposit issued by the Surviving Bank Holding Company. The certificate of deposit, which matures on December 19, 2015, is carried as a short-term investment. Interest income of $1,000 was recognized on this investment for the three months ended March, 31 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Chairman and Chief Executive Officer of the Company previously served as Chairman of the Bank Holding Company and the Bank Affiliate. Effective July 4, 2014, the Company’s Chairman and Chief Executive Officer became the Lead Independent Director of the Surviving Bank Holding Company.  The Chairman and Chief Executive Officer of the Company is a former investor in the Bank Holding Company and is now an investor in the Surviving Bank Holding Company.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Additionally, one of the Company’s directors is a former investor in the Bank Holding Company and is now an investor in the Surviving Bank Holding Company. In addition, this director was a lender to the Bank Affiliate and is now a lender to the Surviving Bank Holding Company. The Company’s Chief Financial Officer is a former investor in the Bank Holding Company and the Surviving Bank Holding Company.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">At March 31, 2015 and December 31, 2014, the Company’s Corporate and Other segment held equity interests ranging from 2.7% to 33.3% in various LLCs that are managed by an affiliate of the Company’s largest shareholder.  The principal objective of the LLCs is capital appreciation and income generation from owning and operating renewable energy facilities engaged in wind and solar energy production.  The Company’s Chairman and Chief Executive Officer invested in certain of these LLCs.  The equity method is used to account for the LLCs which are included in “other invested assets” in the accompanying condensed consolidated balance sheets.  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The LLCs had revenues and net income of $12.8 million and $10.2 million for the three months ended March 31, 2015 and 2014, respectively, and the Company recognized income of $2.5 million and $3.3 million in those respective periods for its equity share of LLC income.  The Company received cash distributions from these investments totaling $662,000 and $2.0 million in the three months ended March 31, 2015 and 2014, respectively.  The collective carrying value of the Company’s LLC investments was $26.9 million and $25.1 million at March 31, 2015 and December 31, 2014, respectively.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2014, the Company sold its interest in one of the LLCs for $5.9 million and a $1.7 million realized loss was recognized on the sale.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On December 10, 2012, the Company’s Corporate and Other segment entered into a $3.3 million note agreement with two property development companies. The Bank Holding Company also entered into note agreements with the same property development companies.  The note, which carried a 10.85% fixed interest rate, was originally scheduled to mature on December 10, 2013.  The note was extended until July 10, 2014, and the fixed interest rate was increased to 11.10%.  The note was repaid in full on July 3, 2014.  Origination fees received were recognized over the original term of the note under the effective interest method.  Income of $90,000 was recognized on this investment for the three months ended March 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #231f20; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On July 1, 2013, the Company’s Corporate and Other segment invested $2.0 million in a limited partnership that invests in a portfolio of companies undergoing financial stress.  The equity method is being used to account for this investment.  Losses of $222,000 and income of $70,000 was recognized on the investment for the three months ended March 31, 2015 and 2014, respectively, and the carrying value of the investment was $1.6 million at March 31, 2015 and $1.8 million at December 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On June 1, 2014, the Company’s Corporate and Other segment invested $2.0 million in a limited partnership that seeks capital appreciation through investing in a concentrated portfolio of U.S. publicly-traded companies with small market capitalizations.  The equity method is being used to account for this investment.  Income of $63,000 was recognized on the investment for the three months ended March 31, 2015 and the carrying value of the investment was $2.2 million at March 31, 2015 and December 31, 2014.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: #231f20;">In January 2015, the Company entered into a $20.0 million note agreement with an affiliate of First Wind. </font>The note carries a variable interest rate, currently 7.00%, and matures on June 12, 2015. The original discount and commitment fees received are being recognized over the term of the note under the effective interest method. Income of $619,000 was recognized on this investment for the three months ended March 31, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #231f20; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In January 2015, the Company entered into a $1.0 million note agreement with an affiliate of the Company’s largest shareholder. At March 31, 2015, $200,000 was outstanding on the note, which carries a fixed interest rate of 18.00% and matures on December 22, 2015. Income of $6,300 was recognized on this investment for the three months ended March 31, 2015.</p>
<table style="font: 10pt/normal times new roman, times, serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0%;"></td>
<td style="width: 0.5in; text-align: left;"><b>6.</b></td>
<td style="text-align: justify;"><b>Other Comprehensive Income</b></td>
</tr>
</table>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;">The following table summarizes the components of comprehensive income:</p>
<table align="center" style="font: 10pt/normal times new roman, times, serif; width: 95%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 74%; text-align: left;">Unrealized gains arising during the period, before income taxes</td>
<td style="width: 1%;"></td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">5,211</td>
<td style="width: 1%; text-align: left;"></td>
<td style="width: 1%;"></td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">7,142</td>
<td style="width: 1%; text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Income taxes</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(541</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,808</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Unrealized gains arising during the period, net of income taxes</td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">4,670</td>
<td style="text-align: left;"></td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">5,334</td>
<td style="text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Less reclassification adjustment:</td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;"></td>
<td style="text-align: left;"></td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;"></td>
<td style="text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 9pt;">Net realized investment gains (losses)</td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">527</td>
<td style="text-align: left;"></td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">(686</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Income tax benefit</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">194</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">247</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Reclassification adjustment for investment gains (losses) realized in net income</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">721</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(439</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Other comprehensive income</td>
<td style="padding-bottom: 2.5pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,949</td>
<td style="text-align: left; padding-bottom: 2.5pt;"></td>
<td style="padding-bottom: 2.5pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,773</td>
<td style="text-align: left; padding-bottom: 2.5pt;"></td>
</tr>
</table>
<table style="font: 10pt/normal times new roman, times, serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0.5in; text-align: left;"><b>9.</b></td>
<td style="text-align: justify;"><b>Other Operating Expenses and Other Expenses</b></td>
</tr>
</table>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;">Other operating expenses consist of the following:</p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"></p>
<table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 74%; text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Amortization of policy acquisition costs</td>
<td style="width: 1%;"></td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">24,502</td>
<td style="width: 1%; text-align: left;"></td>
<td style="width: 1%;"></td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">20,176</td>
<td style="width: 1%; text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Other underwriting expenses of the operating segments</td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">10,916</td>
<td style="text-align: left;"></td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">9,587</td>
<td style="text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: justify; padding-bottom: 1pt;">Other operating expenses of the Corporate and Other segment</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">4,379</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,865</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.25in; padding-bottom: 2.5pt; padding-left: 0.25in;">Total</td>
<td style="padding-bottom: 2.5pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">39,797</td>
<td style="text-align: left; padding-bottom: 2.5pt;"></td>
<td style="padding-bottom: 2.5pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">31,628</td>
<td style="text-align: left; padding-bottom: 2.5pt;"></td>
</tr>
</table>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"></p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;">Other expenses for the three months ended March 31, 2015and 2014include $69,000and $68,000, respectively,of expenses associated with the Company’s minority investment in a partnership that was involved in the construction of a building that the Company was deemed to own for accounting purposes. Other expenses for the three months ended March 31, 2014alsoinclude $25,000 of due diligence costs for an acquisition which we elected not to pursue.</p>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.5in; text-align: left;"><b>5.</b></td>
<td style="text-align: justify;"><b>Reserve for Losses and Loss Adjustment Expenses</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the condensed consolidated balance sheets:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Three Months Ended <br />March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1126.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 154px; text-align: right;">589,042</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 153px; text-align: right;">526,985</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Add: Incurred losses and loss adjustment expenses net of reinsurance:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 9pt;">Current year</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">76,973</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">57,196</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Prior years</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,489</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,082</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Total incurred losses and loss and adjustment expenses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">74,484</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,114</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Deduct: Loss and loss adjustment expense payments net of reinsurance:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 9pt;">Current year</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,002</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">942</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Prior years</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">43,555</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">37,792</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Total loss and loss adjustment expense payments</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">48,557</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">38,734</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">614,969</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">544,365</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">129,616</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">121,813</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">744,585</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">666,178</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">A $2.5 million reserve redundancy developed in the three months ended March 31, 2015 on the reserve for losses and loss adjustment expenses held at December 31, 2014.  This favorable reserve development included $4.9 million of net favorable development in the Excess and Surplus Lines segment primarily from the 2014 and 2013 accident years.  This favorable development occurred because our actuarial studies at March 31, 2015 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continues to be below our initial expected loss ratios.  The Company also experienced an insignificant amount (seven thousand dollars) of favorable development on prior accident years for the Specialty Admitted Insurance segment.  The favorable development in the Excess and Surplus Lines and Specialty Admitted Insurance segments was partially offset by $2.5 million of adverse reserve development in the Casualty Reinsurance segment, primarily related to one reinsurance relationship from the 2011 underwriting year that experienced higher loss development in 2015 than expected.  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company experienced $1.1 million of favorable reserve development in the three months ended March 31, 2014 on the reserve for losses and loss adjustment expenses held at December 31, 2013.  This reserve development included $2.4 million of net favorable development in the Excess and Surplus Lines segment, primarily from the 2011 and 2009 accident years.  This favorable development occurred because our actuarial studies at March 31, 2014 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continues to be below our initial expected loss ratios. The Company also experienced $287,000 of net favorable development for the Specialty Admitted Insurance segment partially offset by $1.6 million of net adverse development in the Casualty Reinsurance segment, primarily from one reinsurance relationship from the 2011 underwriting year that experienced higher loss development in 2014 than expected.</p>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0.5in; text-align: left;"><b>8.</b></td>
<td style="text-align: justify;"><b>Segment Information</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 13.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company has four reportable segments: the Excess and Surplus Lines segment, the Specialty Admitted Insurance segment, the Casualty Reinsurance segment, and the Corporate and Other segment. Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums less loss and loss adjustment expenses and other operating expenses of the operating segments.  Fee income and expenses of the Excess and Surplus Lines segment is included in that segment’s underwriting profit (loss).  Net fee income of $220,000 and $0 was included in underwriting profit for the three months ended March 31, 2015 and 2014, respectively.  Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the Company’s segment results:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Excess and<br />Surplus<br />Lines</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Specialty<br />Admitted<br />Insurance</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Casualty<br />Reinsurance</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Corporate<br />and<br />Other</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="18" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">Three Months Ended March 31, 2015</td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 549px; text-align: left;">Gross written premiums</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">75,718</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">20,926</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">34,614</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">131,258</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net earned premiums</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">59,400</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,555</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,056</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">117,011</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Underwriting profit (loss) of insurance segments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,443</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(155</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,329</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net investment income</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,366</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">519</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,061</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,040</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,986</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,704</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,704</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment revenues</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">61,038</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">10,202</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,152</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,075</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">126,467</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Segment goodwill</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">694,968</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">142,513</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,046,998</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">107,974</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,992,453</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">Three Months Ended March 31, 2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 549px; text-align: left;">Gross written premiums</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">61,553</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">11,677</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">74,011</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">147,241</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net earned premiums</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41,983</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,149</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41,924</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">89,056</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Underwriting profit (loss) of insurance segments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,727</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(592</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">44</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,179</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net investment income</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,505</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">568</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,800</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,609</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,482</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,547</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,547</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment revenues</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">44,952</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,737</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">46,998</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,008</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">99,695</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Segment goodwill</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">669,597</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">105,639</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,054,769</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">90,640</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,920,645</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income before taxes:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Underwriting profit (loss) of the insurance segments:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 1136px; text-align: left; padding-left: 0.25in;">Excess and Surplus Lines</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">7,443</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">3,727</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 0.25in;">Specialty Admitted Insurance</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(155</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(592</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Casualty Reinsurance</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">41</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">44</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Total underwriting profit of insurance segments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,329</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,179</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Other operating expenses of the Corporate and Other segment</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4,379</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,865</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Underwriting profit</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,950</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,314</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Net investment income</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,986</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,482</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net realized investment losses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,806</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,921</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Amortization of intangible assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(149</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(125</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Other income and expenses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(13</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(15</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Interest expense</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,704</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,547</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt;">Income before taxes</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">10,264</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">10,188</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
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<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.5in; text-align: left;"><b>12.</b></td>
<td style="text-align: justify;"><b>Subsequent Events</b></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In April 2015, the Company invested an additional $553,000 in a note receivable from an affiliate of the Company’s largest shareholder. The Company remains committed to investing another $247,000 in the note, which is scheduled to mature on December 22, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In April 2015, the Company received $3.7 million as partial repayment of an outstanding note with an affiliate of First Wind. The note is scheduled to mature on June 12, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In April 2015, the Company invested $5.0 million in a note agreement with an affiliate of the Company’s largest shareholder. The Company’s Board of Directors has approved additional investment in the note of up to<br />$2.5 million.  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">In April 2015, the Company invested $3.5 million in the purchase of tax credits related to a solar energy project. An affiliate of the Company’s largest shareholder is an investor in the project.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On May 5, 2015, the Board of Directors declared a cash dividend of $0.16 per common share. The dividend is payable on June 30, 2015 to shareholders of record on June 15, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Basis of Presentation</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements.  The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable.  Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a more complete description of the Company’s business and accounting policies.  In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included.  Such adjustments consist only of normal recurring items.  Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2014 was derived from the Company’s audited annual consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Significant intercompany transactions and balances have been eliminated.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Estimates and Assumptions</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Variable Interest Entities</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”).  A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE.  The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE.  The Company reassesses its VIE determination with respect to an entity on an ongoing basis.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company holds interests in VIEs through certain equity method investments in limited liability corporations (“LLCs”) included in “other invested assets” in the accompanying condensed consolidated balance sheets.  The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships.  Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities.  The Company’s investments related to these VIEs totaled $26.9 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, representing the Company’s maximum exposure to loss.</p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Cost or<br />Amortized <br />Cost</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross <br />Unrealized <br />Gains</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross <br />Unrealized <br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">March 31, 2015</td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 731.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">88,692</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">8,980</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">97,672</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">109,530</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,894</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(929</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">238,428</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,664</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,041</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">245,051</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">127,676</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,956</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(57</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">98,981</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,397</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(41</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,337</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,348</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">496</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(16</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,828</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,025</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">717,680</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">26,388</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,084</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">739,984</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">72,346</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">5,758</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(774</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">77,330</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">790,026</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">32,146</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(4,858</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">817,314</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Cost or<br />Amortized <br />Cost</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross <br />Unrealized <br />Gains</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross <br />Unrealized <br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">December 31, 2014</td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 731.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">90,715</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">8,509</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">(178</td>
<td style="width: 15px; text-align: left;">)</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">99,046</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,997</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,661</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,409</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">115,249</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">261,574</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">8,742</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,434</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">267,882</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,056</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,429</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(144</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,341</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,376</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,431</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(532</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">101,275</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,173</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">289</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(193</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,269</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,025</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(124</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">737,916</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">24,061</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(5,014</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">756,963</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">64,348</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">5,182</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,625</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">67,905</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">802,264</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">29,243</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(6,639</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">824,868</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Cost or<br />Amortized <br />Cost</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1147.54px; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">One year or less</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">47,301</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">47,619</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After one year through five years</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">254,014</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">256,075</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After five years through ten years</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">55,888</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">60,034</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After ten years</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">121,246</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">132,160</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">109,530</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">127,676</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 9.35pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,025</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left;
padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: -9.35pt; letter-spacing: normal; padding-bottom: 2.5pt; padding-left: 9.35pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">Total</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">$</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">717,680</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">$</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">739,984</td>
</tr>
</table>
<div>
<div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Less Than 12 Months</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>12 Months or More</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair  <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross <br />Unrealized<br />Losses </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center;
border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair  <br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross<br />Unrealized<br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Fair <br />Value  </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Gross<br />Unrealized<br />Losses</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="22" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>March 31, 2015</b></font></td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 521px; padding-left: 0.125in;">Residential mortgage-backed</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px;
text-align: right;">1,207</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">(1</td>
<td style="width: 16px; text-align: left;">)</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">46,418</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(928</td>
<td style="width: 15px; text-align: left;">)</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">47,625</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(929</td>
<td style="width: 15px; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.125in;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,987</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(32</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,323</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,009</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">16,310</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,041</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">28,354</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(23</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,123</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(34</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">39,477</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(57</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligation of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">22,455</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(19</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">10,230</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(22</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">32,685</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(41</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">13,713</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">3,305</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(12</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">17,018</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(16</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">75,716</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(79</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77,399</td>
<td style="text-align: left;"> </td>
<td> </td>
<td
style="text-align: left;"> </td>
<td style="text-align: right;">(4,005</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">153,115</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,084</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,906</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(26</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">12,859</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(748</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">15,765</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(774</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">78,622</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(105</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">90,258</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(4,753</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">168,880</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(4,858</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; font-weight: bold;">December 31, 2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;
background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 511.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">3,197</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">(176</td>
<td style="width: 16px; text-align: left;">)</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">247</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(2</td>
<td style="width: 15px; text-align: left;">)</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">3,444</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">(178</td>
<td style="width: 15px; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,072</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">47,594</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,407</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">49,666</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,409</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">25,885</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(235</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">22,353</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,199</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,238</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,434</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">23,894</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(118</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">8,742</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(26</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">32,636</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(144</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">202</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,029</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(532</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,231</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(532</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,055</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(24</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">19,383</td>
<td style="text-align:
left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(169</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">32,438</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(193</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(124</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(124</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">68,305</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(555</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">148,249</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(4,459</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">216,554</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(5,014</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt;">Equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,361</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(205</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">10,621</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,420</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,982</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,625</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Total investments available-for-sale</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">69,666</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(760</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom:
2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">158,870</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(5,879</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">228,536</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(6,639</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
</tr>
</table>
</div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 1020px; text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">1,187</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">155</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(660</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align:
right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(703</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">527</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(548</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Bank loan participations:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">290</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">427</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,642</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(3,352</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">424</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Equity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(140</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(138</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Short-term investments and other:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in; padding-left: 0.25in;">Gross realized gains</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">23</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom;
background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Gross realized losses</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,659</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">19</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,659</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-bottom: 2.5pt;">Total</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(2,806</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(1,921</td>
<td style="text-align: left; padding-bottom: 2.5pt;">)</td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-left: 0px; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>March 31, 2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>December 31, 2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Life<br />(Years)</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross<br />Carrying<br />Amount</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Accumulated<br />Amortization</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Gross<br />Carrying<br />Amount</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Accumulated<br />Amortization</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif;
font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-left: 0px; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>($ in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-weight: bold;">Intangible Assets</td>
<td> </td>
<td style="text-align: center; padding-left: 0px;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 549px;">Trademarks</td>
<td style="width: 16px;"> </td>
<td style="width: 189px; text-align: center; padding-left: 0px;">Indefinite</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">22,200</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">–</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">22,200</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt;">Insurance licenses and authorities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; padding-bottom: 1pt; padding-left: 0px;">Indefinite</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">9,164</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">9,164</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Identifiable intangibles not subject to amortization</td>
<td> </td>
<td style="text-align: center; padding-left: 0px;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">31,364</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">31,364</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: center; padding-left: 0px;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Broker relationships</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; padding-bottom: 1pt; padding-left: 0px;">24.6</td>
<td style="padding-bottom:
1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,999</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,850</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Identifiable intangible assets subject to amortization</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: center; padding-bottom: 1pt; padding-left: 0px;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,999</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">11,611</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,850</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: center; padding-bottom: 2.5pt; padding-left: 0px;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">42,975</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,999</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">42,975</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,850</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap">
<p style="font: bold 8pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Income</b></font></p>
<p style="font: bold 8pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>(Numerator)</b></font></p>
</td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Weighted-Average<br />Common Shares<br />(Denominator)</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Earnings<br />Per Share</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="10" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands, except per share data)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">Three months ended March 31, 2015</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 867.54px; text-indent: -9.35pt; padding-left: 9.35pt;">Basic</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 145px; text-align: right;">9,377</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 144px; text-align: right;">28,540,350</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 144px; text-align: right;">0.33</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 9.35pt;">Common share equivalents</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">557,959</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(0.01</td>
<td style="text-align: left; padding-bottom: 1pt;">) </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">Diluted</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">9,377</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">29,098,309</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.32</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">Three months ended March 31, 2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt;">Basic</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">9,138</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">28,540,350</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">0.32</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 9.35pt;">Common share equivalents</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">240,331</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.00</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">Diluted</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">9,138</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">28,780,681</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.32</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Three Months Ended <br />March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1126.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 154px; text-align: right;">589,042</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 153px; text-align: right;">526,985</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Add: Incurred losses and loss adjustment expenses net of reinsurance:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 9pt;">Current year</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">76,973</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">57,196</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Prior years</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,489</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,082</td>
<td style="text-align: left; padding-bottom:
1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Total incurred losses and loss and adjustment expenses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">74,484</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,114</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Deduct: Loss and loss adjustment expense payments net of reinsurance:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 9pt;">Current year</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,002</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">942</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Prior years</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">43,555</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">37,792</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Total loss and loss adjustment expense payments</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">48,557</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">38,734</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">614,969</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">544,365</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">129,616</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">121,813</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">744,585</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">666,178</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table align="center" style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal times new roman, times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;">
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal times new roman, times, serif; text-align: center; font-size-adjust: none; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 74%; text-align: left;">Unrealized gains arising during the period, before income taxes</td>
<td style="width: 1%;"></td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">5,211</td>
<td style="width: 1%; text-align: left;"></td>
<td style="width: 1%;"></td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">7,142</td>
<td style="width: 1%; text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Income taxes</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(541</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,808</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Unrealized gains arising during the period, net of income taxes</td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">4,670</td>
<td style="text-align: left;"></td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">5,334</td>
<td style="text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Less reclassification adjustment:</td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;"></td>
<td style="text-align: left;"></td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;"></td>
<td style="text-align: left;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 9pt;">Net realized investment gains (losses)</td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">527</td>
<td style="text-align: left;"></td>
<td></td>
<td style="text-align: left;"></td>
<td style="text-align: right;">(686</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Income tax benefit</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">194</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">247</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Reclassification adjustment for investment gains (losses) realized in net income</td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">721</td>
<td style="text-align: left; padding-bottom: 1pt;"></td>
<td style="padding-bottom: 1pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(439</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt;">Other comprehensive income</td>
<td style="padding-bottom: 2.5pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,949</td>
<td style="text-align: left; padding-bottom: 2.5pt;"></td>
<td style="padding-bottom: 2.5pt;"></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,773</td>
<td style="text-align: left; padding-bottom: 2.5pt;"></td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Excess and<br />Surplus<br />Lines</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Specialty<br />Admitted<br />Insurance</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Casualty<br />Reinsurance</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Corporate<br />and<br />Other</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="18" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">Three Months Ended March 31, 2015</td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: right;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 549px; text-align: left;">Gross written premiums</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">75,718</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">20,926</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">34,614</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">131,258</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net earned premiums</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">59,400</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,555</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">48,056</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">117,011</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Underwriting profit (loss) of insurance segments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,443</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(155</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,329</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net investment income</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,366</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">519</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,061</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,040</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,986</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,704</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,704</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment revenues</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">61,038</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">10,202</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,152</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,075</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">126,467</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Segment goodwill</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">694,968</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">142,513</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,046,998</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">107,974</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,992,453</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold;">Three Months Ended March 31, 2014</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 549px; text-align: left;">Gross written premiums</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">61,553</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">11,677</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">74,011</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">147,241</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net earned premiums</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41,983</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,149</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41,924</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">89,056</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Underwriting profit (loss) of insurance segments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,727</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(592</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">44</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,179</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net investment income</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,505</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">568</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,800</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,609</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,482</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Interest expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,547</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,547</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment revenues</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">44,952</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,737</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">46,998</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,008</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">99,695</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Segment goodwill</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">181,831</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Segment assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">669,597</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">105,639</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,054,769</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">90,640</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,920,645</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Underwriting profit (loss) of the insurance segments:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 1136px; text-align: left; padding-left: 0.25in;">Excess and Surplus Lines</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">7,443</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">3,727</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 0.25in;">Specialty Admitted Insurance</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(155</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(592</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Casualty Reinsurance</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">41</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">44</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Total underwriting profit of insurance segments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,329</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,179</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Other operating expenses of the Corporate and Other segment</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4,379</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,865</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Underwriting profit</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,950</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,314</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Net investment income</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">11,986</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,482</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Net realized investment losses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(2,806</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(1,921</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Amortization of intangible assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(149</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(125</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Other income and expenses</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(13</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(15</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Interest expense</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,704</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,547</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt;">Income before taxes</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">10,264</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">10,188</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1136px; text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Amortization of policy acquisition costs</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">24,502</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">20,176</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Other underwriting expenses of the operating segments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">10,916</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">9,587</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: justify; padding-bottom: 1pt;">Other operating expenses of the Corporate and Other segment</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">4,379</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,865</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.25in; padding-bottom: 2.5pt; padding-left: 0.25in;">Total</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">39,797</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">31,628</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 95%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 13.5pt; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value Measurements Using</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Quoted Prices <br />In Active <br />Markets for <br />Identical Assets<br />Level 1</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Other<br />Observable<br />Inputs<br />Level 2</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Unobservable<br />Inputs<br />Level 3</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">March 31, 2015</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 780.4px; text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Bank loan participations held-for-investment</td>
<td style="width: 15px; padding-bottom: 2.5pt;"> </td>
<td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 113px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="width: 15px; text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 112px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="width: 14px; text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 112px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,902</td>
<td style="width: 14px; text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; padding-bottom: 2.5pt;"> </td>
<td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="width: 112px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,902</td>
<td style="width: 14px; text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-stretch: normal;">Assets measured at fair value on a recurring basis as of March 31, 2015 are summarized below:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value Measurements Using</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Quoted Prices<br /> in Active <br />Markets for <br />Identical<br /> Assets</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br /> Other<br /> Observable<br /> Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Unobservable<br /> Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 1</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 2</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 3</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 731.4px; text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">–</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">97,672</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">97,672</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">111,495</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -0.1in; padding-left: 16.2pt;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">245,051</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">245,051</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Commercial mortgage and asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">130,575</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,337</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">100,337</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">51,427</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,401</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">52,828</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 16.2pt;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,026</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">51,427</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">688,557</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">739,984</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Equity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 9pt;">Preferred stock</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,195</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,195</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Common stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,401</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">734</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">19,135</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Total equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,401</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">58,929</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">77,330</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total available-for-sale securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">69,828</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">747,486</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">817,314</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Trading securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Fixed maturity securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,816</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,816</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt;">Short-term investments</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">94,775</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">66,445</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">161,220</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; font-stretch: normal;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-stretch: normal;">Assets measured at fair value on a recurring basis as of December 31, 2014 are summarized below:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 0.25in; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value Measurements Using</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Quoted Prices<br />in Active<br />Markets for<br />Identical<br />Assets</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Other<br />Observable<br />Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Significant<br />Unobservable<br />Inputs</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 1</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 2</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Level 3</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td>Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Fixed maturity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 741px; text-align: left; padding-left: 0.125in;">State and municipal</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">–</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">99,046</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">–</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">99,046</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-left: 0.125in;">Residential mortgage-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">115,249</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">115,249</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-left: 0.125in;">Corporate</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">267,882</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">267,882</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.125in;">Commercial mortgage and <br />asset-backed</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,341</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">113,341</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">Obligations of U.S. government corporations and agencies</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">101,275</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">101,275</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,891</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,378</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">58,269</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Redeemable preferred stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,901</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0in;">Total fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,891</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">700,072</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">756,963</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 0in;">Equity securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.125in;">Preferred stock</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">49,601</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">49,601</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Common stock</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">17,570</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">734</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,304</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Total equity securities</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">17,570</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">50,335</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">67,905</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt;">Total available-for-sale securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">74,461</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">750,407</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">824,868</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Trading securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in;">Fixed maturity securities</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">7,388</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">–</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 2pt; border-bottom-style: double;">$</td>
<td style="text-align: right; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 2pt; border-bottom-style: double;">7,388</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">Short-term investments</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">$</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">58,507</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">$</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">73,349</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">$</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">–</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> </td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">$</td>
<td style="font: 13.33px/normal 'times new roman', times, serif; text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">131,856</td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>March 31, 2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>December 31, 2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Carrying<br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Carrying<br />Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Fair Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; font-weight: bold;">Assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in;">Available-for-sale:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 866px; text-align: left; text-indent: 0in; padding-left: 9pt;">Fixed maturity securities</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">739,984</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 126px; text-align: right;">739,984</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">756,963</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">756,963</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-left: 9pt;">Equity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77,330</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77,330</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">67,905</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">67,905</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;">Trading:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in; padding-left: 9pt;">Fixed maturity securities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,816</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,816</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,388</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,388</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Bank loan participations held-for-investment</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">203,601</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">199,733</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">239,511</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">231,251</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Cash and cash equivalents</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">71,355</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">71,355</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">73,383</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">73,383</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;">Short-term investments</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">161,220</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">161,220</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">131,856</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">131,856</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Other invested assets – notes receivable</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">24,257</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">26,112</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">4,500</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6,410</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; font-weight: bold;">Liabilities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0in;">Senior debt</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">88,300</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">81,173</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">88,300</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">79,850</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0in;">Junior subordinated debt</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">104,055</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">91,562</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">104,055</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">89,100</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="14" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Shares</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Weighted-<br />Average<br />Exercise<br />Price</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Shares</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Weighted-<br />Average<br />Exercise<br />Price</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font:
8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in;">Outstanding:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 627px; text-indent: 0in; padding-left: 9pt;">Beginning of period</td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 134px; text-align: right;">3,104,768</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 133px; text-align: right;">17.27</td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 133px; text-align: right;">2,166,250</td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 133px; text-align: right;">15.51</td>
<td style="width: 13px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-left: 0.25in;">Granted</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-left: 0.25in;">Exercised</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">–</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 1pt; padding-left: 0.25in;">Lapsed</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0.125in;">End of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,104,768</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17.27</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,166,250</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15.51</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0.125in;">Exercisable, end of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,804,374</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color:
black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15.48</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,673,250</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15.49</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Shares</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Weighted-<br />Average<br />Grant Date <br />Fair Value</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 983px; text-indent: 0in;">Unvested, beginning of period</td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 133px; text-align: right;">340,474</td>
<td style="width: 13px; text-align: left;"> </td>
<td style="width: 13px;"> </td>
<td style="width: 13px; text-align: left;">$</td>
<td style="width: 132px; text-align: right;">21.00</td>
<td style="width: 13px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0in; padding-bottom: 1pt; padding-left: 0pt;">Granted</td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
<td style="padding-bottom: 1pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">–</td>
<td style="text-align: left; padding-bottom: 1pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0pt;">Unvested, end of period</td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">340,474</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
<td style="padding-bottom: 2.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">21.00</td>
<td style="text-align: left; padding-bottom: 2.5pt;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Three Months Ended March 31,</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="2" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="font: bold 8pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="6" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b><i>(in thousands)</i></b></font></td>
<td style="font: bold 8pt/normal 'times new roman', times, serif; font-stretch: normal;" nowrap="nowrap"><font style="font: 8pt/normal 'times new roman', times, serif; font-stretch: normal;"><b> </b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1078px; text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Share based compensation expense</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 149px; text-align: right;">911</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 148px; text-align: right;">115</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify; text-indent: -0.25in; padding-left: 0.25in;">Tax benefit on share based compensation expense</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">248</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">20</td>
<td style="text-align: left;"> </td>
</tr>
</table>
-67000
28000
2
-54000
jrvr:Property
6
jrvr:Companies
5
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us-gaap:SubsequentEventMember
2015-05-012015-05-05
2015-06-15
2015-06-30
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4500000
jrvr:Bond
2
25100000
68000
181831000
1959292000
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4600000
5000000
-1865000
-4379000
0001620459
jrvr:PuertoRicoMember
us-gaap:MunicipalBondsMember
us-gaap:StandardPoorsDRatingMember
2015-01-012015-03-31
660000
0001620459jrvr:ThreeLoansToOilAndGasCompaniesMember2015-01-012015-03-31
107000
2300000
200000
90000