0001620459 jrvr:JamesRiverGroupIncMember 2007-12-11 0001620459 jrvr:InvestmentInLimitedPartnershipMember us-gaap:CorporateAndOtherMember 2013-06-26 2013-07-01 0001620459 jrvr:InvestmentInLimitedPartnershipTwoMember us-gaap:CorporateAndOtherMember 2014-05-01 2014-06-01 0001620459 2014-04-01 2014-06-30 0001620459 us-gaap:CorporateAndOtherMember 2014-04-01 2014-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipMember us-gaap:CorporateAndOtherMember 2014-04-01 2014-06-30 0001620459 jrvr:InvestmentInBankHoldingCompanyMember us-gaap:CorporateAndOtherMember 2014-04-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:ExcessAndSurplusLinesMember 2014-04-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:CasualtyReinsuranceMember 2014-04-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:SpecialtyAdmittedInsuranceMember 2014-04-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember 2014-04-01 2014-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipTwoMember us-gaap:CorporateAndOtherMember 2014-04-01 2014-06-30 0001620459 us-gaap:DebtSecuritiesMember 2014-04-01 2014-06-30 0001620459 us-gaap:EquitySecuritiesMember 2014-04-01 2014-06-30 0001620459 us-gaap:BankLoanObligationsMember 2014-04-01 2014-06-30 0001620459 jrvr:ShortTermInvestmentsAndOtherMember 2014-04-01 2014-06-30 0001620459 2014-01-01 2014-06-30 0001620459 us-gaap:CorporateAndOtherMember 2014-01-01 2014-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipMember us-gaap:CorporateAndOtherMember 2014-01-01 2014-06-30 0001620459 jrvr:InvestmentInBankHoldingCompanyMember us-gaap:CorporateAndOtherMember 2014-01-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:ExcessAndSurplusLinesMember 2014-01-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:CasualtyReinsuranceMember 2014-01-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:SpecialtyAdmittedInsuranceMember 2014-01-01 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember 2014-01-01 2014-06-30 0001620459 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-06-30 0001620459 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-06-30 0001620459 us-gaap:RetainedEarningsMember 2014-01-01 2014-06-30 0001620459 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-01-01 2014-06-30 0001620459 us-gaap:DebtSecuritiesMember 2014-01-01 2014-06-30 0001620459 us-gaap:EquitySecuritiesMember 2014-01-01 2014-06-30 0001620459 us-gaap:BankLoanObligationsMember 2014-01-01 2014-06-30 0001620459 jrvr:ShortTermInvestmentsAndOtherMember 2014-01-01 2014-06-30 0001620459 jrvr:PuertoRicoLoanMember 2014-01-01 2014-06-30 0001620459 2014-06-30 0001620459 us-gaap:CorporateAndOtherMember 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:ExcessAndSurplusLinesMember 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:CasualtyReinsuranceMember 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:SpecialtyAdmittedInsuranceMember 2014-06-30 0001620459 us-gaap:OperatingSegmentsMember 2014-06-30 0001620459 us-gaap:EmployeeStockOptionMember 2014-06-30 0001620459 jrvr:SurvivingBankHoldingCompanyMember jrvr:InvestmentInBankHoldingCompanyMember 2014-07-01 2014-07-04 0001620459 jrvr:SurvivingBankHoldingCompanyMember 2014-12-01 2014-12-19 0001620459 jrvr:PuertoRicoLoanMember 2014-01-01 2014-12-31 0001620459 us-gaap:StandardPoorsDRatingMember us-gaap:MunicipalBondsMember 2014-01-01 2014-12-31 0001620459 2014-12-31 0001620459 jrvr:InvestmentInLimitedPartnershipMember us-gaap:CorporateAndOtherMember 2014-12-31 0001620459 jrvr:InvestmentInLimitedPartnershipTwoMember us-gaap:CorporateAndOtherMember 2014-12-31 0001620459 us-gaap:DebtSecuritiesMember 2014-12-31 0001620459 us-gaap:EquitySecuritiesMember 2014-12-31 0001620459 jrvr:PuertoRicoLoanMember 2014-12-31 0001620459 us-gaap:USStatesAndPoliticalSubdivisionsMember 2014-12-31 0001620459 us-gaap:ResidentialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:CorporateDebtSecuritiesMember 2014-12-31 0001620459 us-gaap:CommercialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2014-12-31 0001620459 us-gaap:USTreasuryAndGovernmentMember 2014-12-31 0001620459 us-gaap:RedeemablePreferredStockMember 2014-12-31 0001620459 jrvr:BrokerRelationshipsMember 2014-12-31 0001620459 jrvr:InvestmentInLlcMember us-gaap:MinimumMember us-gaap:CorporateAndOtherMember 2014-12-31 0001620459 jrvr:InvestmentInLlcMember us-gaap:MaximumMember us-gaap:CorporateAndOtherMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0001620459 us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0001620459 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2014-12-31 0001620459 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2014-12-31 0001620459 jrvr:FirstWindCapitalLlcMember 2014-12-31 0001620459 jrvr:AffiliateOfFirstWindMember 2015-01-01 2015-01-31 0001620459 jrvr:AffiliateOfCompanysLargestShareholderMember 2015-01-01 2015-01-31 0001620459 2015-02-17 0001620459 2015-02-01 2015-02-17 0001620459 us-gaap:StandardPoorsDRatingMember us-gaap:MunicipalBondsMember 2015-01-01 2015-03-31 0001620459 us-gaap:DebtSecuritiesMember jrvr:FirstWindCapitalLlcMember 2015-03-01 2015-03-31 0001620459 jrvr:AffiliateOfCompanysLargestShareholderMember 2015-04-01 2015-04-30 0001620459 2015-05-05 0001620459 2015-05-01 2015-05-05 0001620459 2015-04-01 2015-06-30 0001620459 us-gaap:CorporateAndOtherMember 2015-04-01 2015-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipMember us-gaap:CorporateAndOtherMember 2015-04-01 2015-06-30 0001620459 jrvr:InvestmentInBankHoldingCompanyMember us-gaap:CorporateAndOtherMember 2015-04-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:ExcessAndSurplusLinesMember 2015-04-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:CasualtyReinsuranceMember 2015-04-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:SpecialtyAdmittedInsuranceMember 2015-04-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember 2015-04-01 2015-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipTwoMember us-gaap:CorporateAndOtherMember 2015-04-01 2015-06-30 0001620459 jrvr:SurvivingBankHoldingCompanyMember 2015-04-01 2015-06-30 0001620459 us-gaap:DebtSecuritiesMember 2015-04-01 2015-06-30 0001620459 us-gaap:EquitySecuritiesMember 2015-04-01 2015-06-30 0001620459 us-gaap:BankLoanObligationsMember 2015-04-01 2015-06-30 0001620459 jrvr:ShortTermInvestmentsAndOtherMember 2015-04-01 2015-06-30 0001620459 jrvr:AffiliateOfFirstWindMember 2015-04-01 2015-06-30 0001620459 jrvr:January2015Member jrvr:AffiliateOfCompanysLargestShareholderMember 2015-04-01 2015-06-30 0001620459 2015-01-01 2015-06-30 0001620459 us-gaap:CorporateAndOtherMember 2015-01-01 2015-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipMember us-gaap:CorporateAndOtherMember 2015-01-01 2015-06-30 0001620459 jrvr:InvestmentInBankHoldingCompanyMember us-gaap:CorporateAndOtherMember 2015-01-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:ExcessAndSurplusLinesMember 2015-01-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:CasualtyReinsuranceMember 2015-01-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:SpecialtyAdmittedInsuranceMember 2015-01-01 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember 2015-01-01 2015-06-30 0001620459 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-06-30 0001620459 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-06-30 0001620459 us-gaap:RetainedEarningsMember 2015-01-01 2015-06-30 0001620459 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipTwoMember us-gaap:CorporateAndOtherMember 2015-01-01 2015-06-30 0001620459 jrvr:SurvivingBankHoldingCompanyMember 2015-01-01 2015-06-30 0001620459 us-gaap:DebtSecuritiesMember 2015-01-01 2015-06-30 0001620459 us-gaap:EquitySecuritiesMember 2015-01-01 2015-06-30 0001620459 us-gaap:BankLoanObligationsMember 2015-01-01 2015-06-30 0001620459 jrvr:ShortTermInvestmentsAndOtherMember 2015-01-01 2015-06-30 0001620459 jrvr:PuertoRicoLoanMember 2015-01-01 2015-06-30 0001620459 us-gaap:DebtSecuritiesMember jrvr:FirstWindCapitalLlcMember 2015-01-01 2015-06-30 0001620459 jrvr:BrokerRelationshipsMember 2015-01-01 2015-06-30 0001620459 jrvr:AffiliateOfFirstWindMember 2015-01-01 2015-06-30 0001620459 jrvr:January2015Member jrvr:AffiliateOfCompanysLargestShareholderMember 2015-01-01 2015-06-30 0001620459 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-06-30 0001620459 jrvr:ThreeLoansToOilAndGasCompaniesMember 2015-01-01 2015-06-30 0001620459 jrvr:JrgReinsuranceCompanyLtdMember jrvr:LetterOfCredit100MillionMember 2015-01-01 2015-06-30 0001620459 jrvr:JrgReinsuranceCompanyLtdMember 2015-01-01 2015-06-30 0001620459 jrvr:JrgReinsuranceCompanyLtdMember jrvr:LetterOfCredit102.5MillionMember 2015-01-01 2015-06-30 0001620459 2015-06-30 0001620459 us-gaap:CorporateAndOtherMember 2015-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipMember us-gaap:CorporateAndOtherMember 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:ExcessAndSurplusLinesMember 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:CasualtyReinsuranceMember 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember jrvr:SpecialtyAdmittedInsuranceMember 2015-06-30 0001620459 us-gaap:OperatingSegmentsMember 2015-06-30 0001620459 us-gaap:EmployeeStockOptionMember 2015-06-30 0001620459 jrvr:InvestmentInLimitedPartnershipTwoMember us-gaap:CorporateAndOtherMember 2015-06-30 0001620459 us-gaap:DebtSecuritiesMember 2015-06-30 0001620459 us-gaap:EquitySecuritiesMember 2015-06-30 0001620459 jrvr:PuertoRicoLoanMember 2015-06-30 0001620459 us-gaap:USStatesAndPoliticalSubdivisionsMember 2015-06-30 0001620459 us-gaap:ResidentialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:CorporateDebtSecuritiesMember 2015-06-30 0001620459 us-gaap:CommercialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2015-06-30 0001620459 us-gaap:USTreasuryAndGovernmentMember 2015-06-30 0001620459 us-gaap:RedeemablePreferredStockMember 2015-06-30 0001620459 jrvr:BrokerRelationshipsMember 2015-06-30 0001620459 jrvr:InvestmentInLlcMember us-gaap:MinimumMember us-gaap:CorporateAndOtherMember 2015-06-30 0001620459 jrvr:InvestmentInLlcMember us-gaap:MaximumMember us-gaap:CorporateAndOtherMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsRecurringMember 2015-06-30 0001620459 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2015-06-30 0001620459 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2015-06-30 0001620459 us-gaap:StandardPoorsDRatingMember us-gaap:MunicipalBondsMember 2015-06-30 0001620459 us-gaap:StandardPoorsAMinusRatingMember us-gaap:DebtSecuritiesMember 2015-06-30 0001620459 us-gaap:StandardPoorsDRatingMember us-gaap:DebtSecuritiesMember 2015-06-30 0001620459 jrvr:ThreeLoansToOilAndGasCompaniesMember 2015-06-30 0001620459 jrvr:NonEmployeeDirectorIncentivePlan2014Member 2015-06-30 0001620459 jrvr:LongTermIncentivePlan2014Member 2015-06-30 0001620459 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2015-06-30 0001620459 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2015-06-30 0001620459 us-gaap:FairValueMeasurementsNonrecurringMember 2015-06-30 0001620459 jrvr:LoanToOilAndGasCompaniesMember 2015-06-30 0001620459 jrvr:JrgReinsuranceCompanyLtdMember jrvr:LetterOfCredit100MillionMember 2015-06-30 0001620459 jrvr:JrgReinsuranceCompanyLtdMember 2015-06-30 0001620459 jrvr:JrgReinsuranceCompanyLtdMember jrvr:LetterOfCredit102.5MillionMember 2015-06-30 0001620459 2015-06-01 2015-06-30 0001620459 jrvr:AffiliateOfCompanysLargestShareholderMember 2015-07-01 2015-07-31 0001620459 us-gaap:SubsequentEventMember 2015-07-01 2015-07-31 0001620459 2015-08-10 0001620459 us-gaap:SubsequentEventMember 2015-08-05 0001620459 us-gaap:SubsequentEventMember 2015-08-01 2015-08-05 0001620459 2014-03-31 0001620459 2013-12-31 0001620459 us-gaap:EmployeeStockOptionMember 2013-12-31 0001620459 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0001620459 us-gaap:AdditionalPaidInCapitalMember 2014-06-30 0001620459 us-gaap:RetainedEarningsMember 2013-12-31 0001620459 us-gaap:RetainedEarningsMember 2014-06-30 0001620459 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-12-31 0001620459 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-06-30 0001620459 us-gaap:CommonStockMember 2013-12-31 0001620459 us-gaap:CommonStockMember 2014-06-30 0001620459 2015-03-31 0001620459 us-gaap:EmployeeStockOptionMember 2014-12-31 0001620459 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001620459 us-gaap:AdditionalPaidInCapitalMember 2015-06-30 0001620459 us-gaap:RetainedEarningsMember 2014-12-31 0001620459 us-gaap:RetainedEarningsMember 2015-06-30 0001620459 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0001620459 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-06-30 0001620459 us-gaap:RestrictedStockUnitsRSUMember 2014-12-31 0001620459 us-gaap:RestrictedStockUnitsRSUMember 2015-06-30 0001620459 us-gaap:CommonStockMember 2014-12-31 0001620459 us-gaap:CommonStockMember 2015-06-30 xbrli:shares iso4217:USD iso4217:USDxbrli:shares jrvr:Property jrvr:Companies jrvr:Issuers xbrli:pure jrvr:Loans jrvr:Bond jrvr:Director jrvr:Segment James River Group Holdings, Ltd. 0001620459 jrvr --12-31 Non-accelerated Filer 28581600 10-Q 2015-06-30 false Q2 2015 756963000 756963000 756963000 811178000 12600000 811178000 811178000 7388000 7388000 7388000 5763000 5763000 5763000 67905000 67905000 67905000 75164000 75164000 75164000 239511000 216525000 131856000 58507000 73349000 131856000 131856000 131856000 105587000 85845000 19742000 105587000 105587000 105587000 33622000 58579000 1237245000 1272796000 59059000 73383000 73383000 73383000 65832000 65832000 65832000 158604000 7273000 7302000 162527000 209468000 121634000 127254000 134750000 1725000 3615000 29445000 35548000 60202000 71782000 40125000 39827000 181831000 181831000 181831000 181831000 181831000 181831000 38282000 39961000 94125000 682825000 112258000 1008764000 1897972000 1959292000 2062712000 111503000 712047000 140654000 1098508000 2062712000 716296000 762254000 277579000 327795000 19272000 17298000 88300000 88300000 104055000 104055000 31107000 26627000 34762000 44198000 1271371000 1370527000 6000 6000 628236000 630932000 41323000 53947000 18356000 7300000 731858000 687921000 692185000 701490000 627647000 627860000 66636000 85287000 7201000 18705000 6000 6000 628236000 630932000 41323000 53947000 18356000 7300000 6000 6000 1959292000 2062712000 737916000 803592000 7324000 5716000 64348000 72346000 0.0002 0.0002 200000000 200000000 28540350 28581600 28540350 28581600 0.00125 0.00125 20000000 20000000 96960000 59134000 12559000 25267000 96960000 244201000 120687000 24236000 99278000 244201000 184011000 77417000 17931000 88663000 184011000 315269000 153135000 38857000 123277000 315269000 15019000 30419000 25197000 47796000 81941000 213782000 158814000 267473000 15071000 -27714000 -52754000 -44402000 97012000 45100000 6513000 45399000 97012000 186068000 87083000 11662000 87323000 186068000 106060000 52867000 10150000 43043000 106060000 223071000 112267000 19705000 91099000 223071000 10711000 23193000 13000000 24986000 -1790000 -3711000 1400000 350000 -2456000 863000 941000 817000 1093000 106796000 1000000 47374000 7155000 51267000 106796000 206491000 3008000 92326000 12892000 98265000 206491000 120227000 3091000 57531000 10760000 48845000 120227000 246694000 6166000 118569000 20962000 100997000 246694000 61336000 117450000 67931000 142415000 33229000 64857000 36580000 76377000 296000 389000 69000 138000 1557000 1557000 1557000 3104000 3104000 3104000 1744000 1744000 1744000 3448000 3448000 3448000 173000 173000 298000 298000 149000 149000 298000 298000 96591000 186098000 106473000 222676000 10205000 20393000 13754000 24018000 692000 1742000 1265000 2152000 9513000 18651000 18651000 12489000 21866000 21866000 5731000 11504000 -15005000 -11056000 15244000 30155000 -2516000 10810000 0.33 0.65 0.44 0.77 0.33 0.65 0.43 0.75 0.16 0.32 28540350 28540350 28547616 28544003 28787957 28784319 29214859 29156604 1603000 3658000 -1879000 -1144000 11504000 11504000 -11056000 -11056000 9242000 9242000 213000 213000 1854000 1854000 48379000 48853000 106002000 151661000 9981000 27586000 22188000 58068000 8133000 7998000 16612000 140835000 62172000 77732000 56293000 37251000 26207000 4800000 27113000 6342000 58411000 -26269000 -1127000 -921000 185000 423000 -147609000 -47681000 9133000 315000 323000 -315000 -8723000 -99545000 -7551000 3283000 3631000 -109000 <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"><font style="font-family: times new roman,times;" size="2"><b>1.</b></font></td> <td><font style="font-family: times new roman,times;" size="2"><b>Accounting Policies</b></font></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>&#160;</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>Organization</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>&#160;</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">James River Group Holdings, Ltd. (referred to as &#8220;JRG Holdings&#8221; or the &#8220;Company&#8221;) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities.</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">The Company owns six property/casualty companies comprised of five insurance companies based in the United States (&#8220;U.S.&#8221;) focused on specialty insurance niches and a Bermuda-based reinsurance company as described below:</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 22.5pt;"></td> <td style="width: 18pt;"><font style="font-family: symbol; ; font-family: times new roman,times;" size="2">&#183;</font></td> <td><font style="font-family: times new roman,times;" size="2">James River Group, Inc. (&#8220;James River Group&#8221;) is a Delaware domiciled insurance holding company formed in 2002, which owns all of the Company&#8217;s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company&#8217;s U.S. insurance operations and maintains all of the outstanding debt in the U.S.</font></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 22.5pt;"></td> <td style="width: 18pt;"><font style="font-family: symbol; ; font-family: times new roman,times;" size="2">&#183;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#8203;James River Insurance Company (&#8220;James River Insurance&#8221;) 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.</font></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 22.5pt;"></td> <td style="width: 18pt;"><font style="font-family: symbol; ; font-family: times new roman,times;" size="2">&#183;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#8203;Falls Lake National Insurance Company (&#8220;Falls Lake National&#8221;) is an Ohio domiciled insurance company which wholly-owns Stonewood Insurance Company (&#8220;Stonewood Insurance&#8221;), 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.</font></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 22.5pt;"></td> <td style="width: 18pt;"><font style="font-family: symbol; ; font-family: times new roman,times;" size="2">&#183;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#8203;Stonewood Insurance is a workers&#8217; compensation insurance company that writes insurance primarily for the residential construction and light manufacturing industries. Stonewood Insurance writes workers&#8217; compensation coverage in North Carolina, Virginia, South Carolina, and Tennessee.</font></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 22.5pt;"></td> <td style="width: 18pt;"><font style="font-family: symbol; ; font-family: times new roman,times;" size="2">&#183;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#8203;JRG Reinsurance Company, Ltd. (&#8220;JRG Re&#8221;) 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&#8217;s U.S.-based insurance subsidiaries.</font></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>Basis of Presentation</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>&#160;</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) 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&#8217;s 2014 audited consolidated financial statements for a more complete description of the Company&#8217;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&#8217;s audited annual consolidated financial statements.</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">Significant intercompany transactions and balances have been eliminated.</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <div>&#160;</div> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>Estimates and Assumptions</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>&#160;</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">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.</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>Variable Interest Entities</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>&#160;</b></font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">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 (&#8220;VIE&#8221;). 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&#8217;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&#8217;s capital structure, contractual terms, nature of the VIE&#8217;s operations and purpose, and the Company&#8217;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.</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2">The Company holds interests in VIEs through certain equity method investments in limited liability companies (&#8220;LLCs&#8221;) included in &#8220;other invested assets&#8221; 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&#8217;s investments related to these VIEs totaled $28.8 million and $25.1 million as of June 30, 2015 and December&#160;31,&#160;2014, respectively, representing the Company&#8217;s maximum exposure to loss.</font></p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: right; width: 0px;"></td> <td style="width: 0.5in;"><font style="font-family: 'times new roman', times, serif;"><b>2.</b></font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;"><b>Investments</b></font></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s available-for-sale investments are summarized as follows:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Cost or<br />Amortized&#160;<br />Cost</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross&#160;<br />Unrealized&#160;<br />Gains</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross&#160;<br />Unrealized&#160;<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">June 30, 2015</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt; width: 728px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">104,096</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">7,005</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">(405</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">110,696</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,762</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,947</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,435</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">289,638</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,416</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(6,904</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">288,150</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">128,322</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,759</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(87</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">96,226</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,189</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(96</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,319</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,523</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">346</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(59</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,810</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,025</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(90</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">803,592</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">17,662</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10,076</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">811,178</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">72,346</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,136</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,318</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">75,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total investments available-for-sale</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">875,938</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">21,798</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(11,394</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">886,342</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">December 31, 2014</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt; width: 728px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">90,715</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">8,509</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">(178</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">99,046</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,997</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,661</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,409</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">115,249</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">261,574</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,742</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,434</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,882</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">111,056</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,429</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(144</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,341</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100,376</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,431</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(532</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">101,275</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">58,173</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">289</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(193</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">58,269</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,025</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(124</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,901</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">737,916</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24,061</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,014</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">756,963</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">64,348</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,182</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,625</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">67,905</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total investments available-for-sale</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">802,264</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,243</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(6,639</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">824,868</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;<b>&#160;</b></p> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The amortized cost and fair value of available-for-sale investments in fixed maturity securities at June 30, 2015 are summarized, by contractual maturity, as follows:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Cost or<br />Amortized&#160;<br />Cost</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt; width: 1147px;">One year or less</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">54,603</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">55,099</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After one year through five years</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">253,370</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">253,691</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After five years through ten years</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">99,266</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100,642</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">After ten years</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">139,244</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">143,543</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,762</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">128,322</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,025</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">803,592</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">811,178</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table shows the Company&#8217;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="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Less Than 12 Months</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">12 Months or More</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="22" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">June 30, 2015</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt; width: 508px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">22,336</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">(405</td> <td style="text-align: left; width: 16px;">)</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 126px;">&#8211;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 125px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">22,336</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">(405</td> <td style="text-align: left; width: 15px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">29,558</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(449</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">44,125</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,986</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">73,683</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,435</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,545</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,853</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,286</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,051</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">132,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(6,904</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">41,198</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(56</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,348</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(31</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">54,546</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(87</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligation of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,535</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(48</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,204</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(48</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">42,739</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(96</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,887</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(47</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,305</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(12</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">17,192</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(59</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(90</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(90</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,994</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(4,948</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">77,268</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,128</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">345,262</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10,076</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">7,782</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(217</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,506</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,101</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,288</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,318</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total investments available-for-sale</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">275,776</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(5,165</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">89,774</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(6,229</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">365,550</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(11,394</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Less&#160;Than&#160;12&#160;Months</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">12&#160;Months&#160;or&#160;More</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="22" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">December&#160;31, 2014</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt; width: 508px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">3,197</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">(176</td> <td style="text-align: left; width: 16px;">)</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">247</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 125px;">(2</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">3,444</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">(178</td> <td style="text-align: left; width: 15px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,072</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47,594</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,407</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,666</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,409</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">25,885</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(235</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">22,353</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,199</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,238</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,434</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,894</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(118</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,742</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(26</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,636</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(144</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">202</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,029</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(532</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,231</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(532</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(24</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">19,383</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(169</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,438</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(193</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,901</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(124</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,901</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(124</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">68,305</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(555</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">148,249</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(4,459</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">216,554</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,014</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,361</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(205</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10,621</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,420</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,982</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,625</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total investments available-for-sale</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">69,666</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(760</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">158,870</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(5,879</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">228,536</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(6,639</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2015, the Company held securities of 109 issuers that were in an unrealized loss position with a total fair value of $365.5 million and gross unrealized losses of $11.4 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">At June 30, 2015, 86.4% of the Company&#8217;s fixed maturity security portfolio was rated &#8220;A-&#8220; or better by Standard &amp; Poor&#8217;s or received an equivalent rating from another nationally recognized rating agency. Fixed maturity securities with ratings below investment grade by Standard &amp; Poor&#8217;s or another nationally recognized rating agency at June 30, 2015 had an aggregate fair value of $15.2 million and an aggregate net unrealized loss of $2.6 million.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company previously held two municipal bonds issued by the Commonwealth of Puerto Rico. Puerto Rico&#8217;s weak economic conditions and heavy debt burden heightened the risk of default on the bonds and management concluded that the bonds, which had 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 and $660,000 for the three months ended March&#160;31, 2015. The bonds were sold during the second quarter of 2015 and a net realized gain of $22,000 was recognized on the sales.&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Management concluded that none of the other fixed maturity securities with an unrealized loss at June 30, 2015 or December&#160;31,&#160;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 &#8220;more likely than not&#8221; 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 June 30, 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; 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 (&#8220;PREPA&#8221;), a public corporation and governmental agency of the Commonwealth of Puerto Rico. PREPA&#8217;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&#8217; 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&#160;million at December 31, 2014 and unpaid principal of $8.4 million. At June 30, 2015, the allowance for credit losses on these loans was $588,000. The loans had a carrying value of $5.6 million at June 30, 2015 and unpaid principal of $6.6 million. The allowance for credit losses on these loans at June 30, 2014 was $963,000.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">A number of the Company&#8217;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&#8217;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 June 30, 2015 should be considered impaired and an allowance for credit losses of $58,000 was established on the loans. After recording this impairment, these three loans had a carrying value of $2.9&#160;million at June 30, 2015 and unpaid principal of $3.1 million. In total, including the three loans discussed above, the Company&#8217;s investments in bank loans to oil and gas companies in the energy sector had a carrying value of $24.5 million and an unrealized loss of $1.7 million at June 30, 2015. There was no allowance for credit losses on these loans at June 30, 2014.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Bank loan participations generally have a credit rating that is below investment grade (i.e. below &#8220;BBB-&#8221; for Standard &amp; Poor&#8217;s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated &#8220;B&#8221; or &#8220;BB&#8221; by Standard &amp; Poor&#8217;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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; 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 June 30, 2015 or December 31, 2014.</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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&#8217;s periodic evaluation of the adequacy of the allowance is based on consultations and a</font>dvice<font style="color: #231f20;">&#160;of the Company&#8217;s independent investment manager, known and inherent risks in the portfolio, adverse situations that may affect the borrower&#8217;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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The average recorded investment in impaired bank loans was $7.8 million and $4.7 million during the six months ended June 30, 2015 and 2014, respectively. Investment income of $153,000 and&#160;$0,&#160;respectively, was recognized during the time within those periods that the loans were impaired. The Company recorded realized gains of $175,000 and $203,000, respectively, in the three months and six months ended June 30, 2015 and realized losses of $963,000 in the three months and six months ended June 30, 2014 for changes in the fair value of impaired bank loans.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; 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 and six months ended June 30, 2015 includes $23,000 and $17,000, respectively, of net trading losses of which $23,000 and $12,000, respectively, relates to securities held at June 30, 2015.</p> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s realized gains and losses are summarized as follows:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt; width: 652px;">Gross realized gains</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 141px;">101</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 141px;">325</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 141px;">1,288</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 141px;">394</td> <td style="text-align: left; width: 14px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(5</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,411</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(665</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,412</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">96</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,086</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">623</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,018</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Bank loan participations:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized gains</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">242</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">551</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">532</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">978</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(12</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(975</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,654</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(978</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">230</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(424</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,122</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized gains</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">88</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(842</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(754</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Short&#8211;term investments and other:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized gains</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(280</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,939</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">24</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(280</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">43</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,939</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">350</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,790</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(2,456</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(3,711</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Realized investment gains or losses are determined on a specific identification basis.&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Two of the Company&#8217;s directors are also directors of First Wind Capital, LLC (&#8220;First Wind&#8221;), which is an affiliate of the Company&#8217;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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Net investment income for the three and six months ended June 30, 2014 includes $76,000 and $57,000, respectively, related to&#160;a $5.6 million equity investment&#160;in a bank holding company (&#8220;Predecessor Bank Holding Company&#8221;). The Company also holds $4.5 million of subordinated notes issued by a company that was substantially owned by the Predecessor Bank Holding Company (the &#8220;Bank Affiliate&#8221;). 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 June 30, 2015 and 2014. For both the six months ended June 30, 2015 and 2014, interest income of $172,000 was recognized on the notes.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">On July 4, 2014, the Predecessor Bank Holding Company merged with and into another bank holding company (the &#8220;Surviving Bank Holding Company&#8221;). In exchange for its shares of the Predecessor 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; 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 $2,000 and $3,000 was recognized on this investment for the three months and six months ended June 30, 2015, respectively.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Chairman and Chief Executive Officer of the Company previously served as Chairman of the&#160;Predecessor&#160;Bank Holding Company and the Bank Affiliate. Effective July 4, 2014, the Company&#8217;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&#160;Predecessor&#160;Bank Holding Company and is now an investor in the Surviving&#160;Bank Holding Company.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Additionally, one of the Company&#8217;s directors is a former investor in the&#160;Predecessor&#160;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&#8217;s Chief Financial Officer is a former investor in the&#160;Predecessor&#160;Bank Holding Company and the Surviving Bank Holding Company.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">At June 30, 2015 and December 31, 2014, the Company&#8217;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&#8217;s largest shareholder. The total carrying value of these LLC investments was $28.8 million and $25.1 million at June&#160;30,&#160;2015 and December 31, 2014, respectively. 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&#8217;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 &#8220;other invested assets&#8221; in the accompanying consolidated balance sheets.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The Company recognized income of $2.2 million and $4.6 million for its equity share of LLC income for the three and six months ended June 30, 2015, respectively. The Company&#8217;s respective equity share of LLC income for the three and six month periods ended June 30, 2014 was $724,000 and $4.0 million. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. The Company received cash distributions from these investments totaling $951,000 and $2.4 million in the six months ended June 30, 2015 and 2014</font>, respectively.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2014, the Company sold its interest in one of the LLCs for $5.9&#160;million and a $1.9 million realized loss was recognized on the sale.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">On December 10, 2012, the Company&#8217;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 $91,000 and $181,000 was recognized on this investment for the three months and six months ended June 30, 2014, respectively.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">On July 1, 2013, the Company&#8217;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 $140,000 and $362,000 were recognized on the investment for the three months and six months ended June 30, 2015, respectively. Income of $82,000 and $152,000 was recognized on the investment for the three months and six months ended June 30, 2014, respectively. The carrying value of the investment was $1.5&#160;million at June 30, 2015 and $1.8 million at December 31, 2014.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">On June 1, 2014, the Company&#8217;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 $225,000 and $288,000 was recognized on the investment for the three months and six months ended June 30, 2015. Income of $80,000 was recognized on the investment for the three months ended June 30, 2014. The carrying value of the investment was $2.4 million at June 30, 2015 and $2.2 million at December 31, 2014.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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.&#160;</font>The note, which matures on December 15, 2015, carries a variable interest rate (currently 7.5%). The original discount and commitment fees received are being recognized over the term of the note under the effective interest method. Income of $540,000 and $1.2 million was recognized on this investment for the three months and six months ended June 30, 2015, respectively. Partial maturities totaling $5.6 million on this note were received during the three months ended June 30, 2015.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; 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&#8217;s largest shareholder. The note, which carried a fixed interest rate of 18.00%, was repaid on June 15, 2015. Income of $174,000 and $180,000 was recognized on this investment for the three months and six months ended June&#160;30,&#160;2015, respectively.&#160;</p> <p style="text-align: center; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="text-align: center; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; 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&#8217;s largest shareholder. An additional $1.5 million was invested in the note in June 2015. The note is scheduled to mature no later than April 2016. It carries a fixed interest rate of 15.00%. Income of $160,000 was recognized on this investment for the three months ended June 30, 2015.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #231f20; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2015, the Company invested $625,000 in a limited partnership that will invest in a portfolio of loans, primarily senior secured floating rate loans of middle market private equity sponsored companies. The Company is committed to invest an additional $4.4 million in the partnership. No income has been recognized on this investment to date.</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100% 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="text-align: right; width: 0px;"></td> <td style="width: 0.5in;"><b>3.</b></td> <td style="text-align: justify;"><b>Goodwill and Intangible Assets</b></td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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 &#8220;Merger&#8221;. 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 June 30, 2015 and December 31, 2014.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</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="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>June 30, 2015</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>December 31, 2014</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Life</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>(Years)</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Gross</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Accumulated</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amortization</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Gross</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Accumulated</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amortization</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>($ in thousands)</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Intangible Assets</td> <td>&#160;</td> <td style="text-align: right;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; width: 535px;">Trademarks</td> <td style="width: 16px;">&#160;</td> <td style="text-align: center; width: 189px;">Indefinite</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">22,200</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">&#8211;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">22,200</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Insurance licenses and authorities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt;">Indefinite</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">9,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">9,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Identifiable intangibles not&#160;<br />subject to&#160;amortization</td> <td>&#160;</td> <td style="text-align: right;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">31,364</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">31,364</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt;">&#160;</td> <td>&#160;</td> <td style="text-align: right;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Broker relationships</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt;">24.6</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,148</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,850</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Identifiable intangible assets&#160;<br />subject to amortization</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,148</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,850</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">42,975</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,148</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">42,975</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,850</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; 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;"><b>4.</b></td> <td style="text-align: justify;"><b>Earnings Per Share</b></td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>Three Months Ended&#160;<br />June 30,</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>Six Months Ended&#160;<br />June 30,</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2015</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2014</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2015</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2014</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>(in thousands)</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -18.4pt; padding-left: 18.7pt; width: 728px;">Net income to shareholders</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">12,489</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">9,513</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">21,866</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">18,651</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Weighted average common shares outstanding:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Basic</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,547,616</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,540,350</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,544,003</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,540,350</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Common share equivalents</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">667,243</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">247,607</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">612,601</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">243,969</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.05pt; padding-left: 9.35pt;">Diluted</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,214,859</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">28,787,957</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,156,604</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">28,784,319</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Earnings per share:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Basic</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.33</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.77</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.65</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Common share equivalents</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(0.01</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(0.02</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.05pt; padding-left: 9.35pt;">Diluted</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.43</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.33</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.75</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.65</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Common share equivalents relate to stock options and restricted share units (&#8220;RSU&#8217;s&#8221;). For the three months ended June 30, 2015 and 2014, common share equivalents of 994,335 and 25,000 shares, respectively, are excluded from the calculations of diluted earnings per share as their effects are anti-dilutive. For the six months ended June&#160;30, 2015 and 2014, common share equivalents of&#160;995,180&#160;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; width: 100%; 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;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0px; text-align: right;"></td> <td style="width: 0.5in;"><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: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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 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: 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;">&#160;</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="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 740.54px; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">614,969</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">544,365</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">589,042</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">526,985</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Add: Incurred losses and loss adjustment expenses net of reinsurance:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 28.05pt;">Current year</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">70,449</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">64,004</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">147,422</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">121,200</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 28.05pt;">Prior years</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,518</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,668</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(5,007</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,750</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: -9.35pt; padding-left: 9.35pt;">Total incurred losses and loss and adjustment expenses</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">67,931</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">61,336</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">142,415</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">117,450</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Deduct: Loss and loss adjustment expense payments net of reinsurance:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 28.05pt;">Current year</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">9,601</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,171</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">14,603</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,113</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 28.05pt;">Prior years</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">45,795</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">39,591</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">89,350</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">77,383</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">Total loss and loss adjustment expense payments</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">55,396</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">43,762</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">103,953</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">82,496</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">627,504</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">561,939</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">627,504</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">561,939</td> <td style="text-align: left;">&#160;</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;">Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">134,750</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">121,634</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">134,750</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">121,634</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">762,254</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">683,573</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">762,254</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">683,573</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">A $2.5 million reserve redundancy developed in the three months ended June 30, 2015 on the reserve for losses and loss adjustment expenses held at December 31, 2014. This favorable reserve development included $3.4&#160;million of favorable development in the Excess and Surplus Lines segment primarily from the 2014, 2013, and 2012 accident years. This favorable development occurred because our actuarial studies at June 30, 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 $189,000 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 $1.1 million of adverse reserve development in the Casualty Reinsurance segment, primarily related to one reinsurance treaty from the 2012 underwriting year. This treaty contained deficit carry forward provisions which resulted in favorable adjustments of a similar magnitude to reduce commissions&#160;payable&#160;on the treaty.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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 experienced $2.7 million of favorable reserve development in the three months ended June&#160;30,&#160;2014 on the reserve for losses and loss adjustment expenses held at December 31, 2013. This reserve development included $3.9 million of favorable development in the Excess and Surplus Lines segment, primarily from the 2010 and 2009 accident years. This favorable development occurred because our actuarial studies at June&#160;30, 2014 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continued&#160;to be below our initial expected loss ratios. The Company also experienced $789,000 of favorable development for the Specialty Admitted Insurance segment partially offset by $2.0 million of 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> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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>&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">A $5.0 million reserve redundancy developed in the six months ended June 30, 2015 on the reserve for losses and loss adjustment expenses held at December 31, 2014. This favorable reserve development included $8.4&#160;million of favorable development in the Excess and Surplus Lines segment primarily from the 2014, 2013, and 2012 accident years. This favorable development occurred because our actuarial studies at June 30, 2015 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continued&#160;to be below our initial expected loss ratios. The Company also experienced $196,000 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$3.6&#160;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: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">A $3.7 million reserve redundancy developed in the six months ended June 30, 2014 on the reserve for losses and loss adjustment expenses held at December 31, 2013. This favorable development included $6.3 million of favorable development in the Excess and Surplus Lines segment primarily from the 2009 and 2010 accident years and $1.1 million of favorable development in the Specialty Admitted Insurance segment. This favorable development was partially offset by $3.6 million of adverse development on assumed business in the Casualty Reinsurance segment.</p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; 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;"><b>6.</b></td> <td style="text-align: justify;"><b>Other Comprehensive Income</b></td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the components of comprehensive income:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 739px;">Unrealized (losses) gains arising during the period, before U.S. income taxes</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">(16,788</td> <td style="text-align: left; width: 16px;">)</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">6,248</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">(11,577</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">13,390</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">U.S. income taxes</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,871</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,179</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,330</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,987</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Unrealized (losses) gains arising during the period, net of U.S. income taxes</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(14,917</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,069</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10,247</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,403</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Less reclassification adjustment:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 10pt;">Net realized investment gains (losses)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">96</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,086</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">623</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,772</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0px; padding-left: 10pt;">U.S. income&#160;taxes</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(8</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">424</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">186</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">671</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Reclassification adjustment for investment gains (losses) realized in net income</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">88</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(662</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">809</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,101</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Other comprehensive income</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(15,005</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,731</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(11,056</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,504</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100% font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.5in;"><b>7.</b></td> <td style="text-align: justify;"><b>Commitments and Contingent Liabilities</b></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company&#8217;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, $95.2 million of letters of credit were issued through June&#160;30,&#160;2015, and assets of $112.5 million were on deposit at June 30, 2015 securing the letters of credit. Under a $102.5 million facility, $42.6 million of letters of credit were issued through June 30, 2015, and assets of $100.4&#160;million were on deposit at June 30, 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 June&#160;30,&#160;2015 was $214.9 million.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">In May 2015, the Company committed to a $15.0 million investment in a limited partnership that invests in equity tranches of collateralized loan obligations (CLOs). As of June 30, 2015, none of the Company&#8217;s commitment has been called.</p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; 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;"><b>8.</b></td> <td style="text-align: justify;"><b>Segment Information</b></td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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&#8217;s underwriting profit (loss). Net fee income of $758,000 and $783,000 was included in underwriting profit for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, net fee income included in underwriting profit was $978,000 and $783,000, respectively. Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company&#8217;s insurance subsidiaries.</p> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the Company&#8217;s segment results:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Excess&#160;and<br />Surplus<br />Lines</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Specialty<br />Admitted<br />Insurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Casualty<br />Reinsurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Corporate<br />and<br />Other</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="18" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Three Months Ended June 30, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">77,417</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">17,931</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">88,663</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">184,011</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">52,867</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,150</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">43,043</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">106,060</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,769</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">199</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">594</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,562</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,706</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">583</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,656</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,000</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,744</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,744</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">57,531</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,760</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,845</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,091</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">120,227</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">712,047</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140,654</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,098,508</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">111,503</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,062,712</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Excess&#160;and<br />Surplus<br />Lines</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Specialty<br />Admitted<br />Insurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Casualty<br />Reinsurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Corporate<br />and<br />Other</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="18" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Three Months Ended June 30, 2014</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">59,134</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">12,559</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">25,267</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">96,960</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">45,100</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,513</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">45,399</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,012</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit (loss) of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,171</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(448</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">363</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,086</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,519</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">598</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,372</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,222</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,711</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,557</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,557</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47,374</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,155</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">51,267</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">106,796</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">682,825</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">112,258</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,008,764</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">94,125</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,897,972</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Six Months Ended June 30, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">153,135</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">38,857</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">123,277</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">315,269</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">112,267</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">19,705</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">91,099</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">223,071</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,212</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">635</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,891</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,072</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,102</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,717</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,095</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24,986</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,448</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,448</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">118,569</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20,962</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100,997</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,166</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">246,694</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">712,047</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140,654</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,098,508</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">111,503</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,062,712</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Six Months Ended June 30, 2014</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">120,687</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">24,236</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">99,278</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">244,201</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">87,083</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">11,662</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">87,323</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">186,068</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit (loss) of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,898</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,040</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">407</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,265</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,024</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,166</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,172</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,193</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,104</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,104</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">92,326</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">12,892</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">98,265</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,008</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">206,491</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">682,825</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">112,258</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,008,764</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">94,125</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,897,972</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Underwriting profit (loss) of the insurance segments:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 10.2pt; width: 739px;">Excess and Surplus Lines</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">5,769</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">5,171</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">13,212</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">8,898</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 10.2pt;">Specialty Admitted Insurance</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">199</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(448</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,040</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10.2pt;">Casualty Reinsurance</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">594</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">363</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">635</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">407</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Total underwriting profit of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,562</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,086</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,891</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,265</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Other operating expenses of the Corporate and Other segment</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(4,255</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,856</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,634</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,721</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Underwriting profit</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,307</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,230</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,257</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,544</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,711</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24,986</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,193</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net realized investment gains (losses)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">350</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,790</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,456</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,711</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Amortization of intangible assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(149</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(173</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(298</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(298</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Other income and expenses</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(216</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(23</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(231</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Interest expense</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,744</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,557</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,448</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,104</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Income before taxes</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,754</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">10,205</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">24,018</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">20,393</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.5in;"><b>9.</b></td> <td style="text-align: justify;"><b>Other Operating Expenses and Other Expenses</b></td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other operating expenses consist of the following:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.6pt; width: 752px;">Amortization of policy acquisition costs</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">22,400</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">20,882</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">46,902</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">41,058</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Other underwriting expenses of the operating segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">9,925</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,491</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20,841</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20,078</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Other operating expenses of the Corporate and Other segment</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,255</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,856</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">8,634</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,721</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">36,580</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">33,229</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">76,377</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">64,857</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other expenses for the three months and six months ended June 30, 2015 and 2014 include $69,000 and $68,000, and $138,000 and $136,000, respectively, of expenses associated with the Company&#8217;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 and six months ended June 30, 2014 also include $158,000 and $183,000, respectively, of due diligence costs for an acquisition which we elected not to pursue and $70,000 of legal services related to the Company&#8217;s offering.</p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.5in;"><b>10.</b></td> <td style="text-align: justify;"><b>Fair Value Measurements</b></td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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&#8217;s use of valuation techniques since January 1, 2014.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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&#8217;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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Assets measured at fair value on a recurring basis as of June 30, 2015 are summarized below:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value&#160;Measurements&#160;Using</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Quoted&#160;Prices<br />in&#160;Active<br />Markets&#160;for<br />Identical<br />Assets</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Other<br />Observable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Unobservable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 1</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Available-for-sale securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; width: 726px; padding-right: 0px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">&#8211;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">110,696</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">110,696</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">288,150</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">288,150</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,319</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,319</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">55,528</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,282</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,810</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">55,528</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">755,650</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">811,178</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Equity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Preferred stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,171</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,171</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Common stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,259</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">734</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,993</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Total equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,259</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">56,905</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">75,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Total available-for-sale securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">73,787</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">812,555</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">886,342</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Trading securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Fixed maturity securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,763</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,763</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Short-term investments</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">85,845</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">19,742</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">105,587</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value&#160;Measurements&#160;Using</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Quoted&#160;Prices<br />in&#160;Active<br />Markets&#160;for<br />Identical<br />Assets</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Other<br />Observable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Unobservable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 1</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Available-for-sale securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; width: 726px; padding-right: 0px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">&#8211;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">99,046</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">99,046</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">115,249</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">115,249</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,882</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,882</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,341</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,341</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">101,275</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">101,275</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,891</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,378</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">58,269</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,901</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,901</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,891</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">700,072</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">756,963</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Equity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Preferred stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,601</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,601</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Common stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">17,570</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">734</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">18,304</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Total equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">17,570</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">50,335</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">67,905</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Total available-for-sale securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">74,461</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">750,407</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">824,868</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Trading securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt; padding-right: 0px;">Fixed maturity securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,388</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,388</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; padding-right: 0px;">Short-term investments</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">58,507</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">73,349</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">131,856</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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 or six months ended June 30, 2015 and 2014.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no transfers between Level 1 and Level 2 during the three months or six months ended June 30, 2015 or 2014. The Company recognizes transfers between levels at the beginning of the reporting period.&#160;</p> <p style="text-align: center; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no realized gains or losses included in earnings for the three months or six months ended June&#160;30,&#160;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 June 30, 2015.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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&#8217;s impairment evaluation when loans are determined by management to be impaired.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Assets measured at fair value on a nonrecurring basis are summarized below:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>Fair Value Measurements Using</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Quoted Prices</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>In Active</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Markets for</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Identical Assets</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level 1</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Significant</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Other</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Observable</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Inputs</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level 2</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Significant</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unobservable</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Inputs</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level 3</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Total</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>(in thousands)</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">June 30, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt; width: 677px;">Bank loan participations held-for-investment</td> <td style="padding-bottom: 2.5pt; width: 15px;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 14px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 141px;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 14px;">&#160;</td> <td style="padding-bottom: 2.5pt; width: 14px;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 14px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 141px;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 14px;">&#160;</td> <td style="padding-bottom: 2.5pt; width: 14px;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 14px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 141px;">2,926</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 14px;">&#160;</td> <td style="padding-bottom: 2.5pt; width: 14px;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 14px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 141px;">2,926</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 14px;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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 June 30, 2015, and $9.2 million at June 30, 2014. The allowance for credit losses on bank loan participations was $646,000 at June 30, 2015 and $242,000 at December&#160;31,&#160;2014. The change in the allowance for credit losses on bank loan participations is included in net realized investment gains.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 13.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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&#8217;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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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 June 30, 2015, there were bank loan participations with an unpaid principal balance of $7.4 million and a carrying value of $6.4 million for which external sources were unavailable to determine fair value. At December&#160;31,&#160;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="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">Assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Available-for-sale:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 17.5pt; width: 729px;">Fixed maturity securities</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">811,178</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">811,178</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">756,963</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">756,963</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 17.5pt;">Equity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">75,164</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">75,164</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">67,905</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">67,905</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Trading:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 17.5pt;">Fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,763</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,763</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,388</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,388</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Bank loan participations held-for-investment</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">216,525</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">212,949</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">239,511</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">231,251</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Cash and cash equivalents</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">65,832</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">65,832</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">73,383</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">73,383</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Short-term investments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">105,587</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">105,587</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">131,856</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">131,856</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Other invested assets &#8211; notes receivable</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">25,207</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">26,911</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,500</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,410</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">Liabilities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Senior debt</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">88,300</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">78,529</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">88,300</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">79,850</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Junior subordinated debt</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">104,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">83,602</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">104,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">89,100</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at June&#160;30,&#160;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 June 30, 2015 and December 31, 2014, respectively. For notes receivable maturing within one year, carrying value was used to approximate fair value.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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 June 30, 2015 and December 31, 2014 were determined using inputs to the valuation methodology that are unobservable (Level 3).</p> <table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; 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;"><b>11.</b></td> <td style="text-align: justify;"><b>Capital Stock and Equity Awards</b></td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2015, vested stock options for 41,250 shares were exercised, increasing the number of common shares issued and outstanding to 28,581,600 at June 30, 2015</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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. On May&#160;5,&#160;2015, the Board of Directors declared another cash dividend of $0.16 per common share. The dividend totaled $4.6 million and was paid on June 30, 2015 to shareholders of record on June 15, 2015.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">No dividends were declared during the three or six months ended June 30, 2014.<b>&#160;</b></p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>&#160;</i></b></p> <p style="text-align: left; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Equity Incentive Plans</i></b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s shareholders have approved various equity incentive plans, including the Amended and Restated 2009 Equity Incentive Plan (the &#8220;Legacy Plan&#8221;), the 2014 Long Term Incentive Plan (&#8220;2014 LTIP&#8221;), and the 2014 Non-Employee Director Incentive Plan (&#8220;2014 Director Plan&#8221;) (collectively, the &#8220;Plans&#8221;). 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="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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 (&#8220;RSUs&#8221;), 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 June 30, 2015, 1,843,481 shares are available for grant.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 22.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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 June 30,&#160;2015, 42,860 shares are available for grant.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 22.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 22.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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&#160;in the plans), during the 12-month period following a Change in Control (as defined in the plans).</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 22.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Options</i></b></p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>&#160;</i></b></p> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the option activity:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Shares</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Weighted-&#160;<br />Average&#160;<br />Exercise&#160;<br />Price</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Shares</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Weighted-&#160;<br />Average&#160;<br />Exercise&#160;<br />Price</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Outstanding:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 0in; padding-left: 11.75pt; width: 661px;">Beginning of period</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="text-align: right; width: 141px;">3,104,768</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 141px;">17.27</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="text-align: right; width: 141px;">2,166,250</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 141px;">15.51</td> <td style="text-align: left; width: 14px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: 0in; padding-left: 20.75pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,627</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">24.32</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 0in; padding-left: 20.75pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(41,250</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">15.65</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 0in; padding-left: 20.75pt;">Lapsed</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(9,810</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">21.00</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">15.65</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: 0in; padding-left: 11.75pt;">End of period</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,064,335</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">17.30</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,161,250</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">15.51</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: 0in; padding-left: 11.75pt;">Exercisable, end of period</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,763,124</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">15.48</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,668,250</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">15.49</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>&#160;</i></b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>RSUs</i></b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>&#160;</i></b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the RSU activity for the six months ended June 30, 2015:</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;<b>&#160;</b></p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: 0px; padding-left: 0px; padding-right: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Shares</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Weighted-&#160;<br />Average&#160;<br />Grant Date&#160;<br />Fair Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: 0px; padding-left: 0px; width: 1044px; padding-right: 0px;">Unvested, beginning of period</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="text-align: right; width: 141px;">340,474</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 141px;">21.00</td> <td style="text-align: left; width: 14px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;">Granted</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;">Unvested, end of period</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">340,474</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">21.00</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">There were no RSUs outstanding in the six months ended June 30, 2014.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>&#160;</i></b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Compensation Expense</i></b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>&#160;</i></b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; 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> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended<br />June 30,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended&#160;<br />June 30,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 753px;">Share based compensation expense</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">943</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">98</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">1,854</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">213</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.6pt;">U.S. tax benefit on share based compensation expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">257</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">21</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">505</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">41</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2015, the Company had $9.3 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.8 years. The weighted-average remaining contractual life of the options outstanding and options exercisable was 3.6 years and 1.9 years, respectively.</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; 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;" border="0" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.5in;"><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: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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 July 2015, the Company invested in a $10.0 million note agreement with an affiliate of the Company&#8217;s largest shareholder. The Company received a 2% discount on the purchase of the note. The note has a maturity date of March 30, 2016. The note carries a variable rate of interest, currently LIBOR + 7.00%.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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 July 2015,&#160;certain&#160;officers&#160;of the Company&#160;exercised 687,500 non-qualified stock options that had been granted under the Legacy Plan. In connection with these exercises, 156,827 common shares were issued to the exercising&#160;officers&#160;in July 2015.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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 August 5, 2015, the Board of Directors declared a cash dividend of $0.16 per common share. The dividend is payable on September 30, 2015 to shareholders of record on September&#160;14, 2015.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>Basis of Presentation</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) 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&#8217;s 2014 audited consolidated financial statements for a more complete description of the Company&#8217;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&#8217;s audited annual consolidated financial statements.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Significant intercompany transactions and balances have been eliminated.</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>Estimates and Assumptions</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>Variable Interest Entities</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>&#160;</b></p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">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 (&#8220;VIE&#8221;). 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&#8217;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&#8217;s capital structure, contractual terms, nature of the VIE&#8217;s operations and purpose, and the Company&#8217;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="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company holds interests in VIEs through certain equity method investments in limited liability companies (&#8220;LLCs&#8221;) included in &#8220;other invested assets&#8221; 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&#8217;s investments related to these VIEs totaled $28.8 million and $25.1 million as of June 30, 2015 and December&#160;31,&#160;2014, respectively, representing the Company&#8217;s maximum exposure to loss.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; font-stretch: normal;">&#160;</p> <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="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Cost or<br />Amortized&#160;<br />Cost</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross&#160;<br />Unrealized&#160;<br />Gains</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross&#160;<br />Unrealized&#160;<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold;">June 30, 2015</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 728.07px; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">104,096</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">7,005</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">(405</td> <td style="width: 15px; text-align: left;">)</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">110,696</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,762</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,947</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,435</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">289,638</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,416</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(6,904</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">288,150</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">128,322</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,759</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(87</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">96,226</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,189</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(96</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,319</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,523</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">346</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(59</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,810</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(90</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">803,592</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">17,662</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10,076</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">811,178</td> <td style="text-align: left;">&#160;</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;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">4,136</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,318</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">75,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">Total investments available-for-sale</td> <td style="padding-bottom: 2.5pt;">&#160;</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;">875,938</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">21,798</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(11,394</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</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;">886,342</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">December 31, 2014</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 728.07px; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">State and municipal</td> <td style="width: 16px;">&#160;</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;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">8,509</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">(178</td> <td style="width: 15px; text-align: left;">)</td> <td style="width: 15px;">&#160;</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,997</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,661</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,409</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">115,249</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">261,574</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,742</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,434</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,882</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">111,056</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,429</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(144</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,341</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100,376</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,431</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(532</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">101,275</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">58,173</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">289</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(193</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">58,269</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">737,916</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24,061</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,014</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">756,963</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 9.35pt;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; 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 investments available-for-sale</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;">&#160;</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;">802,264</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;">&#160;</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;">&#160;</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;">$</td> <td style="font: 13.33px/normal 'times new roman', times, serif; text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">29,243</td> <td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">&#160;</td> <td style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">&#160;</td> <td style="font: 13.33px/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">$</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;">(6,639</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;">&#160;</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;">824,868</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; font-stretch: normal;">&#160;</p> <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="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Cost or<br />Amortized&#160;<br />Cost</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</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;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">54,603</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">55,099</td> <td style="width: 15px; text-align: left;">&#160;</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">253,370</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">253,691</td> <td style="text-align: left;">&#160;</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">99,266</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100,642</td> <td style="text-align: left;">&#160;</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">139,244</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">143,543</td> <td style="text-align: left;">&#160;</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,762</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">128,322</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">&#160;</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;">803,592</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;">&#160;</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;">&#160;</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;">811,178</td> </tr> </table> <div>&#160;</div> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100% border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Less Than 12 Months</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">12 Months or More</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="22" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">June 30, 2015</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt; width: 508px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">22,336</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">(405</td> <td style="text-align: left; width: 16px;">)</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 126px;">&#8211;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 125px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">22,336</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">(405</td> <td style="text-align: left; width: 15px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">29,558</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(449</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">44,125</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,986</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">73,683</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,435</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,545</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,853</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,286</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,051</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">132,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(6,904</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">41,198</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(56</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,348</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(31</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">54,546</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(87</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligation of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,535</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(48</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,204</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(48</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">42,739</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(96</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,887</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(47</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,305</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(12</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">17,192</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(59</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(90</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(90</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,994</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(4,948</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">77,268</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,128</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">345,262</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10,076</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">7,782</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(217</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">12,506</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,101</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,288</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,318</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total investments available-for-sale</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">275,776</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(5,165</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">89,774</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(6,229</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">365,550</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(11,394</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;&#160;</p> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100% border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Less&#160;Than&#160;12&#160;Months</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">12&#160;Months&#160;or&#160;More</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;<br />Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Gross<br />Unrealized<br />Losses</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="22" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">December&#160;31, 2014</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt; width: 508px;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">3,197</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">(176</td> <td style="text-align: left; width: 16px;">)</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 126px;">247</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 125px;">(2</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">3,444</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 125px;">(178</td> <td style="text-align: left; width: 15px;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,072</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47,594</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,407</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,666</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,409</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">25,885</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(235</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">22,353</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,199</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,238</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,434</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,894</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(118</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,742</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(26</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,636</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(144</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">202</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,029</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(532</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,231</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(532</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(24</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">19,383</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(169</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,438</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(193</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,901</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(124</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,901</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(124</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0in;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">68,305</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(555</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">148,249</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(4,459</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">216,554</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,014</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,361</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(205</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">10,621</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,420</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,982</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,625</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt;">Total investments available-for-sale</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">69,666</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(760</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">158,870</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(5,879</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">228,536</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(6,639</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <div>&#160;</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</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="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 652.07px; text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized gains</td> <td style="width: 15px;">&#160;</td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">101</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">325</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">1,288</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">394</td> <td style="width: 14px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(5</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,411</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(665</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,412</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-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">96</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,086</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">623</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,018</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;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Bank loan participations:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized gains</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">242</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">551</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">532</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">978</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(975</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,654</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(978</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-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">230</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(424</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,122</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Equity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized gains</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">88</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(842</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-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(754</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;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Short&#8211;term investments and other:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt;">Gross realized gains</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 18.7pt;">Gross realized losses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(280</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,939</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: 1pt; padding-left: 9.35pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">24</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(280</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">43</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,939</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;">&#160;</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;">350</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(1,790</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(2,456</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</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;">(3,711</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <div><br class="apple-interchange-newline" />&#160;</div> <p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</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="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>June 30, 2015</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>December 31, 2014</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Life</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>(Years)</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Gross</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Accumulated</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amortization</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Gross</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Accumulated</b></font></p> <p style="text-align: center; margin-top: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amortization</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>($ in thousands)</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Intangible Assets</td> <td>&#160;</td> <td style="text-align: right;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; width: 535px;">Trademarks</td> <td style="width: 16px;">&#160;</td> <td style="text-align: center; width: 189px;">Indefinite</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">22,200</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">&#8211;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">22,200</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Insurance licenses and authorities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt;">Indefinite</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">9,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">9,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Identifiable intangibles not&#160;<br />subject to&#160;amortization</td> <td>&#160;</td> <td style="text-align: right;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">31,364</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">31,364</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt;">&#160;</td> <td>&#160;</td> <td style="text-align: right;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Broker relationships</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt;">24.6</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,148</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,850</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Identifiable intangible assets&#160;<br />subject to amortization</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,148</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,611</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,850</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">42,975</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,148</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">42,975</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,850</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <div>&#160;</div> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>Three Months Ended&#160;<br />June 30,</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;"><b>Six Months Ended&#160;<br />June 30,</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2015</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2014</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2015</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>2014</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>(in thousands)</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -18.4pt; padding-left: 18.7pt; width: 728px;">Net income to shareholders</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">12,489</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">9,513</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">21,866</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">18,651</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Weighted average common shares outstanding:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Basic</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,547,616</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,540,350</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,544,003</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">28,540,350</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Common share equivalents</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">667,243</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">247,607</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">612,601</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">243,969</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.05pt; padding-left: 9.35pt;">Diluted</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,214,859</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">28,787,957</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,156,604</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">28,784,319</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Earnings per share:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -9.35pt; padding-left: 18.7pt;">Basic</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.33</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.77</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.65</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt;">Common share equivalents</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(0.01</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(0.02</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.05pt; padding-left: 9.35pt;">Diluted</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.43</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.33</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.75</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.65</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</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="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 740.54px; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">614,969</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">544,365</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">589,042</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">526,985</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Add: Incurred losses and loss adjustment expenses net of reinsurance:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 28.05pt;">Current year</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">70,449</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">64,004</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">147,422</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">121,200</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 28.05pt;">Prior years</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,518</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,668</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(5,007</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,750</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: -9.35pt; padding-left: 9.35pt;">Total incurred losses and loss and adjustment expenses</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">67,931</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">61,336</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">142,415</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">117,450</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Deduct: Loss and loss adjustment expense payments net of reinsurance:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 28.05pt;">Current year</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">9,601</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,171</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">14,603</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,113</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 1pt; padding-left: 28.05pt;">Prior years</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">45,795</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">39,591</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">89,350</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">77,383</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">Total loss and loss adjustment expense payments</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">55,396</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">43,762</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">103,953</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">82,496</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">627,504</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">561,939</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">627,504</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">561,939</td> <td style="text-align: left;">&#160;</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;">Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">134,750</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">121,634</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">134,750</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">121,634</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-bottom: 2.5pt; padding-left: 9.35pt;">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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">762,254</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">683,573</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">762,254</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">683,573</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 739px;">Unrealized (losses) gains arising during the period, before U.S. income taxes</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">(16,788</td> <td style="text-align: left; width: 16px;">)</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">6,248</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">(11,577</td> <td style="text-align: left; width: 15px;">)</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">13,390</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">U.S. income taxes</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,871</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,179</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,330</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,987</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Unrealized (losses) gains arising during the period, net of U.S. income taxes</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(14,917</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,069</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10,247</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,403</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Less reclassification adjustment:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 10pt;">Net realized investment gains (losses)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">96</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,086</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">623</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,772</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0px; padding-left: 10pt;">U.S. income&#160;taxes</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(8</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">424</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">186</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">671</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Reclassification adjustment for investment gains (losses) realized in net income</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">88</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(662</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">809</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,101</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Other comprehensive income</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(15,005</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,731</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(11,056</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,504</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Excess&#160;and<br />Surplus<br />Lines</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Specialty<br />Admitted<br />Insurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Casualty<br />Reinsurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Corporate<br />and<br />Other</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="18" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Three Months Ended June 30, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">77,417</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">17,931</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">88,663</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">184,011</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">52,867</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,150</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">43,043</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">106,060</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,769</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">199</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">594</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,562</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,706</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">583</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,656</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,000</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,744</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,744</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">57,531</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,760</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,845</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,091</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">120,227</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">712,047</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140,654</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,098,508</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">111,503</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,062,712</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;&#160;</p> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Excess&#160;and<br />Surplus<br />Lines</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Specialty<br />Admitted<br />Insurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Casualty<br />Reinsurance</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Corporate<br />and<br />Other</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="18" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Three Months Ended June 30, 2014</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">59,134</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">12,559</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">25,267</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">96,960</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">45,100</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,513</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">45,399</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,012</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit (loss) of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,171</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(448</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">363</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,086</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,519</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">598</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,372</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,222</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,711</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,557</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,557</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47,374</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,155</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">51,267</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">106,796</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">682,825</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">112,258</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,008,764</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">94,125</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,897,972</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Six Months Ended June 30, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">153,135</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">38,857</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">123,277</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">315,269</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">112,267</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">19,705</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">91,099</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">223,071</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,212</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">635</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,891</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,072</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,102</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,717</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,095</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24,986</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,448</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,448</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">118,569</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20,962</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100,997</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,166</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">246,694</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">712,047</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140,654</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,098,508</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">111,503</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,062,712</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">Six Months Ended June 30, 2014</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 549px;">Gross written premiums</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">120,687</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">24,236</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">99,278</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">&#8211;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">244,201</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net earned premiums</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">87,083</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">11,662</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">87,323</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">186,068</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Underwriting profit (loss) of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,898</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,040</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">407</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,265</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,024</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,166</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,172</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,193</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,104</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,104</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment revenues</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">92,326</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">12,892</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">98,265</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,008</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">206,491</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Segment goodwill</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">181,831</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Segment assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">682,825</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">112,258</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,008,764</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">94,125</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,897,972</td> <td style="text-align: left;">&#160;</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="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 739.4px; text-align: left; padding-left: 10.2pt;">Excess and Surplus Lines</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">5,769</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">5,171</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">13,212</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">8,898</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 10.2pt;">Specialty Admitted Insurance</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">199</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(448</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,040</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: 10.2pt;">Casualty Reinsurance</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">594</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">363</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">635</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">407</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Total underwriting profit of insurance segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,562</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,086</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,891</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,265</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1pt; padding-left: 10pt;">Other operating expenses of the Corporate and Other segment</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(4,255</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,856</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(8,634</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,721</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,307</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,230</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,257</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,544</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Net investment income</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,711</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">24,986</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,193</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Net realized investment gains (losses)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">350</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,790</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,456</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,711</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(149</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(173</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(298</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(298</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>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(10</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(216</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(23</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(231</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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,744</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(1,557</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,448</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(3,104</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;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">13,754</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">10,205</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">24,018</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">20,393</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended&#160;<br />June 30,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.6pt; width: 752px;">Amortization of policy acquisition costs</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">22,400</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">20,882</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">46,902</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">41,058</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Other underwriting expenses of the operating segments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">9,925</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,491</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20,841</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20,078</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Other operating expenses of the Corporate and Other segment</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,255</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,856</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">8,634</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,721</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">36,580</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">33,229</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">76,377</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">64,857</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</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="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value&#160;Measurements&#160;Using</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Quoted&#160;Prices<br />in&#160;Active<br />Markets&#160;for<br />Identical<br />Assets</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Other<br />Observable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Unobservable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 1</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Available-for-sale securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 726.34px; text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">&#8211;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">110,696</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">&#8211;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">110,696</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">126,274</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">288,150</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">288,150</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,994</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,319</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">97,319</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">55,528</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,282</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,810</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 1pt; padding-left: 20pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,935</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">55,528</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">755,650</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">811,178</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Equity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Preferred stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,171</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,171</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 1pt; padding-left: 20pt;">Common stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,259</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,993</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 1pt; padding-left: 10pt;">Total equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">18,259</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">56,905</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">75,164</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 2.5pt; padding-left: 10pt;">Total available-for-sale securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">73,787</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">812,555</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">886,342</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Trading securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 2.5pt; padding-left: 20pt;">Fixed maturity securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,763</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">5,763</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-right: 0px; padding-bottom: 2.5pt; padding-left: 10pt;">Short-term investments</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">85,845</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">19,742</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">105,587</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;&#160;</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="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value&#160;Measurements&#160;Using</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Quoted&#160;Prices<br />in&#160;Active<br />Markets&#160;for<br />Identical<br />Assets</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Other<br />Observable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Significant<br />Unobservable<br />Inputs</font></td> <td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 1</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Level 3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Available-for-sale securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Fixed maturity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 726.34px; text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">State and municipal</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">&#8211;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">99,046</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">&#8211;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">99,046</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Residential mortgage-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">115,249</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">115,249</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Corporate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,882</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">267,882</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Commercial mortgage and asset-backed</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,341</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">113,341</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Obligations of U.S. government corporations and agencies</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">101,275</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">101,275</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">U.S. Treasury securities and obligations guaranteed by the U.S. government</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,891</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,378</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">58,269</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 1pt; padding-left: 20pt;">Redeemable preferred stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Total fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">56,891</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">700,072</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">756,963</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Equity securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 20pt;">Preferred stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,601</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,601</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 1pt; padding-left: 20pt;">Common stock</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 1pt; padding-left: 10pt;">Total equity securities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 2.5pt; padding-left: 10pt;">Total available-for-sale securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">74,461</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-left: 10pt;">Trading securities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-right: 0px; padding-bottom: 2.5pt; padding-left: 20pt;">Fixed maturity securities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-right: 0px; padding-bottom: 2.5pt; padding-left: 10pt;">Short-term investments</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">58,507</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</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="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>Fair Value Measurements Using</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Quoted Prices</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>In Active</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Markets for</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Identical Assets</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level 1</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Significant</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Other</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Observable</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Inputs</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level 2</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Significant</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unobservable</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Inputs</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level 3</b></font></p> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;"><b>Total</b></font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;"><b>(in thousands)</b></font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"><b>&#160;</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;">June 30, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 677px; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt;">Bank loan participations held-for-investment</td> <td style="width: 15px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="width: 14px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 14px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8211;</td> <td style="width: 14px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 14px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,926</td> <td style="width: 14px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 14px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 14px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,926</td> <td style="width: 14px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</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="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair&#160;Value</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">Assets</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Available-for-sale:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 729.67px; text-align: left; text-indent: -9.35pt; padding-left: 17.5pt;">Fixed maturity securities</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">811,178</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">811,178</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">756,963</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">756,963</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 17.5pt;">Equity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">75,164</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">75,164</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">67,905</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">67,905</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Trading:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 17.5pt;">Fixed maturity securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,763</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,763</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,388</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,388</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Bank loan participations held-for-investment</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">216,525</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">212,949</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">239,511</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">231,251</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Cash and cash equivalents</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">65,832</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">65,832</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">73,383</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">73,383</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Short-term investments</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">105,587</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">105,587</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">131,856</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">131,856</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Other invested assets &#8211; notes receivable</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">25,207</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">26,911</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,500</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,410</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt; font-weight: bold;">Liabilities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Senior debt</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">88,300</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">78,529</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">88,300</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">79,850</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt;">Junior subordinated debt</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">104,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">83,602</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">104,055</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">89,100</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 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;">&#160;</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="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended June 30,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Shares</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Weighted-&#160;<br />Average&#160;<br />Exercise&#160;<br />Price</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Shares</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Weighted-&#160;<br />Average&#160;<br />Exercise&#160;<br />Price</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -9.35pt; padding-left: 9.35pt;">Outstanding:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 661.34px; text-indent: 0in; padding-left: 11.75pt;">Beginning of period</td> <td style="width: 15px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">3,104,768</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">17.27</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">2,166,250</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">15.51</td> <td style="width: 14px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: 0in; padding-left: 20.75pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,627</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">24.32</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: 0in; padding-left: 20.75pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(41,250</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">15.65</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">&#8211;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: 0in; padding-bottom: 1pt; padding-left: 20.75pt;">Lapsed</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(9,810</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">21.00</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(5,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">15.65</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 11.75pt;">End of period</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,064,335</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17.30</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,161,250</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: 0in; padding-bottom: 2.5pt; padding-left: 11.75pt;">Exercisable, end of period</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,763,124</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15.48</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,668,250</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</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;">&#160;</td> </tr> </table> <div>&#160;</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; 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;">&#160;</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="vertical-align: bottom;"> <td style="text-indent: 0px; padding-right: 0px; padding-left: 0px;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Shares</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Weighted-&#160;<br />Average&#160;<br />Grant Date&#160;<br />Fair Value</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1044px; text-indent: 0px; padding-right: 0px; padding-left: 0px;">Unvested, beginning of period</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">340,474</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">21.00</td> <td style="width: 14px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: 0px; padding-right: 0px; padding-bottom: 1pt; padding-left: 0px;">Granted</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8211;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: 0px; padding-right: 0px; padding-bottom: 2.5pt; padding-left: 0px;">Unvested, end of period</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</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;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</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;">&#160;</td> </tr> </table> <table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three Months Ended<br />June 30,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six Months Ended&#160;<br />June 30,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2015</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">2014</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap"><font style="font-size: 8pt;">(in thousands)</font></td> <td style="text-align: center; font-style: italic; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 753px;">Share based compensation expense</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">943</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 157px;">98</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 156px;">1,854</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 156px;">213</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.6pt;">U.S. tax benefit on share based compensation expense</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">257</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">21</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">505</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">41</td> <td style="text-align: left;">&#160;</td> </tr> </table> 25100000 28800000 6 5 802264000 737916000 64348000 90715000 113997000 261574000 111056000 100376000 58173000 2025000 875938000 803592000 72346000 104096000 126762000 289638000 128322000 96226000 56523000 2025000 -29243000 -24061000 -5182000 -8509000 -2661000 -8742000 -2429000 -1431000 -289000 -21798000 -17662000 -4136000 -7005000 -1947000 -5416000 -1759000 -1189000 -346000 -6639000 -5014000 -1625000 -178000 -1409000 -2434000 -144000 -532000 -193000 -124000 -11394000 -10076000 -1318000 -405000 -2435000 -6904000 -87000 -96000 -59000 -90000 2600000 1700000 824868000 756963000 67905000 99046000 115249000 267882000 113341000 101275000 58269000 1901000 56891000 56891000 17570000 17570000 734000 18304000 700072000 99046000 115249000 267882000 113341000 101275000 1378000 1901000 50335000 49601000 99046000 115249000 267882000 113341000 101275000 58269000 1901000 756963000 49601000 67905000 74461000 750407000 824868000 886342000 811178000 75164000 110696000 126274000 288150000 129994000 97319000 56810000 1935000 55528000 55528000 18259000 18259000 734000 18993000 755650000 110696000 126274000 288150000 129994000 97319000 1282000 1935000 56905000 56171000 110696000 126274000 288150000 129994000 97319000 56810000 1935000 811178000 56171000 75164000 73787000 812555000 886342000 15200000 54603000 253370000 99266000 139244000 55099000 253691000 100642000 143543000 69666000 68305000 1361000 3197000 2072000 25885000 23894000 202000 13055000 275776000 267994000 7782000 22336000 29558000 126545000 41198000 32535000 13887000 1935000 760000 555000 205000 176000 2000 235000 118000 24000 5165000 4948000 217000 405000 449000 3853000 56000 48000 47000 90000 158870000 148249000 10621000 247000 47594000 22353000 8742000 48029000 19383000 1901000 89774000 77268000 12506000 44125000 6286000 13348000 10204000 3305000 5879000 4459000 1420000 2000 1407000 2199000 26000 532000 169000 124000 6229000 5128000 1101000 1986000 3051000 31000 48000 12000 228536000 216554000 11982000 3444000 49666000 48238000 32636000 48231000 32438000 1901000 365550000 345262000 20288000 22336000 73683000 132831000 54546000 42739000 17192000 1935000 6639000 5014000 1625000 178000 1409000 2434000 144000 532000 193000 124000 11394000 10076000 1318000 405000 2435000 6904000 87000 96000 59000 90000 325000 551000 394000 88000 978000 845000 101000 242000 24000 1288000 532000 47000 1411000 975000 280000 1412000 842000 978000 1939000 5000 12000 665000 3654000 4000 -1790000 -1086000 -424000 -280000 -3711000 -1018000 -754000 -1939000 350000 96000 230000 24000 -2456000 623000 -3122000 43000 109 0.864 1400000 660000 2 3 963000 752000 588000 58000 7100000 4600000 5600000 2900000 8400000 6600000 3100000 4700000 7800000 91000 86000 0 181000 172000 86000 2000 540000 174000 153000 172000 3000 1200000 180000 -23000 -17000 -23000 -12000 -963000 -963000 175000 203000 2 24500000 2 0.027 0.333 0.027 0.333 76000 57000 4500000 0.1085 0.1110 0.075 0.1800 0.1500 0.076 354000 6400000 1000000 724000 4000000 2200000 4600000 2400000 951000 5900000 1900000 2 20000000 1000000 5000000 2000000 2000000 82000 80000 152000 -140000 225000 -362000 288000 1800000 2200000 1500000 2400000 P24Y7M6D 11611000 11611000 2850000 2850000 3148000 3148000 1.00 247607 243969 667243 612601 -0.01 -0.02 25000 25000 994335 995180 561939000 589042000 627504000 544365000 526985000 614969000 64004000 121200000 70449000 147422000 2668000 3750000 2518000 5007000 61336000 117450000 67931000 142415000 4171000 5113000 9601000 14603000 39591000 77383000 45795000 89350000 43762000 82496000 55396000 103953000 683573000 762254000 2700000 3700000 2500000 5000000 3900000 6300000 3400000 8400000 789000 1100000 189000 196000 2000000 3600000 1100000 3600000 6248000 13390000 -16788000 -11577000 1179000 2987000 -1871000 -1330000 5069000 10403000 -14917000 -10247000 -1086000 -1772000 96000 623000 -424000 -671000 8000 -186000 -662000 -1101000 88000 809000 2 100000000 102500000 95200000 42600000 112500000 100400000 214900000 5171000 -448000 363000 5086000 8898000 -1040000 407000 8265000 5769000 199000 594000 6562000 13212000 44000 635000 13891000 1222000 3519000 598000 5372000 10711000 4831000 7024000 1166000 10172000 23193000 3055000 3706000 583000 5656000 13000000 6095000 7072000 1102000 10717000 24986000 3230000 4544000 2307000 5257000 -216000 -231000 -10000 -23000 10205000 20393000 13754000 24018000 1856000 3721000 4255000 8634000 4 783000 783000 758000 978000 20882000 41058000 22400000 46902000 10491000 20078000 9925000 20841000 68000 136000 69000 138000 158000 183000 9200000 239511000 231251000 2900000 216525000 212949000 2926000 2926000 7388000 7388000 5763000 5763000 4500000 6410000 25207000 26911000 88300000 79850000 88300000 78529000 104055000 89100000 104055000 83602000 242000 646000 14100000 7400000 12700000 6400000 2161250 3064335 3104768 10627 687500 41250 5000 9810 1668250 1763124 15.51 17.30 15.51 17.27 24.32 15.65 15.65 21.00 15.49 15.48 340474 340474 21.00 21.00 98000 213000 943000 1854000 21000 41000 257000 505000 0.16 0.16 0.16 4600000 4600000 2015-02-17 2015-05-05 2015-08-05 2015-03-16 2015-06-15 2015-09-14 2015-03-31 2015-06-30 2015-09-30 50000 3171150 42860 1843481 9300000 P2Y9M18D P3Y7M6D P1Y10M24D 10000000 5600000 646000 196000 22000 41250 156827 0.02 2016-03-30 LIBOR + 7.00% 70000 15000000 842000 842000 1856000 3721000 4255000 8634000 0001620459us-gaap:MunicipalBondsMemberus-gaap:StandardPoorsDRatingMember2015-04-012015-06-30 0001620459jrvr:FirstWindCapitalLlcMemberus-gaap:DebtSecuritiesMember2014-12-31 1500000 0001620459jrvr:AffiliateOfCompanysLargestShareholderMember2015-06-012015-06-30 0.15 0001620459jrvr:April2015Memberjrvr:AffiliateOfCompanysLargestShareholderMember2015-04-012015-06-30 160000 42975000 42975000 0001620459us-gaap:TrademarksMember2015-06-30 22200000 0001620459us-gaap:TrademarksMember2014-12-31 22200000 0001620459us-gaap:LicensingAgreementsMember2015-06-30 9164000 0001620459us-gaap:LicensingAgreementsMember2014-12-31 9164000 31364000 31364000 11611000 11611000 0001620459jrvr:StockOptionsAndRestrictedStockUnitsRsuMember2015-04-012015-06-30 0001620459jrvr:StockOptionsAndRestrictedStockUnitsRsuMember2015-01-012015-06-30 0001620459jrvr:StockOptionsAndRestrictedStockUnitsRsuMember2014-04-012014-06-30 0001620459jrvr:StockOptionsAndRestrictedStockUnitsRsuMember2014-01-012014-06-30 0001620459jrvr:JrgReinsuranceCompanyLtdMember2015-05-31 0001620459jrvr:InvestmentInBankHoldingCompanyMemberus-gaap:CorporateAndOtherMember2014-06-30 5600000 5866000 0001620459jrvr:InvestmentInLimitedPartnershipMember2015-06-30 625000 4400000 2166250 00016204592014-01-012014-12-31 0001620459us-gaap:DebtSecuritiesMember2014-01-012014-12-31 0001620459us-gaap:EquitySecuritiesMember2014-01-012014-12-31 0001620459us-gaap:USStatesAndPoliticalSubdivisionsMember2014-01-012014-12-31 0001620459us-gaap:ResidentialMortgageBackedSecuritiesMember2014-01-012014-12-31 0001620459us-gaap:CorporateDebtSecuritiesMember2014-01-012014-12-31 0001620459us-gaap:CommercialMortgageBackedSecuritiesMember2014-01-012014-12-31 0001620459us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2014-01-012014-12-31 0001620459us-gaap:USTreasuryAndGovernmentMember2014-01-012014-12-31 0001620459us-gaap:RedeemablePreferredStockMember2014-01-012014-12-31 0001620459us-gaap:USStatesAndPoliticalSubdivisionsMember2015-01-012015-06-30 0001620459us-gaap:ResidentialMortgageBackedSecuritiesMember2015-01-012015-06-30 0001620459us-gaap:RedeemablePreferredStockMember2015-01-012015-06-30 0001620459us-gaap:USTreasuryAndGovernmentMember2015-01-012015-06-30 0001620459us-gaap:CorporateDebtSecuritiesMember2015-01-012015-06-30 0001620459us-gaap:CommercialMortgageBackedSecuritiesMember2015-01-012015-06-30 0001620459us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2015-01-012015-06-30 0001620459us-gaap:CorporateAndOtherMemberjrvr:PropertyDevelopmentCompaniesMember2012-12-012012-12-10 3300000 0001620459us-gaap:CorporateAndOtherMemberjrvr:PropertyDevelopmentCompaniesMember2013-12-012013-12-10 0001620459us-gaap:CorporateAndOtherMemberjrvr:PropertyDevelopmentCompaniesMember2014-04-012014-06-30 0001620459us-gaap:CorporateAndOtherMember jrvr:PropertyDevelopmentCompaniesMember 2014-01-012014-06-30 25100000 28800000 0001620459us-gaap:CorporateAndOtherMemberjrvr:InvestmentInLlcMember2015-06-30 0001620459us-gaap:CorporateAndOtherMemberjrvr:InvestmentInLlcMember2014-12-31 0001620459us-gaap:CorporateAndOtherMemberjrvr:InvestmentInLlcMember2015-04-012015-06-30 0001620459us-gaap:CorporateAndOtherMemberjrvr:InvestmentInLlcMember2015-01-012015-06-30 0001620459us-gaap:CorporateAndOtherMemberjrvr:InvestmentInLlcMember2014-04-012014-06-30 0001620459us-gaap:CorporateAndOtherMemberjrvr:InvestmentInLlcMember2014-01-012014-06-30 0001620459us-gaap:CorporateAndOtherMemberjrvr:InvestmentInLlcMember2014-03-012014-03-31 126762000 128322000 2025000 126274000 129994000 1935000