<SEC-DOCUMENT>0001095073-19-000020.txt : 20190506
<SEC-HEADER>0001095073-19-000020.hdr.sgml : 20190506
<ACCEPTANCE-DATETIME>20190506162318
ACCESSION NUMBER:		0001095073-19-000020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190506
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190506
DATE AS OF CHANGE:		20190506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EVEREST RE GROUP LTD
		CENTRAL INDEX KEY:			0001095073
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				980365432
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15731
		FILM NUMBER:		19799602

	BUSINESS ADDRESS:	
		STREET 1:		SEON PLACE, 4TH FLOOR
		STREET 2:		141 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 19
		BUSINESS PHONE:		4412950006

	MAIL ADDRESS:	
		STREET 1:		C/O REINSURANCE HOLDINGS INC
		STREET 2:		477 MARTINSVILLE RD PO BOX 830
		CITY:			LIBERTY CORNER
		STATE:			NJ
		ZIP:			07938

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EVEREST REINSURANCE GROUP LTD
		DATE OF NAME CHANGE:	19990915
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>group8k1q2019.htm
<DESCRIPTION>EVEREST RE GROUP 8-K 1Q2019
<TEXT>
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      <div style="text-align: center; font-family: 'Franklin Gothic Book'; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">Washington, D.C. 20549</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">FORM 8-K</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">Current Report Pursuant to Section 13 OR 15(d) of</font></div>
      <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">The Securities Exchange Act of 1934</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Date of Report (Date of earliest event reported)</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">May 6, 2019</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">Everest Re Group, Ltd.</font></div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(Exact


          name of registrant as specified in its charter)</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 95%; font-family: 'Franklin Gothic Book'; font-size: 9pt;" id="za0a57b4357b9404aafa91d58ddd1da94">

          <tr>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Bermuda</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">1-15731</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">98-0365432</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
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            <td style="width: 33.33%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(State or other jurisdiction</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(Commission</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(IRS Employer</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">of incorporation)</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">File Number)</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Identification No.)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.67%; vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Seon Place, 4TH Floor</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">141 Front Street</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">PO Box HM 845</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Hamilton, HM 19, Bermuda</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: bottom;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Not Applicable</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
          </tr>
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            <td style="width: 66.67%; vertical-align: bottom; border-top: #000000 1px solid;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(Address of principal executive offices)</font></div>
            </td>
            <td style="width: 33.33%; vertical-align: bottom; border-top: #000000 1px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(Zip Code)</font></div>
            </td>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Registrant&#8217;s telephone number, including area code 441-295-0006</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Not Applicable</font></div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(Former name or former address, if changed since last report.)</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
          following provisions (see General Instruction A.2. below):</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
          chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
      <div><br>
      </div>
      <div style="text-align: right; text-indent: 378pt;"><font style="font-size: 10pt; font-family: &quot;Franklin Gothic Book&quot;;">Emerging growth company&#160; &#160;&#160; ____</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
          new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. ____</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">ITEM 2.02</font></div>
            </td>
            <td style="width: 85.34%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">&#160;DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION</font></div>
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      </table>
      <div><br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">On May 6, 2019, the registrant issued a news release announcing its first quarter 2019 results.&#160; A copy of that news release is furnished herewith
          as Exhibit 99.1 and is incorporated herein by reference.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">The news release furnished herewith contains information regarding the registrant&#8217;s operating income (loss).&#160; Operating income (loss) differs from
          net income (loss) attributable to Everest Re Group, the most directly comparable generally accepted accounting principle financial measure, by the exclusion of realized capital gains (losses) on investments, net foreign exchange income (expense)
          and the impact of the enactment of the Tax Cuts and Jobs Act of 2017 (&#8220;TCJA&#8221;).&#160; Management believes that presentation of operating income (loss) provides useful information to investors because it more accurately measures and predicts the
          registrant&#8217;s results of operations by removing the variability arising from both the management of the registrant&#8217;s investment portfolio and the fluctuations of foreign currency exchange rates, as well as the impact of one-time items such as the
          enactment of the TCJA.&#160; In addition, management, analysts and investors use operating income (loss) to evaluate the financial performance of the registrant and the insurance industry in general.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and
          shall not be deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section.</font></div>
      <div><br>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">ITEM 9.01</font></div>
            </td>
            <td style="width: 86.61%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">FINANCIAL STATEMENTS AND EXHIBITS</font></div>
            </td>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">(c)</font></div>
            </td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td style="width: 46.12%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><u>Exhibits</u></font></font></div>
            </td>
            <td style="width: 40.49%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 4.39%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td style="width: 46.12%; vertical-align: top;">&#160;</td>
            <td style="width: 40.49%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 4.39%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td style="width: 46.12%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><u>Exhibit No.</u></font></font></div>
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            <td style="width: 40.49%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><u>Description</u></font></font></div>
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          </tr>
          <tr>
            <td style="width: 4.39%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td style="width: 46.12%; vertical-align: top;">&#160;</td>
            <td style="width: 40.49%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 4.39%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td style="width: 46.12%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">99.1</font></div>
            </td>
            <td style="width: 40.49%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">News Release of the registrant,</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.39%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td style="width: 46.12%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">dated May 6, 2019</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">SIGNATURES</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
          undersigned hereunto duly authorized.</font></div>
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            <td style="width: 56.57%; vertical-align: top;">&#160;</td>
            <td style="width: 6.03%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">EVEREST RE GROUP, LTD.</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.57%; vertical-align: top;">&#160;</td>
            <td style="width: 6.03%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 31.36%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.57%; vertical-align: top;">&#160;</td>
            <td style="width: 6.03%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 31.36%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.57%; vertical-align: top;">&#160;</td>
            <td style="width: 6.03%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 31.36%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 56.57%; vertical-align: top;">&#160;</td>
            <td style="width: 6.03%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">By:</font></div>
            </td>
            <td style="vertical-align: top;" colspan="3">
              <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">/S/ CRAIG HOWIE</font></u></div>
            </td>
          </tr>
          <tr>
            <td style="border-top: none; vertical-align: top; width: 56.57%;">&#160;</td>
            <td style="border-top: none; vertical-align: top; width: 6.03%;">&#160;</td>
            <td style="border-top: none; vertical-align: top;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Craig Howie</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.57%; vertical-align: top;">&#160;</td>
            <td style="width: 6.03%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="3">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Executive Vice President and</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 56.57%; vertical-align: top;">&#160;</td>
            <td style="width: 6.03%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Chief Financial Officer</font></div>
            </td>
          </tr>

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      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Dated:&#160; May 6, 2019</font></div>
      <div><br>
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            <td style="width: 100%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">EXHIBIT INDEX</font></div>
            </td>
          </tr>

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      <div><br>
      </div>
      <div><br>
      </div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><u>Description of Document</u></font></font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><u>Page No.</u></font></font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">99.1</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">News Release of the registrant,</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">dated May 6, 2019</font></div>
            </td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">5</font></div>
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<DESCRIPTION>NEWS RELEASE
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                <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 20pt; font-weight: bold;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;">N</font>EWS <font style="font-family: 'Times New
                      Roman', serif; font-size: 24pt;">R</font>ELEASE<font style="font-family: 'Times New Roman', serif; font-size: 20pt;"><br>
                    </font></font>&#160;</div>
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                <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <img width="147" height="103" src="image0.jpg"></div>
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        <div style="text-align: left; margin-left: 0.9pt; margin-bottom: 3pt; font-family: 'Franklin Gothic Book'; font-size: 10pt; font-weight: bold;">EVEREST RE GROUP, LTD.</div>
        <div style="text-align: left; margin-left: 0.9pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Seon Place, 141 Front Street, 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, Hamilton HM 19, Bermuda</font></div>
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        <div style="text-align: left;"><a name="starthere"></a><br>
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        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">Everest Re Group Reports First Quarter 2019 Results</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">HAMILTON, Bermuda--(BUSINESS WIRE -- May 6, 2019)</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Everest Re Group, Ltd. (&#8220;Everest&#8221;) (NYSE: RE) today reported first quarter 2019 net income of $348.9 million, or $8.54 per diluted common share,
            compared to net income of $210.3 million, or $5.11 per diluted common share for the first quarter of 2018.&#160; After-tax operating income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> was $282.4 million, or $6.91 per diluted common share, for the first quarter of 2019, compared to
            after-tax operating income&#185; of $219.7 million, or $5.34 per common share, for the same period last year.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Commenting on the Company&#8217;s results, President and Chief Executive Officer Dominic J. Addesso said: &#8220;During the first quarter of 2019 Everest
            produced very strong financial results while continuing to expand our market profile with growth in both our reinsurance and insurance businesses. The Company delivered $8.54 of net income per diluted common share, equal to a 17% annualized
            return on equity, driven by both solid underwriting and investment returns.&#160; Our underwriting operations are strategically balanced between reinsurance and insurance, allowing us to quickly respond to market conditions across virtually all
            classes of business and territories in building the optimal portfolio of risks.&#8221;</font></div>
        <div><br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Operating highlights for the first quarter of 2019 included the following:</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Gross written premiums for the quarter were $2.1 billion, an increase of 10% compared to the first quarter of 2018.&#160; Worldwide
                      reinsurance premiums were up 7% to $1.5 billion, with growth primarily driven by increased casualty and property pro-rata premium, increased shares on existing business and profitable new growth.&#160; Direct insurance premiums were up
                      18%, from first quarter 2018, to $595.1 million, continuing with the diversified growth trends noted in recent years.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">The combined ratio was 88.7% for the quarter compared to 93.3% in the first quarter of 2018.&#160; Excluding catastrophe losses,
                      reinstatement premiums and the favorable prior period loss development, the current quarter attritional combined ratio was 87.4% compared to 87.1% in the same period last year.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Current year catastrophe losses, net of reinsurance, amounted to $25 million in the quarter, related to the Townsville monsoon in
                      Australia.&#160; There was no change in total prior year catastrophe loss estimates.&#160; Estimated net favorable prior year catastrophe development was offset by $24 million of adverse development on the third quarter 2018 Japan loss events.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Net investment income increased 1.9% for the quarter to $141.0 million.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Net after-tax realized capital gains amounted to $73.9 million for the quarter compared to realized capital losses of $19.4 million
                      during the first quarter of 2018.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Cash flow from operations was $459.8 million compared to $195.6 million for the same period in 2018.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">During the quarter, the Company purchased 75,193 shares at a total cost of $16.2 million.&#160; The repurchases were made pursuant to a share
                      repurchase authorization, provided by the Company&#8217;s Board of Directors, under which there remains 1.4 million shares available.</font></div>
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                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Shareholders&#8217; equity ended the quarter at $8.4 billion compared to $7.9 billion at year end 2018.&#160; Book value per share was up from
                      $194.43 at December 31, 2018 to $206.68 at March 31, 2019.</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-style: italic;">This news release contains forward-looking statements within the meaning of the U.S. federal securities laws.&#160; We intend these
            forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws.&#160; These statements involve risks and uncertainties that could cause actual results to differ materially
            from those contained in forward-looking statements made on behalf of the Company.&#160; These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of
            our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal
            uncertainties and other factors described in our latest Annual Report on Form 10-K.&#160; The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or
            otherwise.</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><u>About Everest Re Group, Ltd.</u></font></font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-style: italic;">Everest Re Group, Ltd. (&#8220;Everest&#8221;) is a leading global provider of reinsurance and insurance, operating for more than 40 years
            through subsidiaries in the U.S., Europe, Bermuda and other territories.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-style: italic;">Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets
            around the world.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-style: italic;">Everest common stock (NYSE:RE) is a component of the S&amp;P 500 index.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">A conference call discussing the first quarter results will be held at 10:30 a.m. Eastern Time on May 7, 2019. The call will be available on the
            Internet through the Company&#8217;s web site or at <font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; color: #0000FF;"><u>www.streetevents.com</u></font>.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; font-style: italic;">Additional information about Everest, our people, and our products can be found on our website at <font style="font-size:
              10pt; font-family: 'Franklin Gothic Book'; color: #0000FF;"><u>www.everestre.com</u></font></font></div>
        <div><br>
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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Franklin Gothic Book'; font-size: 10pt; font-weight: normal; font-style: normal;">2</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Recipients are encouraged to visit the Company&#8217;s web site to view supplemental financial information on the Company&#8217;s results.&#160; The supplemental
            information is located at <font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; color: #0000FF;"><u>www.everestre.com</u></font> in the &#8220;Financial Reports&#8221; section of the &#8220;Investor Center&#8221;.&#160; The supplemental financial information
            may also be obtained by contacting the Company directly.</font></div>
        <div style="text-align: justify;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">_______________________________________________</font></div>
        <div><br>
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        <div style="text-align: justify;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1 </sup><font style="font-size: 8pt;">The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate
              its performance.&#160; After-tax operating income (loss) consists of net income (loss) excluding after-tax net realized capital gains (losses), after-tax net foreign exchange income (expense), and the tax charge related&#160; to the enactment of the
              Tax Cuts and Jobs Act of 2017 (TCJA), as the following reconciliation displays:</font></font></div>
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                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">&#160;</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="14" style="vertical-align: bottom; font-size: 8pt;">
                <div style="text-align: center;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">Three Months Ended</font></div>
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                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">&#160;</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="14" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;">
                <div style="text-align: center;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">March 31,</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt; width: 1%;">&#160;</td>
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                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">(Dollars in thousands, except per share amounts)</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;">
                <div style="text-align: center;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; text-align: center; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;">
                <div style="text-align: center;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; font-size: 8pt; width: 68%;">
                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">&#160;</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom; font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; font-size: 8pt; width: 68%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; font-size: 8pt; width: 68%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; font-size: 8pt; width: 68%;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid; vertical-align: bottom; padding: 0px 0px 1px; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); font-size: 8pt;">
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              <td valign="bottom" style="vertical-align: bottom; font-size: 8pt; width: 68%;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; font-size: 8pt; width: 1%;">&#160;</td>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">
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                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">After-tax net realized capital gains (losses)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
                <div><font style="font-family: &quot;Franklin Gothic Book&quot;;">9,933</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(255, 255, 255); font-size: 8pt;">
                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">&#160;</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 68%; padding-bottom: 1px; background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
                <div><font style="font-family: &quot;Franklin Gothic Book&quot;;">$</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
                <div><font style="font-family: &quot;Franklin Gothic Book&quot;;">282,368</font></div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(255, 255, 255); font-size: 8pt;">
                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">&#160;</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
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                <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;; font-style: italic;">(Some amounts may not reconcile due to rounding.)</font></div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 4%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
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        <div><br>
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        <div style="text-align: justify; font-size: 8pt;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">Although net realized capital gains (losses) and net foreign exchange income (expense) are an integral part of the Company&#8217;s insurance
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            foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period.&#160; Providing only a GAAP presentation of net income (loss) makes it more difficult for users of
            the financial information to evaluate the Company&#8217;s success or failure in its basic business, and may lead to incorrect or misleading assumptions and conclusions.&#160; The Company understands that the equity analysts who follow the Company focus on
            after-tax operating income (loss) in their analyses for the reasons discussed above.&#160; The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information
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        <div style="text-align: justify; font-size: 8pt;"><font style="font-family: &quot;Franklin Gothic Book&quot;;">Return on equity calculations use adjusted shareholders&#8217; equity excluding net after-tax unrealized (appreciation) depreciation of
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        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Contact:</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Everest Re Group, Ltd.</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Jon Levenson, Head of Investor Relations</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book'; color: #0000FF;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';"><u>Investor.relations@everestre.com</u></font></font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Franklin Gothic Book';">Phone (908) 604-3169</font></div>
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        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
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        <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Franklin Gothic Book'; font-weight: bold;">--Financial Details Follow--</font></div>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div><br>
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          <tr>
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              <div style="text-align: left; color: #000000; font-family: 'Franklin Gothic Book'; font-size: 9pt;"><a name="RANGE!A1:D51"></a>EVEREST RE GROUP, LTD.</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 78%;">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">CONSOLIDATED STATEMENTS OF OPERATIONS</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 78%;">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">AND COMPREHENSIVE INCOME (LOSS)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: middle;">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Three Months Ended</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 1px; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">March 31,</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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          <tr>
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            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: &quot;Franklin Gothic Book&quot;; color: rgb(0, 0, 0);">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; text-align: center; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: &quot;Franklin Gothic Book&quot;; color: rgb(0, 0, 0);">2018</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: middle;">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(unaudited)</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%;">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">REVENUES:</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Premiums earned</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,732,697</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Net investment income</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">140,976</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">138,294</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Net realized capital gains (losses):</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 16pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Other-than-temporary impairments on fixed maturity securities</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(70</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 16pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Other-than-temporary impairments on fixed maturity securities</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 32pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">transferred to other comprehensive income (loss)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 16pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Other net realized capital gains (losses)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">95,165</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(24,831</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Total net realized capital gains (losses)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">92,232</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(24,901</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Net derivative gain (loss)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">3,231</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">273</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Other income (expense)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(9,053</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">12,064</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Total revenues</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,960,083</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,745,157</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">CLAIMS AND EXPENSES:</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Incurred losses and loss adjustment expenses</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,048,550</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,057,177</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Commission, brokerage, taxes and fees</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">389,474</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">357,639</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Other underwriting expenses</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">INCOME (LOSS) BEFORE TAXES</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 16pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 16pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Reclassification adjustment for realized losses (gains) included in net income (loss)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 16pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Foreign currency translation adjustments</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">30,436</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">EARNINGS PER COMMON SHARE:</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">5.14</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">5.11</font></div>
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          <tr>
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              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">EVEREST RE GROUP, LTD.</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">CONSOLIDATED BALANCE SHEETS</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;"> March 31,</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;"> December 31,</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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              <div style="text-align: left;"><font style="font-family: &quot;Franklin Gothic Book&quot;; color: rgb(0, 0, 0);">(Dollars and share amounts in thousands, except par value per share)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; text-align: center; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: &quot;Franklin Gothic Book&quot;; color: rgb(0, 0, 0);">2019</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; text-align: center; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: &quot;Franklin Gothic Book&quot;; color: rgb(0, 0, 0);">2018</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">(unaudited)</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Fixed maturities - available for sale, at market value</font></div>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">15,513,287</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">15,225,263</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">(amortized cost: 2019, $15,440,999; 2018, $15,406,572)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Fixed maturities - available for sale, at fair value</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,350</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,337</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Equity securities, at fair value</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">883,191</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">716,639</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">597,138</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">240,987</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Other invested assets (cost: 2019, $1,644,004; 2018, $1,591,745)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,644,004</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,591,745</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Cash</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">583,974</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">656,095</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 22.5pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Total investments and cash</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">19,223,944</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">18,433,066</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Accrued investment income</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">105,859</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">104,619</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Premiums receivable</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,392,094</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,218,283</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Reinsurance receivables</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,785,052</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,787,648</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Funds held by reinsureds</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">432,736</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">445,040</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Deferred acquisition costs</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">528,491</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">511,573</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Prepaid reinsurance premiums</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">360,136</font></div>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">343,343</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">475,851</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">592,385</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Other assets</font></div>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">326,344</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">358,042</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">25,630,507</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">24,793,999</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">LIABILITIES:</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Reserve for losses and loss adjustment expenses</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">13,247,102</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">13,119,090</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Future policy benefit reserve</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">46,881</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">46,778</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Unearned premium reserve</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,666,339</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,517,612</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Funds held under reinsurance treaties</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">9,759</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">13,099</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Other net payable to reinsurers</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">287,807</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">218,439</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Senior notes due 6/1/2044</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">396,984</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">396,954</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Long term notes due 5/1/2067</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">236,684</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">236,659</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Accrued interest on debt and borrowings</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">7,515</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">3,093</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Equity index put option liability</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">8,727</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">11,958</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Unsettled securities payable</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">51,112</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Other liabilities</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 1px solid; vertical-align: bottom; width: 1%; padding: 0px 0px 1px; text-align: left;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">185,357</font></div>
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            <td colspan="1" style="background-color: #FFFFFF; border-bottom: 1px solid; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 1px; text-align: left;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">275,401</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 30pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Total liabilities</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">17,203,878</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">16,890,195</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">SHAREHOLDERS' EQUITY:</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Preferred shares, par value: $0.01; 50,000 shares authorized;</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">no shares issued and outstanding</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">694</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">692</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Additional paid-in capital</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,189,544</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">2,188,777</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Accumulated other comprehensive income (loss), net of deferred income tax expense</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(benefit) of $4,562 at 2019 and ($20,697) at 2018</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(216,111</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(462,557</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Treasury shares, at cost; 28,626 shares (2019) and 28,551 shares (2018)</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(3,413,701</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(3,397,548</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Retained earnings</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">9,866,203</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">9,574,440</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 30pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Total shareholders' equity</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">8,426,629</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">7,903,804</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
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              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">24,793,999</font></div>
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              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;"><a name="RANGE!A1:H59"></a>EVEREST RE GROUP, LTD.</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: middle;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; padding-bottom: 1px; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">March 31,</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; text-align: center; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; text-align: center; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: &quot;Franklin Gothic Book&quot;; color: rgb(0, 0, 0);">2018</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: middle;">
              <div style="text-align: center;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(unaudited)</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Net income (loss)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">348,900</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">$</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">210,318</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Adjustments to reconcile net income to net cash provided by operating activities:</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Decrease (increase) in premiums receivable</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(163,108</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Decrease (increase) in funds held by reinsureds, net</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Decrease (increase) in reinsurance receivables</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">34,556</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">236</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Decrease (increase) in income taxes</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">91,754</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">55,905</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Decrease (increase) in prepaid reinsurance premiums</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(11,677</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(32,194</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Increase (decrease) in reserve for losses and loss adjustment expenses</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">58,073</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(121,415</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Increase (decrease) in future policy benefit reserve</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Increase (decrease) in losses in course of payment</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Distribution of limited partnership income</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">15,524</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Change in other assets and liabilities, net</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Non-cash compensation expense</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: 15pt;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Amortization of bond premium (accrual of bond discount)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">CASH FLOWS FROM INVESTING ACTIVITIES:</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Distributions from other invested assets</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">54,692</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">1,061,894</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Cost of fixed maturities acquired - available for sale, at market value</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(2,249,663</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(1,150,718</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Cost of fixed maturities acquired - available for sale, at fair value</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(1,836</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Cost of equity securities acquired, at fair value</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(310,426</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Cost of other invested assets acquired</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(115,028</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(947,290</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Net change in short-term investments</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(354,388</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">169,705</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Net change in unsettled securities transactions</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">49,809</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">46,708</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 78%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book'; color: #000000;">Net cash provided by (used in) investing activities</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(432,750</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(55,416</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">CASH FLOWS FROM FINANCING ACTIVITIES:</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Common shares issued during the period for share-based compensation, net of expense</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Purchase of treasury shares</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(16,153</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(255, 255, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">-</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 78%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">Dividends paid to shareholders</font></div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(57,137</font></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">)</font></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
              <div><font style="font-size: 9pt; font-family: 'Franklin Gothic Book';">(53,240</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
